Dynamics Settlement Dispute Ijarah Muntahiyah BIT Tamlik (IMBT) Agreement in Perspective Sharia Arbitration

Abstract

Ijarah Muntahiyah Bit Tamlik (IMBT) is a hybrid financing contract in Indonesian Islamic banking that combines an ijarah lease with a promise (wa'd) to transfer asset ownership at the end of the lease term. Its legal complexity often creates gaps between the normative framework and contractual practice, which may develop into sharia economic disputes. This study aims to identify the forms of potential sharia non-compliance in IMBT contracts, explain how contractual inconsistencies generate disputes, and evaluate the position and corrective role of the National Sharia Arbitration Board (BASYARNAS) in resolving them. Using normative juridical research with statute, conceptual, and case approaches, the study analyzes legislation, DSN-MUI fatwas, BASYARNAS rules, judicial decisions, fiqh muamalah doctrines, and recent literature through systematic legal interpretation and content analysis. The findings reveal four areas of potential non-compliance: ambiguous asset ownership, disproportionate allocation of risks and costs, premature binding of wa'd, and penalty mechanisms resembling interest. These inconsistencies tend to generate three types of disputes, namely failure of ownership transfer, default followed by asset withdrawal, and disputes over ujrah review clauses. BASYARNAS holds a strategic position because it can resolve such disputes while correcting non-compliant clauses through the dual expertise of its arbitrators, procedural efficiency, confidentiality, and final and binding awards, although its effectiveness is constrained by its dependence on the Religious Courts for execution, cost barriers, and limited coordination. The study concludes that the sharia compliance of IMBT is best secured when standardized contract clauses and the corrective review of BASYARNAS operate together.