RHB ISLAMIC BANK BERHAD v ALAM MARITIM (L) INC

wa-22m-1792-12-2023 High Court (Mahkamah Tinggi) 8 September 2024 • WA-22M-1792-12/2023 • 45 min read
22 cases cited (1 SG, 21 foreign)

Catchwords

Islamic banking - Bank & banking business – Summary judgment – Default in repayment of Commodity Murabahah banking facility – Borrower’s duty to settle outstanding loan post-maturity – Whether agreement complies with the Shariah concept of Commodity Murabahah – whether failure to produce e-certificate issued by Commodity Murabahah House of Bursa Malaysia amounts to triable issue – Whether facility agreement deemed void ab initio – Whether plaintiff has to prove that defendant’s application to be admitted into restructuring arrangement via Corporate Debt Restructuring Committee (CDRC) – Whether plaintiff is required to obtain Shariah Advisory Council’s sanction before signing any CDRC restructuring deal with the defendant borrower – Whether compensation charges or ta’widh excessive – Whether the Plaintiff has the duty to inform the post-maturity ta’width in a form of an exact IIMM-rate to the first defendant – Certificate of Indebtedness – Whether Certificate of Indebtedness has to be served onto the defendants – Meaning of manifest error – Whether defendants have proven manifest error - Rules of Court 2012, Order 14 rr 1, & 3 – Islamic Financial Services Act 2013, s.28 & s.281 – Federal Constitution, Item 7(j) of the Federal List (List I of the 9th Schedule) – Contracts Act 1950, s.24, & s.30.

Judges (1)

Yusrin Faidz bin Yusoff Delivered

Parties (2)

ALAM MARITIM INC Defendant RHB Islamic Bank Berhad Plaintiff

Statutes Cited

Contracts Act 1950 (Cap 136)
Federal Constitution
Rules of Court 2012

Cases Cited (22)

SLR (1)
[2014] 2 SLR 1342
UK (6)
[2008] EWCA Civ 542 [2011] EWCA Civ 230 [2012] Ch 31 [2013] EWHC 748 [2018] EWCA Civ 264 [2021] EWHC 344
MY (15)
[1979] 2 MLJ 212 [1981] 1 MLJ 282 [1983] MLJ 206 [1984] 2 MLJ 300 [1987] 2 MLJ 183 [1990] 2 MLJ 36 [1992] 1 MLJ 400 [2004] MLJU 133 [2005] 6 MLJ 625 [2006] 3 CLJ 544 [2016] 12 MLJ 397 [2017] 2 MLJ 686 [2017] 2 MLJ 69 [2019] 3 MLJ 561 [2021] 3 CLJ 34

Judgment

Read the full judgment on the official Malaysia Courts portal.

Read on eJudgment

Source: eJudgment (wa-22m-1792-12-2023)