Mudharabah PDF

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Composed by: Arian Masdani Nim:14190043 Lecture : Maftukhatusolikhah Dr. Business and Islamic Economic Faculty UIN RADEN FATAH PALEMBANG Chapter I 1.1. Background The early development of Islamic banking at home as well as in many countries saw Islamic bank being sometimes regarded as profit-sharing...

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Composed by: Arian Masdani Nim:14190043

Lecture : Maftukhatusolikhah Dr.

Business and Islamic Economic Faculty UIN RADEN FATAH PALEMBANG

Chapter I

1.1. Background The early development of Islamic banking at home as well as in many countries saw Islamic bank being sometimes regarded as profit-sharing banks. The reason was perhaps to differentiate them from conventional bank, which operate under the interest system. This view may be correct, albeit not entirely, because in fact profit-sharing arrangements only represent part of the operational system of Islamic banks. The sharing of profit is a form of return in investment agreements, which classify as natural uncertainty contracts. As we have discussed, besides the natural uncertainty contracts, Islamic fiqh also recognizes the natural certainty contracts. It can be said, therefore, that a system of profit sharing must be one of the Islamic banking practices. On the contrary, not all Islamic banking practices apply the profit sharing system. Other system also prevail under the Islamic banking operations, such as the system of sale and purchase, and the system of leasing.

Emphasis seems due for the above explanation in order to mitigate misunderstanding and misperception over the operations of Islamic banks, which some people think are confined solely to the profit sharing system. Actually, that is not the case. Islamic banking is ample room, wider than just to accommodate the profit sharing system. Islamic bank can, for instance, apply the system of sale purchase and leasing. In addition to the profit sharing system. Given the various and open alternatives, Islamic banking practices are expected to be flexible, depending on specific contexts, needs, and condition. It is with such understanding that we will begin our discussion on mudharabah financing.

1.2. Formulation of the Problem 1.2.1. 1.2.2. 1.2.3. 1.2.4. 1.2.5. 1.2.6. 1.2.7.

Definition of MUDHARABAH Harmonious of mudharabah The legal basis of mudharabah Kinds of mudharabah Requirements of mudharabah Ending of mudharabah’s contract The application of mudharabah in shari’ah financial institutions

1.3. The Purpose of Papers 1.3.1. 1.3.2. 1.3.3. 1.3.4. 1.1.1. 1.3.5. 1.3.6.

To know about Definition of MUDHARABAH To know about Harmonious of mudharabah To know about The legal basis of mudharabah To know about Kinds of mudharabah To know about Requirements of mudharabah To know about Ending of mudharabah’s contract To know about The application of mudharabah in shari’ah financial institutions

Chapter II 2.1

Definition of Mudharabah Mudharabah in arabic is a form mufa' wazan alah from “dharaba” , which means hit and do travelling.38 in this is what is more used to travel, where in the era of rasulullah saw , travel that identical do with trade or commerce.1 While in the science fiqh,habmuaudum as defined (‫ ) عقد شر كت في ا لر بح بم ل من جا نب و عمل من جا نب‬, namely “agreement with fellowship in profits from one party and working capital from the others.2

2.2

Unity of Mudharabah Mudharabah having three unity: 1. good investors (the owner of capital) (mudharib ) and the management of, 2. object cooperation that is capital transactions , business and profit .3. its pronunciation easier agreement .

While the priest al syarbini in syarh al minhaaj unity mudharabah explained that there are five , that is capital , type of economic activity , advantage , its pronunciation easier transactions and two principals transaction.3 this is all in terms of details and they were still unity back to three over . 2.2.1 Subject Both suspects agents this cooperation is the possessor capital and capital management .Unity is required on this first both have competence consume. ( jaizut-tasharruf ) in meaning that they were both baligh , Understanding , rasyid be active and is prohibited in his treasure . Some clergy requires that they must muslim or administrator should muslim , for a muslim is not skeptically do the deed usury case or unclean . But some others does not require it , so that allowed working with an unbeliever who can be trusted in terms must be proven management activities of the monitoring of capital from parties so that in spite of muslim practice usury and haram. 2.2.2 Object 1 2

3

See lisanul arab Ad-Durr Al-Mukhtar jilid 4 halaman 483

See Takmilah AL Majmu’ Syarhu Al Muhadzab imam nawawi oleh Muhammad Najieb Al Muthi’i yang digabung dengan kitab Majmu’ Syatrhul Muhadzab

object deals in mudharabah includes capital , type of economic activity and profit

2.2.2.1 Capital In the system mudharabah there are four capital requirements that must be fulfilled: a) capital should be in the form of a medium of exchange / a unit of currency ( al naqd ) the base is ijma or goods are laid its value when calneh according to an opinion that rojih. b) capital that was delivered should be clear to know. c) capital which has been passed must be certain d) capital handed over to the management and the management of capital accept it direct and can be active with its selves so in mudharabah required capital which has been passed must be known and distribution of funds to the number of mudharib ( capital management to be in the form of a medium of exchange as gold , silver and a unit of currency in general .Are not allowed in the form of goods unless determined the value of goods with the value of its covenants money when transactions, So that the the goods that mudharabah into capital . for example Owned a car toyota kijang and it was submitted to mudharib ( capital ) management , so when the cooperation compulsory agreed covenants determined the price of the car with currency , for example rp 80 million; hence the mudharabah is Rp 80 million The number of capital clarity this becomes a requirement because determine share of the profits .If the capital in the form of goods and unknown value when covenants , could be this changed the price of goods and there is as time goes , so as to have a consequence obscurity in share of the profits . 2.2.2.2 Types Of Economic Activity Type of economic activity here required several requirements for: a) The types of economic activity in the field of trade b) Not make a difficulties the manager of capital as contrasted with complicate a restriction that is , as determined the kind obtained be difficult , for example have to trade in gems vermilion or pearls are very rarely

The origin of efforts to mudharabah is in the field of trade and the field associated with him not prohibited from shari’ah .manager is banned hold the transactions of commerce goods unclean as pork , liquor and forth

2.2.2.3 Effort Every effort made to gain advantage , likewise mudharabah .But in mudharabah required on those returns four qualified: a) special advantage for both parties cooperate namely the owner of capital ( investors ) and capital management .Supposing required partly profit to third parties , for example by expressing: “mudharabah with the division of 3 / 1 advantage for you , 1 of 3 for me and 3 / 1 again for my wife or others , hence unauthorized except required third parties participate manage the capital , so that it becomes qiraadh together two orang.29 supposing said: “ advantage for me half and half of them for you , but half of my part to my wife , then this legitimate because this calneh promise to my wife hadiyah b) benefit-sharing

to

both

must

not

only

to

one

party

alone.Supposing said: “ I worked with you mudharabah with profit fully for you” then this is in madzhab syafi‘ i not sah c) Profit must be known in a clear manner. d) in a transaction was highlighted certain presentation the owners of capital ( investors ) and management. So that its profits divided by the percentage is evenly like a half , a third or one-fourth. of them when by its value , for example said mudharabah we work together with share of the profits for you one million and the rest for me, then contract illegitimate .Similarly if not clear such as some presentation for you and some others for me

2.3 The legal basis of mudharabah 2.3.1 Al-quran Al-Muzammil 20 َّ ‫إِ َّن َربَّكَ يَ ْعلَ ُم أَنَّكَ تَقُو ُم أَ ْدن َٰى ِمن ثُلُثَ ِي اللَّي ِْل َونِصْ فَهُ َوثُلُثَهُ َوطَائِفَةٌ ِّمنَ الَّ ِذينَ َم َعكَ ۚ َو‬ ‫َّللاُ يُقَ ِّد ُر‬ ‫آن ۚ َعلِ َم أَن‬ َ ‫ار ۚ َعلِ َم أَن لَّن تُحْ صُوهُ فَت‬ َ َ‫اللَّي َْل َوالنَّه‬ ِ ْ‫َاب َعلَ ْي ُك ْم ۖ فَا ْق َر ُءوا َما تَيَس ََّر ِمنَ ْالقُر‬ َّ ‫ض يَ ْبتَ ُغونَ ِمن فَضْ ِل‬ ُ ‫َسيَ ُك‬ َ‫َّللاِ ۙ َوآ َخرُون‬ َ ْ‫ون ِمن ُكم َّمر‬ ِ ْ‫ض ٰى ۙ َوآ َخرُونَ يَضْ ِربُونَ فِي ْاْلَر‬ َّ ‫َّللاِ ۖ فَا ْق َر ُءوا َما تَيَس ََّر ِم ْنهُ ۚ َوأَقِي ُموا الص َََّلةَ َوآتُوا ال َّز َكاةَ َوأَ ْق ِرضُوا‬ َّ ‫يل‬ َ‫َّللا‬ ِ ِ‫يُقَاتِلُونَ فِي َسب‬ َّ ‫قَرْ ضًا َح َسنًا ۚ َو َما تُقَ ِّد ُموا ِْلَنفُ ِس ُكم ِّم ْن خَ ي ٍْر ت َِج ُدوهُ ِعن َد‬ ۚ ‫َّللاِ هُ َو خَ ْيرًا َوأَ ْعظَ َم أَجْ رًا‬ َّ ‫َّللاَ ۖ إِ َّن‬ َّ ‫َوا ْستَ ْغفِرُوا‬ ‫َّحي ٌم‬ ِ ‫َّللاَ َففُو ٌر ر‬ (your Lord knows that you sometimes stand up in Prayer nearly two-thirds of the night, and sometimes half or one-third of it, and so does a party of those with you; Allah measures the night and the day. He knows that you cannot keep an accurate count of it, so He has shown mercy to you. So now recite as much of the Qur'an as you can. He knows that there are among you those who are sick and others who are journeying in the land in quest of Allah's bounty, and still others who are fighting in the cause of Allah. So recite as much of the Qur'an as you easily can, and establish Prayer, and pay Zakah, and give Allah a goodly loan. Whatever good you send forth for yourselves, you shall find it with Allah. That is better and its reward is greater. And ask for Allah's forgiveness; surely He is Most Forgiving, Most Compassionate.)

2.2.As-Sunnah From ibn abbas ra that al-abbas son abdil mutthalib ra if handed in treasure mudharabah required to his colleagues not to bring treasures it passes through the sea , or down the valley and not spend animals that have a dry .He of his colleagues approved the requirement is then he undertaken its .Then branch of the requirement is to of rasulullah saw and she saw permit it ( hr .Al-baihaqi ) 2.3.Ijma’ Showed mudharabat agreement is supported with ijma' , where narrated that many of the prophet saw companion submit treasure orphans in the form of mudharabah .Among them is umar bin al-khattab , al-affan utsman son , ali bin abi thalib , abdullah bin mas' ud , abdullah bin umar , umar ubaidillah son , and aisha ridhwanullahi alaihim .And no one of the acts who disavow of it .Moslems in already habitually do cooperation agreement until a kind of this in a variety of the time and place without there are scholars who blame him .This consensus is

believed to be the people , because this way had been used in the nation quraisy generations of the age of jahiliyah until the days of the prophet saw .

2.4. Kinds of Mudharabah The clergy divide mudharabah into two kinds:

a)

Muthlaqah Define is a system whereby owner mudharabah capital ( friendship investors al mal capital ) handed the managers without restriction type of business place and time and with who transact. Management This type of give freedom to mudhorib ( capital management ) do anything which is considered can realize benefit.

b)

Muqayyadah ( limited ) Define the owner of capital ( investors capital ) handed to managers and determines the kind of effort or place or time or people who will transact with mudharib. This second type of the clergy in dispute the validity of virtues of, who rajih but that restrictions are useful and not the same once make quarrel dalil syar ‘i, it was just 105 fiqih thaharah just ijtihad and performed with an agreement and the contentment of both sides so that obligatory cash .The difference between both located on the restriction of the use of capital corresponding demand investors

2.5. Requirement of Mudharabah The requirements in mudharabah in the sense of the requirements is one of the party hold mudharabah relating to cooperation .There are two requirements in this mudharabah: 2.5.1. The legal requirements Requirements that it demands disputation contract and neither is well have maslahat to the agreement .for example, capital owners require the management do not carry away the treasure out of the country or bring it out or perform certain special his trader in the countries or a particular type that it acquired. Then the terms of this justifiable according to the agreement of the clergy and must be fulfilled , and not because there are its benefit disputation mudharabah agreement mean the agreement and demands

2.5.2. The terms of the facade (not true). This requirement is divided into three: 2.5.2.1. Demands requirements eliminate consequences as required covenants not buy something or not sell something to or did not sell except with the price of capital or under their money .This requirement was agreed the benarannya , because menyelisihi demand and covenants mean cooperation which is seeking to profit . 2.5.2.2. Requirements that are not of benefit also instead of demands agreement , as the managers required to give mudharabah to him of the property other. 2.5.2.3. The conditions led the lack of clarity for example the managers of profit required share of profits that which is obscure or requiring return of managed business of two , business profits this is for the owner of capital and the other one to pengelola or determine the value of a unit of certain money as profit .This requirement was agreed the damage for causing profits that are not clear from one of the parties up instead of cannot profit at all .So that void his contract.

2.6. Ending of mudharabah’s contract mudharabah to end up with cancelling from one of the parties .Having no continuous requirements the sustainability in the transactions of this kind of business .Each party transaction would stop at any time he wants .Mudharabah transactions this can have ended with the death of one of the parties transaktor , or because he crazy or ediot .Ibnu qudamah the priest states: mudharabah covenants including the kinds that were permitted .He ended up with the cancellation of one of the sides --who saja- , with death , crazy or restricted because ediot; it was because he be active on the estate of another with sezinnya , and he as wakiel and it makes no difference between before-lap be active and upon doing that

Al nawawi the priest states: the termination of qiraadh may , because he in the opener is parliament and after it became syarikat .If there was then any advantage from both sides may memberhentikannya when joys and not need the presence of and keridoan his partner .If died or crazy or losing it then ended the effort is The priest syafi I states: when overseer capital want to take their money before attempts are made and afterward management and when wanna get out of qiraadh and he outside it here. When he had stopped and capital ( wealth ) together, however, it has not taken advantage of the owners of capital.And if there is a share of the profits in accordance with the agreement.If, in the end, and wealth and they are allowed to sell it and to share it, for the rights of both sides.If the owner refused to sell it for a while and look, there ' s business profit in the penilik forced to sell them, and the right to share in the profits and decuali ' t seem to be sold.But if not, the profits and capital to not forced

2.7. The application of mudharabah in shari’ah financial institution The mudharabah scheme that we have discussed this far is one that applies for two direct parties between a shahib al-maal and a mudharib. This is a standard scheme that may be found in classical Islamic fiqh textbooks. Moreover, such was the mudharabah practices by the prophet and his companions as well as by some muslims in the proceeding era. In such typical practiced, there occurs diert financing from the shahib al-maal as a surplus unit to the mudharib as a deficit unit. As such, the role of the bank as intermediary does not exist. Classical mudharabah practices as aforementioned have special characteristics in that the relationship between the shahib al-maal and mudharib is usually personal, direct, and based on mutual trust (amanah). The shahib al-maal is only willing to submit capital to someone that he or she knows very well-in terms of professionalism as well as character. However, such mudharabah schemes are no longer efficient and likely for banking institutions to apply, due to some reason : 2.7.1.

Banking institutions work under a system of group investment, whereby investors hardly know one another. The possibility is, therefore, slim for direct and personal relationship to happen 2.7.2. Current investment needs massive funds, so that hundreds or even thousand of shahib al-maal are needed to co-finance certain projects. 2.7.3. Weak discipline in practicing Islamic teachings has made it especially difficult for Islamic bank to ensure security over funds distribution.

The overcome such obstacles, particularly of the first and second types, contemporary ulama’s have been innovative in creating a mudharabah scheme that involves three parties. The additional pary here is the presence of a shariah bank, which serves as an intermediary institution bridging the shahib al-maal and the mudharib .therefore , the concept of direct financing has envolved into indirect financing.

Financing schemes, the bank receives funds from the shahib al-maal In the above in the form of third party funds as the source of funds. The funds are mudharabah saving or deposits with varying tenors. Moreover, these funds have been pooled for redistribution by the bank as earning assets. The profit yielded throught funds distribution are shared by the bank and owners of third party funds.

Chapter III

3.1 conclusion mudharabah is the form of cooperation between two or more parties in which the owner of capital (shahibul charity) entrusted to a number of capital management (mudharib) with an agreement at the beginning. This suggests is a form of cooperation with the contribution of one hundred percent of capital from the owner of capital and expertise from the management. Verse the Qur’an which in general containing showed mudharabah agreement to cooperate in seeking sustenance was seeded god on earth is : and another, they travel in advance of the earth looking for gift from god.(Q.s Al-Muzzamil: 20).

According to the clergy “jumhur” there are three pillars of mudharabah i.e a. Two parties agreement ( the owner of capital / shahib al-mal and management of funds and entrepreneurs and mudharib) b. Object to be contract c. Sighat (ijab-qabul)

Mudharabah divided into three types namely : a. Mudharbah mutlaqah b. Mudharabah muqayyadah on a balance sheet c. Mudharabah off balance sheet

References Sarwat, Ahmad.2009.kitab muamalah.Jakarta: kampus syariah Karim, A. Warman.2013.Bank islam: Analisis fiqih dan keuangan (edisi 5).Jakarta:rajawali press...