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Protecting the pawners: appraising the role of ministry of housing and local government

Kassim, Salina and Hassan, Rusni and Abu Bakar, Elistina and Ilias, Ibtisam @ Ilyana (2019) Protecting the pawners: appraising the role of ministry of housing and local government. International Journal of Advanced Science and Technology, 28 (8s, (Special issue in Applied Research on Business , Science and Technology)). pp. 305-313. ISSN 2005-4238 E-ISSN 2207-6360

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Abstract

The role of consumer credit in modern society is vital particularly when poor economic conditions prevail and cost of living soars. It is prevalent that low and middle-income earners pledge their valuable in exchange for cash by resorting to pawnshops which are often labeled as a bank for poor. Being on the disadvantage side of having low bargaining power, the role of a regulator is indispensable. Therefore, this study examines the role of Ministry of Housing and Local Government which has been mandated to safeguard the interest of pawners under conventional pawnbroking transaction in Malaysia. The scope of discussion covers its institutional set-up, organisational structure while regulatory powers concentrate on licensing and enforcement based on the relevant statutory provisions. The discussion identifies several shortcomings in respect of licensing requirements, enforcement powers and human resources. Overall, the study finds that entrusting this ministry with consumer protection function is inappropriate. Recommendations to enhance protection for this class of consumer are proposed.

Item Type: Article (Journal)
Additional Information: 4600/75585
Uncontrolled Keywords: consumer credit, consumer protection, consumer protection, pawnbroking, regulatory functions
Subjects: H Social Sciences > HG Finance > HG3368 Islamic Banking and Finance
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: 12 Nov 2019 13:05
Last Modified: 12 Nov 2019 13:05
URI: http://irep.iium.edu.my/id/eprint/75585

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