The Dynamics of Murabahah Commodity Financing Law in Islamic Banking: A Review of Muamalah Jurisprudence
DOI: https://doi.org/10.26618/wfr9fs65
Komoditi Murabahah, Perbankan Syariah, Fiqh Muamalah.
Abstract
Islamic banking is a financial institution based on Sharia principles, particularly in the contractual products it offers. Murabahah commodity or tawarruq financing refers to a sale and purchase transaction involving deferred payments, structured with the primary objective of obtaining immediate cash liquidity. The purpose of this study is to examine more deeply the legal status of commodity murabahah financing in Islamic banking from the perspective of fiqh muamalah, by analyzing its implementation and the boundaries set by Sharia banking regulations. The research aims to determine the validity and legality of commodity murabahah contracts based on the regulatory frameworks in three countries: Saudi Arabia, Malaysia, and Indonesia. This article is categorized as field research with a qualitative approach. The methodology used is normative legal research, presented in a descriptive-analytical manner The research results conclude that the concept of murabahah commodity financing in Islamic banking, such as in Saudi Arabia and Malaysia, is allowed to be implemented with the respective regulations and provisions of each country. Whereas in Indonesia, murabahah commodity financing is still a subject of debate among scholars, so it cannot be fully implemented in Islamic banking. Although the commodity murabahah financing product cannot yet be used, in the DSN-MUI Fatwa No. 82 of 2011, similar transactions are permitted with several additional conditions that must be implemented in the execution of the transaction contract.
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