Legal Reconstruction of Fund Distribution in the Implementation of Sharia Principles in Murabaha Financing Products

Abstract

The objectives of this research are to analyze and find out the appropriateness of the application of sharia principles in Murabaha financing in sharia banking and how to reconstruct Murabaha financing in Islamic banking that is in accordance with Islamic principles. The method used in this study uses a juridical-empirical and normative approach with a constructivist paradigm. The result of the study shows that the application of sharia principles in Murabaha financing in sharia banking is not in accordance with sharia principles, because it contains two contracts in one transaction. In addition, the application of Wakalah contracts in Murabaha in buying and selling transactions in Islamic banking has the potential to cause usury, which is expressly prohibited in the Koran and hadith. By buying and selling Murabaha In Murabaha financing, the bank does not own and control the goods to be purchased by the applicant. The bank, in this case, provides financing in the form of money to financing customers, who then represent the purchase of goods ordered to financing customers on behalf of the bank with a Wakalah contract. Furthermore, banks also impose fines on late payments made by financing customers, which is also against sharia principles. Therefore the application of contracts to Murabaha financing that is more in line with the principles of Islamic law (fiqh muamalah) proposed by the author is by means of the bank purchasing goods to be purchased by the customer in advance after a previous agreement has been made. After the goods are purchased on behalf of the bank, they are then sold to customers at the acquisition price plus a profit margin according to the agreement. Purchases can be made in cash (cash), or in Installments either in the form of installments or all at once at a certain time where the customers can pay at a later time.