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Protection of hirer's interest under hire purchase transaction in Malaysia: the roles of ministry of domestic trade, co-operatives and consumerism

Ilias, Ibtisam@Ilyana and Hassan, Rusni and Kassim, Salina and Abu Bakar, Elistina (2017) Protection of hirer's interest under hire purchase transaction in Malaysia: the roles of ministry of domestic trade, co-operatives and consumerism. In: 21st MACFEA (The Malaysian Consumer and Family Economics Association) National Seminar 2017, 14th-15th December 2017, Kuala Lumpur. (Unpublished)

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Abstract

This paper examines the roles of Ministry of Domestic Trade, Co-operatives and Consumerism in protecting the hirer’s interest under the hire purchase transaction. In addition to a rigorous scrutiny on its regulatory powers and functions conferred by the Hire Purchase Act 1967, the ministry’s institutional and organisational set-up are also discussed in detail with a view of understanding the internal capacity in performing the functions and exercising the power. In implementing its regulatory role, the powers to issue regulation and to enforce the law via criminal action are adequately dealt with. This study discloses that the present institutional framework lacks one fundamental aspect of protection namely absence of licensing regime. Enforcement aspect is also tainted with some weaknesses in terms of nature of enforcement action to be pursued which merely relies on criminal action and the issue of human resources. The study therefore recommends firstly the establishment of licensing regime; secondly the incorporation of administrative and civil action as an addition to the existing enforcement power and thirdly the strengthening of current enforcement machineries.

Item Type: Conference or Workshop Item (Plenary Papers)
Additional Information: 1525/64692
Uncontrolled Keywords: Regulatory body, hire purchase, financial consumer protection
Subjects: H Social Sciences > HG Finance
H Social Sciences > HG Finance > HG3368 Islamic Banking and Finance
H Social Sciences > HG Finance > HG3691 Credit
K Law > K Law (General)
K Law > KPG Malaysia
Kulliyyahs/Centres/Divisions/Institutes (Can select more than one option. Press CONTROL button): Institute of Islamic Banking & Finance (IIiBF)
Depositing User: Dr Rusni Hassan
Date Deposited: 29 Aug 2018 16:28
Last Modified: 29 Aug 2018 16:29
URI: http://irep.iium.edu.my/id/eprint/64692

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