ARAB-MALAYSIAN MERCHANT BANK BHD v. SILVER CONCEPT SDN BHD Summary of Decision 2

 

ARAB-MALAYSIAN MERCHANT BANK BHD v. SILVER CONCEPT SDN BHD Summary of Decision 2 

[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

[15] This Islamic Banking Act contains very little of the law relating to Islamic banking , though the latter is defined as ‘any company which carries on Islamic banking business and holds a valid licence …’. Islamic banking business is ‘banking business whose aims and operations do not involve any element which is not approved by the Religion of Islam’. Even though parliament has approached the definition from a negative stand point, in the simplest of construction, Islamic banking business has to be a licensed banking business whose aims and operations are Islamic. Anything outside it is not Islamic banking business. Even though ‘banking business’ is not defined, BAFIA (Act 276) defines it to mean:

(a) the business of:

1. receiving deposits on current account, deposit account, savings account or other similar account;

2. paying or collecting cheques drawn or paid in by customers; and

3. provision of finance;

(b) such other business as the bank (Bank Negara), with the approval of the minister, may prescribe.

contains Mengandungi
very little Amat sedikit
relating to Berhubung,Berkaitan dengan
the latter Yang kemudian
defined Dirumuskan, digambarkan
a valid licence Lesen yang sah
aims                            Niat-niat,tujuan-tujuan
involve Melibatkan,membabitkan
element Unsur
approved                                                        Dipersetujui,diizinkan
stand point/standpoint                    Sudut, pendapat
receiving Menerima
provision of finance Memberi/menyediakan pembiayaan
finance Pembiayaan,kewangan
approval Persetujuan/keizinan
prescribe Menentukan, menetapkan, menyuruh
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