عقد المرابحة كبديل شرعي للتمويل الربوي: دراسة تحليلية نقدية من منظور مقاصد الشريعة

Murabaha Contract as a Shariah-Compliant Alternative to Intrest-Based Financing: An Analytical Stady from the Perpective of Maquasid al-Shariah

Abstract

This research explores the concept of Murabahah contracts and examines how they can serve as a Shariah-compliant alternative financing option in contemporary economic contexts. It applies the fundamental objectives of Shariah (Maqasid al-Shariah) to analyze and clarify the meaning of Murabahah and its modern applications, particularly Murabahah to the Purchase Orderer, which has become widespread in Islamic banking. The study highlights the differences between the classical understanding of Murabahah and its current implementation in today’s financial landscape. It critically examines whether contemporary practices meet the ethical and legal standards of Islam. In doing so, the study uses Malaysia’s Islamic banking model as a case study to assess its alignment with key Shariah principles, such as promoting justice, preventing harm, and prohibiting riba (usury). The findings suggest that despite certain practical challenges, Murabahah contracts can function as legitimate and effective Islamic financial instruments when implemented under proper Shariah guidelines and oversight.

Keywords: Murabahah, Riba, Islamic finance, Maqasid al-Shariah, Islamic banks