ZONA LAW AND PUBLIC ADMNISTRATION INDONESIA

(ZLPAI)
Volume 1 ISSUE 4 (2024) E-ISSN 2988-5345

MUSHARAKAH CONTRACT IMPLEMENTATION

IN THE FINANCING OF SHARIAH NEWSPAPER ACCOUNTS

Nailus Sakinah1, Muhammad Miftahul Ikhsan2 , Nana Herdiana3, Iwan Setiawan4

1,2,3,4
UIN Sunan Gunung Djati, Bandung, Indonesia

E-mail: 1) [email protected],2 ) [email protected], 3)

[email protected], 4) [email protected]

Abstract

Islamic banks have developed a number of new projects, including contracts in fiqh mu'amalah.
Besides being accepted by Islamic banks, some fiqh mu'amalah contracts are modified to
accommodate regional needs. Basically, the engineering of contracts in fiqh muamalah is one of the
many innovative efforts that have been made by Islamic banks. This research is a literature review,
which is a term for a research methodology that concentrates on collecting data from various
sources. Academic books, research reports, and journal articles are examples of academic literature
that serve as data sources in this research. The result of the research is Sharia Current Account
Financing (PRKS) is a revolving working capital financing facility with the principle of musyarakah
profit sharing with Line Facility. PRKS was developed to meet the needs of the community in its
business operations. An important point in the PRKS mechanism is carried out based on a
musyarakah contract. PRKS also allows the use of current accounts in accordance with the agreed
customer business needs.

Keywords: Musyarakah, Sharia Current Account Financing

1. INTRODUCTION
The banking industry is one of the drivers of national development. This is a result of the
bank's key position as an institution that collects public funds and distributes them through financing
or credit. The function of a financial intermediary is the term used to describe this position. Sharia
current account financing is one type of working capital financing that is now available. This
financing is done through contractual arrangements musharakah. Contracts referred to as "financing
Musharakah"Allows venture capitalists to combine their funds into specific projects, with each
financier having managerial responsibilities. The method of distribution of operating results to
investors is regulated based on a predetermined ratio (Safitri, 2021).
In every transaction, these contracts are concluded simultaneously, or at least each contract
included in the product is considered a unit that cannot be ignored This type of transaction is called
multi-contract or Hybrid Contract. This concept is still a matter of debate among Muslim
intellectuals, especially in the context of assessing the validity of its laws. The first opinion states
that this concept is permissible based on the principles of jurisprudence, which emphasizes that the
basic principles of mu'amalah are permissible. The second opinion, on the other hand, forbids this
by quoting a hadith that forbids two transactions in one contract or two contracts in one contract.
This debate reflects the level of complexity in assessing the effectiveness of the law, and the views
of scholars can differ depending on the interpretation and emphasis of certain Islamic legal
texts(Najamuddin, 2013).
Islamic banks introduce innovations through various modifications to meet the demands of
local communities and increase the competitiveness of their commercial activities in the growing

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MUSHARAKAH CONTRACT IMPLEMENTATION IN THE FINANCING OF SHARIAH
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Nailus Sakinah, Muhammad Miftahul Ikhsan, Nana Herdiana, Iwan Setiawan

banking and financial market. In the commercial sector, this invention is now indispensable. Product
development for Islamic credit cards, Islamic insurance, Islamic bonds, are some examples. There
are many types of contracts found in the Islamic finance industry. For example, contracts Ijarah,
Qardand Kafalah is an example of an Islamic credit card transaction. Islamic bonds consist of
contracts Mudharabah (or ijarah) and wakalah, which is sometimes supplemented by Kafalah and
Wa'ad (H. Maulana, 2011). Islamic banking has adapted to meet the needs of the public and remain
competitive in the rapidly growing banking and finance industry by implementing a number of
creative ways (Saeed, 2004).
The purpose of Islamic current account financing, which is targeted at medium-sized
companies, is to give customers access to capital so that they can expand. Collaboration between two
or more parties to support a business is referred to as Musharakah, which is a form of joint venture.
Each party undertakes to share profits and contribute money, expertise, or management. All parties
are jointly responsible in the event of losses (Dahlan, 2012).

2. IMPLEMENTATION METHOD

This research is a literature analysis, which refers to a research approach that focuses on
extracting information from various sources such as books, publications, documents, and historical
records that can be found in library collections or in other written forms. The purpose of literature
analysis is to recognize and collect various theories, laws, arguments, principles, perspectives, ideas,
and other elements that have relevance in understanding and solving the problem under study. The
analysis method used is descriptive analysis (Zed. M, 2018).
The data used as sources in this study involved scientific literature such as academic books,
scientific research reports, and journal articles. Data management in this study includes a series of
actions, including organizing data, separating into individual units, selection of relevant elements,
and finally, drawing up conclusions that can be given to other parties (Mamik, 2014).

3. RESULTS AND DISCUSSION

3.1 Hybrid Contract in Sharia Current Account Financing (PRKS)
The type of current account financing known as "Islamic current account financing" is
financing that is applied in accordance with sharia principles and is specifically intended for working
capital needs. In Sharia Current Account Financing, sellers receive commitments from prospective
buyers to buy products from them. This commitment or promise creates an attachment between both
parties, (Hasan, 2017) in accordance with the substance of Fatwa DSN-MUI Number: 55 / DSNMUI
/ V / 2007 concerning Sharia Current Account Financing. (Son, 2018) namely: "Sharia Musyarakah
Current Account financing is carried out based on a contract Musharakah and may be accompanied
by Wa'ad (Haisah, 2020). In practice, it involves a contract Musharakah, which is a form of
cooperation between banks and customers to share capital, risk, and profits. Contract Musharakah In
this context it is permitted and may be accompanied by: Wa'ad, i.e. promises or commitments made
by related parties.
Thus, in this financing, the prospective buyer makes a promise to buy goods from the seller,
and this promise reflects the agreement between the two within the framework of musharakah. This
concept reflects sharia principles that prioritize cooperation, fairness, and transparency in the
implementation of financial transactions. Wa'ad as part of the contract can provide certainty related
to purchase commitments, thus providing a legal basis in accordance with sharia principles in the
context of Sharia Current Account Financing.
"The human desire to do something to help others, either through action or speech" is the
definition wa'ad. Promises have no legal force, but only ethical obligations. Fulfilling a promise is a

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Volume 1 ISSUE 4 (2024) E-ISSN 2988-5345

positive ethical deed because the promise (wa'ad) is based on a contract in good faith such as a
contribution (Djamil, 2013).
The terms of the contract in PRKS are carried out through wa'ad for wakalah with the
following steps:
a. Buy goods needed by customers and resell them using murabahah contracts to customers.
b. Rent out goods or services needed by customers and then rent them back to customers in
need.
The bank must provide the goods needed by the customer and then make an offer to the
customer, either in the form of buying the goods or renting them, in accordance with the PRKS
contract law relating to wakalah (Astrina, 2022).
Withdrawal of funds can be done at any time using a current or current account, in
accordance with business needs that have been mutually agreed. This type of revolving working
capital financing based on the principle of musharakah profit sharing is known as sharia current
account financing (PRKS) (Hasni &; Udzma, 2023).
Line facility is a type of finance that is managed in accordance with basic sharia law and
provided to clients by Islamic financial institutions for a certain period of time. In line with the fatwa
of the National Sharia Council of the Indonesian Ulema Council No. 45/ DSN- MUI/ II: 45/ DSN-
MUI/ II/ 2005 concerning Line Facility states:
a. Line Facility, a financing ceiling facility with agreed terms and time limits for certain
consumers, one type of financial service needed by the community. These facilities are also
morally binding.
b. That the needs of the community must be met by Islamic Financial Institutions (LKS)
through their various products.
c. According to DSN, it is necessary to establish a fatwa so that the facility can be operated in
accordance with Islamic Sharia.
Especially in the Line Facility, there is a funding plan offered gradually by the bank. This
means that customers who need financing will not receive all at once, but are given in accordance
with the guarantee owned by the customer. Example: By using a contract Musharakah and car
collateral worth Rp. 300,000,000.00, Andi applied for financing through Line Facility. The bank will
give Rp. 100,000,000.00 at the beginning of the agreement, and Rp. 50,000,000.00 after a few
months. If the customer needs funds, it will be given as long as the amount does not exceed the value
of the promised goods. In addition, the customer must fulfill his responsibilities so that the bank feels
comfortable to lend more money. (Farkhan, 2023)
Line Facility It is a need for the community in financial activities that are carried out with
the principle of Wa'ad, in accordance with the responsibility of the bank. Its implementation follows
a sharia financing agreement to adjust to customer needs (I. Maulana, 2011).
PRKS Musharakah Currently based on the contract Musharakah and can be equipped with
Wa'ad. The customer and LKS serve as partners in this arrangement, with each party contributing
labor and capital (Mariana &; Athoillah, 2023). LKS can entrust business management to customers
based on contracts. The profit sharing between LKS and the Customer will be determined at the time
of the contract based on calculations that include the funds used and profits from the transaction.
LKS has the right to provide part of the benefits to customers in accordance with the agreed contract.
3.2 Character of Sharia Current Account Financing (PRKS)
Current account lending is one of the accessible alternatives in the banking industry. This is
a method applied by conventional banks to provide loan services specifically for Islamic current
accounts and savings. We can withdraw money from these loans at any time by using checks, savings
accounts, or money orders. (Hasibuan, 2007)

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Nailus Sakinah, Muhammad Miftahul Ikhsan, Nana Herdiana, Iwan Setiawan

Overdraft refers to a current account loan in a conventional bank. Term Overdraft used in
conventional banks to describe a customer's ability to take out more money from their checking
account than is actually available after being approved for the facility Overdraft. Overdraft occurs
when a customer withdraws more money than is available, resulting in a negative checking account
balance. There will be daily interest charged on this negative amount. The money will be used to pay
off the current negative balance when placed into the customer's checking account. (Wiroso, 2011)
Overdraft facilities in conventional banks make it easy for customers to obtain cash quickly
without requiring special approval from the bank. Thus, customers are given the flexibility to
withdraw funds from the current account until they reach a negative balance without having to go
through a formal disbursement process, which can be done through the use of cheques/bilyet giro.
This characteristic is revolving, meaning that customers can withdraw and repay facilities repeatedly
as long as they are within the predetermined limit limit.
A cheque is an express request for payment of a certain amount sent to the bank by the
account holder (customer). The bank accepts a standard type of client purchase order called a "Bilyet
Giro," where money is put to transfer the account balance to a specific recipient both inside and
outside the bank. Because the account holder issues cheques and bilyet giro, they are modern,
practical, and cost-effective forms of payment; Nonetheless, neither is a guarantee of payment. (P3EI
UII, 2015)
3.3 Purpose of Sharia Current Account (PRKS) Financing
In order to build a successful business, Sharia Current Account Financing (PRKS) aims to
increase sales, finance raw material needs, and provide working capital (Yoyok, 2018).
When a party breaches the contract or if there is a dispute that cannot be resolved through
discussion between the parties, the arbitral tribunal or religious court shall initiate arbitration
proceedings.
Sharia Current Account Financing (PRKS) is intended to help the community as follows
(Rozalinda, 2017):
a. A person with a fixed income, or a member of society whose daily activities produce a fixed
income that can be officially divided and recorded.
b. Business Entity refers to a business entity that complies with applicable legal provisions,
whether in the form of a legal entity or not, such as a Trade Business, Commanditaire
Vennootschap, Limited Liability Company, and other institutions established with the aim
of obtaining profits or operating results (Muklis Bin Abdul Aziz, Didi Suardi, 2020).

4.CONCLUSION
Withdrawal of funds can be done at any time using a current or current account, in accordance
with business needs that have been mutually agreed. PRKS was developed to meet the needs of the
community in their business operations. An important point in the PRKS mechanism is carried out
based on a musharakah contract, where (LKS) and (customers) act as partners in Sharia Current
Account Financing and have the responsibility to provide capital and labor. PRKS also provides
flexibility in using current or current accounts in accordance with customer business needs that have
been agreed The profit sharing ratio for each party is agreed upon at the time of the contract. The
PRKS mechanism provides flexibility and is easy to manage to meet the needs of the community in
their business operations. In addition, the PRKS mechanism also allows revolving working capital
financing, which allows the use of working capital as long as agreed by the customer.

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