Implementation of The Ijarah Muntahiyah Bittamlik (IMBT) Contract in Multi-Service Financing at KSPPS Bina Syariah Ummah Gresik

Abstract

This study was motivated by the still limited understanding and implementation of the Ijarah Muntahiyah Bittamlik (IMBT) contract in multi-service financing products at KSPPS Bina Syariah Ummah Gresik, as well as the existence of a crucial issue regarding the compatibility of abstract service objects with the principle of transfer of ownership (tamlik) in IMBT. This study aims to conduct an in-depth analysis of the implementation mechanisms of the IMBT contract in the “Multijasa Sejahtera” financing program and to evaluate the extent to which its practices comply with DSN-MUI Fatwa No. 27/DSN-MUI/III/2002. The method used is descriptive qualitative research employing a case study approach. Data were collected through in-depth interviews, observations, and documentation, which were then analyzed through the stages of data reduction, data presentation, and comparative conclusion-drawing. The results indicate that the IMBT mechanism is implemented through the stages of application, feasibility analysis, execution of the lease agreement, payment of ujrah, and transfer of ownership rights over the collateral asset after the obligation is fully paid off. However, a compliance analysis revealed that this practice is not yet fully in line with DSN-MUI Fatwa No. 27/DSN-MUI/III/2002. The main inconsistencies lie in the application of IMBT contracts to abstract services (such as education and healthcare costs), as well as the lack of a clear distinction between lease agreements (ijarah) and promises of transfer of ownership (wa’d). These findings contribute both theoretically and practically to the improvement of sharia contract governance at sharia microfinance institutions