Reconstructing Islamic Bank Liability for Underlying Asset Determination in Investment Products under POJK No. 4/2026

Indah Fatmawati; Leli Joko Suryono

doi:10.47766/al-hiwalah.v5i2.7883

Authors

Indah Fatmawati Universitas Muhammadiyah Yogyakarta
Leli Joko Suryono Universitas Muhammadiyah Yogyakarta

DOI:

https://doi.org/10.47766/al-hiwalah.v5i2.7883

Keywords:

Islamic Bank, Underlying Asset, Investment Product, Bank Liability, POJK No. 4 of 2026

Abstract

This study examines and reconstructs the limits of Islamic banks’ liability for underlying asset determination in Islamic banking investment products under Financial Services Authority Regulation No. 4 of 2026. The legal problem arises from the unclear boundary between investment losses constituting reasonable business risks borne by Investor Customers and losses attributable to the bank’s professional misconduct. This normative-doctrinal legal research employs statutory, conceptual, and analytical approaches. Legal materials comprising legislation, fatwas, and scholarly literature are analyzed through systematic interpretation and prescriptive legal reasoning. The analysis produces three findings. First, POJK No. 4 of 2026 constructs Islamic banking investment products as restricted investments by linking the contract, investment amount, tenor, and return mechanism to identifiable productive underlying assets. Second, the allocation of investment risk to Investor Customers does not transfer all losses because Islamic banks remain subject to prudential, Sharia-compliance, disclosure, suitability, segregation, governance, and fiduciary obligations. Thus, Investor Customers bear losses arising from normal business performance, while Islamic banks remain liable for losses caused by improper asset determination, negligence, contractual or Sharia violations, conflicts of interest, fund commingling, inadequate disclosure, or supervisory failure. Third, the regulation requires a clearer mechanism to distinguish asset-performance risk from bank-caused loss. The study’s novelty lies in a three-stage liability model: prudent asset determination, trustworthy management and supervision, and liability and loss recovery. Its scientific contribution is a normative framework integrating risk sharing with Islamic banks’ fiduciary and professional responsibilities.

References

Abdallah, Mariem Ben, and Slah Bahloul. “Disclosure, Shariah Governance and Financial Performance in Islamic Banks.” Asian Journal of Economics and Banking 5, no. 3 (2021). https://doi.org/10.1108/ajeb-03-2021-0038.

Abdul Rahim, Memiyanty, Nur ’Ain Syahirah Shaharuddin, and Norazah Mohd Suki. “Shariah Governance Disclosure and Its Effect on Islamic Banks’ Financial Performance: Evidence from Malaysia and GCC Countries.” Journal of Islamic Accounting and Business Research 15, no. 4 (2024). https://doi.org/10.1108/JIABR-08-2021-0235.

Al-Fatih, Sholahuddin. “Perkembangan Metode Penelitian Hukum Di Indonesia [Development of Legal Research Methods in Indonesia],” 2023. https://books.google.com/books/about/Perkembangan_Metode_Penelitian_Hukum_di.html?hl=id&id=EObiEAAAQBAJ.

Alam, Md. Kausar, Fakir Tajul Islam, and Mahfuza Kamal Runy. “Why Does Shariah Governance Framework Important for Islamic Banks?” Asian Journal of Economics and Banking 5, no. 2 (2021). https://doi.org/10.1108/ajeb-02-2021-0018.

Amar, Amine Ben, and Abdel Kader Abdel. “Profit- and Loss-Sharing Partnership: The Case of the Two-Tier Mudharaba in Islamic Banking.” International Journal of Islamic and Middle Eastern Finance and Management 16, no. 1 (January 25, 2023): 81–102. https://doi.org/10.1108/IMEFM-12-2020-0630.

“Awfar – Bank Islam Malaysia Berhad.” Accessed August 25, 2026. https://www.bankislam.com/personal-banking/deposit-and-investments/investments/awfar/.

Barau, Ahmad Mohammad, Saiful Azhar Rosly, and Zulkarnain Mohammad Sori. “Risk Sharing Between Unrestricted-Investment-Account-Holders and Shareholders of Islamic Banks: Implications on Stability and Resilience.” Journal of Islamic Monetary Economics and Finance 9, no. 3 (2023). https://doi.org/10.21098/jimf.v9i3.1639.

Disemadi, Hari Sutra. “Lensa Penelitian Hukum: Esai Deskriptif Tentang Metodologi Penelitian Hukum.” Journal of Judicial Review 24, no. 2 (2022).

Fauziah, Fauziah, Nur Atiqah, Pratiwi Kurniati, Prihantono Prihantono, and Mohd. Shahrul Komaruddin. “Corporate Governance, Risk Management, and Financial Performance: The Mediating Role of Risk Governance in Indonesia’s Islamic Banks.” Shirkah: Journal of Economics and Business 10, no. 2 (2025). https://doi.org/10.22515/shirkah.v10i2.858.

Ghani, Nik Abdul Rahim Nik Abdul, and Mastura Mohd Saffai Mohd Shafie. “Islamic Banking Deposit Innovation Post-IFSA 2013: A Qualitative Analysis.” Samarah 9, no. 1 (2025). https://doi.org/10.22373/sjhk.v9i1.26941.

Grassa, Rihab, Nejia Moumen, and Khaled Hussainey. “What Drives Risk Disclosure in Islamic and Conventional Banks? An International Comparison.” International Journal of Finance and Economics 26, no. 4 (2021). https://doi.org/10.1002/ijfe.2122.

Hamidi, Ichsan, Sulistya Rusgianto, Kamalia Sani, and Robi’atul Adawiyah. “Does the Risk and Financing Structure Affect Islamic Bank Performance in Indonesia?” Journal of Islamic Economics and Finance Studies 6, no. 2 (2025). https://doi.org/10.47700/jiefes.v6i2.11323.

Ibrahim, Zaini, Nury Effendi, B. Budiono, and Rudi Kurniawan. “Determinants of Profit and Loss Sharing Financing in Indonesia.” Journal of Islamic Marketing 13, no. 9 (July 27, 2022): 1918–39. https://doi.org/10.1108/JIMA-01-2020-0015.

“Ihsan Sustainability Investment Account (ISIA) – Bank Islam Malaysia Berhad.” Accessed August 25, 2026. https://www.bankislam.com/personal-banking/deposit-and-investments/investments/ihsan-sustainability-investment-account-isia/.

Indonesia, Dewan Syariah Nasional–Majelis Ulama. Fatwa Nomor 07/DSN-MUI/IV/2000 tentang Pembiayaan Mudharabah (Qiradh) (2000).

Jan, Ahmad Ali, Fong Woon Lai, and Muhammad Tahir. “Developing an Islamic Corporate Governance Framework to Examine Sustainability Performance in Islamic Banks and Financial Institutions.” Journal of Cleaner Production 315 (2021). https://doi.org/10.1016/j.jclepro.2021.128099.

Otoritas Jasa Keuangan Republik Indonesia. Peraturan Otoritas Jasa Keuangan Nomor 26 Tahun 2024 tentang Perluasan Kegiatan Usaha Perbankan (2024).

———. Peraturan Otoritas Jasa Keuangan Nomor 4 Tahun 2026 tentang Penyelenggaraan Produk Investasi Perbankan Syariah (2026).

Saidani, Raoudha, Neila Boulila Taktak, and Khaled Hussainey. “The Determinants of Investment Account Holders’ Disclosure in Islamic Banks: International Evidence.” Journal of Risk and Financial Management 14, no. 11 (2021). https://doi.org/10.3390/jrfm14110564.

Saleem, Adil, Ahmad Daragmeh, R. M.Ammar Zahid, and Judit Sági. “Financial Intermediation through Risk Sharing vs Non-Risk Sharing Contracts, Role of Credit Risk, and Sustainable Production: Evidence from Leading Countries in Islamic Finance” 26, no. 5 (May 8, 2024): 11311–41. https://link.springer.com/article/10.1007/s10668-023-03298-7.

Salman, Kautsar Riza. “The Determinants of Profit-Loss Sharing Financing of Islamic Banks in Indonesia.” Muqtasid: Jurnal Ekonomi Dan Perbankan Syariah 13, no. 2 (February 20, 2023): 95–111. https://doi.org/10.18326/muqtasid.v13i2.95-111.

Sheikh, Rafiullah, Mohammad Ayaz, and Muhammad Abubakar Siddique. “Sharī‘ah Governance and Sharī‘ah Non-Compliance Risk Management: A Maqāsid Sharī‘ah Based Appraisal.” Journal of Islamic Thought and Civilization 13, no. 1 (June 20, 2023): 270–91. https://doi.org/10.32350/JITC.131.19.

Siti Najihah Noory, Shahida Shahimi, and Abdul Ghafar Ismail. “A Systematic Literature Review on the Effects of Risk Management Practices on the Performance of Islamic Banking Institutions.” Asian Journal of Accounting and Governance 16 (October 2021): undefined-undefined. https://doi.org/10.17576/AJAG-2021-16-05.

Sutrisno, Sutrisno, and Agus Widarjono. “Is Profit–Loss-Sharing Financing Matter for Islamic Bank’s Profitability? The Indonesian Case.” Risks 10, no. 11 (2022). https://doi.org/10.3390/risks10110207.

Syahriani, Fadilla, Fini Fajri Mulyani, Fismanelly Fismanelly, Sarah Afifah, and Alex Medani. “Application of Maqasid Al-Shariah in Islamic Economics and Finance as the Development of Products of Islamic Value.” Hakamain: Journal of Sharia and Law Studies 2, no. 1 (2024). https://doi.org/10.57255/hakamain.v2i1.322.

“Transition Policy under Islamic Financial Services Act 2013 - Bank Negara Malaysia.” Accessed August 25, 2026. https://www.bnm.gov.my/-/transition-policy-under-islamic-financial-services-act-2013.

Widarjono, Agus, Diana Wijayanti, and Suharto Suharto. “Funding Liquidity Risk and Asset Risk of Indonesian Islamic Rural Banks” 10, no. 1 (December 31, 2022). https://doi.org/10.1080/23322039.2022.2059911.

Wiraguna, Sidi Ahyar. “Metode Normatif Dan Empiris Dalam Penelitian Hukum: Studi Eksploratif Di Indonesia.” Public Sphere: Jurnal Sosial Politik, Pemerintahan Dan Hukum 3, no. 3 (2024). https://doi.org/10.59818/jps.v3i3.1390.

Yusmad, Muammar Arafat, Irwansyah, Syamsul Azizul Bin Marinsah, Mukhtaram Ayyub, and Muh Shadri Kahar Muang. “Revitalization Supervision Islamic Banking in Enhancement Compliance in Indonesia and Malaysia.” Samarah 8, no. 1 (2024). https://doi.org/10.22373/sjhk.v8i1.20524.