Yusrin Faidz Yusoff JC:

Introduction

[1] This case involves the plaintiffs application under encl 10, seeking summary judgment for the outstanding sum of RM12,049,666.91 owed under banking facilities extended to the first defendant ('D1'). In opposition, D1 and its guarantors, namely the second, third, fourth and fifth defendants ("D2," "D3," "D4", and "D5") resist the application, contending that there exists a bona fide triable issue necessitating a full hearing. The issue for the Court's determination is whether the defendants have raised a genuine issue fit for trial or whether the plaintiff is entitled to summary judgment.

Background Facts

[2] D1 was a customer of the plaintiff bank and had applied for, and was granted, financing based on the Bai' Bithaman Ajil (BBA) concept. The first facility was extended pursuant to an offer letter dated 1 October 2012 ("Offer Letter No 1"), which provided an Islamic Term Financing-i ("BPF-i") facility of RM6,450,156.00 to D1 for the purpose of financing the purchase of a 4/4 storey shop building and the related legal fees.

[3] The key terms of the BPF-i facility included:

(a) bank purchase price of RM6,450,156.00;

(b) bank selling price o