Pelaksanaan Kontrak Hibrid dan Cabaran Pematuhan Syariah dalam Penerbitan Sukuk Wakalah di Bank Rakyat

The Implementation of Hybrid Contracts and Shariah Compliance Challenges in the Issuance of Sukuk Wakalah at Bank Rakyat

Abstract

Sukuk telah berkembang sebagai instrumen kewangan Islam utama dalam pasaran modal global, dengan Malaysia muncul sebagai peneraju dalam inovasi dan penerbitan sukuk. Perkembangan terkini menampilkan penggunaan kontrak hibrid yang menggabungkan beberapa akad Syariah seperti wakalah bi al-istithmar dan tawarruq murabahah bagi membentuk struktur pembiayaan yang lebih fleksibel dan kompetitif. Walaupun pendekatan ini berpotensi memperluas akses pembiayaan patuh Syariah, ia turut menimbulkan cabaran dari sudut kesahihan hukum dan pematuhan terhadap piawaian Syariah domestik serta antarabangsa. Kajian ini menggunakan pendekatan kualitatif melalui analisis kes dan dokumen terhadap struktur Sukuk Wakalah Bank Rakyat, termasuk mekanisme pengumpulan aset, pelaksanaan murabahah komoditi, dan peranan purchase undertaking dalam menjamin pulangan pelabur. Data diperoleh daripada laporan rasmi Bank Rakyat, dokumen penerbitan sukuk, dan garis panduan Syariah oleh Bank Negara Malaysia serta AAOIFI. Analisis fiqh dan perbandingan digunakan bagi menilai pandangan ulama terhadap kontrak hibrid serta kesannya terhadap prinsip maqasid al-shariah. Dapatan menunjukkan bahawa struktur ini secara asasnya mematuhi prinsip Syariah dengan menekankan keadilan, amanah, dan ketelusan. Namun, isu seperti risiko “form over substance”, kebergantungan kepada pasaran komoditi, dan penilaian harga aset perlu diberi perhatian untuk memastikan keselarasan antara hukum dan tujuan Syariah. Kajian ini menegaskan kepentingan standardisasi, tadbir urus Syariah yang telus, dan penjajaran dengan maqasid Syariah sebagai asas bagi memperkukuh pasaran modal Islam global.

Sukuk has evolved into a key Islamic financial instrument within the global capital market, with Malaysia recognised as a leading jurisdiction in sukuk innovation and issuance. Recent developments have introduced the use of hybrid contracts that combine multiple Shariah principles such as wakalah bi al-istithmar and tawarruq murabahah to create more flexible and competitive financing structures. While this approach has the potential to broaden access to Shariah-compliant financing, it also raises concerns regarding legal validity and adherence to both domestic and international Shariah standards. This study adopts a qualitative approach through case and document analysis of the Sukuk Wakalah structure issued by Bank Rakyat, including mechanisms for asset pooling, the execution of commodity murabahah, and the role of the purchase undertaking in safeguarding investor returns. Data were obtained from Bank Rakyat’s official reports, sukuk issuance documentation, and Shariah guidelines issued by Bank Negara Malaysia and AAOIFI. A fiqh-based and comparative analysis was employed to examine scholarly perspectives on hybrid contracts and their implications for the principles of maqasid al-shariah. The findings indicate that the structure generally complies with Shariah requirements by emphasising justice, trustworthiness, and transparency. However, issues such as the risk of “form over substance”, dependence on commodity markets, and asset valuation require further attention to ensure alignment between legal rulings and the objectives of Shariah. This study underscores the importance of standardisation, transparent Shariah governance, and alignment with maqasid al-shariah as essential foundations for strengthening the global Islamic capital market.