Analysis of the Implementation of Home Ownership Financing under a Murabahah Agreement: A Study of BPRS Hikmah Wakilah in Banda Aceh
DOI:
https://doi.org/10.22373/7f7e2g68Keywords:
Banda Aceh, Hikmah Wakilah, Islamic Financing, Home Owner Financing, Murabahah ContractAbstract
Home ownership financing (PKR) through murabahah contracts plays a significant role in Islamic banking, serving as the primary instrument that links public needs to the principles of buy-sell transactions. Ideally, this model reflects actual ownership by the bank and the assumption of risk as the basis for generating profit. Practical realities reveal a gap between this concept and actual practice, particularly in the use of the wakalah contract and the dominance of administrative issues, which have the potential to shift the murabahah contract towards debt-based financing. This study aims to analyse the alignment of PKR implementation at BPRS Hikmah Wakilah Peunayong with the principles of the murabahah contract from the perspectives of fiqh muamalah, DSN-MUI fatwas, and Islamic banking regulations. The method employed is a juridical-normative approach, using a literature review and a descriptive-analytical analysis of primary and secondary legal materials through deductive reasoning. The results indicate that the contract structure is formally compliant, particularly with respect to price transparency and payment certainty. Substantively, however, inconsistencies remain concerning real ownership and risk distribution, which the bank tends to minimise. These findings indicate that the practice of murabahah in PKR remains a compromise between Sharia compliance and operational efficiency. The implications of this research emphasise the importance of strengthening the substantive aspects of the contract so that it not only meets legal formalities but also aligns with the fundamental principles of buying and selling in fiqh muamalah.
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