<![CDATA[Purpose – This study aims to analyze the implementation of hybrid contracts as well as customers’ perceptions and understanding of the contract structure in Bank Syariah Indonesia (BSI) financing products. Design/Methods/Approach – This study employs a qualitative approach using a case study model. Primary data were obtained through in-depth interviews with four customers using financing products based on hybrid contracts, namely Murabahah bi al-Wakalah, Ijarah Muntahiyah bi at-Tamlik (IMBT), Musyarakah Mutanaqisah (MMQ), and a combination of Rahn, Qardh, and Ijarah. The study also involved one key informant from the bank’s gold pawn service. Data were analyzed using the Miles and Huberman interactive model through data reduction, data presentation, and conclusion drawing. Findings – The results of the study indicate that the implementation of hybrid contracts generally proceeds in accordance with the mechanisms described at the outset of the contract. Customers’ understanding of the structure and interrelationships among the contracts varies. Some customers better understood practical aspects, such as transaction value, payments, product benefits, and costs, while their understanding of the functions and relationships between the contracts was not yet fully developed. Customer perceptions tended to be positive, particularly regarding ease of use, transparency, convenience, fairness, and compliance with Sharia principles. Research Implications/Limitations – The findings indicate the need to strengthen contract literacy through simple, systematic, and educational communication. The study was limited to four informants and the BSI region in Medan and its surrounding areas. Originality/Value – This study contributes by comparing customers’ perceptions and understanding of several forms of hybrid contracts in Sharia financing practices, particularly the differences between practical understanding of products and structural understanding of the functions and relationships between contracts.]]>
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