Differences in Legal Views on Bay al-Inah: A Comparative Study between the Fatwa of the Indonesian DSN-MUI and the Resolution of the Malaysian SAC-BNM.

Imam Kamaluddin, Irfan Maulana Ishaq, Ahmad Yasin, Muhammad Lukman Hanif, Irawan Irawan, Ahmad Zaki Al Fanani

Abstract


The jurisprudential divergence between Indonesia and Malaysia over the validity of the Bay' al-'Inah contract has triggered market fragmentation. It poses a significant challenge to harmonization within the global Islamic finance industry. This study aims to evaluate the legal policies in both jurisdictions through the lens of Maqashid al-Shari'ah, assessing the trade-offs between economic pragmatism and legal idealism. The research employs a normative-qualitative comparative methodology, analyzing the DSN-MUI (Indonesia) fatwas and the SAC-BNM (Malaysia) resolutions utilizing a juridical-textual approach and teleological evaluation. The findings reveal a fundamental distinction between epistemological paradigms: SAC-BNM adopts a pragmatic formalism oriented toward Hifz al-Mal (the preservation of wealth) to enhance liquidity, albeit at the cost of reputational risks. Conversely, DSN-MUI implements a substantive-preventive approach (Sadd al-Dhari'ah) rooted in Hifz al-Din (the preservation of religion), which safeguards Sharia purity but inadvertently results in inefficiency in innovation. In conclusion, this regulatory divergence underscores that fatwas operate not merely within a binary halal-haram dichotomy but also as public policy instruments that require a dynamic equilibrium between market imperatives and Sharia integrity. To achieve adaptive harmonization, Malaysia's pragmatism necessitates circumscription via a transition toward Tawarruq contracts, whereas Indonesia's idealism must be incentivized to drive more cost-competitive product innovation.

Keywords


Bay al-‘Inah; Maq??id Syariah; Fatwa Divergence; DSN-MUI; SAC-BNM.

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DOI: https://doi.org/10.56114/al-sharf.v7i3.13677

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