IMPLEMENTATION OF THE CONCEPT OF AKAD MURĀBAḤAH IN THE PERSPECTIVE OF MADHHAB SYĀFI'Ī

(Comparative Study of Bank Aceh Syariah and Bank Islam Malaysia Berhad)

Abstract

This article examines the implementation of the murābaḥah contract in contemporary Islamic banking practices, focusing on a comparison between PT Bank Aceh Syariah and Bank Islam Malaysia Berhad. The study arises from differences in operational paradigms, profit margin determination, and instruments for handling payment delays, which raise questions regarding compliance with Shāfiʿī jurisprudence. The aspects analyzed include the concept and practice of murābaḥah, similarities and differences in operational models, and the degree of adherence to Shāfiʿī legal principles. This research employs a qualitative method with comparative, legislative, and conceptual approaches, supported by empirical legal research through interviews, documentation, and regulatory review. The findings indicate that Bank Aceh Syariah consistently applies traditional murābaḥah based on tangible assets, with fixed margins and a no-penalty policy for late payments, whereas Bank Islam Malaysia Berhad adopts commodity murābaḥah (tawarruq) with CPR–EPR systems and taʿwīḍ instruments as compensation. In conclusion, both banks strive to provide financing in line with Islamic principles, yet with distinct implementation styles: Bank Aceh emphasizes certainty and simplicity, while Bank Islam Malaysia prioritizes market flexibility and efficiency. From the Shāfiʿī perspective, both practices leave critical notes—such as the sequencing of contracts before full ownership of goods at Bank Aceh, and the use of organized tawarruq schemes and floating profit rates at Bank Islam Malaysia, which diverge from classical Shāfiʿī rulings. This highlights differing interpretations and adaptations to the demands of modern Islamic banking.