Reconstructing Mudharabah Financing in Islamic Banking: Evidence from Indonesia and Implications for Global Sharia-Compliant Finance
DOI:
https://doi.org/10.54471/iqtishoduna.v14i2.3163Keywords:
reconstruction, mudharabah contract, sharia banking, profit sharing, transformationAbstract
This study is motivated by the limited application of mudharabah financing in Islamic banking, largely due to banks' perceptions of high risk. Consequently, Islamic financial institutions remain cautious in distributing funds through profit-sharing contracts. This research examines the outcomes of reconstructing mudharabah financing and evaluates its alignment with the foundational principles and objectives of Islamic banking. Employing a qualitative phenomenological approach, the study uses descriptive, analytical, and inductive methods to explore the practical realities and experiences surrounding mudharabah implementation. Data were obtained through documentary analysis and theoretical review, with particular attention to the role of Islamic banks as shahibul maal in mudharabah contracts within Indonesia's Islamic banking system. The findings reveal that existing reconstruction efforts have not fully achieved their intended objectives, particularly with respect to profit calculation mechanisms, which remain a key challenge. Nevertheless, mudharabah practices at Bank Syariah Indonesia (BSI) comply with Shariah principles and are free from elements of riba, gharar, and maysir. The applied profit-sharing scheme benefits both banks and customers, with operational costs deducted from total profits and capital returned to the shahibul maal as agreed. Mudharabah financing has enabled many previously unbankable customers to access business capital. The study underscores the central role of trust and recommends strengthening supervision, transparency, and customer assessment to mitigate risks and enhance Shariah-compliant cooperation.
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