JUDGMENT

Elaine Yap Chin Gaik JC:

[1] The Plaintiff applied for summary judgment to be entered against the Defendants for monies owed under a written agreement called the Lyte Payor Services Agreement dated 18 August 2023 and addenda dated 5 September 2023 and 8 September 2023 ("Agreement"). The 1st Defendant's payment obligations under the Agreement are guaranteed by the 2nd and 3rd Defendants.

[2] The Defendants argued that it is a triable issue whether the Agreement is illegal for one or more of the following reasons:

(a) breach of the Moneylenders Act 1951 because the Plaintiff is not licensed under the Act

(b) breach of the Islamic Financial Services Act 2013 because the Plaintiff is not licensed under the Act

(c) the services provided are not proven to be Syariah compliant as represented.

[3] The underlying issue raised concerned the nature of the transaction that is evidenced by the Agreement ie whether it is fundamentally a moneylending agreement as contended by the Defendants or a Syariah compliant factoring product that can be provided without a license under the Islamic Financial Services Act 2013 as contended by the Plaintiff.

[4] Under the Agreement, the service is provided on