PEMBIAYAAN MUḎHOROBẢH PADA BTM MUHAMMADIYAH PDM BREBES (Tinjauan Fatwa DSN MUI dan Kebijakan Peraturan Otoritas Jasa Keuangan Nomor 31/POJK.05/2014)

Abstract

This study focuses on analyzing the implementation of the muá¸á¾±rabah financing contract at Baitut Tamwil Muhammadiyah (BTM) Muhammadiyah Brebes, viewed from the perspective of the Fatwa of the National Sharia Council of the Indonesian Ulama Council (DSN MUI) and the Regulation of the Financial Services Authority (OJK) Number 31/POJK.05/2014. Muá¸á¾±rabah is one of the Islamic financing contracts involving cooperation between the capital owner (shahibul maal) and the fund manager (mudharib), where profits are shared according to an agreed ratio, while financial losses are borne by the capital owner unless they are due to the manager's negligence. In practice, this contract faces several challenges, particularly concerning moral hazard and the mechanism of collateral guarantees. This research employs a qualitative descriptive method with data collection techniques including observation, in-depth interviews, and relevant literature studies. The research subjects include BTM Muhammadiyah Brebes management, customers, and experts in Islamic economics. Primary data were obtained directly from interviews with relevant parties, while secondary data were sourced from literature, books, journals, and regulations related to Islamic economic law and Islamic financial institutions. The findings show that the implementation of the muá¸á¾±rabah financing contract at BTM Muhammadiyah Brebes still faces several challenges. One key finding is that although the muá¸á¾±rabah contract is generally carried out in line with basic Islamic principles, there is ambiguity regarding the collateral provided by the mudharib. Current regulations in Indonesia, including OJK’s policy, do not explicitly regulate the provision of collateral in muá¸á¾±rabah contracts, creating a risk of moral hazard from the fund manager. The DSN MUI fatwa offers more detailed guidelines on the muá¸á¾±rabah mechanism, but in practice, there are still differing views between the DSN MUI fatwa and OJK regulations concerning sharia financing. The study also identifies that the implementation of the muá¸á¾±rabah contract at BTM Muhammadiyah Brebes has attempted to adopt maqashid sharia principles, namely preserving wealth and avoiding gharar (uncertainty). However, to better align with maqashid sharia, BTM needs to strengthen its oversight and clarify collateral terms according to clearer Islamic principles that do not conflict with positive legal provisions. From a policy perspective, harmonization between DSN MUI’s fatwa and OJK regulations is necessary to avoid ambiguities in practical implementation. This research is expected to contribute to the development of muá¸á¾±rabah financing contracts that better adhere to sharia principles, and to provide recommendations to Islamic financial institutions to exercise caution in managing funds. For customers, this study can enhance understanding of the validity of muá¸á¾±rabah financing contracts, thereby helping them avoid unwanted risk.