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Standardisation of legal documentation for Islamic home financing in Malaysia
a study on customers' awareness and understanding
International Islamic University Malaysia
Institute of Islamic Banking and Finance.
xvii, 248 leaves : colour illustrations ; 30cm.
This study provides an analytical evaluation of standardisation of legal documentation for Islamic home financing with particular reference to Malaysia focusing on the customers' awareness and understanding. General works on legal documentation particularly from Islamic home financing practice and the customers' awareness and understanding of the contracts are assessed to unravel grey areas which require stakeholders' attention. This thesis provides further information on the existing practices of diverse models of legal documentation in the home financing sector within the Islamic financial services industry in Malaysia. It highlights the need for standardised documentation that is not only Sharīʻah-compliant but also consumer-friendly. To achieve this objective, this study adopts the mixed method study combining a quantitative and qualitative research method. A quantitative study is performed on the customers of Islamic banks to analyse their understanding and awareness of the legal documentation. The results were further scrutinized and information from the experts were gathered through a qualitative method. The study discovered that standardisation of legal documentation for Islamic home financing is not vital as the level of customers' awareness and understanding is satisfactory. It is also revealed that standardisation of legal documentation does not essentially improve the customers' awareness and understanding of the legal documentation. Nonetheless, this research is not an exhaustive study, as it does not consider practices in other jurisdictions offering Islamic financial services and products; instead it only focuses on Malaysia. This thesis provides valuable discussion and recent information on the legal documentation for Islamic home financing and the public perception on the Islamic contract. Additionally, the study also fulfills an identified need for a guideline on the execution of legal documentation to be imposed by the regulatory authority on Islamic banks and the solicitors in charge. Finally, the findings further offer practical insights to policy makers and future researchers in starting out systemic reforms.
"A thesis submitted in fulfilment of the requirement for the degree of Doctor of Philosophy in Islamic Banking and Finance."--On title page.
Thesis (Ph.D)--International Islamic University Malaysia, 2020.
Includes bibliographical references (leaves 213-232).