Commodity Murabahah Deposits in Islamic Banking: An Easy Way Out Deposit Komoditi Murabahah dalam Perbankan Islam: Satu Penyelesaian Mudah Mastura Mohd shafie Mat Noor Mat ZaiN Nik abdul rahiM Nik abdul GhaNi ABSTRAK Akta Perkhidmatan Kewangan Islam 2013 (IFSA) membezakan secara jelas antara akaun deposit dan akaun pelaburan Islam berdasarkan kontrak Syariah yang digunakan. Produk yang berasaskan prinsip Syariah dengan ciri-ciri yang tidak dijamin prinsipal diklasifkasikan sebagai akaun pelaburan, manakala produk yang dijamin prinsipal adalah akaun deposit. Memandangkan penandaan ini, makalah ini bertujuan untuk menonjolkan reaksi institusi kewangan Islam (IFI) dari segi penawaran produk untuk membuat penyelarasan dengan peraturan baru ini. Metodologi penyelidikan yang digunakan adalah pendekatan kualitatif di mana penulis memperoleh data dan maklumat dari artikel, jurnal, penerbitan penyelidikan dan dokumen bertulis lain. Kajian empirikal menunjukkan bahawa IFI telah berpindah dari produk kontrak Shariah berasaskan pelaburan kepada produk deposit berasaskan komoditi murabahah atau tawarruq. Komoditi murabahah telah menjadi satu bentuk teknik perbankan Islam yang sangat biasa di Malaysia, yang kebanyakannya digunakan dalam penyediaan kemudahan pembiayaan seperti pembiayaan peribadi, pengguna dan perdagangan serta produk deposit, sebagai tambahan kepada penstrukturan sukuk dan untuk tujuan pengurusan kecairan. Walau bagaimanapun, rasional perdagangan komoditi pendasar yang berlaku dan kewujudan unsur wakalah yang membawa kepada tatacara yang jelas dalam urus niaga tersebut telah menyebabkan kebimbangan mengenai tindak balas industri terhadap keperluan IFSA. Kata kunci: Komoditi murabahah; kemudahan pembiayaan; akaun deposit dan pelaburan; Akta Perkhidmatan Kewangan Islam 2013 ABSTRACT The Islamic Financial Services Act 2013 (IFSA) provided clear distinction between Islamic deposit and investment account based on the Shariah contract applied. Products which are based on Shariah principles with non-principal guaranteed features are classifed as investment accounts, while those products which are principal guaranteed are deposit accounts. Given this demarcation, this paper aims to highlight the reaction by Islamic fnancial institutions (IFIs) in terms of product offering to align with the new regulation. The research methodology used is qualitative approach whereby the author garnered data and information from articles, journals, research publications and other written documents. The empirical studies showed that IFI had migrated from investment-based Shariah contract’s products to deposit products based on commodity murabahah or tawarruq. Commodity murabahah has become a very common form of Islamic banking technique in Malaysia, mostly used in the provision of fnancing facilities such as personal, consumer and trade fnancing as well as for deposit products, in addition to sukuk structuring and for liquidity management purposes. Despite that, the rationale of underlying commodity trading took place and the existence of wakalah element that led to an apparent arrangement in such transactions have caused concern on the industry response to the IFSA requirements. Keywords: Commodity murabahah; fnancing facilities; deposits and investment accounts; Islamic Financial Services Act 2013 ISLĀMIYYĀT 42(1) 2020: 15 - 22 (https://doi.org/10.17576/islamiyyat-2020-4201-02) INTRODUCTION Islamic Financial Services Act 2013 (IFSA) had been enacted to among others strengthen Shariah compliance by Islamic Financial Institutions (IFIs) in their entire activities and banking operations. Given the main business of IFIs are provision of fnancing facilities and deposits taking services to customers, the effective and accurate application of Shariah contracts in the products structure are of an utmost important to ensure income received are Shariah compliant. In this regard, IFSA imposes stringent Bab 2 42(1) 2020.indd 15 23/05/2020 5:28 PM brought to you by CORE View metadata, citation and similar papers at core.ac.uk provided by UKM Journal Article Repository