CHAPTER 1: INTRODUCTION 1.1 Introduction There are two types of hire-purchase financing offered by banks specifically conventional hire- purchase and Islamic hire- purchase in Malaysia. The banking system in Malaysia is regulated by the central bank, Bank Negara Malaysia (BNM), a regulatory and supervisory bodies. The statutes applicable to both Islamic and conventional banks and financial institutions are the Banking and Financial Institutions Act 1989 (Act 372) (BAFIA) and the Islamic Banking
awareness about issues concerning the role and functions of regulators and the need for improved disclosure and good corporate governance. Meanwhile there were many public listed companies adopted relatively high-levels of corporate abuse and in some cases breakdown, attributable in part of effective corporate governance structures. Poor financial management of directors and related party transaction are one of the corporate abuse that existed. This problems got more worst by ineffectual enforcement
refers to the mechanism of doing business electronically using the web or email) throughout the world since the turn of the new millennium. In fact, e-business has become a standard operation for a large volume of businesses throughout the world. Malaysia is not left behind in this technology chase and the number of companies engaged in e-businesses has seen a tremendous growth over the last decade. The Government’s support towards ICT is evident with the development of the Multimedia Super Corridor
theory of the contract of istisna’ and its application in relation to contract administration in Malaysia. The topics to be discussed are the concept of istisna’ briefly, its relation to the present contract in practice such as PWD 203A, the difference between the present contract practice with istisna’ contract and lastly a case study with regard to istisna’ contract that are applied by firms in Malaysia. 2.0 CONCEPT OF ISTISNA’ The word istisna' is derived from the word sana'a which literally means
2.1 CREDIT CARDS The Bank Negara Malaysia (BNM, n.d) explained that credit card as a card issued by a financial company giving the holder an option to borrow funds, usually at point of sale. Credit cards charge interest and are primarily used for short-term financing. Interest usually begins one month after a purchase is made and borrowing limits are pre-set according to the individual's credit rating. For many purpose, credit cards were chosen by a lot of people to make the purchases in their daily
policies and opened their doors to foreign banks. Many restrictions on entries of foreign financial institution have been removed due to globalization. The penetration of foreign banks keeps on increasing gradually since early 1990. For example the average share of total assets held by foreign bank in Latin America and Asia increased from 26% in 1997 to reach a peak of 38% in 2002. (Nam Jeon, Maria Pia and Ji Wu, 2011). The increasing presence of foreign banks has raised issues about the consequences