My Case Report

Although, Islamic finance has been implemented for more than 45 years since the formation of the Mitr Ghams Savings Bank on 23rd July 1963 in Egypt and numerous court cases have been brought to the court, it is found however that until to date there are only few published court decisions relating to Islamic banking cases. From my observation, between 1987-2008, there were several Islamic banking cases have been published in the respective law reports and majority of the cases involved BBA and Murabaha facilities except in the case of Tinta Press Sdn Berhad v BIMB (1987) 1 MLJ 474; 1 CLJ 474 where it dealt with Ijarah financing facility. I also insert cases from different jurisdiction such as in England and United States for comparative overview and understanding on the actual legal practice of Islamic finance worldwide.

Please find enclosed the selected cases report and cases commentary pertaining to Islamic finance for your reading pleasure:-

  1. Islamic Investment Company of the Gulf (Bahamas) Ltd. V. Symphony Gems N.V. & Ors . The London High Court, 13th February 2002, 2001, 2001 Folio 1226 per Justice Tomlinson, 2002 West Law 346969, QBD (Comm. Ct.)
  2. Shamil Bank of Bahrain v Beximco Pharmaceuticals Ltd [2004] 1 Lloyd’s Rep 1
  3. Balz, K. (2004). A Murabaha Transaction in English Court. Islamic Law and Society. Volume 11. pp. 117-134
  4. Arab Malaysian Merchant Bank Berhad v. Silver Concept Sdn Bhd [2005] 5 MLJ 210
  5. Affin Bank Berhad v Zulkifli Abdullah-Perspective. [2006] 4 MLJ i
  6. Affin Bank Berhad vs Zulkifli Abdullah (2006) 3 MLJ 67
  7. Malayan Banking Berhad v Yakup bin Oje & Anor [2007] 6 MLJ 398
  8. The recent High Court ruling dated 8th July 2008
  9. Arab-Malaysian Merchant Bank Bhd v Silver Concept Sdn Bhd [2008] 6 MLJ 295
  10. Arab Malaysian Fimance Bhd vs Taman Ihsan Jaya Sdn Bh.d & Ors (Koperasi Seri Kota Bukit Cheraka Bhd, Third Party) [2008] 5 MLJ
  11. Kevin J. Murray v Henry M. Paulson Jr. in the United States District Court for the Eastern District of Michigan

4 Comments »

  1. cencurut Said:

    on November 25, 2008 at 11:37 am

    Dear Sir,

    I wonder why all (so called) Islamic Financial Institution and Bank in Malaysia has eagerly implement all sort of Islamic product (i.e BBA, Mudharabah, Musyarakah and others) while not even one have tried to implement Al-Qardhul Hassan. even though Al-Qardhul Hassan has been endorsed by Rasulullah S.A.W and used by Sahabah, whilst the other method (I suspected might be planted with RIBA by orientalist within our ulama’s) which only appeared on Ottoman Empire in Turkey and not on Rasulullah S.A.W time.

    For me as long as this (so-called) Islamic Financial Institution and Bank don’t want to implement Al-Qardhul Hassan, their (so-called) Islamic financial product should not be labeled as Islamic (as I found out that their Islamic product don’t comply with the basic requirement – i.e to help the needs of others).

    Right now (the cases of Affin Bank vs Zulkifly Abdullah), there you can see how the bank makes money more than it should while using BBA as a cover.

    Right me if I’m wrong. Thanks

    Reply

  2. izne Said:

    on December 2, 2008 at 6:47 am

    Might want to read the Historic Judgment on Riba by the Supreme Court of Pakistan [http://www.albalagh.net/Islamic_economics/riba_judgement.shtml]

    Reply

  3. fadhilah ali Said:

    on April 30, 2009 at 4:11 pm

    Dear Zulkifli Hasan,

    What an impressive blog. Keep up your good work and I pray the best in your career.

    Fadhilah Ali

    Reply

    • ZULKIFLI HASAN Said:

      on May 2, 2009 at 8:33 am

      Salam and Many thanks for your doa.

      Reply

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