JUDGMENT

Yusrin Faidz Yusoff JC:

Introduction

[1] This case arises from a financing arrangement in which the plaintiff, an Islamic financial institution, extended facilities to the defendant. The plaintiff asserts that the defendant has defaulted on its repayment obligations. The plaintiff therefore seeks summary judgment, contending that this is a straightforward matter devoid of any triable issues. Conversely, the defendant argues that there are substantive issues that necessitate further examination at trial. This judgment seeks to address whether the issues raised by the defendant constitute genuine triable matters, or whether the plaintiff is entitled to summary judgment as claimed.

Background facts

[2] The defendant was a customer of the plaintiff bank, having applied for financing in connection with the provision of transportation and engineering services to the oil and gas industry. Based on an offer letter dated 21 July 2016 ("Offer Letter"), the plaintiff granted the defendant with a Commodity Murabahah Term Financing-i ("CMTF-i Facility") for the sum of USD2,600,000.00, and a Commodity Murabahah Revolving Credit-i ("CMRC-i Facility") for the sum of USD750,000.00 (collectively