Bank Muamalat Malaysia Berhad v Majlis Agama Islam Selangor & Kolej Universiti Islam Antarabangsa Selangor Sdn Bhd

Bank Muamalat Malaysia Berhad (Plaintiff) sued Majlis Agama Islam Selangor (First Defendant) and Kolej Universiti Islam Antarabangsa Selangor Sdn Bhd (Second Defendant) to recover RM 326,669,571.59 under a Payment Guarantee Agreement. The Defendants had guaranteed repayment of financing facilities provided to Redha Resources Sdn Bhd for a student accommodation project. The High Court allowed the Plaintiff's claim for the guaranteed amount but dismissed the claim for late payment charges. The Defendants appealed the decision.