Challenges and Opportunities in the Development of Hybrid Contracts in Islamic Banking: A Shariah Compliance Perspective

Defi Insani Saibil; Raihan Fernanda Agung Krishna; Muhammad Rivaldy Siregar

doi:10.14421/jibsi.v1i1.2828

Authors

Defi Insani Saibil State Islamic University of Sunan Kalijaga
Raihan
Rivaldy

DOI:

https://doi.org/10.14421/jibsi.v1i1.2828

Keywords:

Islamic Banking, Product Innovation, Sharia Compliance, DSN-MUI regulation, Hybrid Contracts

Abstract

Purpose : Purpose: This research aims to explore the application of hybrid contracts in Islamic banking products as a response to the complex financial transaction needs of contemporary society, as well as to identify the obstacles and solutions in their implementation to ensure compliance with Shariah principles.

Design/methodology/approach: This research employs a qualitative approach, analyzing regulations, fatwas from DSN-MUI, and operational practices within the Islamic banking industry, alongside interviews with industry practitioners to elucidate the challenges and potential for the development of hybrid contract-based products.

Findings: The research results indicate that hybrid contracts possess significant potential to foster product innovation and expand access to Islamic finance. However, their implementation is hindered by issues of Sharia compliance, insufficient technical regulations, operational complexity, and varying interpretations among financial institutions.

Theoretical Contribution/Originality: This research contributes theoretically by integrating the concept of Maqasid al-Shariah into the development of hybrid contracts, emphasizing the necessity of alignment among fatwas, regulations, and the capacities of industry players as a foundation for the development of adaptive and competitive Islamic banking products.

Research limitation and implication: The limitations of this study are its geographical focus on Indonesia and the restricted interview sample. Consequently, there is a need for the development of standard operational guidelines by DSN-MUI and OJK, the strengthening of the Sharia Supervisory Board, and the enhancement of public literacy to support the understanding and acceptance of hybrid contract-based products in the future.

Keywords: Hybrid Contracts; Islamic Banking; Product Innovation; Sharia Compliance; DSN-MUI regulation

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