Reassessing Musyarakah Mutanaqisah in Islamic Banking: A Maqashid al-Shariah and I'tibar al-Ma'alat Analysis

Abstrak

Introduction/Main Objectives: This study examines operational deviations in Musyarakah Mutanaqisah (MMQ) financing in Indonesian Islamic banking and proposes reforms to strengthen substantive Sharia compliance beyond formal documentation. Research Methods: A qualitative socio-legal approach combines analysis of DSN-MUI fatwas, OJK guidelines, and banking practices using Al-Ghazali’s Maqashid al-Shari’ah and Ibn Qayyim’s I’tibar al-Ma’alat. Finding/Results: MMQ practices show distortions through interest-based ujrah benchmarking, asymmetric risk transfer, and administrative opacity, potentially reproducing the substance of conventional lending. A five-pillar reform model is proposed: market-based pricing, active risk sharing, transparent equity schedules, prohibition of interest benchmarking, and annual Maqashid Impact Assessments. Conclusion: Substantive MMQ reform can strengthen socio-economic justice and protect Hifz al-Mal, Hifz al-‘Aql, and Hifz al-Din.