Journal of Contemporary Islamic Law
No eISSN: 0127-788X2018 3(1)
1 JUNE 2018
Parameter Syariah dalam Produk Berstruktur Islam
Shariah Parameters in Islamic Structured Products
Azlin Alisa Binti Ahmad, azlinalisa@ukm.edu.my
Centre for Contemporary Fiqh and Sharia Compliance, Faculty of Islamic Studies, Universiti Kebangsaan Malaysia.
Siti Suhaida Binti Suhardi, subarashi_aoi@yahoo.com
Postgraduate Student, Centre for Contemporary Fiqh and Sharia Compliance, Faculty of Islamic Studies, Universiti Kebangsaan Malaysia.
Received: 25 February 2018 | Accepted: 24 April 2018 | Published: 1 June 2018
2018, Vol. 3(1), pp. 16-26. | PDF
Pada masa kini, pelbagai produk berstruktur Islam telah ditawarkan di perbankan Islam di Malaysia bagi memenuhi permintaan pelabur yang memerlukan produk berstruktur benar-benar mematuhi prinsip-prinsip syariah. Namun, kemunculan produk berstruktur Islam hakikatnya masih baru bagi strategi pelaburan Islam kerana permintaan masih berada di peringkat awal dan agak kontroversi. Memandangkan produk berstruktur Islam masih kontroversi terutama dari aspek hampir menyamai produk berstruktur konvensional, maka kajian tentang parameter syariah diperlukan kerana sehingga kini, masih belum ada parameter syariah yang khusus bagi produk berstruktur Islam. Justeru, artikel ini bertujuan untuk mencadangkan parameter syariah yang sesuai bagi produk berstruktur Islam di Malaysia. Artikel ini merupakan kajian kualitatif yang menggunakan pendekatan analisis kandungan bagi memperoleh maklumat yang diperlukan. Hasil kajian mencadangkan parameter syariah berkaitan muḍārabah dalam produk berstruktur Islam, iaitu produk ini hendaklah memenuhi elemen-elemen penting kontrak muḍārabah iaitu pihak berakad, ṣighah, pengurusan urus niaga, modal, nisbah perkongsian keuntungan, kerugian, jaminan dan pembatalan kontrak sekali dengan syarat-syarat khususnya dan sebagainya. Manakala, bagi parameter syariah berkaitan prinsip ᶜurbūn pula ialah produk berstruktur Islam mestilah memenuhi ciri-ciri penting kontrak ᶜurbūn iaitu pembeli, penjual, harga barangan, tempoh dan pemilikan dan lain-lain lagi. Oleh yang demikian, pihak bank perlulah mematuhi parameter syariah yang telah ditetapkan dengan sebaiknya ketika menawarkan produk berstruktur Islam kepada para pelabur Muslim. Ini penting untuk menaikkan reputasi perbankan Islam sekaligus meningkatkan tahap keyakinan pelabur terhadap produk ini. Justeru, kajian ini penting dalam memastikan produk berstruktur Islam mampu bersaing dengan produk berstruktur konvensional yang sedia ada di pasaran, sama ada di peringkat kebangsaan mahupun global. Oleh kerana pasaran telah menjadi lebih kompleks, perlulah ada parameter syariah yang menyeluruh membolehkan produk berstruktur Islam dapat beroperasi lebih efisyen di samping memenuhi tuntutan syarak.
Kata kunci: Parameter syariah, Produk berstruktur Islam, Muḍārabah, ᶜUrbūn
Nowadays, various of Islamic structured products are offered by most Islamic banking in Malaysia to meet the demads of investors that need products strictly adhere to the shariah principles. However, the existence of Islamic structured products led to the issue of these products are new due to the demands are still in its early stage and controversial in nature. Due to Islamic structured products are still controversial, especially in terms of almost similar to conventional structured products, thus a study of the shariah parameters is needed as of now, there is no shariah parameter specifically for Islamic structured products. Thus, the objective of this article is to identify the shariah parameters that exist in Islamic structured products in Malaysia. This article is a qualitative study that uses a content analysis approach to obtain the required information. The findings suggest that shariah parameters related to the principle of muḍārabah in Islamic structured products, such as these products should meet the essential elements of muḍārabah contract are parties, ṣighah, transaction management, capital, profit sharing ratio (PSR), loss, guarantee and contract cancellation along with special conditions and so on. Meanwhile, for the shariah parameters related to ᶜurbūn principle, Islamic structured products must meet the important features of ᶜurbūn contract that are buyer, seller, the price of goods, duration, ownership so on. Therefore, many banks should adhere to the suggested shariah parameters in offering Islamic structured products to Muslim investors. That is important in order to raise the reputation of Islamic banking as well as to gain investors’ confidence on these products. Hence, this study is vital in ensuring that Islamic structured products are able to compete with existing conventional structured products on the market, both nationally and globally. As the market has become more complex, there must be a holistic shariah parameter that enables Islamic structured products to operate more efficiently while meeting shariah requirement.
Keywords: Shariah parameters, Islamic structured products, Muḍārabah, ᶜUrbūn
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