JURNAL ISLAM DAN MASYARAKAT KONTEMPORARI, 21(2): 141-152 141 https: / / journal.unisza.edu.my / jimk [GUIDE TO ACCEPTING HIYAL-BASED CONTRACTS IN MALAYSIA ISLAMIC BANKING: AN EVALUATION] PANDUAN PENERIMAAN KONTRAK YANG BERASASKAN HIYAL DI PERBANKAN ISLAM MALAYSIA: SATU PENILAIAN MUHAMMAD IZZUL SYAHMI ZULKEPLI 1* MOHAMMAD TAQIUDDIN MOHAMAD 2 MOHD ANUAR RAMLI 3 1 Pelajar Pascasiswazah, Jabatan Syariah & Ekonomi, Akademi Pengajian Islam, Universiti Malaya, Kuala Lumpur, Malaysia. 2 Pensyarah Kanan (PhD), Jabatan Syariah & Ekonomi, Akademi Pengajian Islam, Universiti Malaya, Kuala Lumpur, Malaysia. 3 Pensyarah Kanan (PhD), Jabatan Fiqh dan Usul, Akademi Pengajian Islam, Universiti Malaya, Kuala Lumpur, Malaysia. *Corresponding author: izzulsyahmi95@gmail.com Received Date: 7 November 2019 • Accepted Date: 28 April 2020 Abstract Ḥiyal is a hidden approach in order to achieve certain goals. This legal device is still debated among Muslim scholars. Some of them are more likely to allow it, while others do not. Nonetheless, Islamic contracts that consist of ḥiyal, such as tawarruq have been attaining attraction especially in the Islamic banking industry in Malaysia. It is offered widely through various Islamic banking products based on a specific guideline aimed at preserving the reputation and performance of Malaysian Islamic banking. Therefore, this study will examine ḥiyal concept from the fiqh perspective and the guidance of accepting ḥiyal contracts, particularly tawarruq- based deposit product offering at the Malaysian Islamic banking. To collect data, researchers utilised the library studies and field studies (interview). Library studies apply the method of documentation by referring to the ḥiyal discussion among Muslim scholars as well as the product disclosure sheet and the BNM tawarruq policy document. Meanwhile, the field studies employed the interview method which involve several informants among Shariah experts / muamalat and Shariah executives in Malaysian Islamic banking. The qualitative data were subsequently analyse using content analysis method descriptively. Research finding implies that although tawarruq contracts with ḥiyal elements were widely offered through Malaysian Islamic banking products, their acceptance took into account several guidelines, namely ḥiyal views from the perspective of fiqh, ḥiyal parameters, and BNM tawarruq policy document. Keywords: Maslahah, Murabahah, Shariah Risk Control, Maqasid Shariah, Legal Trick. JURNAL ISLAM DAN MASYARAKAT KONTEMPORARI © PENERBIT UNIVERSITI SULTAN ZAINAL ABIDIN ISSN 1985-7667 • e-ISSN: 2289-6325 https://doi.org/10.37231/ jimk.2020.21.2.490