Reformulating the Contract Formats of Islamic Financial Institutions in Indonesia toward Maqâshid al-Syarî’ah-Based Contracts
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Abstract
This research aims to reveal the legal facts regarding the substance of the contract clauses in Islamic financial institutions such as Islamic banking, shariah pawn-shop, and takâful (sharia insurance) which show the nuance of capitalistic con-tract clauses. Based on the purpose of this paper, the scope of this study is limited to the normative contracts in several Islamic financial institutions in order to ref-lect the purity of the sharia norms as well as to produce a format of sharia contract that puts forward maqâshid al-syarî’ah as the basic orientation. To sharpen the analysis framework, this study applies normative legal method with a con-ceptual approach. It is found that several contracts in Islamic financial insti-tutions use money as the object of the agreement (contract). Of course, if it goes uncontrolled, it could potentially trap other parties in the contracts into the prac-tice usury (ribâ). In conclusion, it is necessary to reformulate the contract format of the Islamic financial institutions in order to make it in line with the maqâshid al-syarî’ah so that it could benefit the costumers of the sharia economy.
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