CABARAN PENGAPLIKASIAN JANJI (WA‘D) DALAM KONTRAK PERBANKAN ISLAM DI MALAYSIA

Abstract

The concept of promise in Islamic banking contracts in Malaysia was introduced around in 2005. Its application is still a polemic among critics although the principle was recognized by Shariah Advisory Council of Bank Negara Malaysia (SAC BNM) in its 157 th meeting on 31 st March 2015. This polemic has an impact on the mechanism and validity of Islamic banking contracts such as Murabahah to Purchase Order (MPO), al-Ijarah Thumma al-bay' (AITAB) and Musharakah Mutanaqisah (MM) which make the contracts controversial. Using the data collected from library research and interviews, this article attempts to analyze the subject qualitatively in order to identify the challenges and obstacles faced by the industry in the application of such principle.