Malaysia Case Law: Decisions & Judgments | LexChat

Malaysia Case Law

Sale-based financing
  • 19 Aug 2025

    CIMB ISLAMIC BANK BERHAD AHMAD ASYRAF BIN ALIAS

    Citation
    KA-22M-11-03/2025 (Mahkamah Tinggi)
    Court
    High Court
    Case number
    KA-22M-11-03/2025 (Mahkamah Tinggi)

    The JID application is allowable only if the Statement of Claim expressly pleads the ibra' undertaking because BNM Guidelines and SAC resolutions have transformed ibra' from discretionary to a mandatory contractual/regulatory obligation for sale-based financings, and absence of such pleading renders the claim substantively incomplete; accordingly the Court permitted the default judgment subject to amendment to include an ibra' clause and an express provision that actual ibra' is to be determined at full settlement.