Abstract
Management of Community Perception Issues to Ceiling and Floating Rates on Islamic Home Financing Based on Maqasid Shariah Concept
Highlights
In today’s world, the rapid progress and development of Islamic finance and banking industry can be observed in every part of the world
Bhd. [2008] 6 MLJ 295 and [2006] 8 CLJ 9, the judge stated that the profit rate based on the bay' bi thaman ajil (BBA) contract applied by the bank was burdensome
The bank sells the asset to the customer through a Property Sale Agreement (PSA) at a deferred price which includes the cost of the asset with an additional profit margin.”
Summary
In today’s world, the rapid progress and development of Islamic finance and banking industry can be observed in every part of the world. Previous surveys show that the operation of Islamic institutions and banking differs from the above characteristics This can be seen based on the court case that reported Islamic banking products as expensive and related to the element of oppression (Mohamad & Trakic, 2013). The decision of the High Court regarding the case of Malayan Banking Bhd v Ya'kup Oje & Anor [2007] 6 MLJ 389 stated that the amount of repayment in the BBA contract was excessive and imbalanced compared to the conventional banking (Salleh et al, 2017)
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