Examining the Application of Al-'Urf in Islamic Financial Contracts: Insights and Implications for Modern Banking Products
DOI:
https://doi.org/10.18592/at-taradhi.v14i1.10246Keywords:
Al-`urf, Bai’ Mu’atah, Istishna, Profit-Sharing Arrangements.Abstract
This study aims to investigate various examples of the implementation of al-`urf as a source of law in Islamic economy. The study used qualitative approach, which involves a review of relevant literature and an analysis of primary sources. The findings of this study suggest that the use of `urf in various practices of Islamic financial contracts including bai’ mu’atah, istishna, and profit-sharing arrangements in mudharabah or musharakah contracts is a long-lasting application that has become staple in modern banking products. However, we also discovered some challenges in these practices such as the lack of contract standardization, the absence of clear guidelines for the calculation of profits and losses, and the lack of awareness among the general public about the contracts. Future research could explore these issues to offer new standards and guidelines, or suggest ways to arise awareness of Islamic contracts. Penelitian ini bertujuan untuk menyelidiki berbagai contoh implementasi al-‘urf sebagai sumber hukum dalam ekonomi Islam. Pendekatan yang digunakan dalam studi ini adalah kualitatif, yang melibatkan tinjauan terhadap literatur yang relevan dan analisis terhadap sumber-sumber utama. Temuan dari penelitian ini menunjukkan bahwa penggunaan ‘urf dalam berbagai praktik kontrak keuangan Islam, seperti bai' mu'atah, istishna, dan pengaturan bagi hasil dalam kontrak mudharabah atau musyarakah, merupakan aplikasi yang sudah lama digunakan dan menjadi bagian penting dalam produk perbankan modern. Namun, kami juga menemukan beberapa tantangan dalam praktik-praktik ini, seperti kurangnya standarisasi kontrak, ketidakjelasan panduan untuk perhitungan keuntungan dan kerugian, dan kurangnya kesadaran di kalangan masyarakat umum tentang kontrak-kontrak tersebut. Penelitian yang akan datang dapat mengeksplorasi isu-isu ini untuk memberikan standar dan panduan baru, atau memberikan saran tentang cara meningkatkan pengetahuan publik tentang kontrak-kontrak Islam.References
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