Optimizing Salam and Istisna Contracts as Productive Financing in Islamic Banking
DOI:
https://doi.org/10.26618/74tr4h59Keywords:
Salam Contract, Istisna Contract, Productive Financing, Islamic Banking, Real SectorAbstract
Salam and Istisna contracts are Islamic financing instruments that play a vital role in supporting productive economic activities, particularly in real sectors such as agriculture, manufacturing, and construction. These two contracts provide solutions for the need to order goods that are not yet available at the time of the contract, while maintaining the principles of certainty, fairness, and avoidance of gharar, riba, and maisir. This study aims to analyze the concept, legal basis, operational mechanisms, and risk management of Salam and Istisna contracts in Islamic banking practices. The research method used is a qualitative approach with library research through analysis of classical fiqh sources, DSN-MUI fatwas, AAOIFI standards, and contemporary Islamic banking literature. The study results indicate that the Salam contract is more suitable for standardized commodity financing with upfront payment obligations, while the Istisna contract is more flexible and relevant for financing goods or projects requiring a production process. In Islamic banking practice, the use of Parallel Salam and Parallel Istisna schemes is a key strategy in mitigating financing risks and maintaining business sustainability. With the implementation of clear contracts, detailed specifications, and adequate production supervision, Salam and Istisna contracts can be effective productive financing instruments in encouraging the strengthening of the real sector and sustainable Islamic economic development.
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References
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