A study on consumer protection against unfair terms in the personal loan contract of Iraqi banks
The protection of consumers should be the priority of banks in the rendering of their services. The personal loan contract is unfair to the consumer as it entails a standard contract the bank provides. This problem is on the rise consistent with the growing demand for fast loans. To address this iss...
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| フォーマット: | 学位論文 |
| 言語: | English English |
| 出版事項: |
2024
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| 主題: | |
| オンライン･アクセス: | https://etd.uum.edu.my/11538/1/permission%20to%20deposit-grant%20the%20permission-s99080.pdf https://etd.uum.edu.my/11538/2/s99080_01.pdf https://etd.uum.edu.my/11538/ |
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| 要約: | The protection of consumers should be the priority of banks in the rendering of their services. The personal loan contract is unfair to the consumer as it entails a standard contract the bank provides. This problem is on the rise consistent with the growing demand for fast loans. To address this issue in Iraq, the government has enacted the Consumer Protection Law 2010 to complement the Iraqi Civil Code 1951. The legal framework is questionable as to whether it protects unfair terms in the standard loan contract. Furthermore, the Central Bank of Iraq has issued guidelines to banks requiring them to be more transparent when dealing with consumers. Unfortunately, several issues have been identified that negatively affect these laws and regulations thus making them unable to protect the borrowers as well as to provide them with a suitable remedy. This research hence aims to examine the consumer protection measures taken against unfair terms in the United Kingdom’s laws and to analyze the Iraqi laws governing unfair terms of bank loan contracts. Further, it examines Iraq’s institutional role that supports and implements the consumer protection framework and compares the institutional and legal mechanisms of Iraq with that of the UK to learn from their experience. This study, employing a qualitative approach, uses the semi-structured interview method to generate data from banks, legal academics, lawyers, judges, and consumers. It also performs doctrinal legal research to support the findings. This study found that the UK adopts the good faith principle, enhanced transparency, fairness, and efficiency in contracting and is proposed as a foundation for the institutional and legal system. This research uncovered a severe deficiency in the Iraqi legislation framework which is limited to what is known as contract adhesion. This study recommends that Iraqi laws need to be amended according to the UK model to provide comprehensive consumer protection. The Iraqi authority should consider the Iraqi institutions’ role in coordinating with each other and offering solutions to these issues. The suggestions need to be taken seriously by the Iraqi authority to protect consumers from unfair terms in personal loan contracts. |
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