Ijarah Muntahiyah Bit Tamlik (IMBT) dalam Finance Lease-I: Sejauh Manakah Perbankan Islam Menghayati Prinsip Fiqh? [Ijarah Muntahiyah Bit Tamlik (IMBT) in Finance Lease-I: To What Extent does Islamic Banking Internalize Fiqh Principles?]

Abstract

Ijarah Muntahiyah Bit Tamlik (IMBT) merupakan kontrak sewaan yang diakhiri dengan pemindahan hak milik dan kini menjadi antara instrumen pembiayaan yang sering digunakan dalam perbankan Islam di Malaysia. Kesahihannya bergantung pada pemisahan akad sewaan dan akad pemindahan milik, namun terdapat jurang antara teori Fiqh Muamalat dengan amalan semasa apabila pematuhan Syariah cenderung bersifat prosedural tanpa menghayati inti pati akad secara substantif. Oleh itu, kajian ini bertujuan menganalisis jurang substantif tersebut dengan menjadikan produk Finance Lease-i Bank Islam Malaysia Berhad sebagai kajian kes. Justeru, kajian ini menggunakan pendekatan kualitatif melalui analisis kandungan terhadap kitab fiqh, dokumen perundangan dan regulasi, serta dokumen produk dengan bersandarkan kerangka Calder (2020) yang membezakan instrumen patuh Syariah daripada instrumen berasaskan Syariah dan konsep ketelusan ontologi yang merujuk kepada tahap kejelasan identiti, fungsi dan mekanisme asas sesuatu instrumen kewangan. Analisis kajian ini meliputi lima aspek iaitu struktur kontrak, kedudukan wa’ad, tanggungjawab Takaful, kerangka kawal selia dan mekanisme ta'widh. Kajian ini mendapati Finance Lease-i memenuhi pematuhan formal tetapi belum mencapai ketelusan ontologi kerana strukturnya lebih menyerupai jualan ansuran berbanding sewaan tulen. Justeru, kajian ini menyimpulkan bahawa pematuhan Syariah dalam produk tersebut masih bersifat prosedural, lalu menyarankan mekanisme semakan ex ante terhadap kandungan kontrak dan pendedahan yang lebih telus.

Ijarah Muntahiyah Bit Tamlik (IMBT) is a lease contract concluded with the transfer of ownership and has become one of the financing instruments frequently used in Islamic banking in Malaysia. Its validity depends on separating the lease contract from the ownership-transfer contract; however, a gap persists between Fiqh Muamalat theory and current practice, as Shariah compliance tends to be procedural without internalising the substantive nature of the contract. This study therefore aims to analyse that substantive gap, taking Bank Islam Malaysia Berhad's Finance Lease-i product as a case study. Adopting a qualitative approach through content analysis of fiqh texts, legal and regulatory documents, and product documents, the study draws on Calder's (2020) framework, which distinguishes Shariah-compliant from Shariah-based instruments, and the concept of ontological transparency, which refers to the degree of clarity regarding the identity, function, and underlying mechanism of a financial instrument. The analysis spans five aspects, namely contract structure, the position of wa'ad, Takaful responsibility, the regulatory framework, and the ta'widh mechanism. The study finds that Finance Lease-i satisfies formal compliance but falls short of ontological transparency, as its structure more closely resembles an instalment sale than a genuine lease. It therefore concludes that Shariah compliance in the product remains procedural, and recommends an ex ante review mechanism over contract content together with more transparent disclosure.