ARAB-MALAYSIAN MERCHANT BANK BHD v. SILVER CONCEPT SDN BHD Summary of Decision 1

ARAB-MALAYSIAN MERCHANT BANK BHD v. SILVER CONCEPT SDN BHD Summary of Decision 1

 [2006] 8 CLJ 9  

ARAB-MALAYSIAN MERCHANT BANK BHD v. SILVER CONCEPT SDN BHD
HIGH COURT MALAYA, SHAH ALAM
[ORIGINATING SUMMONS NO: MT1-24-2310-2000]
SURIYADI HALIM OMAR J
30 JUNE 2005

 

[14] The Islamic banking system, currently co-existing with the civil banking system in Malaysia, is the extraction of the essence of Islamic Jurisprudence or Syariah, sourcing from the al-Quran and Al-Sunnah/ahadith and is here to stay. These two sources are the only God sanctioned sources in Islam. Despite all the unknown fears, bits and pieces have been picked up and pieced together, and finally seeing a wholesome and identifiable Islamic banking system molded from these two sublime sources. It saw statutory reality with the promulgation of the Islamic Banking Act 1983, primarily to provide for the setting up and licensing of Islamic banks, falling within the jurisdiction of the civil law and applying the civil court procedures (Bank Islam Malaysia Bhd v. Adnan Omar [1994] 3 CLJ 735 HC; Tinta Press Sdn Bhd v. Bank Islam (M) Bhd [1987] 1 CLJ 447; [1987] CLJ (Rep) 396 HC; Dato Haji Nik Mahmud v. Bank Islam Malaysia Bhd [1998] 3 CLJ 605 CA).

extraction pengambilan
essence teras/inti sari/perkara pokok/utama
sublime agung, mulia
primarily terutama
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