MAYBANK ISLAMIC BERHAD vs M-IO BUILDERS SDN BHD & ANOR

Judicial Analysis Court Copy Headnote Facts Arguments Court observation

2016 MarsdenLR 2410

COURT OF APPEAL PUTRAJAYA
MAYBANK ISLAMIC BERHAD – Appellant
Versus
M-IO BUILDERS SDN BHD & ANOR – Respondent

Petitioner Advocates:Syed Fadzil Alhabshi,Noraini Yacob,Amirus Anis Dzohry ,Respondent Advocate: Moh Siew Tong

Table of Content
1. background facts of islamic finance facility agreements. (Para 1 , 4 , 5 , 10 , 12)
2. observations on syariah compliance and court's approach to binding contracts. (Para 19 , 20 , 25 , 39 , 42)
3. assessment of legality and enforceability of the contract under existing laws. (Para 22 , 27 , 33)
4. final decisions on appeal and implications for future islamic finance agreements. (Para 48)

JUDGMENT

Rohana Yusuf JCA:

Introduction

[1] The Appellant (plaintiff) appealed against the decision of the learned High Court Judge who refused to enter judgment after full trial for a claim of a breach of agreement pursuant to Islamic financial facility granted to the First Respondent (first defendant). The Second Respondent is the guarantor. The Respondents' counterclaim was also dismissed. There was also a cross appeal by the Respondents on the dismissal of the counterclaim.

[2] We heard the appeal on 19 May 2015 and we had unanimously allowed the appeal and dismissed the cross-appeal. We set out below the reasons for our decision.

[3] My learned brother, Abdul Aziz Abdul Rahim, JCA had seen this judgment in draft and had agreed with the same. My learned brother Hamid Sultan Abu Backe

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2016 MarsdenLR 2410

COURT OF APPEAL PUTRAJAYAMAYBANK ISLAMIC BERHAD – AppellantVersusM-IO BUILDERS SDN BHD & ANOR – Respondent

Cases Referred (1)

COURT OF APPEAL PUTRAJAYA
MAYBANK ISLAMIC BERHAD – Appellant
Versus
M-IO BUILDERS SDN BHD & ANOR – Respondent