The very recent case of Arab-Malaysian Merchant Bank Bhd v Silver Concept Sdn Bhd [2008] 6 MLJ 295 and Launching of My New Web Page

Assalamualaikum,

Dear Readers,

I am very pleased to announced that I just created my new webpage at http://zulkiflihasan.wordpress.com/my-case-report/. This web page offers a range of cases report and cases commentaries regarding with the issues in Islamic finance. It is hoped that all my respected readers will benefit something from this informative webpage.

In the mean time, I would like to share the very recent case of Arab-Malaysian Merchant Bank Bhd v Silver Concept Sdn Bhd [2008] 6 MLJ 295 which was decided by the learned judge Dato’ Abdul Wahab Patail. Click Here

Unlike in the earlier case of Arab Malaysian Finance Bhd V Taman Ihsan Jaya Sdn Bhd & Ors (Koperasi Seri Kota Bukit Cheraka Bhd, third party) [2008] 5 MLJ 631, the court held that that BBA facility in this case is a bona fide sale since there was a novation agreement which indicates that the bank is the legal purchaser and rightful owner of the properties and therefore rendered the transaction as a Shari’ah compliant facility. By the way, the court asserts that there must be a conscious effort in the form of novation agreement or any other valid instruments to make the transaction into a true and formal sale which is acceptable under the Shari’ah principles.

Happy Reading!
ZULKIFLI HASAN
DURHAM UNIVERSITY
s4021833
The Empire State Building, New York

Comments (0)

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