PENERBITAN SUKUK LESTARI: ANALISIS DOKUMEN SUKUK SRI CAGAMAS DARI PERSPEKTIF KERANGKA MAQASID SYARIAH DAN KAEDAH FIQH

SUSTAINABLE SUKUK ISSUANCE: A DOCUMENT ANALYSIS OF CAGAMAS SRI SUKUK FROM THE PERSPECTIVE OF MAQASID AL-SHARIAH AND FIQH MAXIMS FRAMEWORK

Abstract

Peningkatan instrumen kewangan lestari, khususnya Sukuk Pelaburan Mampan dan Bertanggungjawab (SRI), menuntut penilaian Syarak yang melangkaui sekadar kesahihan lafaz kontrak dan pematuhan fizikal semata-mata. Walaupun kajian terdahulu telah membincangkan hubungan antara Sukuk Lestari dengan Maqasid Syariah, namun masih terdapat kelompangan dalam analisis empirikal terhadap dokumen penstrukturan sukuk sebenar serta hubungannya dengan Kaedah Fiqh (Qawaid Fiqhiyyah). Kajian ini bertujuan menganalisis penerbitan Sukuk SRI Cagamas Berhad dari perspektif kerangka Maqasid Syariah dengan tiga objektif khusus: (i) mengenal pasti subtema kritikal dalam struktur sukuk melalui analisis kandungan dokumen; (ii) menganalisis hubungan setiap subtema dengan dimensi Maqasid Syariah; dan (iii) mencadangkan penambahbaikan berdasarkan kerangka Kaedah Fiqh. Menggunakan pendekatan kualitatif berbantukan perisian NVIVO 15, kajian ini menganalisisa dokumen utama termasuk Memorandum Maklumat Sukuk Cagamas (2019), Proposal Terma dan Syarat (PTC), dan garis panduan lestari. Hasil analisis kandungan mengenal pasti tiga subtema kritikal: Risiko, Kadar, dan Nilai, yang dipetakan kepada dimensi Hifz al-Mal dalam kerangka Maqasid Syariah. Dapatan kajian menunjukkan wujud jurang antara pengukuran profil risiko Syariah berasaskan akad dengan impak sebenar projek sosial, serta pendedahan terhadap risiko kredit akibat lambakan pasaran hartanah. Melalui perspektif Kaedah Fiqh berpandukan seksyen 27 dan 85 Majallah al-Ahkam al-'Adliyyah, kajian ini mencadangkan penerokaan potensi peralihan daripada akad berasaskan hutang kepada akad perkongsian bagi meningkatkan ketelusan risiko kredit dan merealisasikan matlamat Hifz al-Mal yang mampan.

The rise of sustainable financial instruments, specifically Sustainable and Responsible Investment (SRI) Sukuk, necessitates Shariah assessments that extend beyond the mere literal validity of contracts and superficial physical compliance. Although previous studies have explored the relationship between Sustainable Sukuk and Maqasid Shariah, a gap remains in the empirical analysis of actual sukuk structuring documents and their alignment with Islamic Legal Maxims (Qawaid Fiqhiyyah). This study aims to analyze the issuance of Cagamas Berhad's SRI Sukuk through the lens of the Maqasid Shariah framework, driven by three specific objectives: (i) to identify critical subthemes in sukuk structuring via document content analysis; (ii) to examine the relationship between each subtheme and the dimensions of Maqasid Shariah; and (iii) to propose improvements based on the Islamic Legal Maxims framework. Employing a qualitative approach facilitated by NVIVO 15 software, this study evaluates primary documents, including the Cagamas Sukuk Information Memorandum (2019), the Principal Terms and Conditions (PTC), and relevant sustainability guidelines. The content analysis identifies three critical subthemes Risk, Rate, and Value which are subsequently mapped to the Hifz al-Mal (preservation of wealth) dimension within the Maqasid Shariah framework. The findings reveal a gap between the measurement of contract-based Shariah risk profiles and the actual impact of social projects, alongside an exposure to credit risk resulting from an oversupply in the property market. From the perspective of Islamic Legal Maxims, guided by Article 27 and 85 of the Majallah al-Ahkam al-'Adliyyah, this study proposes exploring the potential transition from debt-based contracts to partnership-based contracts. This shift aims to enhance credit risk transparency and successfully realize the sustainable objectives of Hifz al-Mal.