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Ijarah Mausufah Fi Zimmah Islamic Home Finance In Dealing With Abandoned Housing Projects In Malaysia: Features, Issues, And Prospects


Md Dahlan, Nuarrual Hilal and Mohd Noor, Fauziah and Shuib, Mohd Sollehudin (2018) Ijarah Mausufah Fi Zimmah Islamic Home Finance In Dealing With Abandoned Housing Projects In Malaysia: Features, Issues, And Prospects. In: 9th Universiti Utara Malaysia International Legal Conference 2017 (ILC 2017) The European Proceedings of Social & Behavioural Sciences, 23-24 September 2017, EDC Hotels & Resorts, UUM Sintok, Kedah..

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Abstract

There have been many Islamic Home products introduced in Malaysia since the establishment of its first Islamic bank – Bank Islam (M) Berhad in early 1980s. However, hitherto, it is still doubtful that these products have fully complied with Islamic law. This is evident in the issue of justice and gharar in face of the problems of abandoned housing projects. This paper discusses Ijarah Mausufah Fi Zimmah (IMFZ) as one of the Islamic Home Finance products that are currently applicable in Malaysia. The discussion entails the issues of abandoned housing projects and examines as to whether the terms in IMFZ can fully deal with the issues. This paper used shariah (Islamic Law), legal doctrinal and qualitative research methodologies. This paper shows that the current applicable terms in IMFZ are inadequate and warranted them to be replaced with terms that provide better equitable protection to aggrieved purchaser in abandoned housing projects, comply with the shariah and dispense justice to the contracting parties. The outcome of this paper will improve the theory and practice of Islamic banking industry in dealing with this issue in Malaysia.

Item Type: Conference or Workshop Item (Paper)
Additional Information: ISSN: 2357-1330 Organized by: School of Law, UUM College of Law Government And International Studies, Universiti Utara Malaysia.
Uncontrolled Keywords: Ijarah Mausufah Fi Zimmah (‘IMFZ’), abandoned housing projects, terms and conditions, grievances and losses of purchaser consumers, justice.
Subjects: K Law > KZ Law of Nations
Divisions: School of Law
Depositing User: Mrs. Norazmilah Yaakub
Date Deposited: 30 Dec 2018 04:18
Last Modified: 16 Jan 2019 03:30
URI: http://repo.uum.edu.my/id/eprint/25387

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