IRP 16 – Implementasi Ibra’ dalam Produk berasaskan Harga Tangguh dalam Sistem Perbankan Islam : Analisis dari Segi Perspektif Operasi Perbankan dan Maqasid Syari’ah

This research paper discusses the implementation of ibra’ in the contemporary Islamic banking operation. It attempts to examine the compatibility of the current implementation of ibra’ with Syariah framework. This is due to the fact that its implementation which originally aims to lessen the burden of debts has nevertheless contributed to the increasing number of legal disputes over default cases. Therefore, this paper is a revisit of the ibra’ issue within the context of scholarly debate on the issue of da‘ wa ta‘ajjal which is closely linked with conditional ibra’ on a bilateral basis. The element of time value of money from an Islamic perspective is also taken into account in selecting preferable juristic view which serves the maqa’sid al-Syari‘ah. This paper empirically proves that the current implementation of unilateral ibra’ by Islamic banking institutions has resulted in the increase of default cases in the court. Hence, this paper suggests that ibra’ should be implemented on a bilateral basis rather than a unilateral in order to secure justice for those who subscribe to Islamic banking products.