The Urgency of Sharia Maqashid in the Development of Mudharabah Contract in Sharia Banking

Abstract

Fiqh maqashid teaches that the purpose of Islamic law is for the benefit of humans both in this world and in the hereafter. Thus, to achieve this benefit, every life activity, including economic activity, should always lead to the goals of Islamic law (maqashid sharia). Contracts with the principle of profit-sharing are present as a solution for Muslims to avoid the practice of usury and other methods that are contrary to sharia. Mudharabah contract applies the principle of profit sharing and is one of the service products for Islamic banking and other Islamic financial institutions. Sharia banking continues to develop by improving the quality of services for customers and society. However, Islamic banking continues to work hard to convince the Muslim community that the services provided are indeed under sharia. This paper aimed to explore the character of the mudharabah contract, which contains sharia values , and to describe the dimensions of maqashid sharia in each nature of the contract. It illustrates the urgency of maqashid sharia in developing mudharabah contracts for the benefit of the hereafter. The paper is normative, concerning norms originating from Islamic law and using a conceptual approach through the views and doctrines developed among fiqh scholars. This study concludes that the mudharabah contract reflects the values of Islamic law and leads to Maqashid sharia, namely maqashid Hifz an-Nafz (maintaining the soul) and hifz al-Maal (maintaining the property).