Compliance of Murabahah Home Financing Contracts from the Perspective of Contemporary Fiqh al-Muʿāmalāt
DOI:
https://doi.org/10.55606/ijemr.v5i2.740Keywords:
Islamic Home Financing, Islamic Jurisprudence, Murabahah, Objectives of Islamic Law, Sharia GovernanceAbstract
Murabahah has become the most dominant purchase and sale contract in contemporary Islamic banking practices, especially in home ownership financing products. The institutional transformation of murabahah has given rise to a critical debate about the substantive fit between classical fiqh and modern banking practices. This study aims to analyze the implementation of murabahah-based home ownership financing within the framework of contemporary fiqh by assessing substantive compliance beyond the validity of formal law. The research method uses a qualitative juridical-empirical approach that integrates normative analysis of Islamic legal and regulatory sources with empirical data from in-depth interviews, institutional documents, and operational practices of Islamic banking. Data analysis was carried out thematically and integratively using maqāṣid al-sharī'ah as an evaluative framework. The results of the study show that murabahah financing has met the formal requirements of fiqh, such as price transparency, contract certainty, and legal ownership of assets. Administrative procedures, partnerships with developers, and internal governance mechanisms support legal certainty and institutional compliance. However, there are substantive tensions between contract certainty and distributive fairness, particularly in long-term, fixed-margin financing that limits the customer's adaptive flexibility. From the perspective of maqāṣid al-sharī'ah, murabahah contributes to the protection of property and life through access to housing, but the broader social benefits are still immeasurable. This study concludes the need to integrate social welfare indicators in governance so that murabahah is in harmony with substantive justice.
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