The Malaysian Court of Appeal had on 2nd April 2009 ruled that Bai Bithaman Ajil (BBA) contracts are valid and binding in a case that involved Bank Islam. It reiterated that a BBA contract is a sale transaction and it must not be compared to a loan transaction.
This is indeed a good decision as it reaffirmed that the BBA contracts are actually shariah compliant and are legally binding and valid and can be enforced in the court of law. However, it is now time for Bank Negara Malaysia to standardize, streamline and ensure to cover all the loopholes of the current BBA transactions to ensure that the public will never ever equate BBA to a conventional loan arrangement.
It is high time that the scholars take this issue seriously to ensure that the mechanism and documentation will not be the laughing stock to the public, especially those that are really sceptical about anything “Islamic”.
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