<![CDATA[This study investigates the role of profit-sharing financing (mudharabah and musyarakah) in shaping the profitability of Bank Muamalat Indonesia during 2018–2025, a period marked by the COVID-19 pandemic, restructuring, and capital injections. Using quarterly financial data and multiple regression analysis, results show no significant effect of mudharabah and musyarakah financing on profitability, either jointly or individually. The low coefficient of determination (9.9%) indicates that profitability is largely driven by external factors and non-financial strategies. The novelty of this research lies in challenging the assumption that profit-sharing financing automatically boosts Islamic banks’ earnings, especially in times of crisis. Practically, the findings highlight the need for risk management reassessment and income diversification, while offering regulators empirical evidence to balance Shariah principles with business sustainability.]]>
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