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Islamic law and modern guarantees in Malaysia

Ab Rahman, Suhaimi (2007) Islamic law and modern guarantees in Malaysia. International Journal of Economics and Management, 1 (3). pp. 477-501. ISSN 1823-836X

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The guarantee is regarded as the most common instrument used in the business of commercial banks. Being simplest and least expensive, it is regarded as the most acceptable form of security in the banking lending transactions. However, due to the ‘unfettered discretion’ that the law gives to the creditor banker upon defaults, the reception of the instrument has decreased. This paper seeks to discuss the above issue in the light of Islamic legal point vis-à-vis the current position of Malaysian law of guarantee. The paper suggests that amendments should be made to the existing laws and this could be made through the process of harmonization of Islamic and Malaysian laws.

Item Type:Article
Keyword:Guarantees; Classical interpretation; Contracts Act 1950; Islamic law; Harmonization of laws
Faculty or Institute:Faculty of Economics and Management
Publisher:Faculty of Economics and Management, Universiti Putra Malaysia
ID Code:678
Deposited By: Yusfauhannum Mohd Yunus
Deposited On:24 Nov 2008 21:47
Last Modified:07 Jul 2015 07:58

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