We refer to the Global University of Islamic Finance (Inceif) accusation that CAP’s claim that Islamic personal loans offered by banks are a rip-off is baseless. On 16th December 2013, CAP had made a press statement that a loan with an effective profit rate of 42% was a rip-off.
The Consumers’ Association of Penang (CAP) has received countless complaints since 2008 via anonymous letters, telephone calls, letters of complaint and even read in our mainstream media, letters written by hapless flat and condominium owners, highlighting the tactics used by developers’ agents/contractors to force new owners to renovate their units at exorbitant charges.
No More Automatic 20-day Interest-Free Period for Credit Cardholders
Credit card debts will increase when the 20-day interest-free period (the grace period where purchase will not be charged interest) will no longer be automatically enjoyed by all cardholders.
In August 2007, the Attorney General’s Chambers issued a Preliminary Issue paper proposing that a No-Fault Liability Scheme (NFL) be introduced. There were intensive discussions with all interested parties including BNM on the need for the NFL scheme.