BBA Saga

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Finally, on 31st March 2009, the Court of Appeal had reversed the High Court BBA ruling decided by Abdul Wahab Patail J that the BBA Contract were contrary to Islamic Banking Act 1983 (IBA). The unanimous decision in the appeal made by BIMB v Ghazali Shamsuddin & 2 Ors before the three panel judges ;Datuk Md Raus Sharif, Datuk Abdul Hamid Embong and Datuk Ahmad Maarop. The said decision reafirmed that Islamic Bank's practices in relation to BBA Contract are shariah-complaint and valid. Kudos to the lead counsel for Bank Islam , En Ismail Shariff and his team who had done a good job for this case. En Ismail Shariff was among the legal advisor for Bank Islam when BIMB came out with the pre-printed documents for BBA Contract since the establisment of Bank Islam in 1983. The Legal Department of BIMB had then revised and amended the BBA Contract and other Contracts like Cash Note Facility and Trade Facilities documentation somewhere in 2004. The decision made by Abd Wahab Patail was really shocked me, i dont know who was the lawyer acting for the Bank but, it seems that, the Judge has a little knowledge about the Islamic Financing. The decision really affected the Islamic Financing player , for example towards the end of 2008, RHB Islamic completely phased out BBA in favour of Musyarakah Mutanaqisah concept for its home financing product. On important note, the Court of Appeal reiterated that BBA Contract is a sale transaction and therefore must not be compared to the loan transaction under the conventional banking. This is among the important points that Abd Wahab Patail J failed to appreciate in his High Court judgement. Anyway , it is a relieve for the future of the Islamic Financing in our country!

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