Studi Komparatif Pandangan Ulama Empat Mazhab terhadap Bai‘ Istiglāl

Abstract

This study examines the comparative opinions of the four major Islamic schools of thought regarding bai‘ Istiglāl, an innovative contract combining bai‘ wafā’ and ijarah, used in contemporary Sukuk instruments to meet modern transactional needs. There is scholarly debate regarding the permissibility of bai‘ wafā’ as the basis for bai‘ Istiglāl; some prohibit it, arguing it resembles interest-based transactions (riba) or uncertain transactions (gharar), while others permit it under the principle of necessity (ḍarūrah). This research employs a qualitative textual study by analyzing primary sources from the four schools, including Hassiyah Rādd al-Mukhtar, Bulgah al-Ṣalik li Aqrab al-Masalik, and al-Mugni li Ibni Qudamah, along with secondary sources such as theses, dissertations, and other relevant scholarly publications. The findings indicate that differences in scholarly opinion arise due to the absence of explicit textual evidence, divergent interpretations regarding elements of riba, conditional sales, and similarities to pawning practices. Based on the principles of permissibility in muamalah, justice, and prevention of harm (maḍarat), bai‘ Istiglāl is considered permissible if the contract meets the conditions of validity. The strongest opinion supports the permissibility of bai‘ Istiglāl, provided that the contract is conducted separately, clearly, and free from riba, gharar, and unlawful gain, in accordance with QS. Al-Baqarah verses 275 and 188 and supported by hadith from Ahmad and Abu Dawud. This practice is deemed valid under sharia principles if it ensures transparency, mutual consent, fairness, and aligns with contemporary transactional needs.