المشاركة المتناقصة في المصارف الإسلامية: ضوابطها ومقاصدها وتطبيقاتها في التمويل العقاري بمملكة البحرين
(Diminishing Musharakah in Islamic Banks: Shariah Controls, Objectives, and Applications in Real Estate Finance in the Kingdom of Bahrain)
Abstract
This research addresses the diminishing musharakah contract as one of the most significant modern financing alternatives in Islamic banks, particularly in the contemporary real estate financing sector. The research problem lies in observing the widening gap between established jurisprudential theorization and practical banking application, as some banks tend to burden the client with all ownership risks, especially the consequences of destruction, basic maintenance expenses, and insurance premiums. This explicitly violates the universal jurisprudential maxims governing partnerships, such as liability is accompanied by gain and yield is guaranteed by responsibility, deviating the participatory transaction from its core objective based on mutual solidarity and shared risk, and bringing it closer to fictitious usurious loans. The study aims to evaluate these contemporary applications through the lens of Sharia parameters, connecting them to the teleological (Maqasidi) dimensions and principles governing wealth in Islamic law, such as the circulation of wealth, the prevention of its monopolization, and the fulfillment of the basic needs of individuals, like housing. The researchers adopted inductive and descriptive-analytical approaches by tracking the resolutions of contemporary jurisprudential academies and the Sharia standards issued by AAOIFI, subsequently subjecting standard banking contracts to jurisprudential analysis and critique, while examining the applied aspect of real estate financing implemented in the Bahrain Islamic Bank. The research concluded with several findings, most notably affirming the legitimacy of diminishing musharakah as a permissible composite contract, provided there is complete procedural and temporal separation between its constituent contracts. Based on these findings, the study recommended the necessity of activating strict Sharia supervision, both ex-ante and ex-post, and re-engineering banking clauses related to maintenance and cooperative insurance to distribute costs equitably according to the system of undivided shares. Furthermore, the study calls upon researchers to investigate the impact of emergent contractual contingencies, such as monetary inflation and price volatility, on share valuation mechanisms, aiming to achieve investment balance and prevent unfairness, exorbitance, and injustice in contemporary financial transactions.
Keywords: Diminishing Musharakah, Islamic Banks, Real Estate Finance, Shariah Controls, Bahrain.
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References
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