Understanding Contracts in Islamic Banking: Mudharabah, Murabahah, and Musyarakah
DOI:
https://doi.org/10.61166/ushulalhukm.v2i1.14Keywords:
Islamic Banking, Contract, Mudharabah, Murabahah, MusyarakahAbstract
Islamic banking is a financial system based on Islamic principles, where all transactions must be free from elements of riba (interest), gharar (uncertainty), and maysir (speculation). One of the core elements in Islamic banking operations is the use of contracts (akad) as the legal foundation for transactions. This article discusses three primary types of contracts commonly used in Islamic banking: mudharabah, murabahah, and musyarakah. Mudharabah is a profit-sharing partnership between a capital provider and an entrepreneur. Murabahah is a sale contract in which the seller discloses the cost and profit margin. Musyarakah is a joint venture where all partners contribute capital and share profits and losses according to their equity. These contracts embody the values of fairness, transparency, and cooperation in Islamic commercial dealings and serve as essential instruments for the development of Islamic banking products and services. This study is based on literature review and references from Islamic economic texts and the rulings of the National Sharia Council.
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