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Journal : As-Syirkah: Islamic Economic

Analisis Perbandingan Penerapan Sukuk Mudharabah dalam Sistem Keuangan Syariah Indonesia dan Qatar Rahma, Maulida; Sabrina, Tri Wina; Lubis, Dian Zahra Syahfitri; Batubara, Maryam
As-Syirkah: Islamic Economic & Financial Journal Vol. 4 No. 3 (2025): As-Syirkah: Islamic Economic & Financial Journal 
Publisher : Ikatan Da'i Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.56672/sprneg40

Abstract

This study aims to analyze the implementation of the mudharabah sukuk contract in Indonesia and Qatar as a Sharia-compliant financing instrument based on partnership principles. Mudharabah is a form of cooperation between the capital provider (shahibul maal) and the entrepreneur (mudharib), in which profits are shared according to a pre-agreed ratio and without any guarantee of fixed returns. This research uses a qualitative descriptive method with a literature review approach, examining academic sources, fatwas from the Indonesian Ulema Council (DSN-MUI), and practical applications in Islamic financial institutions in both countries. The findings reveal that in Indonesia, mudharabah sukuk is legally recognized through DSN-MUI Fatwa No. 41/DSN-MUI/IV/2004 and has been implemented in the form of corporate sukuk. However, its development remains limited due to market preference for fixed-return instruments like ijarah sukuk, low Sharia financial literacy, and the unpreparedness of project structures. In contrast, in Qatar, mudharabah sukuk has evolved more significantly with strong support from established Islamic financial institutions such as Qatar Finance House, active involvement of internal Sharia supervisory boards, and a high level of business transparency, making the structure more compliant with Islamic principles and attractive to risk-conscious investors. These findings highlight the importance of strengthening regulatory oversight and market education to ensure that mudharabah contracts can be applied optimally and in full accordance with their intended values of justice and risk-sharing.  
Co-Authors Adlia Yuannisa, Rizka Afifa, Adinda Ahmarani, Putri Aini, Zahratun Al Masri, Anas Zahir Almi, M Fikri Anantha, Agung Andiyanto, Sakti Anggraini, Sheila Annisa Khumaira Anshari, Habilla Arianti, Alya Ariska, Ella Awaliyah, Annisa Fitri Azizah, Nurwafiq Batubara, Yennika Bi Rahmani, Nur Ahmadi Dalimunthe, Muhammad Yunus Dinanti, Egicha Putri Wayuling Dini Anggraini, Dini Febrianda, Annisa Fitri, Desi Elisa Fitri, Mulyana Gaja, Enita Indramayani Hakim, Muhammad Luqman El Harahap, Afni Haryanti Hasibuan, Indra Mualim Hasibuan, Reni Ria Armayani Hayati Harahap, Salwa Hrp, Khairunnisa Aulia Hsb, Rahmad Raja Martua Hutauruk, Mutia Salwa Isnaini Harahap Juliana Nasution Khair, Ikhwanul Kusnadi, Hafidah Ayu Lidia, Risa Lubis, Dian Zahra Syahfitri Lubis, Muhammad Azizi Akbar M. Ridwan Malasyi, Sibral Marliyah, Marliyah Meivi, Sandrina Muhammad Arif Muhammad fauzan Muhammad Lathief Ilhamy Nasution Muhammad Ridwan Muhammad Syukri Albani Nasution Muhammad Yafiz, Muhammad Munandar, Arief Nasution, Fathiya Syahidah Nasution, Husairi Muhammad Nasution, Inayatul Widad Nasution, Lis Mawarni Nasution, Muhammad Idris Nasution, Rizka Nasution, Trisna Aulia Husna Nst, M.Yazid Mufhty Nst, Mhd Khairul Anhar Nurul Inayah Okta Distira, Muhammad Feri Oktadistira, Muhammad Feri Pinem, Syukri Aiman Pratama, M. Aldi PUTRI WAHYUNI Rahma, Maulida Rahmani, Nur Ahmadi Bi Rahmi Syahriza, Rahmi Ramlan, H. Romadhoni, Fajri Sabila, Wan Shalah Sabrina, Tri Wina Saparuddin Siregar Saputri, Yuliana Saragih, Nadya Zahwani Sari, Windy Adinda Siagian, Riza Rasyid Silviany, Ratih Sirait, Fitri Haraya Sirait, Frida Yanti Siregar, Eva Syahrida Siregar, Safa Maisyarah Sitepu, Fatiya Febina Taufiq Taufiq Tobing, Iqbal Fahri Wati, Patma Wulandini Sagala, Putri Yuni Lubis, Syafrina Yusrizal Yusrizal Zahrina Dharmawan, Annisa Zayanti, Cindy Aulia