Help Buyers of Abandoned Housing Projects: PPIM

From: http://www.propertyguru.com.my/property-news/2012/10/6326/help-buyers-of-abandoned-housing-projects-ppim (accessed 17 October, 2012)

Instead of loading buyers of abandoned housing projects with debt that may lead to bankruptcy, Islamic banks should be sympathetic to them, said Sheikh Abdul Kareem Said Khadaied, Financial Services Monitoring Bureau Chief at Malaysian Muslim Consumers Association (PPIM).

According to media reports, Sheikh Abdul Kareem noted that many homebuyers are facing legal cases filed by Islamic banks demanding high payment for uncompleted homes.

“For example, a house buyer was ordered by the court to pay back the full price of the house costing RM492,000 to a bank although the bank only paid RM39,000 to the developer,” he said at the Consumer Forum 2012 entitled ‘Is Islamic Banking Only In Name?’

Nuarrual Hilal Md Dahlan, Director of Institute for Governance and Innovation Study at Universiti Utara Malaysia served as the first panel member, while Ustaz Mohd Nadzri Chik, Sharia Division Head at Bank Islam Malaysia Bhd, acted as the second panel member.

Meanwhile, PPIM Activist Shirazdeen Adam Shah served as the forum moderator and Datuk Abdul Manap Abdul Wahab, Former Chief Executive Officer at Bank Muamalat Malaysia Bhd was the fourth panel member.

Nurrual said that Bank Negara Malaysia should enhance Islamic banking to benefit consumers, particularly buyers of abandoned housing projects. Moreover, the government should require all developers to complete their projects.

To avoid the risk of bankruptcy, he also urged consumers to buy only from government developers such as Syarikat Perumahan Nasional Berhad (SPNB).

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