ANALISIS ELEMEN AL-HAJAH DALAM PEMBIAYAAN PERIBADI (ANALYSIS OF ELEMENT AL-HAJAH IN PERSONAL FINANCING)

Personal financing is a one of the society’s needs nowadays. However, in Islamic banking context, underlying contract of personal financing namely bay’ al-‘nah and al-tawarruq has raised issues and polemic. The main cause of this polemic is due to the differences in juridical opinions from ulama’ on these contracts, which in fact, the majority of them has prohibited bay’ al-‘inah and al-tawarruq al-munazzam contract. Thus, this study employed qualitative approach and library sources to explain the alternative argument in accepting and allowing these contracts to be use in personal financing instrument. The result of this study shows that personal financing has become a necessity (al-hajah) and also able to take place up to al-darurah (compulsion) level in certain condition. Therefore, it is sensible to take the element of al-hajah as a consideration in determining the juridical opinion on personal financing contract in Malaysia.