Since a long time ago, consumers have never been completely safe from exposure to the risk of purchasing defective products, which may cause an adverse effect on them. The introduction of the doctrines of caveat emptor and caveat venditor became a part of the common law to resolve disputes between manufacturers, sellers, and consumers. This study therefore aims to analyze the application of the caveat emptor and caveat venditor doctrines according to civil and Islamic perspectives to see how far the application of both doctrines can provide justice to consumers. Utilizing doctrinal approach based on the methodology of qualitative legal research, this study involves in-depth analysis of statutory provisions, court cases, Quranic texts, hadiths, and the opinions of Muslim scholars. The research findings were analyzed through content analysis and critical analysis methods. This study has proven that there are legal problems with regards to the application of the caveat emptor doctrine and its resulting negative impact on consumers, thus leading to the formation of the caveat venditor doctrine. Although the term “caveat venditor” and its definition are not expressly mentioned in the Qur’an and the hadiths, the application of the doctrine is seen to have a strong foundation in Islam. The results of this study are expected to contribute significant new knowledge in the field of consumer law since a comparative analysis of the application of both doctrines according to civil and Islamic perspectives is still lacking, especially in cases involving the selling of defective products.
The paper examines the relationship between weather and stock market returns in the Argentina’s stock market using daily data from 2001 to 2014 and regression models. The data consists of stock market returns, temperature, humidity and wind. The empirical findings show that all weather variables (temperature, humidity and wind) have significant relationship with stock market returns in some of the trading days in the week. We also find evidence of the existence of day-of-week effect in the stock market. On average, the highest return falls on Friday and lowest return falls on Monday. Temperature is considered very significant in influencing the stock market returns in Argentina. Our findings suggest that the stock market returns are higher when the temperature is higher. This phenomenon is related to the seasonal affective disorder (SAD). We can conclude that stock market of Argentina is not informational efficient. The results have major implications for traders, individual investors, fund managers and financial institutions to make investment planning in the Argentina’s stock market.
Background and Purpose: Consumers who suffer from injury or property damage due to the existence of a defect in a given product is entitled to bring a legal action in court based on product liability law provisions in Malaysia. This study aims to analyse the legal problems of strict civil liability in product liability law in Malaysia based on the Consumer Protection Act 1999 (Act 599) (hereinafter “CPA 1999”). Methodology: By applying a doctrinal approach based on qualitative methodology of legal research, this study involved a thorough analysis of the CPA 1999 as well as previous court cases. The findings of this study were analysed using content analysis and critical analysis methods in order to record the similarities and differences which exist, as well as to draw conclusions on the meaning and application of the said law. Findings: The findings prove that there are several weaknesses in the existing strict civil product liability provisions in Malaysia, which are still unresolved in terms of the meaning of product defect and proof of causation. Contribution: This paper recommends that any improvements on the legal provisions for strict civil liability under product liability law in Malaysia to be evaluated from a different perspective based on Islamic principles of product liability and the theory of Maqasid Syariah, which has rarely been analysed. Keywords: Causation, doctrinal, Maqasid Syariah, product liability, strict civil liability. Cite as: Mohd Shukri, M. H., Ismail, R., & Markom, R. (2020). A review of legal problems in Malaysian strict product liability law – Maqasid Syariah as a way forward. Journal of Nusantara Studies, 5(2), 239-260. http://dx.doi.org/10.24200/jonus.vol5iss2pp239-260
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