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Judicial remedies for banks when a customer defaults under Ijarah Muntahia Bi Al-Tamlik home financing facility

The Oxford Dictionary3 defines 'remedy' as a medicine or treatment for a disease or injury but in the legal sense, it is a means of achieving justice in any matter in which legal rights are involved. A legal or judicial remedy is the vehicle for a court of law - usually in exercising civil...

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Main Authors: Mokhtar, Norlizah, Hassan, Rusni
Format: Article
Language:English
Published: Lexis Nexis 2017
Subjects:
K Law (General)
KBP Islamic Law
Online Access:http://irep.iium.edu.my/57718/1/57718_Judicial%20remedies%20for%20banks.PDF
http://irep.iium.edu.my/57718/
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spelling my.iium.irep.577182018-01-12T09:46:02Z http://irep.iium.edu.my/57718/ Judicial remedies for banks when a customer defaults under Ijarah Muntahia Bi Al-Tamlik home financing facility Mokhtar, Norlizah Hassan, Rusni K Law (General) KBP Islamic Law The Oxford Dictionary3 defines 'remedy' as a medicine or treatment for a disease or injury but in the legal sense, it is a means of achieving justice in any matter in which legal rights are involved. A legal or judicial remedy is the vehicle for a court of law - usually in exercising civil law jurisdiction -- to enforce a right, charge a penalty or make another court order to impose its will. The objective of this article is to analyse the remedies available to the bank in the event that the customer defaults on his monthly rental payment of the Ijarah Muntahia Bi al-Tamlik. An analysis of these remedies will take into account the Islamic Bank's offer of Ijarah Muntahia Bi al-Tamlik under the concept of a 'financial lease'. The discussion will be based on the default and remedy clause contained in the Facility Agreement (in relation to the Ijarah Property or Home Financing Facility). The basic remedies include arrears of lease rental, the balance of total lease rental, increase rental and compensation (ta'widh). The discussion concludes with a view whether the industry's current practice violates or upholds the principle of Shariah. Lexis Nexis 2017-07 Article REM application/pdf en http://irep.iium.edu.my/57718/1/57718_Judicial%20remedies%20for%20banks.PDF Mokhtar, Norlizah and Hassan, Rusni (2017) Judicial remedies for banks when a customer defaults under Ijarah Muntahia Bi Al-Tamlik home financing facility. Malayan Law Journal (3). lxxvi. ISSN 0025-1283 https://www.lexisnexis.com/my/academic/Default.asp
institution Universiti Islam Antarabangsa Malaysia
building IIUM Library
collection Institutional Repository
continent Asia
country Malaysia
content_provider International Islamic University Malaysia
content_source IIUM Repository (IREP)
url_provider http://irep.iium.edu.my/
language English
topic K Law (General)
KBP Islamic Law
spellingShingle K Law (General)
KBP Islamic Law
Mokhtar, Norlizah
Hassan, Rusni
Judicial remedies for banks when a customer defaults under Ijarah Muntahia Bi Al-Tamlik home financing facility
description The Oxford Dictionary3 defines 'remedy' as a medicine or treatment for a disease or injury but in the legal sense, it is a means of achieving justice in any matter in which legal rights are involved. A legal or judicial remedy is the vehicle for a court of law - usually in exercising civil law jurisdiction -- to enforce a right, charge a penalty or make another court order to impose its will. The objective of this article is to analyse the remedies available to the bank in the event that the customer defaults on his monthly rental payment of the Ijarah Muntahia Bi al-Tamlik. An analysis of these remedies will take into account the Islamic Bank's offer of Ijarah Muntahia Bi al-Tamlik under the concept of a 'financial lease'. The discussion will be based on the default and remedy clause contained in the Facility Agreement (in relation to the Ijarah Property or Home Financing Facility). The basic remedies include arrears of lease rental, the balance of total lease rental, increase rental and compensation (ta'widh). The discussion concludes with a view whether the industry's current practice violates or upholds the principle of Shariah.
format Article
author Mokhtar, Norlizah
Hassan, Rusni
author_facet Mokhtar, Norlizah
Hassan, Rusni
author_sort Mokhtar, Norlizah
title Judicial remedies for banks when a customer defaults under Ijarah Muntahia Bi Al-Tamlik home financing facility
title_short Judicial remedies for banks when a customer defaults under Ijarah Muntahia Bi Al-Tamlik home financing facility
title_full Judicial remedies for banks when a customer defaults under Ijarah Muntahia Bi Al-Tamlik home financing facility
title_fullStr Judicial remedies for banks when a customer defaults under Ijarah Muntahia Bi Al-Tamlik home financing facility
title_full_unstemmed Judicial remedies for banks when a customer defaults under Ijarah Muntahia Bi Al-Tamlik home financing facility
title_sort judicial remedies for banks when a customer defaults under ijarah muntahia bi al-tamlik home financing facility
publisher Lexis Nexis
publishDate 2017
url http://irep.iium.edu.my/57718/1/57718_Judicial%20remedies%20for%20banks.PDF
http://irep.iium.edu.my/57718/
https://www.lexisnexis.com/my/academic/Default.asp
_version_ 1643615206378569728
score 13.211869

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