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Purnomo, Budi Supriatono
Universitas Pendidikan Indonesia
Religion Humanities Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Education Law, Crime, Criminology & Criminal Justice Public Health Social Sciences Other

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Journal : Jurnal Kajian Peradaban Islam

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Mudharabah and Musyarakah Financing in Indonesian Islamic Banking Practices: Is It Equity or Debt Financing? Purnomo, Budi Supriatono; Nasim, Arim; Besar, Mohd. Hairul Azrin Haji; Suryadi, Edi
Islamic Research Vol 7 No 1 (2024): Islamic Research
Publisher : Perhimpunan Intelektual Muslim Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.47076/jkpis.v7i1.232

Abstract

The purpose of this paper is to examine whether Mudharabah and Musyarakah financing from Islamic banks in Indonesia is capital or debt financing, based on legal, accounting, and fiqh perspectives. To achieve this goal, a review is carried out on laws, Sharia Accounting Standards, MUI and DSN Fatwas, the Al Quran and Hadith, articles, the Financial Reports of Islamic Banks in Indonesia, and other relevant documents. This study concludes that the law as stipulated in Act No. 21 of 2008 limits Islamic banking operational activities only to the financial sector, and it is almost impossible to implement in a real economy. The current provision does not allow Islamic banking to act as an investor in a mudharabah contract or as an asset owner in a musyarakah contract. This is confirmed in the financial reports of Islamic banks, which do not report mudharabah financing and musyarakah financing as investments. In addition, in practice, Contract musyarakah cannot stand on its own but must be carried out in a multi-contract (hybrid) manner. Even though the Prophet had forbidden the practice of two contracts in one transaction. On the other hand, in distributing financing, banks do not have a sharia contract basis to act as shaibul mal. The bank's status as Al-Wakil or Mudharib does not justify it changing its status to Shahibul Mal when disbursing funds. As a result, the Contract of mudharabah and musyarakah financing carried out by banks with customers as mudharib becomes void.
Co-Authors Abdullah, Sulthan Yusuf Adi Sopian Aggi Panigoro Sarifiyono Andriana, Denny Andrieta Shintia Dewi Aslam, Muhammad Ilham Besar, Mohd. Hairul Azrin Haji Chika Aprillia Ciptagustia, Annisa Dematria Pringgabayu Dewi Puspasari Dini Turipanam Alamanda Doni Dirgantara Edi Suryadi, Edi Egi Arvian Firmansyah, Egi Arvian Fanni Husnul Hanifa Fitri Novilia Frido Saritua Simatupang Heryana, Toni Hidayat, Yusuf Murtadlo Ida Farida Adi Prawira Ikin Solikin Imas Purnamasari Iskandar Iskandar Leonita Siwiyanti Ma’sum, Hadiansyah Miftakul Huda Muhamad Iqbal Naimul Firdaus Muhamad Syahwildan Muhammad Ifan Fadillah Nasim, Arim Ningtyas, Regina Aulia Nurbaeti Nurbaeti Nurmansyah, Abdul Ahmad Hafidh Rani, Asni Mustika Rina Suprina Riske Faldesiani Simatupang, Frido Saritua Siti Havidotinnisa solikin, ikin Syifa Pramudita Faddila Wenda Wahyu Christiyanto Yuliana, Rena