Tackling responsible lending obligation in Malaysia: a diverse approach

Hassan, Rusni and Kassim, Salina and Abu Bakar, Elistina and Ilias, Ibtisam @ Ilyana and Hingun, Mohsin (2019) Tackling responsible lending obligation in Malaysia: a diverse approach. International Journal of Advanced Science and Technology, 28 (8s, (Special issue in Applied Research on Business , Science and Technology)). pp. 314-321. ISSN 2005-4238 E-ISSN 2207-6360

	PDF - Published Version Restricted to Repository staff only Download (320kB) | Request a copy
Preview	PDF (scopus) - Supplemental Material Download (279kB) | Preview

Abstract

This paper examines responsible lending obligation among various credit providers under the present legal and institutional framework in Malaysia. The scope of consumer credit industry includes banking, hire-purchase, moneylending and pawnbroking. The study finds an inconsistent approach in dealing with responsible lending whereby only banking institutions regulated by the Central Bank of Malaysia are subject to this obligation while non-bank institutions are not. Several recommendations for future improvements are proposed by referring to the practice of several other jurisdictions. The suggestions will help the policymakers to seriously consider imposing this obligation on all credit providers. Eventually, the protection against the irresponsible lending practice is accorded to a wide range of financial consumers in consumer credit industry in Malaysia.

Item Type:	Article (Journal)
Additional Information:	1525/75586
Uncontrolled Keywords:	consumer protection, consumer credit, responsible lending, regulatory control
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) Ahmad Ibrahim Kulliyyah of Laws
Depositing User:	Prof Dr Rusni Hassan
Date Deposited:	12 Nov 2019 12:36
Last Modified:	23 Apr 2020 17:08
URI:	http://irep.iium.edu.my/id/eprint/75586

Actions (login required)

View Item