Article Per Year (5 Year)
p-Index From 2021 - 2026
0.408
P-Index
This Author published in this journals
All Journal Maliyah : Jurnal Hukum Bisnis Islam Journal of Integrative Sustainability and Ethics
Mubarok, Wafiq
Unknown Affiliation
Religion Economics, Econometrics & Finance Law, Crime, Criminology & Criminal Justice Social Sciences

Published : 2 Documents Claim Missing Document
Claim Missing Document
Check
Articles

Found 2 Documents
Search

 1 
COMPARATIVE ANALYSIS OF IMBT AND AITAB HIRE-PURCHASE ISLAMIC FINANCING IN THE FRAMEWORK OF MAQASID AL-SHARIAH Mubarok, Wafiq; Rifqun Nisa; Chetrine Alya Rinaima
Maliyah : Jurnal Hukum Bisnis Islam Vol. 16 No. 1 (2026): Juni 2026 (In Press)
Publisher : Islamic Economic Law Programs, Faculty of Sharia and Law, UIN Sunan Ampel Surabaya

Show Abstract | Download Original | Original Source | Check in Google Scholar

Abstract

This study examines the comparative framework of Ijarah Muntahiyah bi al-Tamlik (IMBT) as practised in Indonesia and Al-Ijarah Thumma al-Bayʿ (AITAB) as implemented in Malaysia, focusing on their doctrinal foundations, methodological reasoning, and realisation of Maqāṣid al-Sharīʿah. Using a doctrinal–comparative approach supported by textual analysis of fatwas and institutional regulations, the research identifies that the divergence between DSN-MUI’s IMBT and SAC-BNM’s AITAB reflects two complementary orientations of Islamic jurisprudence. DSN-MUI emphasises a normative–formalist logic, grounded in sadd al-dharāʾiʿ to preserve contract integrity and prevent taʿalluq, while SAC-BNM adopts a functional–pragmatic stance based on istiṣlāḥ and taḥqīq al-manāṭ to promote market efficiency and regulatory certainty. Despite structural differences, both models fulfil the higher objectives of Shariah—ḥifẓ al-māl, ʿadl, amānah, and maṣlaḥah ʿāmmah. The findings suggest that such diversity strengthens cross-border Islamic finance integration through mutual recognition of core Shariah principles and flexible adaptation in operational practices. This complementary plurality confirms that Islamic law remains capable of guiding complex financial innovations while maintaining ethical and legal coherence.
Contractual Justice and Regulatory Pragmatism: A Comparative Analysis of IMBT (Indonesia) and AITAB (Malaysia) in Islamic Asset Financing Mubarok, Wafiq; bin Ariffin, Mohd Faizal Noor
Journal of Integrative Sustainability and Ethics Vol. 2 No. 1 (2026): June
Publisher : Master and Doctoral Program in Islamic Economics, Faculty of Islamic Economics and Business, Sunan Ampel State Islamic University, Surabaya Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15642/jibec.2026.2.1.15-37

Abstract

The rapid expansion of Islamic finance in Southeast Asia has positioned Ijarah Muntahiyah bi al-Tamlik (IMBT) in Indonesia and Al-Ijarah Thumma al-Bay' (AITAB) in Malaysia as the predominant asset financing models in their respective jurisdictions, yet their structural and jurisprudential divergences remain insufficiently explored in comparative literature. This study provides a comprehensive comparative analysis of IMBT and AITAB, examining their contractual structures, legal foundations, operational realities, and alignment with maqasid al-shariah. Employing a mixed-method approach that integrates doctrinal-normative analysis of DSN-MUI Fatwa No. 27/2002 and SAC-BNM Shariah Resolutions, comparative legal evaluation, and maqasid-based assessment, the study examines how each model balances consumer protection and institutional efficiency within its specific socio-legal ecosystem. The findings reveal fundamental differences in contractual architecture: IMBT mandates a strict separation between lease and ownership transfer contracts, permits transfer through sale or gift (hibah), and treats the promise of transfer as non-binding, thereby offering greater consumer flexibility and risk protection. Conversely, AITAB integrates the sale agreement as a pre-committed and automatically executed promise upon lease maturity, operating within Malaysia's Hire Purchase Act 1967 framework, prioritizing legal enforceability and operational efficiency, often at the expense of equitable consumer risk allocation. From the maqasid al-shariah perspective, IMBT demonstrates superior alignment with principles of justice, transparency, and wealth protection, while AITAB raises normative concerns regarding risk imbalance and consumer vulnerability. The study concludes that both models are valid within their respective frameworks, yet recommends regulatory refinements, particularly for AITAB, to enhance consumer welfare, and advocates for cross-jurisdictional harmonization to support an integrated ASEAN Islamic financial market.
Co-Authors bin Ariffin, Mohd Faizal Noor Rifqun Nisa