PENGGUNAAN MAṢLAḤAH DALAM PEMBENTUKAN STANDARD IJĀRAH YANG DIKELUARKAN OLEH BANK NEGARA MALAYSIA: SUATU SOROTAN LITERATUR

The Application of Maṣlaḥah in Constitution of the Ijārah Standard Issued by Bank Negara Malaysia (BNM): A Literature Review

Abstract

In order to achieve the maqāṣid al-sharī‘ah within the framework of the Islamic banking system in Malaysia, Bank Negara Malaysia (BNM) requires that every action taken including the establishment of ijārah standard must be based on clear and recognized Islamic law sources. However, there has been no written guideline or specific regulation set for Bank Negara Malaysia’s Shariah Advisory Council (MPS BNM) in making decisions. This article will discuss about the status of maṣlaḥah and its application as a legal source in the Islamic banking sector in Malaysia through a review of the establishment of the ijārah standard issued by BNM. In this study, the documentation method is used to collect data related to it. Then, the data will be analyzed using descriptive method. The results of the previous studies highlighted that the discussion of using maṣlaḥah in constitution of the ijārah standard is only reviewed in general view without analyzing its suitability according to Hukum Syarak. Although the principle of maṣlaḥah is largely adopted in the field of Islamic banking in Malaysia, there are still disputes over the terms held in using maṣlaḥah as a source of law as mentioned by previous studies.