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UNFAIR CONTRACT TERMS IN MALAYSIAN ISLAMIC BANKS: EMPOWERING BANK CONSUMERS BY ISLAMIC EDUCATION ETHICS
Corresponding Author(s) : Noor Mahinar Abu Bakar
Humanities & Social Sciences Reviews,
Vol. 8 No. 2 (2020): March
Abstract
Purpose of study: The purpose of this study is to examine the importance of Islamic education ethics-based on the objectives of Shariah (maqasid al-Shariah) to bank consumers in raising their knowledge about their contractual rights and obligations since better-decision making empowers them to avoid unfair contractual terms in transactions with Islamic banks and manage their financial affairs responsibly.
Methodology: Using qualitative analysis, this study reviews previously selected literature on Islamic education ethics and applies maqasid al-Shariahas a benchmark to determine the importance of Islamic financial literacy education. To emphasize such importance, the contents of both primary and secondary data are analyzed which include: official websites of Bank Negara Malaysia, books, academic journals, newspapers, and related industry reports.
Result: Results shows that the Islamic educational ethics based on maqasid al-Shariah empowers bank consumers to improve their reading habits in making informed choices to assert their rights by being aware of the content and fairness of contract terms towards raising their financial literacy standard in avoiding unfair contractual terms and be equipped with Islamic financial knowledge and skill to demand for equitable contractual terms.
Applications of this study: This study is important to Malaysian bank consumer empowerment since applying Islamic education ethics contributes to sound financial choice and better-decision making of whether or not to contract with IBIs since having no basic knowledge of contractual rights and obligations with Islamic banks, then they have little defense against one-sided and unfair contractual content.
Novelty/Originality of this study: Because bank consumers do not read their contracts; this study promotes Islamic education ethics in empowering bank consumers to improve financial literacy in avoiding unfair contractual terms while making informed financial decisions and increase acceptability of Islamic banking products. This study contributes to the literature on Islamic ethics specifically on Islamic financial literacy educational ethics base on maqasid al-Shariah.
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- Ab Rahman, S., Tajudin, A., & Tajuddin, A. F. A. (2018). Determinant Factors of Islamic Financial Literacy In Malaysia. American Journal of Humanities and Social Sciences Research (AJHSSR), 2(10), 125–132.
- Abdullah, M. A., & Chong, R. (2014). Financial Literacy: An Exploratory Review of the Literature and Future Research. Journal of Emerging Economies & Islamic Research, 2(3). DOI: https://doi.org/10.24191/jeeir.v2i3.9631
- Abdullah, Y. A. (1938). The Holy Quran: Text, translation and commentary. GEN, Shaik Muhammad Ashraf, Kashmiri Bazar, Lahore.
- Abuznaid, S. (2006). Islam and management: What can be learned? Thunderbird International Business Review, 48(1), 125–139. https://doi.org/10.1002/tie.20089 DOI: https://doi.org/10.1002/tie.20089
- Agai, B. (2002). Fethullah Gu¨ len and his Movement’s Islamic Ethic of Education. Critique: Critical Middle Eastern Studies, 11(1), 27–47. https://doi.org/10.1080/10669920120122234 DOI: https://doi.org/10.1080/10669920120122234
- Ahmad, M. (2010). Why Islamic financial literacy is important. Personal Money, 46.
- Al-Attas, M. N. (1980). The concept of education in Islam. Muslim Youth Movement of Malaysia.
- Ali, S. (2013). Financial literacy in Malaysia: Issues and status update. In International Seminar on Financial Education and Retirement Savings.
- Antara, P. M., Musa, R., & Hassan, F. (2016). Bridging Islamic financial literacy and halal literacy: the way forward in halal ecosystem. Procedia Economics and Finance, 37, 196–202. https://doi.org/10.1016/S2212-5671(16)30113-7 DOI: https://doi.org/10.1016/S2212-5671(16)30113-7
- Bakos, Y., Marotta-Wurgler, F., & Trossen, D. R. (2014). Does anyone read the fine print? Consumer attention to standard-form contracts. The Journal of Legal Studies, 43(1), 1–35. https://doi.org/10.1086/674424 DOI: https://doi.org/10.1086/674424
- Ben-Shahar, O. (2009). The Myth of the “Opportunity to Read†in Contract law. European Review of Contract Law, 5(1), 1–28. https://doi.org/10.1515/ERCL.2009.1 DOI: https://doi.org/10.1515/ERCL.2009.1
- Ben-Shahar, O. (2013). Regulation through boilerplate: an apologia. Michigan Law Review, 112, 883. https://doi.org/10.2139/ssrn.2255161 DOI: https://doi.org/10.2139/ssrn.2255161
- Bhat, S.-U. (2018). On Understanding the Concept of Tawhid (Unity of God) in Islam and it's Effect on Man's Life. In E-Proceeding of the 5th International Conference on Arabic Studies & Islamic Civilisation (ICASIC 2018). (e-ISBN 978-967-0792-24-8). 26 – 27 March 2018, Seri Pacific Hotel, Kuala Lumpur, Malaysia (pp. 21–29).
- Chapra, M. U., Khan, S., & Al Shaikh-Ali, A. (2008). The Islamic vision of development in the light of maqasid al-Shariah (Vol. 15).
- D’Acunto, F., Prokopczuk, M., & Weber, M. (2015). The long shadow of Jewish persecution on financial decisions.
- Dusuki, A. W. (2009). Challenges of Realizing Maqasid Al-shari'ah (objectives of Shari'ah) in the Islamic Capital Market: Special Focus on Equity-based Sukuk Structures. International Shari'ah Research Academy for Islamic Finance (ISRA).
- Eigen, Z. J. (2012). Experimental evidence of the relationship between reading the fine print and performance of form-contract terms. Journal of Institutional and Theoretical Economics JITE, 168(1), 124–141. https://doi.org/10.1628/093245612799440050 DOI: https://doi.org/10.1628/093245612799440050
- Elshout, M., Elsen, M., Leenheer, J., Loos, M., & Luzak, J. (2016). Study on consumers’ attitudes towards Terms and Conditions (T&Cs).
- Er, B., & Mutlu, M. (2017). Financial Inclusion and Islamic Finance: A Survey of Islamic Financial Literacy Index. International Journal of Islamic Economics and Finance Studies, 3(2).
- Halim Tamuri, A. (2007). Islamic Education teachers’ perceptions of the teaching of akhlÄq in Malaysian secondary schools. Journal of Moral Education, 36(3), 371–386. https://doi.org/10.1080/03057240701553347 DOI: https://doi.org/10.1080/03057240701553347
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- Halstead, M. (2004). An Islamic concept of education. Comparative Education, 40(4), 517–529. https://doi.org/10.1080/0305006042000284510 DOI: https://doi.org/10.1080/0305006042000284510
- Haneef, R. (2016). Challenges in Innovation for Islamic Finance Product Development. Isra–Thomson Reuters Islamic Commercial Law Report.
- Haneef, R., & Smolo, E. (2014). Reshaping the Islamic finance industry: Applying the lessons learned from the global financial crisis. Islamic Banking and Financial Crisis Reputation Stability and Risks, 21–39. https://doi.org/10.3366/edinburgh/9780748647613.003.0002 DOI: https://doi.org/10.3366/edinburgh/9780748647613.003.0002
- Hasanuzzaman, S. M. (2003). Islam and business ethics. Institute of Islamic Banking and Insurance.
- Hashim, M. A. (2014). Financial Literacy Education Module for the Muslim Ummah: A Preliminary Study. TAFHIM: IKIM Journal of Islam and the Contemporary World, 7.
- Hassan, A., & Salma Binti Abdul Latiff, H. (2009). Corporate social responsibility of Islamic financial institutions and businesses: Optimizing charity value. Humanomics, 25(3), 177–188. https://doi.org/10.1108/08288660910986900 DOI: https://doi.org/10.1108/08288660910986900
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- McDonald, A. M., & Cranor, L. F. (2008). The cost of reading privacy policies. Information Society Journal of Law and Policy, 4, 543.
- Mohammad, M. O., & Shahwan, S. (2013). The objective of Islamic economic and Islamic banking in light of Maqasid Al-Shariah: A critical review. Middle-East Journal of Scientific Research, 13(13), 75–84.
- Mohieldin, M. (2012). Realizing the potential of Islamic finance.
- Noor Mahinar, A. B., & Norhashimah, M. Y. (2016). Unfair Contract Terms in Islamic Banking Contracts in Malaysia: The Future Direction of Banking Consumer Protection. In 8th Foundation of Islamic Finance Conference (pp. 1–16).
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- Oladapo, I. A., & Ab Rahman, A. (2017). Maqasid Shari’ah: The Drive for an Inclusive Human Development Policy. Jurnal Syariah, 24(2). DOI: https://doi.org/10.22452/js.vol24no2.5
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References
Ab Rahman, S., Tajudin, A., & Tajuddin, A. F. A. (2018). Determinant Factors of Islamic Financial Literacy In Malaysia. American Journal of Humanities and Social Sciences Research (AJHSSR), 2(10), 125–132.
Abdullah, M. A., & Chong, R. (2014). Financial Literacy: An Exploratory Review of the Literature and Future Research. Journal of Emerging Economies & Islamic Research, 2(3). DOI: https://doi.org/10.24191/jeeir.v2i3.9631
Abdullah, Y. A. (1938). The Holy Quran: Text, translation and commentary. GEN, Shaik Muhammad Ashraf, Kashmiri Bazar, Lahore.
Abuznaid, S. (2006). Islam and management: What can be learned? Thunderbird International Business Review, 48(1), 125–139. https://doi.org/10.1002/tie.20089 DOI: https://doi.org/10.1002/tie.20089
Agai, B. (2002). Fethullah Gu¨ len and his Movement’s Islamic Ethic of Education. Critique: Critical Middle Eastern Studies, 11(1), 27–47. https://doi.org/10.1080/10669920120122234 DOI: https://doi.org/10.1080/10669920120122234
Ahmad, M. (2010). Why Islamic financial literacy is important. Personal Money, 46.
Al-Attas, M. N. (1980). The concept of education in Islam. Muslim Youth Movement of Malaysia.
Ali, S. (2013). Financial literacy in Malaysia: Issues and status update. In International Seminar on Financial Education and Retirement Savings.
Antara, P. M., Musa, R., & Hassan, F. (2016). Bridging Islamic financial literacy and halal literacy: the way forward in halal ecosystem. Procedia Economics and Finance, 37, 196–202. https://doi.org/10.1016/S2212-5671(16)30113-7 DOI: https://doi.org/10.1016/S2212-5671(16)30113-7
Bakos, Y., Marotta-Wurgler, F., & Trossen, D. R. (2014). Does anyone read the fine print? Consumer attention to standard-form contracts. The Journal of Legal Studies, 43(1), 1–35. https://doi.org/10.1086/674424 DOI: https://doi.org/10.1086/674424
Ben-Shahar, O. (2009). The Myth of the “Opportunity to Read†in Contract law. European Review of Contract Law, 5(1), 1–28. https://doi.org/10.1515/ERCL.2009.1 DOI: https://doi.org/10.1515/ERCL.2009.1
Ben-Shahar, O. (2013). Regulation through boilerplate: an apologia. Michigan Law Review, 112, 883. https://doi.org/10.2139/ssrn.2255161 DOI: https://doi.org/10.2139/ssrn.2255161
Bhat, S.-U. (2018). On Understanding the Concept of Tawhid (Unity of God) in Islam and it's Effect on Man's Life. In E-Proceeding of the 5th International Conference on Arabic Studies & Islamic Civilisation (ICASIC 2018). (e-ISBN 978-967-0792-24-8). 26 – 27 March 2018, Seri Pacific Hotel, Kuala Lumpur, Malaysia (pp. 21–29).
Chapra, M. U., Khan, S., & Al Shaikh-Ali, A. (2008). The Islamic vision of development in the light of maqasid al-Shariah (Vol. 15).
D’Acunto, F., Prokopczuk, M., & Weber, M. (2015). The long shadow of Jewish persecution on financial decisions.
Dusuki, A. W. (2009). Challenges of Realizing Maqasid Al-shari'ah (objectives of Shari'ah) in the Islamic Capital Market: Special Focus on Equity-based Sukuk Structures. International Shari'ah Research Academy for Islamic Finance (ISRA).
Eigen, Z. J. (2012). Experimental evidence of the relationship between reading the fine print and performance of form-contract terms. Journal of Institutional and Theoretical Economics JITE, 168(1), 124–141. https://doi.org/10.1628/093245612799440050 DOI: https://doi.org/10.1628/093245612799440050
Elshout, M., Elsen, M., Leenheer, J., Loos, M., & Luzak, J. (2016). Study on consumers’ attitudes towards Terms and Conditions (T&Cs).
Er, B., & Mutlu, M. (2017). Financial Inclusion and Islamic Finance: A Survey of Islamic Financial Literacy Index. International Journal of Islamic Economics and Finance Studies, 3(2).
Halim Tamuri, A. (2007). Islamic Education teachers’ perceptions of the teaching of akhlÄq in Malaysian secondary schools. Journal of Moral Education, 36(3), 371–386. https://doi.org/10.1080/03057240701553347 DOI: https://doi.org/10.1080/03057240701553347
Halstead, J. M. (1995). Towards a unified view of Islamic education. Islam and Christianâ€Muslim Relations, 6(1), 25–43. https://doi.org/10.1080/09596419508721040 DOI: https://doi.org/10.1080/09596419508721040
Halstead, M. (2004). An Islamic concept of education. Comparative Education, 40(4), 517–529. https://doi.org/10.1080/0305006042000284510 DOI: https://doi.org/10.1080/0305006042000284510
Haneef, R. (2016). Challenges in Innovation for Islamic Finance Product Development. Isra–Thomson Reuters Islamic Commercial Law Report.
Haneef, R., & Smolo, E. (2014). Reshaping the Islamic finance industry: Applying the lessons learned from the global financial crisis. Islamic Banking and Financial Crisis Reputation Stability and Risks, 21–39. https://doi.org/10.3366/edinburgh/9780748647613.003.0002 DOI: https://doi.org/10.3366/edinburgh/9780748647613.003.0002
Hasanuzzaman, S. M. (2003). Islam and business ethics. Institute of Islamic Banking and Insurance.
Hashim, M. A. (2014). Financial Literacy Education Module for the Muslim Ummah: A Preliminary Study. TAFHIM: IKIM Journal of Islam and the Contemporary World, 7.
Hassan, A., & Salma Binti Abdul Latiff, H. (2009). Corporate social responsibility of Islamic financial institutions and businesses: Optimizing charity value. Humanomics, 25(3), 177–188. https://doi.org/10.1108/08288660910986900 DOI: https://doi.org/10.1108/08288660910986900
Hastings, J. S., & Mitchell, O. S. (2011). How financial literacy and impatience shape retirement wealth and investment behaviors (RPRT). National Bureau of Economic Research. https://doi.org/10.3386/w16740 DOI: https://doi.org/10.3386/w16740
Hoffman, D. A. (2018). Relational Contracts of Adhesion. University of Chicago Law Review, 85, 1395.
Hussain, A. (2004). Islamic education: why is there a need for it? Journal of Beliefs & Values, 25(3), 317–323. https://doi.org/10.1080/1361767042000306130 DOI: https://doi.org/10.1080/1361767042000306130
Iqbal, Z., & Mirakhor, A. (2011). An introduction to Islamic finance: Theory and practice (Vol. 687). John Wiley & Sons. https://doi.org/10.1002/9781118390474 DOI: https://doi.org/10.1002/9781118390474
Kamali, M. H. (1999). “ Maqasid Al-Shariahâ€: The Objectives of Islamic Law. Islamic Studies, 38(2), 193–208.
Kamali, M. H. (2008). MaqÄá¹£id Al-Sharīảh Made Simple (Vol. 13). International Institute of Islamic Thought (IIIT). https://doi.org/10.2307/j.ctvkc67vz DOI: https://doi.org/10.2307/j.ctvkc67vz
Lahsasna, A. (2016). The framework of Islamic Financial Education and Literacy.pdf. Journal of Wealth Management & Financial Planning, 3(June), 1–12.
Lantara, I. W. N., & Kartini, N. K. R. (2015). Financial Literacy Among University Students: Empirical Evidence From Indonesia. Journal of Indonesian Economy and Business: JIEB., 30(3), 247. https://doi.org/10.22146/jieb.10314 DOI: https://doi.org/10.22146/jieb.10314
Lusardi, A. (2011). Americans’ financial capability (RPRT). National Bureau of Economic Research. https://doi.org/10.3386/w17103 DOI: https://doi.org/10.3386/w17103
Lusardi, A., & Mitchell, O. S. (2011). Financial literacy around the world: an overview. Journal of Pension Economics & Finance, 10(4), 497–508. https://doi.org/10.1017/S1474747211000448 DOI: https://doi.org/10.1017/S1474747211000448
Lusardi, A., & Mitchell, O. S. (2014). The economic importance of financial literacy: Theory and evidence. Journal of Economic Literature, 52(1), 5–44. https://doi.org/10.1257/jel.52.1.5 DOI: https://doi.org/10.1257/jel.52.1.5
Mak, V. (2012). The Myth of the’Empowered Consumer’: Lessons from Financial Literacy Studies. Zeitschrift Für Europäisches Unternehmens-Und Verbraucherrecht, 1(4), 254–263. https://doi.org/10.1007/s13590-012-0027-5 DOI: https://doi.org/10.1007/s13590-012-0027-5
McDonald, A. M., & Cranor, L. F. (2008). The cost of reading privacy policies. Information Society Journal of Law and Policy, 4, 543.
Mohammad, M. O., & Shahwan, S. (2013). The objective of Islamic economic and Islamic banking in light of Maqasid Al-Shariah: A critical review. Middle-East Journal of Scientific Research, 13(13), 75–84.
Mohieldin, M. (2012). Realizing the potential of Islamic finance.
Noor Mahinar, A. B., & Norhashimah, M. Y. (2016). Unfair Contract Terms in Islamic Banking Contracts in Malaysia: The Future Direction of Banking Consumer Protection. In 8th Foundation of Islamic Finance Conference (pp. 1–16).
Noor Mahinar, A. B., Rusni, H., & See Teong, N. (2017). Value-Based Banking: Preventing Unfair Terms in Consumer Contracts and Notices in Malaysian Islamic Banks by Consumer Empowerment. In 5th ASEAN Universities International Conference on Islamic Finance (5TH AICIF), 13th - 14th December 2017. Park View Hotel, Jerudong, Negara Brunei Darussalam.
Oladapo, I. A., & Ab Rahman, A. (2017). Maqasid Shari’ah: The Drive for an Inclusive Human Development Policy. Jurnal Syariah, 24(2). DOI: https://doi.org/10.22452/js.vol24no2.5
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Plaut, V. C., & Bartlett III, R. P. (2012). Blind consent? A social psychological investigation of non-readership of click-through agreements. Law and Human Behavior, 36(4), 293. https://doi.org/10.1037/h0093969 DOI: https://doi.org/10.1037/h0093969
Posner, E. A. (2010). ProCD v Zeidenberg and Cognitive Overload in Contractual Bargaining. The University of Chicago Law Review, 1181–1194. https://doi.org/10.2139/ssrn.1499414 DOI: https://doi.org/10.2139/ssrn.1499414
Radin, M. J. (2012). Boilerplate: The Fine Print, Vanishing Rights, and the Rule of Law. Princeton University Press. https://doi.org/10.23943/princeton/9780691155333.001.0001 DOI: https://doi.org/10.23943/princeton/9780691155333.001.0001
Radoncic, D. (2014). Consumer Protection from Unfair Business Practices. Annals Fac. LU Zenica, 14, 371.
Raffick, N. M. A. B. (2015). ISLAMIC FINANCIAL LITERACY AMONG QFIS STUDENTS.
Rahman, A. R. A. (2003). Ethics in accounting education: contribution of the Islamic principle of Maslahah. IIUM Journal of Economics and Management, 11(1), 21–50.
Raman, A. A., & Bukair, A. A. (2013). The influence of the Shariah supervision board on corporate social responsibility disclosure by Islamic banks of Gulf Co-operation Council countries. Asian Journal of Business and Accounting, 6(2).
Razak, A. H. A. (2015). The Fundamentals Of Islamic Banking and Finance : A Prologue. European Journal of Islamic Finance, (2), 1–12. Retrieved from http://www.ojs.unito.it/index.php/EJIF
Sairally, S. (2007). Community development financial institutions: Lessons in social banking for the Islamic financial industry. Kyoto Bulletin of Islamic Area Studies, 1(2), 19–37.
Sharrock, R. D. (2010). Judicial control of unfair contract terms: The implications of the Consumer Protection Act. S. Afr. Mercantile LJ, 22, 295.
Siddiqui, A. (1997). Ethics in Islam: key concepts and contemporary challenges. Journal of Moral Education, 26(4), 423–431. https://doi.org/10.1080/0305724970260403 DOI: https://doi.org/10.1080/0305724970260403
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