Filosofi Dasar Akad Murabahah dan Mudarabah: Studi Perbandingan dalam Upaya Menggerakkan Sektor Riil

Abstract

This present study highlights Murabaha (mark-up or cost-plus financing) and Mudaraba (profit-and-losssharing), modes of financing in Islamic financial institutions. Murabaha is a contract of sale that is ranked as the most popular Islamic banking product. Practically, this contract tends to be intendedfor consumptive economic activities. Meanwhile, Mudaraba is based on the profit-and-loss sharing system and applicable for productive business activities. Essentially, productive economic activities play a more pivotal role in promoting economic growth in the real sector widely. Conversely, consumptive economic ones do not give much impact on it. This study aims to explore the philosophical basis of the application of the two contracts.A comparative approach was employed in this study by comparing the philosophy of the two contracts respectively. The comparative results were analyzed descriptively by applying a philosophical approach. The findings expose that one the one hand, Mudaraba is more suitable for fostering the real sector basedon its own philosophy. On the other hand, Murabaha is considered more appropriate to be used for consumptive needs eventhough it can be allocated to the real sector with certain conditions. It indicates that Murabaha gains a wide array of popularity due to the philosophy established in this mode of Islamic financing.