COMPARATIVE ANALYSIS OF IMBT AND AITAB HIRE-PURCHASE ISLAMIC FINANCING IN THE FRAMEWORK OF MAQASID AL-SHARIAH

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.