REKONSTRUKSI AKAD WAKALAH-IJARAH DALAM PERSPEKTIF MAQASHID SYARIAH: MENUJU KERANGKA EVALUASI GREEN SUKUK DI INDONESIA

Martini Dewi; Faisal Ahmadi; Muhammad Adi Satria

Authors

Martini Dewi Institut Islam Ma’arif Jambi
Faisal Ahmadi Institut Islam Ma’arif Jambi
Muhammad Adi Satria Institut Islam Ma’arif Jambi

Keywords:

Green Sukuk, Akad Wakalah-Ijarah, Maqashid Syariah, Hifz Al-Bi’ah.

Abstract

Green sukuk Indonesia telah menjadi rujukan global sejak diterbitkan pertama kali pada 2018, namun legitimasi maqashid syariahnya selama ini lebih banyak dinilai pada level tujuan dan tata kelola, belum menyentuh substansi struktur akad yang mendasarinya. Penelitian ini menganalisis kesenjangan antara struktur akad Wakalah-Ijarah pada green sukuk Indonesia dengan prinsip kepemilikan dan risiko yang genuine sebagaimana dituntut fiqh muamalah dan Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) Shari'ah Standard No. 62 (masih berstatus exposure draft per pertengahan 2026), serta merumuskan rekonstruksi akad berbasis maqashid syariah sebagai fondasi kerangka evaluasi yang lebih substantif. Penelitian menggunakan pendekatan kualitatif normatif-konseptual melalui analisis isi terhadap fatwa Dewan Syari'ah Nasional-Majelis Ulama Indonesia (DSN-MUI), standar AAOIFI, regulasi nasional, dan dokumen transaksional green sukuk. Hasil penelitian mengonfirmasi tiga proposisi konseptual: mekanisme purchase undertaking pada nilai nominal menggeser substansi akad Wakalah-Ijarah mendekati instrumen utang konvensional (H1); pergeseran ini dapat direkonstruksi melalui penyesuaian basis harga ke nilai wajar, penguatan transfer kepemilikan legal, dan penggantian jaminan modal dengan mekanisme cadangan risiko (H2); dan rekonstruksi tersebut dapat dioperasionalkan pada tahap seleksi proyek, pemantauan, serta pelaporan dampak berbasis Hifz al-Bi’ah dan Hifz al-Mal (H3). Penelitian ini juga mengungkap ketegangan regulatif antara Fatwa DSN-MUI No. 105/2016 yang mengizinkan penjaminan pengembalian modal dan rancangan AAOIFI SS 62 yang melarangnya, sebagai kontribusi orisinal bagi diskursus keuangan syariah berkelanjutan. Implikasi penelitian mencakup urgensi pembaruan regulasi domestik serta penguatan kriteria kesesuaian akad dalam kerangka evaluasi green sukuk nasional.

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