The main focus of this paper is to identify the hilah committed in the Islamic banking and finance instruments in Malaysia with reference to other jurisdictions and analyse the complexity in ascertaining the legal status of such practice either in equity or debt based financing when its practice associates with the interest of the people and a need to fulfill the maqasid al-Shariah. At the end of the paper, the authors would attempt to answer the question whether there is a need to uniform the Islamic banking instruments in all the jurisdictions of the world to facilitate cross-border transactions.