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Abandoned housing projects, legal risks and Islamic finance legal documentation

This paper examines the role of effective legal documentation in mitigating the legal risks associated with abandoned housing projects in Malaysia. Specific attention is given to aspects relating to financial consumer protection, construction and interpretation of default clauses, and dispute manage...

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Main Authors: Mohd Yusoff, Syarah Syahira, Oseni, Umar A., Hassan, Rusni
Format: Article
Language:English
Published: IIUM Press 2016
Subjects:
BPH Islamic Economics
K1001 Commercial Law
Online Access:http://irep.iium.edu.my/94096/7/94096_Abandoned%20housing%20projects%2C%20legal%20risks%20and%20Islamic%20finance%20legal%20documentation.pdf
http://irep.iium.edu.my/94096/
https://journals.iium.edu.my/shajarah/index.php/shaj/article/view/422/250
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spelling my.iium.irep.940962021-11-25T03:31:17Z http://irep.iium.edu.my/94096/ Abandoned housing projects, legal risks and Islamic finance legal documentation Mohd Yusoff, Syarah Syahira Oseni, Umar A. Hassan, Rusni BPH Islamic Economics K1001 Commercial Law This paper examines the role of effective legal documentation in mitigating the legal risks associated with abandoned housing projects in Malaysia. Specific attention is given to aspects relating to financial consumer protection, construction and interpretation of default clauses, and dispute management strategies, which seek to protect the interest of parties to the bundled agreements. Through conceptual analysis of relevant literature, legal documentary analysis, and unstructured interviews, this study adopts a qualitative legal research method to achieve its objective of ensuring legal risks associated with Islamic home financing are mitigated and financial consumers are adequately protected. Available legal remedies for the purchasers in the event of an abandoned housing project must be clearly included in the clauses relating to default in the Master agreement and financial guarantees, and effective dispute management processes should be considered to mitigate the triad of risks associated with abandoned housing projects – shariʿah, legal and reputational risks. This study provides a starting-point for further research on legal risks associated with abandoned housing projects, which seek to provide some minimum requirements for legal documentation in Islamic home financing. Legal documentation remains the bedrock of commercial dealings, and as such, it must be well crafted to avoid future disputes on contractual terms. Though previous studies have focused on the prevalence and the economic and financial impacts of abandoned housing projects, this is one of the earliest attempts to explore the legal risks associated with such projects with particular reference to legal documentation. IIUM Press 2016-12-18 Article PeerReviewed application/pdf en http://irep.iium.edu.my/94096/7/94096_Abandoned%20housing%20projects%2C%20legal%20risks%20and%20Islamic%20finance%20legal%20documentation.pdf Mohd Yusoff, Syarah Syahira and Oseni, Umar A. and Hassan, Rusni (2016) Abandoned housing projects, legal risks and Islamic finance legal documentation. Al-Shajarah: Journal of the International Institute of Islamic Thought and Civilisation, 21 (3). pp. 283-287. ISSN 1394-6870 https://journals.iium.edu.my/shajarah/index.php/shaj/article/view/422/250
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 BPH Islamic Economics
K1001 Commercial Law
spellingShingle BPH Islamic Economics
K1001 Commercial Law
Mohd Yusoff, Syarah Syahira
Oseni, Umar A.
Hassan, Rusni
Abandoned housing projects, legal risks and Islamic finance legal documentation
description This paper examines the role of effective legal documentation in mitigating the legal risks associated with abandoned housing projects in Malaysia. Specific attention is given to aspects relating to financial consumer protection, construction and interpretation of default clauses, and dispute management strategies, which seek to protect the interest of parties to the bundled agreements. Through conceptual analysis of relevant literature, legal documentary analysis, and unstructured interviews, this study adopts a qualitative legal research method to achieve its objective of ensuring legal risks associated with Islamic home financing are mitigated and financial consumers are adequately protected. Available legal remedies for the purchasers in the event of an abandoned housing project must be clearly included in the clauses relating to default in the Master agreement and financial guarantees, and effective dispute management processes should be considered to mitigate the triad of risks associated with abandoned housing projects – shariʿah, legal and reputational risks. This study provides a starting-point for further research on legal risks associated with abandoned housing projects, which seek to provide some minimum requirements for legal documentation in Islamic home financing. Legal documentation remains the bedrock of commercial dealings, and as such, it must be well crafted to avoid future disputes on contractual terms. Though previous studies have focused on the prevalence and the economic and financial impacts of abandoned housing projects, this is one of the earliest attempts to explore the legal risks associated with such projects with particular reference to legal documentation.
format Article
author Mohd Yusoff, Syarah Syahira
Oseni, Umar A.
Hassan, Rusni
author_facet Mohd Yusoff, Syarah Syahira
Oseni, Umar A.
Hassan, Rusni
author_sort Mohd Yusoff, Syarah Syahira
title Abandoned housing projects, legal risks and Islamic finance legal documentation
title_short Abandoned housing projects, legal risks and Islamic finance legal documentation
title_full Abandoned housing projects, legal risks and Islamic finance legal documentation
title_fullStr Abandoned housing projects, legal risks and Islamic finance legal documentation
title_full_unstemmed Abandoned housing projects, legal risks and Islamic finance legal documentation
title_sort abandoned housing projects, legal risks and islamic finance legal documentation
publisher IIUM Press
publishDate 2016
url http://irep.iium.edu.my/94096/7/94096_Abandoned%20housing%20projects%2C%20legal%20risks%20and%20Islamic%20finance%20legal%20documentation.pdf
http://irep.iium.edu.my/94096/
https://journals.iium.edu.my/shajarah/index.php/shaj/article/view/422/250
_version_ 1718925622591356928
score 13.211869

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