TUGAS KEUANGAN DAN

PERBANKAN SYARIAH

MUDHARABAH

Disusun Oleh :

- Yuan i ta Levany (123090070)

- Mega Me l ian t i ( 123090082)

- Tengku Febr ian t i M (1230900

- R i zky R ia San t i ( 1230900

- Yana

- R i zky hamid

- Par i s t a

M a g i s t e r A k u n t a n s i

T r i s a k t i U n i v e r s i t y

J a k a r t a 2 0 1 0

P e n d a h u l u a n

B a h w a k e g i a t a n - k e g i a t a n i n v e s t a s i b a n k I s l a m o l e h p a r a

t e o r i t i s i P e r b a n k l a n I s l a m m e m b a y a n g k a n m e s t i d i d a s a r k a n

p a d a d u a k o n s e p h u k u m : M u d h a r a b a h d a n M u s y a r a k a h , a t a u

y a n g d i k e n a l d e n g a n i s t i l a h P r o f i t a n d L o s s S h a r i n g ( P L S ) .

M e r e k a b e r p e n d a p a t b a h w a B a n k I s l a m a k a n m e n y e d i a k a n

s u m b e r - s u m b e r p e m b i a y a a n y a n g l u a s k e p a d a p a r a p e m i n j a m

d e n g a n p r i n s i p b e r b a g i - r i s i k o , t i d a k s e p e r t i p e m b i a y a a n

b e r b a s i s b u n g a d i m a n a p e m i n j a m n y a m e n a n g g u n g s e m u a r i s i k o .

N a m u n d a l a m p r a k t i k n y a , b a n k - b a n k I s l a m u m u m n y a t e l a h

m e n y a d a r i b a h w a P L S , s e p e r t i y a n g d i b a y a n g k a n p a r a t e o r i t i s i ,

t i d a k d a p a t d i g u n a k a n s e c a r a l u a s d a l a m P e r b a n k a n I s l a m

d i k a r e n a k a n r i s i k o - r i s i k o y a n g d i t a n g g u n g k a n k e p a d a B a n k .

A p a k a h k o n s e p t e o r i t i s i y a n g d i t a w a r k a n d e n g a n s i s t e m

M u d h a r a b a h d a l a m l i t e r a t u r f i q i h d a p a t d i a p l i k a s i k a n s e c a r a

m u r n i p a d a P e r b a n k a n I s l a m d a l a m t i n g k a t r e a l i t a s ? . M a k a l a h

i n i h e n d a k m e n c e r m a t i b a g a i m a n a k o n s e p M u d h a r a b a h i t u

d i k e m b a n g k a n d a l a m f i q i h d a n d a p a t d i g u n a k a n d a l a m

P e r b a n k a n I s l a m .

D E F I N I S I

M e n u r u t B a h a s a : P e n d u d u k I r a q m e n g g u n a k a n i s t i l a h

m u d h a r a b a h u n t u k m e n y e b u t u r u s n i a g a p e l a b u r a n . M u d h a r a b a h

d i a m b i l d a r i k a t a أرض ل ا ى ف ضرب ل . ا M a k s u d n y a , m e l a k u k a n

p e r j a l a n a n y a n g u m u m n y a u n t u k b e r n i a g a d a n m e n c a r i r e z e k i .

A d a j u g a y a n g m e n g a t a k a n d i a m b i l d a r i k a t a d h a r b ( m e n g a m b i l )

k e u n t u n g a n d e n g a n s a h a m y a n g d i m i l i k i .

D a l a m b a h a s a H i j a z , q i r a d h (قراض) i a i t u k a t a t e r b i t a n

d a r i p a d a q a r d h (قرض) y a n g b e r m a k s u d p o t o n g . K o n t r a k i n i

d i n a m a k a n s e d e m i k i a n k e r a n a p e m o d a l ' m e m o t o n g ' s e b a h a g i a n

h a r t a n y a u n t u k d i b e r i k a n k e p a d a p e n g u s a h a y a n g a k a n

m e n g u r u s k a n n y a . . U r u s n i a g a i n i t u r u t d i k e n a l i s e b a g a i

m u q a r a d h a h ( رضه ا ق (م y a n g b e r m a k s u d s a m a r a t a k e r a n a k e d u a -

d u a p i h a k b e r k o n g s i k e u n t u n g a n .

M e n u r u t s y a r a k : A k a d a n t a r a p e m o d a l d a n p e n g u s a h a d i

m a n a p e m o d a l a k a n m e n y e r a h k a n s e b a h a h a g i a n h a r t a n y a k e p a d a

s e s e o r a n g s e b a g a i p e n g u s a h a u n t u k d i n i a g a k a n . K e u n t u n g a n

p u l a a k a n d i k o n g s i b e r s a m a d e n g a n n i s b a h y a n g d i m a k l u m i .

D a l a m f i q i h I s l a m m u d h a r a b a h m e r u p a k a n s a l a h s a t u

b e n t u k k e r j a s a m a a n t a r a r a b a l - m a l ( i n v e s t o r ) d e n g a n s e o r a n g

p i h a k k e d u a ( m u d h a r i b ) y a n g b e r f u n g s i s e b a g a i p e n g e l o l a d a l a m

b e r d a g a n g . I s t i l a h m u d h a r a b a h o l e h u l a m a f i q h H i j a z

m e n y e b u t k a n d e n g a n Q i r a d h .

M u d h a r a b a h b e r a s a l d a r i k a t a d h a r b , b e r a r t i m e m u k u l a t a u

b e r j a l a n . P e n g e r t i a n m e m u k u l a t a u b e r j a l a n i n i l e b i h t e p a t n y a

a d a l a h p r o s e s s e s e o r a n g m e m u k u l k a k i n y a d a l a m m e n j a l a n k a n

u s a h a .

S e c a r a t e r m i n o l o g i , p a r a U l a m a F i q h m e n d e f i n i s i k a n

M u d h a r a b a h a t a u Q i r a d h d e n g a n :

“ P e m i l i k m o d a l ( i n v e s t o r ) m e n y e r a h k a n m o d a l n y a k e p a d a

p e k e r j a ( p e d a g a n g ) u n t u k d i p e r d a g a n g k a n , s e d a n g k a n

k e u n t u n g a n d a g a n g i t u m e n j a d i m i l i k b e r s a m a d a n d i b a g i

m e n u r u t k e s e p a k a t a n ” .

M u d h a r i b m e n y u m b a n g k a n t e n a g a d a n w a k t u n y a d a n

m e n g e l o l a k o n g s i m e r e k a s e s u a i d e n g a n s y a r a t - s y a r a t k o n t r a k .

S a l a h s a t u c i r r i u t a m a d a r i k o n t r a k i n i a d a l a h b a h w a

k e u n t u n g a n , j i k a a d a , a k a n d i b a g i a n t a r a i n v e s t o r d a n m u d h a r i b

b e r d a s a r k a n p r o p o r s i y a n g t e l a h d i s e p a k a t i s e b e l u m n y a .

K e r u g i a n , j i k a a d a , a k a n d i t a n g g u n g s e n d i r i o l e h s i i n v e s t o r

P E N S Y A R I A T A N

S e c a r a e k s p l i s i t d a l a m a l - Q u r ‟ a n t i d a k d i j e l a s k a n

l a n g s u n g m e n g e n a i h u k u m m u d h a r a b a h , m e s k i p u n i a

m e n g g u n a k a n a k a r k a t a d l - r - b y a n g d a r i n y a k a t a m u d h a r a b a h

d i a m b i l s e b a n y a k l i m a p u l u h d e l a p a n k a l i , n a m u n a y a t - a y a t

Q u r ‟ a n t e r s e b u t m e m i l i k i k a i t a n d e n g a n m u d h a r a b a h , m e s k i

d i a k u i s e b a g a i k a i t a n y a n g j a u h , m e n u n j u k k a n a r t i “ p e r j a l a n a n ”

a t a u “ p e r j a l a n a n u n t u k t u j u a n d a g a n g ” .

D a l a m I s l a m a k a d m u d h a r a b a h d i b o l e h k a n , k a r e n a

b e r t u j u a n u n t u k s a l i n g m e m b a n t u a n t a r a r a b a l - m a l ( i n v e s t o r )

d e n g a n p e n g e l o l a d a g a n g ( m u d h a r i b ) . D e m i k i a n d i k a t a k a n o l e h

I b n R u s y d ( w . 5 9 5 / 1 1 9 8 ) d a r i m a d z h a b M a l i k i b a h w a k e b o l e h a n

a k a d m u d h a r a b a h m e r u p a k a n s u a t u k e l o n g g a r a n y a n g k h u s u s .

M e s k i p u n m u d h a r a b a h t i d a k s e c a r a l a n g s u n g d i s e b u t k a n o l e h a l -

Q u r ‟ a n a t a u S u n n a h , i a a d a l a h s e b u a h k e b i a s a a n y a n g d i a k u i

d a n d i p r a k t i k k a n o l e h u m a t I s l a m , d a n b e n t u k d a g a n g s e m a c a m

i n i t a m p a k n y a t e r u s h i d u p s e p a n j a n g p e r i o d e a w a l e r a I s l a m

s e b a g a i t u l a n g p u n g g u n g p e r d a g a n g a n k a r a v a n d a n p e r d a g a n g a n

j a r a k j a u h .

D a s a r h u k u m y a n g b i a s a d i g u n a k a n o l e h p a r a F u q a h a

t e n t a n g k e b o l e h a n b e n t u k k e r j a s a m a i n i a d a l a h f i r m a n A l l a h

d a l a m S u r a h a l - M u z z a m m i l a y a t 2 0 :

“ D i a m e n g e t a h u i b a h w a a k a n a d a d i a n t a r a k a m u o r a n g - o r a n g

y a n g s a k i t d a n o r a n g - o r a n g y a n g b e r j a l a n d i m u k a b u m i

m e n c a r i s e b a g i a n k a r u n i a A l l a h ; d a n o r a n g - o r a n g y a n g l a i n

l a g i y a n g b e r p e r a n g d i j a l a n A l l a h , m a k a b a c a l a h a p a y a n g

m u d a h ( b a g i m u ) d a r i a l - Q u r ’ a n . ” ( Q s . A l M u z a m m i l : 2 0 )

S e l a i n i t u , R a s u l u l l a h s . a . w j u g a p e r n a h b e r s a b d a d a l a m

s e b u a h h a d i t h d a r i p a d a S u h a i b r . a :

ر ي شع ل ا ب ر ب ل ا خالط أ و رضة ا ق م ل ا و جل أ ى ل ا ع ي ب ل ا ة ك ر ب ل ا ن ه ي ف الث ث

. ( ) جه ا م ن ب ا ه ا و ر ع ي ب ل ل ال ت ي ب ل ل

M a k s u d n y a : “ A d a t i g a p e r k a r a y a n g d i b e r k a t i i a i t u j u a l

b e l i s e c a r a h u t a n g , m u q a r a d h a h ( a l - m u d h a r a b a h ) d a n

m e n c a m p u r k a n g a n d u m d a n b a r l i u n t u k k e g u n a a n r u m a h b u k a n

u n t u k d i j u a l . ” ( R i w a y a t I b n M a j a h ) .

I n i m e n u n j u k k a n b a h a w a p e l a b u r a n a l - m u d h a r a b a h

d i h a r u s k a n o l e h s y a r a k . N a b i s . a . w j u g a p e r n a h m e l a k u k a n n y a

k e t i k a b a g i n d a d i m i n t a o l e h S a i d a t i n a K h a d i j a h r . a u n t u k

m e m b a w a b a r a n g d a g a n g a n n y a k e S y a m u n t u k d i p e r n i a g a k a n .

P a r a u l a m a s e p a k a t b a h w a s i s t e m p e n a n a m a n m o d a l i n i

d i b o l e h k a n . D a s a r h u k u m d a r i s i s t e m j u a l b e l i i n i a d a l a h i j m a ’

u l a m a y a n g m e m b o l e h k a n n y a . S e p e r t i d i n u k i l k a n I b n u l M u n d z i r ,

I b n u H a z m , I b n u T a i m i y a h , d a n l a i n n y a .

I b n u H a z m m e n y a t a k a n : “ S e m u a b a b d a l a m f i q i h s e l a l u

m e m i l i k i d a s a r d a l a m A l Q u r ’ a n d a n S u n n a h y a n g k i t a k e t a h u i -

A l h a m d u l i l l a h - k e c u a l i A l Q i r a a d h ( A l M u d h a r a b a h ( p e n ) . K a m i

t i d a k m e n d a p a t i s a t u d a s a r p u n u n t u k n y a d a l a m A l Q u r ’ a n d a n

S u n n a h . N a m u n d a s a r n y a a d a l a h i j m a ’ y a n g b e n a r . Y a n g d a p a t

k a m i p a s t i k a n b a h w a h a l i n i a d a d i z a m a n s h a l l a l l a h u ’ a l a i h i w a

s a l l a m , b e l i a u k e t a h u i d a n s e t u j u i d a n s e a n d a i n y a t i d a k

d e m i k i a n m a k a t i d a k b o l e h . ”

S y a i k h u l I s l a m I b n u T a i m i y a h m e n g o m e n t a r i p e r n y a t a a n I b n u

H a z m d i a t a s d e n g a n m e n y a t a k a n : “ A d a k r i t i k a n a t a s p e r n y a t a a n

b e l i a u i n i :

1 . B u k a n t e r m a s u k m a d z h a b b e l i a u m e m b e n a r k a n i j m a ’ t a n p a

d i k e t a h u i s a n d a r a n n y a d a r i A l Q u r ’ a n d a n S u n n a h d a n i a

s e n d i r i m e n g a k u i b a h w a i a t i d a k m e n d a p a t k a n d a s a r d a l i l

M u d h a r a b a h d a l a m A l Q u r ’ a n d a n S u n a h .

2 . B e l i a u t i d a k m e m a n d a n g b a h w a t i d a k a d a n y a y a n g

m e n y e l i s i h i a d a l a h i j m a ’ , p a d a h a l i a t i d a k m e m i l i k i d i s i n i

k e c u a l i k e t i d a k t a h u a n a d a n y a y a n g m e n y e l i s i h i n y a .

3 . B e l i a u m e n g a k u i p e r s e t u j u a n N a b i s h a l l a l l a h u ’ a l a i h i w a

s a l l a m s e t e l a h m e n g e t a h u i s i s t e m m u a m a l a h i n i . T a q r i e r

( p e r s e t u j u a n ) N a b i s h a l l a l l a h u ’ a l a i h i w a s a l l a m t e r m a s u k

s a t u j e n i s s u n n a h , s e h i n g g a ( p e n g a k u a n b e l i a u ) t i d a k

a d a n y a d a s a r d a r i s u n n a h m e n e n t a n g p e r n y a t a a n b e l i a u

t e n t a n g t a q r i r i n i .

4 . J u a l b e l i ( p e r d a g a n g a n ) d e n g a n k e r i d h a a n k e d u a b e l a h

f i h a k y a n g a d a d a l a m A l Q u r ’ a n m e l i p u t i j u g a A l Q i r a d h

d a n M u d h a r a b a h

5 . M a d z h a b b e l i a u m e n y a t a k a n h a r u s a d a n a s h d a l a m A l

Q u r ’ a n d a n S u n n a h a t a s s e t i a p p e r m a s a l a h a n , l a l u

b a g a i m a n a d i s i n i m e n i a d a k a n d a s a r d a l i l A l Q i r a d h d a l a m

A l Q u r ’ a n d a n S u n n a h

6 . T i d a k d i t e m u k a n n y a d a l i l t i d a k m e n u n j u k k a n k e t i d a k

a d a a n n y a

7 . A t s a r y a n g a d a d a l a m h a l i n i d a r i N a b i s h a l l a l l a h u ’ a l a i h i

w a s a l l a m t i d a k s a m p a i p a d a d e r a j a t p a s t i ( Q a t h ’ i ) d e n g a n

s e m u a k a n d u n g a n n y a , p a d a h a l p e n u l i s ( I b n u H a z m )

m e m a s t i k a n p e r s e t u j u a n N a b i d a l a m p e r m a s a l a h a n i n i .

D e m i k i a n j u g a S y a i k h A l A l b a n i m e n g k r i t i k p e r n y a t a a n I b n u

H a z m d i a t a s d e n g a n m e n y a t a k a n : “ A d a b e b e r a p a b a n t a h a n ( a t a s

p e r n y a t a a n b e l i a u ) , y a n g t e r p e n t i n g b a h w a a s a l d a l a m

M u a m a l a h a d a l a h b o l e h k e c u a l i a d a n a s ( y a n g m e l a r a n g ) b e d a

d e n g a n i b a d a h , p a d a a s a l n y a d a l a m i b a d a h d i l a r a n g k e c u a l i a d a

n a s , s e b a g a i m a n a d i j e l a s k a n S y a i k h u l I s l a m I b n u T a i m i y a h . A l

Q i r a d h d a n M u d h a r a b a h j e l a s t e r m a s u k y a n g p e r t a m a . J u g a a d a

n a s h d a l a m A l Q u r ’ a n y a n g m e m b o l e h k a n p e r d a g a n g a n d e n g a n

k e r i d h o a n d a n i n i j e l a s m e n c a k u p A l Q i r a a d h . I n i s e m u a c u k u p

s e b a g a i d a l i l k e b o l e h a n n y a d a n d i k u a t k a n d e n g a n i j m a ’ y a n g

b e l i a u a k u i s e n d i r i . ”

D a l a m k e s e m p a t a n l a i n I b n u T a i m i y a h m e n y a t a k a n :

“ S e b a g i a n o r a n g m e n j e l a s k a n b e b e r a p a p e r m a s a l a h a n y a n g a d a

i j m a ’ p a d a n y a n a m u n t i d a k m e m i l i k i d a s a r n a s , s e p e r t i A l

M u d h a r a b a h , h a l i t u t i d a k d e m i k i a n . M u d h a r a b a h s u d a h

m a s y h u r d i k a l a n g a n b a n g s a A r a b d i j a h i l i y a h a p a l a g i p a d a

b a n g s a Q u r a i s y , k a r e n a u m u m n y a p e r n i a g a a n j a d i p e k e r j a a n

m e r e k a . P e m i l i k h a r t a m e n y e r a h k a n h a r t a n y a k e p a d a p e n g e l o l a

( ‘ u m a a l ) . R a s u l u l l a h s h a l l a l l a h u ’ a l a i h i w a s a l l a m s e n d i r i

p e r n a h b e r a n g k a t m e m b a w a h a r t a o r a n g l a i n s e b e l u m k e n a b i a n

s e b a g a i m a n a t e l a h b e r a n g k a t d a l a m p e r n i a g a a n h a r t a K h a d i j a h .

J u g a k a f i l a h d a g a n g y a n g d i p i m p i n A b u S u f y a n k e b a n y a k a n n y a

d e n g a n s i s t e m m u d h a r a b a h d e n g a n A b u S u f y a n d a n s e l a i n n y a .

K e t i k a d a t a n g i s l a m R a s u l u l l a h s h a l l a l l a h u ’ a l a i h i w a s a l l a m

m e n y e t u j u i n y a d a n p a r a s a h a b a t p u n b e r a n g k a t d a l a m p e r n i a g a a n

h a r t a o r a n g l a i n s e c a r a M u d h a r a b a h d a n b e l i a u

s h a l l a l l a h u ’ a l a i h i w a s a l l a m t i d a k m e l a r a n g n y a . S u n n a h d i s i n i

a d a l a h p e r k a t a a n , p e b u a t a n d a n p e r s e t u j u a n b e l i a u , k e t i a k

b e l i a u s e t u j u i m a k a m u d h a r a b a h d i b e n a r k a n d e n g a n s u n n a h .

J u g a h u k u m i n i d i k u a t k a n d e n g a n a d a n y a a m a l a n s e b a g i a n

s a h a b a t R a s u l u l l a h s h a l l a l l a h u ’ a l a i h i w a s a l l a m d i a n t a r a n y a

y a n g d i r i w a y a t k a n d a l a m A l - M u w a t t h a ’ d a r i Z a i d b i n A s l a m ,

d a r i a y a h n y a b a h w a i a m e n c e r i t a k a n : A b d u l l a h d a n U b a i d i l l a h

b i n U m a r b i n A l - K h a t t a b p e r n a h k e l u a r d a l a m s a t u p a s u k a n k e

n e g e r i I r a a q . K e t i k a m e r e k a k e m b a l i , m e r e k a l e w a t d i h a d a p a n

A b u M u s a A l - A s y ’ a r i , y a k n i g u b e r n u r B a s h r a h . B e l i a u

m e n y a m b u t m e r e k a b e r d u a d a n m e n e r i m a m e r e k a s e b a g a i t a m u

d e n g a n s u k a c i t a . B e l i a u b e r k a t a : “ K a l a u a k u b i s a m e l a k u k a n

s e s u a t u y a n g b e r g u n a b u a t k a l i a n , p a s t i a k a n k u l a k u k a n . ”

K e m u d i a n b e l i a u b e r k a t a : “ S e p e r t i n y a a k u b i s a m e l a k u k a n n y a .

I n i a d a u a n g d a r i A l l a h y a n g a k a n k u k i r i m k a n k e p a d a A m i r u l

M u k m i n i n . B e l i a u m e m i n j a m k a n n y a k e p a d a k a l i a n u n t u k k a l i a n

b e l i k a n s e s u a u d i I r a a q i n i , k e m u d i a n k a l i a n j u g a l d i k o t a A l -

M a d i n a h . K a l i a n k e m b a l i k a n m o d a l n y a k e p a d a A m i r u l

M u k m i n i n , d a n k e u n t u n g a n n y a k a l i a n a m b i l . ” M e r e k a b e r k a t a :

“ K a m i s u k a i t u . ” M a k a b e l i a u m e n y e r a h k a n u a n g i t u k e p a d a

m e r e k a d a n m e n u l i s s u r a t u n t u k d i s a m p a i k a n k e p a d a U m a r b i n

A l - K h a t t a b a g a r A m i r u l M u k m i n i n i t u m e n g a m b i l d a r i m e r e k a

u a n g y a n g d i a t i t i p k a n . S e s a m p a i n y a d i k o t a A l - M a d i n a h ,

m e r e k a m e n j u a l b a r a n g i t u d a n m e n d a p a t k a n k e u n t u n g a n . K e t i k a

m e r e k a m e m b a y a r k a n u a n g i t u k e p a d a U m a r . U m a r l a n t a s

b e r t a n y a : “ A p a k a h s e t i a p a n g g o t a p a s u k a n d i b e r i p i n j a m a n o l e h

A b u M u s a s e p e r t i y a n g d i b e r i k a n k e p a d a k a l i a n b e r d u a ? ”

M e r e k a m e n j a w a b : “ T i d a k . ” B e l i a u b e r k a t a : “ A p a k a h k a r e n a

k a l i a n a d a l a h a n a k - a n a k A m i r u l M u k m i n i n s e h i n g g a i a m e m b e r i

k a l i a n p i n j a m a n ? ” K e m b a l i k a n u a n g i t u b e s e r t a

k e u n t u n g a n n y a . ” A d a p u n A b d u l l a h , h a n y a m e m b u n g k a m s a j a .

S e m e n t a r a U b a i d i l l a h l a n g s u n g a n g k a t b i c a r a : “ T i d a k

s e p a n t a s n y a e n g k a u b e r b u a t d e m i k i a n w a h a i A m i r u l M u k m i n i n !

K a l a u u a n g i n i b e r k u r a n g a t a u h a b i s , p a s t i k a m i a k a n

b e r t a n g g u n g j a w a b . ” U m a r t e t a p b e r k a t a : “ B e r i k a n u a n g i t u

s e m a u n y a . ” A b d u l l a h t e t a p d i a m , s e m e n t a r a U b a i d i l l a h t e t a p

m e m b a n t a h . T i b a - t i b a s a l a h s e o r a n g d i a n t a r a p e n g g a w a U m a r

b e r k a t a : “ B a g a i m a n a b i l a e n g k a u m e n j a d i k a n n y a s e b a g a i

i n v e s t a s i m o d a l w a h a i U m a r ? ” U m a r m e n j a w a b : “ Y a . A k u

j a d i k a n i t u s e b a g a i i n v e s t a s i m o d a l . ” U m a r s e g e r a m e n g a m b i l

m o d a l b e s e r t a s e t e n g a h k e u n t u n g a n n y a , s e m e n t a r a A b d u l l a h d a n

U b a i d i l l a h m e n g a m b i l s e t e n g a h k e u n t u n g a n s i s a n y a .

K a u m m u s l i m i n s u d a h t e r b i a s a m e l a k u k a n a k a d k e r j a s a m a

s e m a c a m i t u h i n g g a j a m a n k i w a r i i n i d i b e r b a g a i m a s a d a n

t e m p a t t a n p a a d a u l a m a y a n g m e n y a l a h k a n n y a . I n i m e r u p a k a n

k o n s e n s u s y a n g d i y a k i n i u m a t , k a r e n a c a r a i n i s u d a h d i g u n a k a n

b a n g s a Q u r a i s y s e c a r a t u r u n t e m u r u n d a r i j a m a n j a h i l i y a h

h i n g g a z a m a n N a b i s h a l l a l l a h u ’ a l a i h i w a s a l l a m , k e m u d i a n

b e l i a u m e n g e t a h u i , m e l a k u k a n d a n t i d a k m e n g i n g k a r i n y a .

T e n t u l a h s a n g a t b i j a k , b i l a p e n g e m b a n g a n m o d a l d a n

p e n i n g k a t a n n i l a i n y a m e r u p a k a n s a l a h s a t u t u j u a n y a n g

d i s y a r i a t k a n . S e m e n t a r a m o d a l i t u h a n y a b i s a d i k e m b a n g k a n

d e n g a n d i k e l o l a d a n d i p e r n i a g a k a n . S e m e n t a r a t i d a k s e t i a p

o r a n g y a n g m e m p u n y a i h a r t a m a m p u b e r n i a g a , j u g a t i d a k s e t i a p

y a n g b e r k e a h l i a n d a g a n g m e m p u n y a i m o d a l . M a k a m a s i n g -

m a s i n g k e l e b i h a n i t u d i b u t u h k a n o l e h p i h a k l a i n . O l e h s e b a b i t u

M u d h a r a b a h i n i d i s y a r i a t k a n o l e h A l l a h d e m i k e p e n t i n g a n k e d u a

b e l a h p i h a k .

H I K M A T

1 . M e m b e r i k e r i n g a n a n d a n k e m u d a h a n k e p a d a m a n u s i a y a n g

m e m p u n y a i k e m a h i r a n , t e n a g a d a n b e r k e i n g i n a n u n t u k

m e n j a l a n k a n p e r n i a g a a n t e t a p i t i a d a h a r t a y a n g b a n y a k

s u p a y a d a p a t b e r u s a h a d e n g a n m o d a l o r a n g l a i n .

2 . A d a p u l a s e s e t e n g a h m a n u s i a y a n g m e m p u n y a i h a r t a y a n g

b a n y a k t e t a p i t i d a k t a h u c a r a u n t u k m e n g u r u s d a n

m e n g e m b a n g k a n h a r t a n y a . J a d i m e r e k a b o l e h m e l a b u r

d e n g a n c a r a m u d h a r a b a h .

3 . D a p a t m e m b i n a s i f a t k e r j a s a m a a t a s p e r k a r a y a n g b a i k d i

m a n a h a r t a d a n t e n a g a d a p a t d i s a t u k a n u n t u k m e n g h a s i l k a n

w a n g y a n g l e b i h b a n y a k d e n g a n m e n c a r i k e u n t u n g a n y a n g

b e r g a n d a .

4 . K e d u a - d u a p i h a k m e n d a p a t b a h a g i a n k e u n t u n g a n m a s i n g -

m a s i n g . P e m o d a l d a n m a n f a a t d a r i p a d a m o d a l y a n g

d i l a b u r k a n n y a s e m e n t a r a p e n g u s a h a d a r i p a d a k e r j a n y a .

R U K U N M U D H A R A B A H D A N S Y A R A T - S Y A R A T N Y A

D a l a m h a l r u k u n a k a d m u d h a r a b a h t e r d a p a t b e b e r a p a p e r b e d a a n

p e n d a p a t a n t a r a U l a m a H a n a f i y a h d e n g a n J u m h u r U l a m a .

U l a m a H a n a f i y a h b e r p e n d a p a t b a h w a y a n g m e n j a d i r u k u n a k a d

m u d h a r a b a h a d a l a h I j a b d a n Q a b u l .

D a l a m h a l r u k u n a k a d m u d h a r a b a h t e r d a p a t b e b e r a p a p e r b e d a a n

p e n d a p a t a n t a r a U l a m a H a n a f i y a h d e n g a n J u m h u r U l a m a .

U l a m a H a n a f i y a h b e r p e n d a p a t b a h w a y a n g m e n j a d i r u k u n a k a d

m u d h a r a b a h a d a l a h I j a b d a n Q a b u l .

A d a p u n s y a r a t - s y a r a t m u d h a r a b a h , s e s u a i d e n g a n r u k u n y a n g

d i k e m u k a k a n J u m h u r U l a m a d i a t a s a d a l a h :

1 . O r a n g y a n g b e r a k a l h a r u s c a k a p b e r t i n d a k h u k u m d a n

c a k a p d i a n g k a t s e b a g a i w a k i l .

2 . M e n g e n a i m o d a l d i s y a r a t k a n :

a ) b e r b e n t u k u a n g ,

b ) j e l a s j u m l a h n y a ,

c ) t u n a i , d a n

d ) d i s e r a h k a n s e p e n u h y a k e p a d a m u d h a r i b ( p e n g e l o l a ) .

O l e h k a r e n a n y a j i k a m o d a l i t u b e r b e n t u k b a r a n g , m e n u r u t

U l a m a F i q h t i d a k d i b o l e h k a n , k a r e n a s u l i t u n t u k

m e n e n t u k a n k e u n t u n g a n n y a .

3 . Y a n g t e r k a i t d e n g a n k e u n t u n g a n d i s y a r a t k a n b a h w a

p e m b a g i a n k e u n t u n g a n h a r u s j e l a s d a n b a g i a n m a s i n g -

m a s i n g d i a m b i l d a r i k e u n t u n g a n d a g a n g i t u .

R u k u n -

r u k u n

M u d h a r a b a h

S y a r a t - s y a r a t n y a

S i g h a h

1 . L a f a z i j a b d a n q a b u l m e n u n j u k k a n p e n a w a r a n

d a n p e n e r i m a a n a k a d m u d h a r a b a h a t a u y a n g

m e m b a w a m a k s u d t e r s e b u t .

2 . T i d a k d i s e l a n g i d e n g a n d i a m y a n g l a m a a t a u

p e r k a t a a n l a i n a n t a r a i j a b d a n q a b u l .

A ’ q i d a n i

P e m o d a l

3 . P e m o d a l a h l i t a s a r r u f d a l a m m e n g u r u s k a n h a r t a

( t i d a k t e r l a r a n g d a n b e r h a k k e a t a s h a r t a n y a

u n t u k m e w a k i l k a n n y a )

4 . K e d u a - d u a p i h a k m e m p u n y a i k e l a y a k a n s e b a g a i

w a k i l ( p e n g u s a h a ) d a n p e w a k i l ( p e m o d a l ) .

5 . C u k u p u m u r i a i t u t e l a h b a l i g h ( b u k a n k a n a k -

k a n a k ) d a n b e r a k a l .

P e n g u s a h a6 . P e n g u s a h a b e r k e m a m p u a n m e n g u r u s k a n h a r t a

( t i d a k s a f i h d a n t i d a k b u t a )

M o d a l

7 . M o d a l m e s t i l a h b e r b e n t u k m a t a w a n g s e p e r t i

d i n a r , e m a s a t a u m a t a w a n g s e k a r a n g .

8 . M o d a l t i d a k b o l e h b e r b e n t u k b a r a n g d a g a n g a n

k e r a n a m e n i m b u l k a n g h a r a r p a d a h a r g a a t a u

n i l a i n y a .

9 . M o d a l j u g a m e s t i l a h d a l a m b e n t u k t u n a i ( t i d a k

b e r a d a d a l a m t a n g g u n g a n o r a n g l a i n ) .

1 0 . M o d a l m e s t i l a h d i s e r a h k a n k e p a d a p e n g u s a h a

d a n b e r a d a d a l a m t a n g g u n g a n d i a u n t u k

d i u s a h a k a n .

P e k e r j a a n

1 1 . P e r n i a g a a n a t a u p e r u s a h a a n y a n g d i h a r u s k a n

o l e h s y a r a k . O l e h i t u , t i d a k s a h p e l a b u r a n p a d a

p e r n i a g a a n a r a k , p e r j u d i a n d a n s e b a g a i n y a .

K e u n t u n g a n

1 2 . M e s t i d i k o n g s i b e r s a m a o l e h p e m o d a l d a n

p e n g u s a h a . ( T i d a k s a h a k a d j i k a k e u n t u n g a n

t e r s e b u t h a n y a d i b a y a r p a d a s a t u p i h a k ) .

1 3 . k e u n t u n g a n s e t i a p p i h a k m e s t i l a h d i t e t a p k a n

p a d a k a d a r a t a u n i s b a h y a n g t e r t e n t u s e p e r t i

d i b a h a g i k a n k e p a d a 3 0 : 7 0 a t a u 1 / 3 d a n 2 / 3 . ( T i d a k

s a h a k a d j i k a d i t e t a p k a n k e u n t u n g a n m e n g i k u t

n i l a i t e r t e n t u a t a u k a d a r / p e r a t u s a n y a n g

d i n i s b a h k a n p a d a m o d a l ) .

1 4 . k e u n t u n g a n h a n y a d i b a h a g i k a n k e p a d a p e l a b u r

d a n p e n g u s a h a s a h a j a .

M o d a l

D a l a m s i s t e m M u d h a r a b a h a d a e m p a t s y a r a t m o d a l y a n g

h a r u s d i p e n u h i :

1 . M o d a l h a r u s b e r u p a a l a t t u k a r / s a t u a n m a t a u a n g ( A l N a q d )

d a s a r n y a a d a l a h i j m a ’ a t a u b a r a n g y a n g d i t e t a p k a n

n i l a i n y a k e t i k a a k a d m e n u r u t p e n d a p a t y a n g r o j i h .

2 . M o d a l y a n g d i s e r a h k a n h a r u s j e l a s d i k e t a h u i .

3 . M o d a l y a n g d i s e r a h k a n h a r u s t e r t e n t u .

4 . M o d a l d i s e r a h k a n k e p a d a p i h a k p e n g e l o l a m o d a l d a n

p e n g e l o l a m e n e r i m a n y a l a n g s u n g d a n d a p a t b e r a k t i v i t a s

d e n g a n n y a .

J a d i d a l a m M u d h a r a b a h d i s y a r a t k a n m o d a l y a n g d i s e r a h k a n

h a r u s d i k e t a h u i d a n p e n y e r a h a n j u m l a h m o d a l k e p a d a M u d h a r i b

( p e n g e l o l a m o d a l ) h a r u s b e r u p a a l a t t u k a r s e p e r t i e m a s , p e r a k

d a n s a t u a n m a t a u a n g s e c a r a u m u m . T i d a k d i p e r b o l e h k a n b e r u p a

b a r a n g k e c u a l i b i l a d i t e n t u k a n n i l a i b a r a n g t e r s e b u t d e n g a n

n i l a i m a t a u a n g k e t i k a a k a d t r a n s a k s i , s e h i n g g a n i l a i b a r a n g

t e r s e b u t y a n g m e n j a d i m o d a l M u d h a r a b a h . C o n t o h n y a s e o r a n g

m e m i l i k i s e b u a h m o b i l t o y o t a k i j a n g l a l u d i s e r a h k a n k e p a d a

M u d h a r i b ( p e n g e l o l a m o d a l ) , m a k a k e t i k a a k a d k e r j a s a m a

t e r s e b u t d i s e p a k a t i w a j i b d i t e n t u k a n h a r g a m o b i l t e r s e b u t

d e n g a n m a t a u a n g , m i s a l n y a R p 8 0 j u t a ; m a k a m o d a l

M u d h a r a b a h t e r s e b u t a d a l a h R p 8 0 j u t a .

K e j e l a s a n j u m l a h m o d a l i n i m e n j a d i s y a r a t k a r e n a

m e n e n t u k a n p e m b a g i a n k e u n t u n g a n . A p a b i l a m o d a l t e r s e b u t

b e r u p a b a r a n g d a n t i d a k d i k e t a h u i n i l a i n y a k e t i k a a k a d , b i s a

j a d i b a r a n g t e r s e b u t b e r u b a h h a r g a d a n n i l a i n y a s e i r i n g

b e r j a l a n n y a w a k t u , s e h i n g g a m e m i l i k i k o n s e k u e n s i

k e t i d a k j e l a s a n d a l a m p e m b a g i a n k e u n t u n g a n .

D a r i s e k i a n e m p a t M a d z h a b F i q h t a k s a t u p u n y a n g

m e n g i z i n k a n s u a t u k o n t r a k d i m a n a k r e d i t u r m e m i n t a d e b i t u r

u n t u k m e n j a l a n k a n m u d h a r a b a h b e r d a s a r k a n p e n g e r t i a n b a h w a

m o d a l k o n g s i a d a l a h h u t a n g c a l o n m u d h a r i b k e p a d a i n v e s t o r .

R a b a l - m a l ( i n v e s t o r ) h a r u s m e n y e r a h k a n m o d a l m u d h a r a b a h

k e p a d a m u d h a r i b a g a r k o n t r a k i n i m e n j a d i s a h . M u d h a r i b b e b a s

m e n g i n v e s t a s i k a n d a n m e n g g u n a k a n m o d a l t e r s e b u t d a l a m

b a t a s - b a t a s k l a u s u l k o n t r a k m u d h a r a b a h y a n g s e c a r a u m u m

m e n e t a p k a n j e n i s u s a h a y a n g d i p i l i h , j a n g k a w a k t u k o n g s i , d a n

l o k a s i - l o k a s i t e m p a t m u d h a r i b b o l e h m e n j a l a n k a n u s a h a n y a

M a n a j e m e n

S e b a g a i m u d h a r i b y a n g m e n j a l a n k a n m u d h a r a b a h u n t u k

k o n g s i , h e n d a k n y a h a r u s m e m i l i k i k e b e b a s a n y a n g d i p e r l u k a n

d a l a m p e n g e l o l a a n k o n g s i d a n d a l a m p e m b u a t a n s e m u a

k e p u t u s a n t e r k a i t . I a b e b a s m e n e n t u k a n s e n d i r i b e n t u k b a r a n g -

b a r a n g u n t u k d i k e l o l a , m e m b e r i k a n m o d a l k e p a d a p i h a k k e t i g a ,

m e l i b a t k a n d i r i d a l a m s u a t u k e r j a s a m a ( m u s y a r a k a h ) d e n g a n

p i h a k - p i h a k l a i n t a n p a d i t e n t u k a n o l e h i n v e s t o r . S e h i n g g a

m e m p e o l e h h a s i l d a n k e u n t u n g a n y a n g m a k s i m a l .

D i l i h a t d a r i s e g i t r a n s a k s i y a n g d i l a k u k a n a n t a r a i n v e s t o r

d e n g a n m u d h a r i b , U l a m a F i q h m e m b a g i m u d h a r a b a h k e p a d a d u a

j e n i s : M u d h a r a b a h m u t h l a q a h ( t a k t e r b a t a s u n t u k m e n y e r a h k a n

m o d a l s e c a r a m u t l a k , t a n p a s y a r a t d a n p e m b a t a s a n ) d a n

M u d h a r a b a h m u q a y y a d a h ( t e r b a t a s u n t u k m e n y e r a h k a n m o d a l

d e n g a n s y a r a t d a n b a t a s a n t e r t e t u ) .

D a l a m m u d h a r a b a h m u t h l a q a h , m u d h a r i b b o l e h d a n b e b a s

m e n g g u n a k a n m o d a l u n t u k m e m b e l i b a r a n g a p a p u n d a r i

s i a p a p u n d a n k a p a n p u n i a b o l e h m e n j u a l b a r a n g - b a r a n g

m u d h a r a b a h d e n g a n c a r a t u n a i a t a u k r e d i t b a h k a n k e t i k a s i

m u d h a r i b d i b a t a s i p u n , i a b e b a s b e r d a g a n g s e s u a i d e n g a n

p r a k t i k u m u m n y a p a r a p e d a g a n g .

A k a n t e t a p i d a l a m m u d h a r a b a h m u q a y y a d a h , m u d h a r i b

h a r u s m e n g i k u t i s y a r a t - s y a r a t d a n b a t a s a n - b a t a s a n y a n g

d i k e m u k a k a n o l e h i n v e s t o r . M i s a l n y a , m u d h a r i b h a r u s

b e r d a g a n g b a r a n g t e r t e n t u , p a d a t e m p a t t e r t e n t u , d a n m e m b e l i

b a r a n g p a d a o r a n g t e r t e n t u .

M e n u r u t I m a m M a l i k d a n I m a m S y a f i ’ i , j i k a i n v e s t o r

m e n e n t u k a n b a h w a m u d h a r i b t i d a k b o l e h m e m b e l i k e c u a l i d a r i

o r a n g t e r t e n t u , m a k a m u d h a r a b a h i t u b a t a l 1 4 . A b u S a u d , p e n u l i s

k o n t e m p o r e r t e n t a n g B a n k I s l a m , m e n g a t a k a n :

( m u d h a r i b ) h a r u s m e m i l i k i k e b e b a s a n m u t h l a k d a l a m

b e r d a g a n g d e n g a n u a n g y a n g d i b e r i k a n k e p a d a n y a d a n

m e n g a m b i l s e g a l a l a n g k a h / k e p u t u s a n y a n g i a a n g g a p t e p a t

u n t u k m e m p e r o l e h k e u n t u n g a n m a k s i m a l . S e g a l a s y a r a t y a n g

m e m b a t a s i k e b e b a s a n s e m a c a m i n i m e r u s a k k e a b s a h a n

p e r j a n j i a n m u d h a r a b a h

J a n g k a W a k t u

M e n u r u t m a d z h a b M a l i k i d a n S y a f i ’ i b a h w a , k o n t r a k

m u d h a r a b a h t i d a k b o l e h m e n e n t u k a n s y a r a t a d a n y a j a n g k a w a k t u

t e r t e n t u b a g i k o n g s i . M e n u r u t n y a h a l d e m i k i a n d a p a t m e m b u a t

k o n t r a k m e n j a d i b a t a l . N a m u n k a l a n g a n m a d z h a b H a n a f i d a n

H a m b a l i m e m b o l e h k a n k l a u s u l d e m i k i a n .

U l a m a y a n g b e r p e n d a p a t p e r t a m a m e m b e r i k a n a r g u m e n

b a h w a p e m b a t a s a n w a k t u s e m a c a m i n i b i s a m e m b u a t p e l u a n g

y a n g b a i k l e p a s d a r i t a n g a n m u d h a r i b a t a u m e n g a c a u k a n

r e n c a n a - r e n c a n a n y a , s e h i n g g a m e n g a k i b a t k a n t i d a k d a p a t

m e m p e r o l e h k e u n t u n g a n d a r i u s a h a y a n g t e l a h d i l a k u k a n .

M e n g e n a i p e n g h e n t i a n k o n t r a k m u d h a r a b a h , m a s i n g -

m a s i n g d a r i p i h a k b e r h a k u n t u k m e n g e n t i k a n k o n t r a k t e r s e b u t

d e n g a n m e m b e r i t a h u k a n k e p u t u s a n i t u k e p a d a p i h a k l a i n .

K a r e n a b a g i m a y o r i t a s f u q a h a m u d h a r a b a h b u k a n l a h s u a t u

k o n t r a k y a n g m e n g i k a t . T a k a d a p e r b e d a a n p e n d a p a t k e t i k a

p e n g h e n t i a n i n i d i l a k u k a n s e b e l u m m u d h a r i b m u l a i m e n j a l a n k a n

m u d h a r a b a h .

I m a m S y a f i ’ i d a n H a n a f i m e n g u n g k a p k a n b a h w a b a h k a n

s e t e l a h m u d h a r i b m e n j a l a n k a n m u d h a r a b a h , s i a p a p u n d i a n t a r a

k e d u a b e l a h p i h a k b i a s m e n g h e n t i k a n n y a . N a m u n I m a m M a l i k

t i d a k m e n g i z i n k a n n y a d a l a m p e n g h e n t i a n k o n t r a k s e m a c a m

t e r s e b u t . K e t i k a k o n t r a k m u d h a r a b a h m e n j a d i b a t a l u n t u k a l a s a n

a p a p u n , s i m u d h a r i b h a r u s d i b e r i u p a h y a n g l a y a k s e b a g a i

i m b a l a n d a r i p e k e r j a a n y a n g t e l a h i a l a k u k a n , m e s k i p u n d a l a m

k e t e n t u a n m u d h a r a b a h t i d a k d e m i k i a n , n a m u n d i l a k u k a n s e b a g a i

s e b a g a i s u a t u k o n t r a k u p a h a n ( i j a r a h ) . H a l t e r s e b u t b e r d a s a r k a n

k l a u s u l s u a t u k o n t r a k u p a h a n , d i m a n a s e o r a n g p e k e r j a h a r u s

d i b e r i u p a h a t a s p e k e r j a a n n y a .

J a m i n a n

M e n g i n g a t h u b u n g a n a n t a r a i n v e s t o r d e n g a n m u d h a r i b

a d a l a h h u b u n g a n y a n g b e r s i f a t „ g a d a i ‟ d a n m u d h a r i b a d a l a h

o r a n g y a n g d i p e r c a y a , m a k a t i d a k a d a j a m i n a n o l e h m u d h a r i b

k e p a d a i n v e s t o r . I n v e s t o r t i d a k d a p a t m e n u n t u t j a m i n a n a p a p u n

d a r i m u d h a r i b u n t u k m e n g e m b a l i k a n m o d a l d e n g a n k e u n t u n g a n .

J i k a i n v e s t o r m e m p e r s y a r a t k a n p e m b e r i a n j a m i n a n d a r i

m u d h a r i b d a n m e n y a t a k a n h a l i n i d a l a m s y a r a t k o n t r a k , m a k a

k o n t r a k m u d h a r a b a h m e r e k a t i d a k s a h , d e m i k i a n m e n u r u t M a l i k

d a n Sya f i ’ i .

H U K U M K O N T R A K

K o n t r a k m u d h a r a b a h a t a u p e l a b u r a n p e r k o n g s i a n a d a l a h

k o n t r a k y a n g j a i z d a n t i d a k l a z i m . M a k n a n y a , k e d u a - d u a p i h a k

i a i t u p e m o d a l d a n p e n g u s a h a b e r h a k m e m b a t a l k a n k o n t r a k ,

t i d a k k i r a s a m a a d a p e n g u s a h a t e l a h m e n g u s a h a k a n m o d a l

s e p e r t i b e r j u a l b e l i d a n s e b a g a i n y a a t a u p u n b e l u m l a g i .

J E N I S - J E N I S M U D H A R A B A H

1 M u d h a r a b a h M u t l a q a h

S a t u p e l a b u r a n d i m a n a p e l a b u r m e n y e r a h k a n m o d a l

k e p a d a p e n g u s a h a t a n p a m e n e t a p k a n a p a - a p a s y a r a t d a n b a t a s a n

t e r t e n t u k e p a d a p e n g u s a h a d a l a m m e n g u r u s k a n n y a . M u d h a r a b a h

s e p e r t i i n i d i h a r u s k a n d a l a m k e e m p a t - e m p a t m a z h a b .

2 M u d h a r a b a h M u q a y y a d a h

P e l a b u r a n d a l a m b e n t u k p e m i l i k h a r t a m e n y e r a h k a n m o d a l

k e p a d a p e n g u s a h a d e n g a m m e n e t a p k a n s e s u a t u s y a r a t d a n

b a t a s a n t e r t e n t u k e p a d a p e n g u s a h a d i d a l a m m e n g u r u s k a n n n y a

s a m a a d a d a r i s e g i t e m p a t , j e n i s b a r a n g a t a u w a k t u t e r t e n t u .

M u d h a r a b a h j e n i s i n i d i h a r u s k a n o l e h I m a m A b u H a n i f a h d a n

I m a m A h m a d i a i t u d a l a m

M a z h a b H a n a f i d a n H a n b a l i m e n g h a r u s k a n n y a . S e b a l i k n y a I m a m

M a l i k i d a n S y a f e i t i d a k m e n g h a r u s k a n n y a .

P e m b a t a s a n W a k t u P e n a n a m a n M o d a l

D i p e r b o l e h k a n m e m b a t a s i w a k t u u s a h a d e n g a n p e n a n a m a n

m o d a l m e n u r u t p e n d a p a t m a d z h a b H a m b a l i y y a h . D e n g a n d a s a r

d i k i y a s k a n ( d i a n a l o g i k a n ) d e n g a n s i s t e m s p o n s o r s h i p p a d a s a t u

s i s i , d a n d e n g a n b e r b a g a i k r i t e r i a l a i n y a n g d i b o l e h k a n , p a d a

s i s i y a n g l a i n n y a .

K e u n t u n g a n

M u d h a r a b a h p a d a d a s a r n y a a d a l a h s u a t u s e r i k a t l a b a , d a n

k o m p o n e n d a s a r n y a a d a l a h p e n g g a b u n g a n k e r j a d a n m o d a l . L a b a

b a g i m a s i n g - m a s i n g p i h a k d i b e n a r k a n b e r d a s a r k a n k e d u a

k o m p o n e n t e r s e b u t . R i s i k o y a n g t e r k a n d u n g j u g a m e n j a d i

p e m b e n a r l a b a d a l a m m u d h a r a b a h . D a l a m k a s u s y a n g k o n g s i n y a

t i d a k m e n g h a s i l k a n l a b a s a m a s e k a l i , r i s i k o i n v e s t o r a d a l a h

k e h i l a n g a n s e b a g i a n a t a u s e l u r u h m o d a l , s e m e n t a r a r i s i k o

m u d h a r i b a d a l a h t i d a k m e n d a p a t k a n a t a s k e r j a d a n u s a h a n y a .

S e t i a p u s a h a d i l a k u k a n u n t u k m e n d a p a t k a n k e u n t u n g a n ,

d e m i k i a n j u g a M u d h a r a b a h . N a m u n d a l a m M u d h a r a b a h

d i s y a r a t k a n p a d a k e u n t u n g a n t e r s e b u t e m p a t s y a r a t :

1 . K e u n t u n g a n k h u s u s u n t u k k e d u a p i h a k y a n g b e k e r j a s a m a

y a i t u p e m i l i k m o d a l ( i n v e s t o r ) d a n p e n g e l o l a m o d a l .

S e a n d a i n y a d i s y a r a t k a n s e b a g i a n k e u n t u n g a n u n t u k p i h a k

k e t i g a , m i s a l n y a d e n g a n m e n y a t a k a n : ‘ M u d h a r a b a h d e n g a n

p e m b a g i a n 1 / 3 k e u n t u n g a n u n t u k m u , 1 / 3 u n t u k k u d a n 1 / 3

l a g i u n t u k i s t r i k u a t a u o r a n g l a i n , m a k a t i d a k s a h k e c u a l i

d i s y a r a t k a n p i h a k k e t i g a i k u t m e n g e l o l a m o d a l t e r s e b u t ,

s e h i n g g a m e n j a d i q i r a a d h b e r s a m a d u a o r a n g . [ S e a n d a i n y a

d i k a t a k a n : ’ s e p a r u h k e u n t u n g a n u n t u k k u d a n s e p a r u h n y a

u n t u k m u , n a m u n s e p a r u h d a r i b a g i a n k u u n t u k i s t r i k u ’ ,

m a k a i n i s a h k a r e n a i n i a k a d j a n j i h a d i y a h k e p a d a i s t r i .

2 . P e m b a g i a n k e u n t u n g a n u n t u k b e r d u a t i d a k b o l e h h a n y a

u n t u k s a t u p i h a k s a j a . S e a n d a i n y a d i k a t a k a n : ‘ S a y a

b e k e r j a s a m a M u d h a r a b a h d e n g a n m u d e n g a n k e u n t u n g a n

s e p e n u h n y a u n t u k m u ’ m a k a i n i d a l a m m a d z h a b S y a f i ’ i

t i d a k s a h .

3 . K e u n t u n g a n h a r u s d i k e t a h u i s e c a r a j e l a s .

4 . D a l a m t r a n s a k s i t e r s e b u t d i t e g a s k a n p r o s e n t a s e t e r t e n t u

b a g i p e m i l i k m o d a l ( i n v e s t o r ) d a n p e n g e l o l a . S e h i n g g a

k e u n t u n g a n n y a d i b a g i d e n g a n p e r s e n t a s e b e r s i f a t m e r a t a

s e p e r t i s e t e n g a h , s e p e r t i g a a t a u s e p e r e m p a t . A p a b i l a

d i t e n t u a n n i l a i n y a , c o n t o h n y a d i k a t a k a n k i t a b e k e r j a s a m a

M u d h a r a b a h d e n g a n p e m b a g i a n k e u n t u n g a n u n t u k m u s a t u

j u t a d a n s i s a n y a u n t u k k u ’ m a k a a k a d n y a t i d a k s a h .

D e m i k i a n j u g a b i l a t i d a k j e l a s p e r s e n t a s e - n y a s e p e r t i

s e b a g i a n u n t u k m u d a n s e b a g i a n l a i n n y a u n t u k k u .

D a l a m p e m b a g i a n k e u n t u n g a n p e r l u s e k a l i m e l i h a t h a l - h a l

b e r i k u t :

1 . K e u n t u n g a n b e r d a s a r k a n k e s e p a k a t a n d u a b e l a h p i h a k ,

n a m u n k e r u g i a n h a n y a d i t a n g g u n g p e m i l i k m o d a l I b n u

Q u d a m a h d a l a m S y a r h u l K a b i r m e n y a t a k a n : “ K e u n t u n g a n

s e s u a i d e n g a n k e s e p a k a t a n b e r d u a . ” L a l u d i j e l a s k a n

d e n g a n p e r n y a t a a n : “ M a k s u d n y a d a l a m s e l u r u h j e n i s

s y a r i k a t d a n h a l i t u t i d a k a d a p e r s e l i s i h a n n y a d a l a m A l

M u d h a r a b a h m u r n i . ” I b n u l M u n d z i r m e n y a t a k a n : “ P a r a

u l a m a b e r s e p a k a t b a h w a p e n g e l o l a b e r h a k m e m b e r i k a n

s y a r a t a t a s p e m i l i k m o d a l 1 / 3 k e u n t u n g a n a t a u ½ a t a u

s e s u a i k e s e p a k a t a n b e r d u a s e t e l a h h a l i t u d i k e t a h u i d e n g a n

j e l a s d a l a m b e n t u k p e r s e n t a s e . ”

2 . P e n g e l o l a m o d a l h e n d a k n y a m e n e n t u k a n b a g i a n n y a d a r i

k e u n t u n g a n . A p a b i l a k e d u a n y a t i d a k m e n e n t u k a n h a l

t e r s e b u t m a k a p e n g e l o l a m e n d a p a t k a n g a j i y a n g u m u m d a n

s e l u r u h k e u n t u n g a n m i l i k p e m i l i k m o d a l ( i n v e s t o r ) . I b n u

Q u d a m a h m e n y a t a k a n : “ D i a n t a r a s y a r a t s a h M u d h a r a b a h

a d a l a h p e n e n t u a n b a g i a n ( b a g i a n ) p e n g e l o l a m o d a l k a r e n a

i a b e r h a k m e n d a p a t k a n k e u n t u n g a n d e n g a n s y a r a t s e h i n g g a

t i d a k d i t e t a p k a n k e c u a l i d e n g a n n y a . S e a n d a i n y a d i k a t a k a n :

A m b i l h a r t a i n i s e c a r a m u d h a r a b a h d a n t i d a k d i s e b u t k a n

( k e t i k a a k a d ) b a g i a n p e n g e l o l a s e d i k i t p u n d a r i

k e u n t u n g a n , m a k a k e u n t u n g a n s e l u r u h n y a u n t u k p e m i l i k

m o d a l d a n k e r u g i a n d i t a n g g u n g p e m i l i k m o d a l s e d a n g k a n

p e n g e l o l a m o d a l m e n d a p a t g a j i u m u m n y a . I n i l a h p e n d a p a t

A l T s a u r i , A l S y a f i ’ i , I s h a a q , A b u T s a u r d a n A s h h a b A l

R a ’ i ( H a n a f i y a h ) . ” B e l i a u p u n m e r a j i h k a n p e n d a p a t i n i .

3 . P e n g e l o l a m o d a l t i d a k b e r h a k m e n e r i m a k e u n t u n g a n

s e b e l u m m e n y e r a h k a n k e m b a l i m o d a l s e c a r a s e m p u r n a .

B e r a r t i t i d a k s e o r a n g p u n b e r h a k m e n g a m b i l b a g i a n

k e u n t u n g a n s a m p a i m o d a l d o s e r a h k a n k e p a d a p e m i l i k

m o d a l , a p a b i l a a d a k e r u g i a n d a n k e u n t u n g a n m a k a

k e r u g i a n d i t u t u p i d a r i k e u n t u n g a n t e r s e b u t , b a i k b a i k

k e r u g i a n d a n k e u n t u n g a n n y a d a l a m s a t u k a l i a t a u k e r u g i a n

d a l a m s a t u p e r n i a g a a n d a n k e u n t u n g a n d a r i p e r n i a g a a n

y a n g l a i n n y a a t a u y a n g s a t u d a l a m s a t u p e r j a l a n a n n i a g a

d a n y a n g l a i n n y a d a l a m p e r j a l a n a n l a i n . K a r e n a m a k n a

k e u n t u n g a n a d a l a h k e l e b i h a n d a r i m o d a l d a n y a n g t i d a k

a d a k e l e b i h a n n y a m a k a b u k a n k e u n t u n g a n . K a m i t i d a k t a h u

a d a p e r s e l i s i h a n d a l a m h a l i n i .

4 . K e u n t u n g a n t i d a k d i b a g i k a n s e l a m a a k a d m a s i h b e r j a l a n

k e c u a l i a p a b i l a k e d u a p i h a k s a l i n g r i d h a d a n s e p a k a t . I b n u

Q u d a m a h m e n y a t a k a n : “ K e u n t u n g a n j i k a t a m p a k d a l a m

m u d h a r a b a h , m a k a p e n g e l o l a t i d a k b o l e h m e n g a m b i l

s e d i k i t p u n d a r i n y a t a n p a i z i n p e m i l i k m o d a l . K a m i t i d a k

m e n g e t a h u i d a l a m h a l i n i a d a p e r b e d a a n d i a n t a r a p a r a

u l a m a .

T i d a k d a p a t m e l a k u k a n n y a k a r e n a t i g a h a l :

1 . K e u n t u n g a n a d a l a h c a d a n g a n m o d a l , k a r e n a t i d a k b i s a

d i p a s t i k a n t i d a k a d a k e r u g i a n y a n g d a p a t d i t u t u p i d e n g a n

k e u n t u n g a n t e r s e b u t . s e h i n g g a b e r a k h i r h a l i t u t i d a k

m e n j a d i k e u n t u n g a n

2 . P e m i l i k m o d a l a d a l a h m i t r r a u s a h a p e n g e l o l a s e h i n g g a i a

t i d a k m e m i l i k i h a k m e m b a g i k e u n t u n g a n t e r s e b u t u n t u k

d i r i n y a .

3 . K e p e m i l i k a n n y a t a s h a l i t u t i d a k t e t a p , k a r e n a m u n g k i n

s e k a l i k e l u a r d a r i t a n g a n n y a u n t u k m e n u t u p i k e r u g i a n .

N a m u n a p a b i l a p e m i l i k m o d a l m e n g i z i n k a n u n t u k m e n g a m b i l

s e b a g i a n n y a , m a k a d i p e r b o l e h k a n ; k a r e n a h a k t e r s e b u t m i l i k

m e r e k a b e r d u a . ”

H a k m e n d a p a t k a n k e u n t u n g a n t i d a k a k a n d i p e r o l e h s a l a h s a t u

p i h a k s e b e l u m d i l a k u k a n p e r h i t u n g a n a k h i r t e r h a d a p u s a h a

t e r s e b u t . S e s u n g g u h n y a h a k k e p e m i l i k a n m a s i n g - m a s i n g p i h a k

t e r h a d a p k e u n t u n g a n y a n g d i b a g i k a n a d a l a h h a k y a n g l a b i l d a n

t i d a k a k a n b e r s i k a p p e r m a n e n s e b e l u m d i b e r a k h i r k a n n y a

p e r j a n j i a n d a n d i s a r i n g s e l u r u h b e n t u k u s a h a b e r s a m a y a n g a d a .

A d a p u n s e b e l u m i t u , k e u n t u n g a n y a n g d i b a g i k a n i t u p u n m a s i h

b e r s i f a t c a d a n g a n m o d a l y a n g d i g u n a k a n m e n u t u p i k e r u g i a n

y a n g b i s a s a j a t e r j a d i k e m u d i a n s e b e l u m d i l a k u k a n p e r h i t u n g a n

a k h i r .

P e r h i t u n g a n a k h i r y a n g m e m p e r m a n e n k a n h a k k e p e m i l i k a n

k e u n t u n g a n , a p l i k a s i n y a b i s a d u a m a c a m :

P e r t a m a : p e r h i t u n g a n a k h i r t e r h a d a p u s a h a . Y a k n i d e n g a n c a r a

i t u p e m i l i k m o d a l b i s a m e n a r i k k e m b a l i m o d a l n y a d a n

m e n y e l e s a i k a n i k a t a n k e r j a s a m a a n t a r a k e d u a b e l a h p i h a k .

K e d u a : F i n i s h c l e a n s i n g t e r h a d a p k a l k u l a s i k e u n t u n g a n . Y a k n i

d e n g a n c a r a p e n g u a n g a n a s e t d a n m e n g h a d i r k a n n y a l a l u

m e n e t a p k a n n i l a i n y a s e c a r a k a l k u l a t i f , d i m a n a a p a b i l a p e m i l i k

m o d a l m a u d i a b i s a m e n g a m b i l n y a . T e t a p i k a l a u i a i n g i n d i p u t a r

k e m b a l i , b e r a r t i h a r u s d i l a k u k a n p e r j a n j i a n u s a h a b a r u , b u k a n

m e n e r u s k a n u s a h a y a n g l a l u .

S y a r a t D a l a m M u d h a r a b a h

P e n g e r t i a n s y a r a t d a l a m A l M u d h a r a b a h a d a l a h s y a r a t -

s y a r a t y a n g d i t e t a p k a n s a l a h s a t u p i h a k y a n g m e n g a d a k a n

k e r j a s a m a b e r k a i t a n d e n g a n M u d h a r a b a h . S y a r a t d a l a m A l

M u d h a r a b a h i n i a d a d u a :

1 . S y a r a t y a n g s h a h i h ( d i b e n a r k a n ) y a i t u s y a r a t y a n g t i d a k

m e n y e l i s i h i t u n t u t a n a k a d d a n t i d a k p u l a m a k s u d n y a s e r t a

m e m i l i k i m a s l a h a t u n t u k a k a d t e r s e b u t . C o n t o h n y a P e m i l i k

m o d a l m e n s y a r a t k a n k e p a d a p e n g e l o l a t i d a k m e m b a w a p e r g i

h a r t a t e r s e b u t k e l u a r n e g e r i a t a u m e m b a w a n y a k e l u a r n e g e r i

a t a u m e l a k u k a n p e r n i a g a a n n y a k h u s u s d i n e g e r i t e r t e n t u a t a u

j e n i s t e r t e n t u y a n g g a m p a n g d i d a p a t k a n . M a k a s y a r a t - s y a r a t i n i

d i b e n a r k a n m e n u r u t k e s e p a k a t a n p a r a u l a m a d a n w a j i b d i p e n u h i ,

k a r e n a a d a k e m a s l a h a t a n n y a d a n t i d a k m e n y e l i s i h i t u n t u t a n d a n

m a k s u d a k a d p e r j a n j i a n m u d h a r a b a h .

2 . S y a r a t y a n g f a s a d ( t i d a k b e n a r ) . S y a r a t i n i t e r b a g i t i g a :

S y a r a t y a n g m e n i a d a k a n t u n t u t a n k o n s e k u e n s i a k a d ,

s e p e r t i m e n s y a r a t k a n t i d a k m e m b e l i s e s u a t u a t a u t i d a k

m e n j u a l s e s u a t u a t a u t i d a k m e n j u a l k e c u a l i d e n g a n h a r g a

m o d a l a t a u d i b a w a h m o d a l n y a . S y a r a t i n i d i s e p a k a t i

k e t i d a k b e n a r a n n y a , k a r e n a m e n y e l i s i h i t u n t u t a n d a n

m a k s u d a k a d k e r j a s a m a y a i t u m e n c a r i k e u n t u n g a n .

S y a r a t y a n g b u k a n d a r i k e m a s l a h a t a n d a n t u n t u t a n a k a h ,

s e p e r t i m e n s y a r a t k a n k e p a d a p e n g e l o l a u n t u k m e m b e r i k a n

M u d h a r a b a h k e p a d a n y a d a r i h a r t a y a n g l a i n n y a .

S y a r a t y a n g b e r a k i b a t t i d a k j e l a s n y a k e u n t u n g a n s e p e r t i

m e n s y a r a t k a n k e p a d a p e n g e l o l a b a g i a n k e u n t u n g a n y a n g

t i d a k j e l a s a t a u m e n s y a r a t k a n k e u n t u n g a n s a t u d a r i d u a

u s a h a y a n g d i k e l o l a , k e u n t u n g a n u s a h a i n i u n t u k p e m i l i k

m o d a l d a n y a n g s a t u n y a u n t u k p e n g e l o l a a t a u m e n e n t u k a n

n i l a i s a t u a n u a n g t e r t e n t u s e b a g a i k e u n t u n g a n . S y a r a t i n i

d i s e p a k a t i k e r u s a k a n n y a k a r e n a m e n g a k i b a t k a n k e u n t u n g a n

y a n g t i d a k j e l a s d a r i s a l a h s a t u p i h a k a t a u m a l a h t i d a k

d a p a t k e u n t u n g a n s a m a s e k a l i . S e h i n g g a a k a d n y a b a t a l .

M u d h a r a b a h d a l a m P e r b a n k a n I s l a m

P e m b a h a s a n m u d h a r a b a h d a l a m P e r b a n k a n I s l a m l e b i h

c e n d e r u n g b e r s i f a t a p l i k a t i f d a n p r a k t i s , j i k a d i b a n d i n g k a n

d e n g a n l i t e r a t u r f i q h y a n g b e r s i f a t t e o r i t i s . K o n t r a k

m u d h a r a b a h b a n k - b a n k I s l a m s a a t i n i s u d a h m e n j a m u r d i s e l u r u h

d u n i a , t e r u t a m a d i T i m u r T e n g a h . P e r b a n k a n I s l a m t e l a h

m e n j a d i i s t i l a h y a n g s u d a h t i d a k a s i n g b a i k d i d u n i a M u s l i m

m a u p u n d i d u n i a B a r a t . I s t i l a h t e r s e b u t m e w a k i l i s u a t u b e n t u k

p e r b a n k a n d a n p e m b i a y a a n y a n g b e r u s a h a m e n y e d i a k a n l a y a n a n -

l a y a n a n b e b a s „ b u n g a ‟ k e p a d a p a r a n a s a b a h .

U m u m n y a , k o n t r a k m u d h a r a b a h d i g u n a k a n d a l a m

p e r b a n k a n I s l a m u n t u k t u j u a n d a g a n g j a n g k a p e n d e k d a n u n t u k

s u a t u k o n g s i k h u s u s . K o n t r a k - k o n t r a k t e r s e b u t y a n g a d a

s e r i n g k a l i b e r a r t i j u a l - b e l i b a r a n g , y a n g m e n u n j u k k a n s i f a t

d a g a n g d a r i k o n t r a k i n i .

P a r a n a s a b a h b a n k I s l a m m e n g i k u t i k o n t r a k - k o n t r a k

m u d h a r a b a h d e n g a n b a n k I s l a m . M u d h a r i b ( n a s a b a h ) s e t e l a h

m e n e r i m a d u k u n g a n p e n d a n a a n d a r i b a n k , m e m b e l i s e j u m l a h

a t a u s e n i l a i t e r t e n t u d a r i b a r a n g y a n g s a n g a t s p e s i f i k d a r i

s e o r a n g p e n j u a l d a n m e n j u a l n y a k e p a d a p i h a k k e t i g a d e n g a n

s u a t u l a b a . S e b e l u m d i s e t u j u i n y a p e n d a n a a n , m u d h a r i b

m e m b e r i k a n k e p a d a b a n k s e g a l a p e r i n c i a n m e n d e t a i l y a n g

t e r k a i t d e n g a n b a r a n g , s u m b e r d i m a n a b a r a n g d a p a t d i b e l i s e r t a

s e m u a b i a y a y a n g t e r k a i t d e n g a n p e m b e l i a n b a r a n g t e r s e b u t .

K e p a d a b a n k m u d h a r i b m e n y a j i k a n p e r n y a t a a n - p e r n y a t a a n

f i n a n s i a l y a n g d i s y a r a t k a n m e n y a n g k u t h a r g a j u a l y a n g

d i h a r a p k a n , a r u s k a s ( c a s h f l o w ) d a n b a t a s l a b a ( p r o f i t

m a r g i n ) , y a n g a k a n d i k a j i o l e h b a n k s e b e l u m d i a m b i l k e p u t u s a n

a p a p u n t e n t a n g p e n d a n a a n .

B i a s a n y a b a n k a k a n m e m b e r i d a n a y a n g d i p e r l u k a n j i k a i a

t e l a h c u k u p p u a s d e n g a n b a t a s l a b a y a n g d i h a r a p k a n a t a s d a n a

y a n g d i b e r i k a n .

M o d a l

K o n t r a k - k o n t r a k m u d h a r a b a h b a n k I s l a m m e n e n t u k a n

j u m l a h m o d a l y a n g d i g u n a k a n d a l a m k o n g s i . R i n g k a s n y a , t i d a k

a d a d a n a t u n a i y a n g d i b e r i k a n k e p a d a m u d h a r i b . J u m l a h m o d a l

d i a n g s u r k e d a l a m r e k e n i n g m u d h a r a b a h y a n g o l e h b a n k d i b u k a

u n t u k t u j u a n p e n g e l o l a a n m u d h a r a b a h . K a r e n a u m u m n y a

m u d h a r a b a h u n t u k t u j u a n p e m b e l i a n b a r a n g - b a r a n g t e r t e n t u ,

m a k a b a n k s e n d i r i l a h y a n g m e l a k u k a n p e m b a y a r a n k e p a d a

p e n j u a l . D a n a - d a n a y a n g d i b e r i k a n o l e h b a n k s e b a g a i m o d a l

t i d a k d a l a m p e n a n g a n a n m u d h a r i b d a n i a t i d a k d a p a t

m e n g g u n a k a n n y a u n t u k t u j u a n l a i n .

B a g a i m a n a p u n j u g a , b a n k I s l a m , m i s a l n y a , m e n y a t a k a n

d a l a m k o n t r a k m u d h a r a b a h m e r e k a b a h w a m u d h a r i b t i d a k b o l e h

m e n g g u n a k a n d a n a y a n g d i b e r i k a n k e p a d a n y a u n t u k t u j u a n

a p a p u n s e l a i n y a n g t e l a h d i t e t a p k a n d a l a m k o n t r a k , s e b u a h

k l a u s u l y a n g t a m p a k n y a a g a k k u r a n g b e r a r t i d a l a m p r a k t i k .

M a n a j e m e n

M u d h a r i b m e n j a l a n k a n m u d h a r a b a h d a n m e n g a t u r

p e m b e l i a n , p e n y i m p a n a n , p e m a s a r a n , d a n p e n j u a l a n b a r a n g .

K o n t r a k m e n e t a p k a n s e c a r a d e t a i l b a g a i m a n a i a h a r u s m e n g e l o l a

m u d h a r a b a h . M u d h a r i b h a r u s m e m a s t i k a n b a h w a d e s k r i p s i y a n g

b e n a r t e n t a n g b a r a n g t e l a h t e r s e d i a p a d a s a a t p e n g a j u a n

p e n d a n a a n . I a p r i b a d i b e r t a n g g u n g j a w a b a t a s s e g a l a k e r u g i a n

a t a u b i a y a y a n g d i a k i b a t k a n o l e h s u a t u k e s a l a h a n a t a s

s p e s i f i k a s i k a r e n a

b a n k t i d a k a k a n m e n a n g g u n g s e g a l a k e r u g i a n s e m a c a m i n i . I a

h a r u s m e n y i m p a n n y a b a i k - b a i k . R i n g k a s n y a , m u d h a r i b h a r u s

m e m a t u h i s y a r a t - s y a r a t t e r i n c i d a r i k o n t r a k d a l a m k a i t a n n y a

d e n g a n m a n a j e m e n k o n g s i , s y a r a t - s y a r a t y a n g m a n a u m u m n y a

d i t e n t u k a n o l e h b a n k .

J a n g k a W a k t u

J a n g k a w a k t u y a n g d i g u n a k a n d a l a m k o n t r a k m u d h a r a b a h

u m u m n y a d i t e t a p k a n o l e h b a n k I s l a m , k a r e n a k o n t r a k

m u d h a r a b a h j u g a u m u m n y a d i g u n a k a n u n t u k t u j u a n d a g a n g

j a n g k a p e n d e k . K o n t r a k m u d h a r a b a h d a l a m b a n k I s l a m

h e n d a k n y a m e n g k l i r k a n ( l i q u i d a t e d ) d a n m o d a l b a n k b e s e r t a

k e u n t u n g a n n y a d i s e r a h k a n p a d a w a k t u y a n g t e l a h d i t e n t u k a n

d a l a m k o n t r a k , k a r e n a a d a b a t a s l a b a d a r i d a n a b a n k d i h i t u n g

d e n g a n m e m p e r t i m b a n g k a n j a t u h t e m p o k o n t r a k .

D a r i s u d u t p a n d a n g b a n k , s e d i k i t s a j a p e n g u l u r a n d a r i

w a k t u y a n g t e l a h d i t e t a p k a n a k a n m e n e m p a t k a n b a n k d a l a m

r i s i k o , k a r e n a h a l i n i t i d a k a k a n m e m u n g k i n k a n d e n g a n b a n k

u n t u k m e n g u b a h r a s i o k e u n t u n g a n y a n g s e j a k a w a l t e l a h

d i s e p a k a t i . K a r e n a r a s i o k e u n t u n g a n m a s i h t e t a p k o n s t a n s e l a m a

j a n g k a w a k t u m u d h a r a b a h , s u a t u p e n g u l u r a n d a p a t b e r a r t i

p e n g u r a n g a n k e u n t u n g a n a t a s m o d a l y a n g d i b e r i k a n .

B e b e r a p a b a n k I s l a m b a h k a n m e l a n g k a h l e b i h j a u h l a g i

d e n g a n m e n g u s u l k a n b a h w a j i k a m u d h a r i b t i d a k d a p a t

s e p e n u h n y a m e m a n f a a t k a n d a n a s e l a m a j a n g k a w a k t u y a n g t e l a h

d i t e n t u k a n , m a k a i a h a r u s m e m b e r i k a n g a n t i r u g i k e p a d a b a n k .

I I B D ( I n t e r n a t i o n a l I s l a m i c B a n k f o r I n v e s t m e n t a n d

D e v e l o p m e n t ) m i s a l n y a , m e n y a t a k a : “ K o n t r a k s e c a r a o t o m a t i s

a k a n d i b a t a l k a n p a d a s a a t j a t u h t e m p o . M u d h a r i b h a r u s

m e n g e m b a l i k a n d a n a m u d h a r a b a h k e p a d a i n v e s t o r d e n g a n

s e d i k i t k o n p e n s a s i a t a s p e n y i m p a n a n d a n a s e l a m a w a k t u k o n t r a k

t a n p a m e m b u a t n y a p r o d u k t i f ” .

J a m i n a n

M e s k i p u n d a l a m f i q i h t i d a k d i p e r b o l e h k a n i n v e s t o r u n t u k

m e n u n t u t j a m i n a n d a r i m u d h a r i b , b a n k - b a n k I s l a m u m u m n y a

b e n a r - b e n a r m e m i n t a b e r a g a m b e n t u k j a m i n a n . H a l i n i m e r e k a

l a k u k a n u n t u k m e m a s t i k a n b a h w a m o d a l y a n g d i s a l u r k a n d a n

k e u n t u n g a n y a n g d i h a r a p k a n d a r i m o d a l i n i d i b e r i k a n k e p a d a

b a n k p a d a s a a t y a n g d i t e t a p k a n d a l a m k o n t r a k . J a m i n a n d a p a t

d i b e r i k a n d a r i m u d h a r i b s e n d i r i m a u p u n d a r i p i h a k k e t i g a .

J a m i n a n y a n g d i m i n t a o l e h b a n k b a n k I s l a m t e r s e b u t t i d a k d i b u a t

u n t u k m e m a s t i k a n k e m b a l i n y a m o d a l , t e t a p i u n t u k m e m a s t i k a n

b a h w a k i n e r j a m u d h a r i b s e s u a i

d e n g a n s y a r a t - s y a r a t k o n t r a k .

S a l a h s a t u k l a u s u l d a l a m k o n t r a k m u d h a r a b a h p a d a F a i s a l

I s l a m i c B a n k o f E g y p t a d a l a h “ J i k a t e r b u k t i b a h w a m u d h a r i b

m e n y a l a h g u n a k a n a t a u t i d a k s u n g g u h - s u n g g u h d a l a m m e l i n d u n g i

b a r a n g - b a r a n g a t a u d a n a - d a n a , a t a u b e r t i n d a k b e r t e n t a n g a n

d e n g a n s y a r a t - s y a r a t i n v e s t o r , m a k a m u d h a r i b h a r u s

m e n a n g g u n g k e r u g i a n , d a n h a r u s m e m b e r i k a n j a m i n a n s e b a g a i

p e n g g a n t i k e r u g i a n s e m a c a m i n i ” . D a l a m k e j a d i a n y a n g

m a u d h a r i b b e r t a n g g u n g j a w a b a t a s k e r u g i a n s e p e r t i i n i ,

p e n j a m i n d i h a r u s k a n u n t u k m e m b e r i k a n g a n t i r u g i k e p a d a b a n k .

J i k a y a n g d i b e r i k a n o l e h p e n j a m i n b e l u m m e n c u k u p i , m a k a

m u d h a r i b h a r u s m e m b e r i k a n j a m i n a n t a m b a h a n d a l a m j a n g k a

w a k t u t e r t e n t u .

D i s a m p i g j a m i n a n t e r s e b u t , m u d h a r i b d i h a r u s k a n u n t u k

m e n y e r a h k a n l a p o r a n - l a p o r a n p e r k e m b a n g a n b e r k a l a t e n t a n g

k i n e r j a u m u m m u d h a r a b a h m a u p u n t e n t a n g a r u s k a s . I a j u g a

d i w a j i b k a n u n t u k s e l a l u m e l a k u k a n p e n c a t a t a n a t a s k e u a n g a n

y a n g t e r k a i t d e n g a n k o n t r a k , d a n m e n g i z i n k a n p e r w a k i l a n b a n k

u n t u k m e m e r i k s a c a t a t a n t e r s e b u t d a n m e n g e d i t n y a d a n u n t u k

m e n g i n v e s t a r i s a s i d i t o k o d a n g u d a n g n y a k a p a n p u n t a n p a b o l e h

a d a k e b e r a t a n d a r i n y a . J i k a t e r j a d i k e t e r l a m b a t a n d a l a m

m e n y e r a h k a n p e r n y a t a a n n e r a c a a t a u l a p o r a n p e r k e m b a n g a n

b e r k a l a , m a k a a k a n b e r a k i b a t p a d a p e n g u r a n g a n b a g i a n l a b a

m u d h a r i b s e b a n d i n g d e n g a n j a n g k a w a k t u k e t e r l a m b a t a n n y a .

B a n k m e m p u n y a i w e w e n a n g u n t u k m e n g a m b i l a l i h

m a n a j e m e n p r o y e k t e r s e b u t j i k a m u d h a r i b t i d a k d a p a t m e n c a p a i

a r u s k a s y a n g d i p r o y e k s i k a n a t a u p e n d a p a t a n y a n g d i b a g i k a n .

B a n k j u g a d a p a t m e n u n t u t p e m b e k u a n m u d h a r a b a h j i k a d i l i h a t

o l e h b a n k b a h w a t i d a k a d a u n t u n g n y a m e l a n j u t k a n k o n t r a k a t a u

j i k a m u d h a r i b t e l a h m e l a n g g a r k a l u s u l k o n t r a k . H a l i n i d a p a t

d i l a k u k a n t a n p a t e r l e b i h d a h u l u a d a p e r i n g a t a n a t a u p r o s e s

h u k u m .

P e m b a g i a n L a b a d a n R u g i

D a l a m p e m b a g i a n l a b a d a n r u g i , s e c a r a t e o r i , b a n k

m e n a n g g u n g s e c a r a r i s i k o ,

t e t a p i d a l a m p r a k t i k , d i k a r e n a k a n s i f a t m u d h a r a b a h b a n k I s l a m

d a n s y a r a t - s y a r a t y a n g a d a d i d a l a m n y a , k e r u g i a n s e m a c a m i n i

m u n g k i n a k a n j a r a n g s e k a l i t e r j a d i . B a n k I s l a m s e p a k a t d e n g a n

n a s a b a h m u d h a r a b a h n y a t e n t a n g r a s i o l a b a y a n g d i t e t a p k a n

d a l a m k o n t r a k . R a s i o a k a n t e r g a n t u n g a n t a r a l a i n p a d a d a y a

t a w a r s i n a s a b a h , p r a k i r a a n l a b a , s u k u b u n g a p a s a r , k a r a k t e r

p r i b a d i n a s a b a h d a n d a y a j u a l b a r a n g , m a u p u n j a n g k a

w a k t u k o n t r a k .

J i k a m u d h a r a b a h t i d a k m e n g h a s i l k a n s u a t u k e u n t u n g a n , s i

m u d h a r i b t i d a k a k a n m e n d a p a t k a n s e d i k i t p u n u p a h a t a s

k e r j a n y a . D a l a m h a l i n i m e n g a l a m i k e r u g i a n s e p a n j a n g t i d a k

d i t e m u k a n b u k t i s a l a h g u n a d a n s a l a h u r u s m u d h a r i b a t a s d a n a

m u d h a r a b a h a t a u s e p a n j a n g t i d a k d i t e n t u k a n p e l a n g g a r a n a t a s

s y a r a t - s y a r a t y a n g d i t e t a p k a n o l e h b a n k .

J i k a t e r b u k t i d e m i k i a n , m a k a m u d h a r i b s e n d i r i y a n g a k a n

m e n a n g g u n g k e r u g i a n , d a l a m k a s u s m a n a j a m i n a n y a n g t e r k a i t

d e n g a n t a n g g u n g j a w a b n a s a b a h h a r u s d i b e r i k a n k e p a d a b a n k .

P i h a k b a n k u n t u k m e n g a m b i l a l i h d a l a m r i s i k o d a r i s e t i a p

k e r u g i a n t i d a k b e g i t u s a j a t e r j a d i . I a m e l e w a t i b e r m a c a m -

m a c a m c a r a u n t u k m e n g h i l a n g k a n k e t i d a k p a s t i a n y a n g m u n g k i n

t e r j a d i d a l a m k o n g s i m u d h a r a b a h m u r n i . R i s i k o a k t u a r i a l d a l a m

k o n g s i m u d h a r a b a h s e p e r t i y a n g d i g u n a k a n d a l a m p e r b a n k a n

I s l a m d a p a t d i u k u r d a n d a p a t d i p a s t i k a n . U n t u k a l a s a n i n i l a h ,

d a p a t d i k a t a k a n b a h w a m u d h a r a b a h b a n k I s l a m s e d i k i t b e r b e d a

d e n g a n p e n y e l e n g g a r a a n i n v e s t a s i b e r i s i k o r e n d a h m a u p u n

i n v e s t a s i b e b a s r i s i k o m a n a p u n .

B e r a k h i r n y a U s a h a M u d h a r a b a h

M u d h a r a b a h t e r m a s u k a k a d k e r j a s a m a y a n g d i p e r b o l e h k a n .

U s a h a i n i b e r a k h i r d e n g a n p e m b a t a l a n d a r i s a l a h s a t u p i h a k .

K a r e n a t i d a k a d a s y a r a t k e b e r l a n g s u n g a n t e r u s m e n e r u s d a l a m

t r a n s a k s i u s a h a s e m a c a m i n i . M a s i n g - m a s i n g p i h a k b i s a

m e m b a t a l k a n t r a n s a k s i k a p a n s a j a d i a m e n g h e n d a k i . T r a n s a k s i

M u d h a r a b a h i n i j u g a b i s a b e r a k h i r d e n g a n m e n i n g g a l n y a s a l a h

s a t u p i h a k t r a n s a k t o r , a t a u k a r e n a i a g i l a a t a u i d i o t .

I m a m I b n u Q u d a m a h ( w a f a t t a h u n 6 2 0 H ) m e n y a t a k a n : “ A l

M u d h a r a b a h t e r m a s u k j e n i s a k a d y a n g d i p e r b o l e h k a n . I a

b e r a k h i r d e n g a n p e m b a t a l a n s a l a h s e o r a n g d a r i k e d u a b e l a h

p i h a k - s i a p a s a j a - , d e n g a n k e m a t i a n , g i l a a t a u d i b a t a s i k a r e n a

i d i o t ; h a l i t u k a r e n a i a b e r a k t i v i t a s p a d a h a r t a o r a n g l a i n

d e n g a n s e z i n n y a , m a k a i a s e p e r t i w a k i e l d a n t i d a k a d a b e d a n y a

a n t a r a s e b e l u m b e r a k t i v i t a s d a n s e s u d a h n y a . S e d a n g k a n I m a m

A l N a w a w i m e n y a t a k a n : P e n g h e n t i a n q i r a a d h b o l e h , k a r e n a i a

d i a w a l n y a a d a l a h p e r w a k i l a n d a n s e t e l a h i t u m e n j a d i s y a r i k a t .

A p a b i l a t e r d a p a t k e u n t u n g a n m a k a s e t i a p d a r i k e d u a b e l a h

p i h a k b o l e h m e m b e r h e n t i k a n n y a k a p a n s u k a d a n t i d a k b u t u h

k e h a d i r a n d a n k e r i d o a n m i t r a n y a . A p a b i l a m e n i n g g a l a t a u g i l a

a t a u h i l a n g a k a l m a k a b e r a k h i r u s a h a t e r b u t . ”

I m a m S y a f i ’ i m e n y a t a k a n : “ K a p a n p e m i l i k m o d a l i n g i n

m e n g a m b i l m o d a l n y a s e b e l u m d i u s a h a k a n d a n s e s u d a h n y a d a n

k a p a n p e n g e l o l a i n g i n k e l u a r d a r i q i r a a d h m a k a i a k e l u a r

d a r i n y a . ”

A p a b i l a t e l a h d i h e n t i k a n d a n h a r t a ( m o d a l ) u t u h , n a m u n

t i d a k m e m i l i k i k e u n t u n g a n m a k a h a r t a t e r s e b u t d i a m b i l p e m i l i k

m o d a l . A p a b i l a t e r d a p a t k e u n t u n g a n m a k a k e d u a n y a m e m b a g i

k e u n t u n g a n t e r s e b u t s e s u a i d e n g a n k e s e p a k a t a n . A p a b i l a

b e r h e n t i d a n h a r t a b e r b e n t u k b a r a n g , l a l u k e d u a n y a s e p a k a t

m e n j u a l n y a a t a u m e m b a g i n y a m a k a d i p e r b o l e h k a n , k a r e n a h a k

m i l i k k e d u a b e l a h p i h a k . A p a b i l a p e n g e l o l a m i n t a m e n j u a l n y a

s e d a n g p e m i l i k m o d a l m e n o l a k d a n t a m p a k d a l a m u s a h a t e r s e b u t

a d a k e u n t u n g a n , m a k a p e n i l i k m o d a l d i p a k s a m e n j u a l n y a ;

k a r e n a h a k p e n g e l o l a a d a p a d a k e u n t u n g a n d a n t i d a k t a m p a k

d e c u a l i d e n g a n d i j u a l . N a m u n b i l a t i d a k t a m p a k k e u n t u n g a n n y a

m a k a p e m i l i k m o d a l t i d a k d i p a k s a .

T a m p a k s e k a l i d a r i s i n i k e a d i l a n s y a r i a t i s l a m y a n g s a n g a t

m e m p e r h a t i k a n k e a d a a n d u a b e l a h p i h a k y a n g b e r t r a n s a k s i

m u d h a r a b a h . S e h i n g g a s e h a r u s n y a k e m b a l i m e m o t i v a s i d i r i k i t a

u n t u k b e l a j a r d a n m e n g e t a h u t a t a a t u r a n s y a r i a t d a l a m

m u a m a l a h s e h a r i - h a r i .

1 . B e r l a k u p e m b u b a r a n t e r h a d a p k o n t r a k o l e h s a t u a t a u

k e d u a - p i h a k a t a u l a r a n g a n d a r i p i h a k p e m o d a l d a r i

m e n g u r u s k a n m o d a l ( w a n g p e l a b u r a n ) .

2 . M o d a l y a n g m e n j a d i s u b j e k k o n t r a k t e l a h m u s n a h a t a s

a p a - a p a s e b a b . T i d a k k i r a s a m a a d a k e m u s n a h a n

d i s e b a b k a n o l e h b e n c a n a a l a m a t a u d i s e b a b k a n o l e h

p e r b u a t a n p e l a b u r a t a u p u n p e n g u s a h a .

3 . S a l a h s e o r a n g a n t a r a p e m o d a l a t a u p e n g u s a h a g i l a y a n g

b e r t e r u s a n . I n i k e r a n a g i l a b o l e h m e m b a t a l k a n k e a h l i a n

w a k a l a h .

4 . M a t i s a l a h s e o r a n g p e l a k u k o n t r a k , s a m a a d a p e m o d a l

a t a u p e n g u s a h a . I n i m e r u p a k a n p e n d a p a t j u m h u r .

S e b a l i k n y a u l a m a ’ M a l i k i t i d a k m e n g a n g g a p n y a b a t a l

t e t a p i w a r i s y a n g b e r t a n g g u n g j a w a b m e n g a m b i l t e m p a t

s e k i r a n y a d i a d a r i o r a n g y a n g a m a n a h .

5 . P e m o d a l t e l a h m u r t a d . J i k a p e n g u s a h a y a n g m u r t a d ,

m u d h a r a b a h t e t a p b e r j a l a n .

A P L I K A S I M U D H A R A B A H D A L A M P A S A R A N K E U A N G A N

S E M A S A

1 . K o n t r a k m u d h a r a b a h y a n g d i s e r t a k a n d a l a m D e p o s i t

A k u n S e m a s a W a d i a ’ h d i b a n k . B a n k m e m b e r i k o m i t m e n

u n t u k m e n j a m i n k e s e l a m a t a n w a n g y a n g d i s i m p a n t e t a p i

t i d a k m e m b e r i k a n h i b a h k e p a d a p e l a n g g a n . P e l a n g g a n

d i b e r i k a n k e m u d a h a n b u k u c e k K o m b i n a s i W a d i a h d a n

M u d h a r a b a h ( a k a u n h i b r i d ) . B a n k a k a n m e m e g a n g d u a

p e r a n a n i a i t u s e b a g a i p e m e g a n g a m a n a h d a n p e n g u s a h a

m a n a k a l a p e l a n g g a n b e r t i n d a k s e b a g a i p e n y i m p a n

( M u d i ` ) d a n p e l a b u r . K e u n t u n g a n y a n g d i p e r o l e h i

d i b a h a g i k a n b e r d a s a r k a n n i s b a h k e u n t u n g a n y a n g t e l a h

d i p e r s e t u j u i d i a w a l k o n t r a k .

2 . A k a u n P e l a b u r a n M u d h a r a b a h . P e l a n g g a n s e b a g a i

p e m i l i k m o d a l ( r a b b m a l ) m e n e m p a t k a n w a n g d i

b a n k . B a n k b e r t i n d a k s e b a g a i p e n g u s a h a ( m u d h a r i b ) a k a n

m e n g g u n a k a n w a n g t e r s e b u t u n t u k m e n j a n a p e n d a p a t a n .

K e u n t u n g a n y a n g d i p e r o l e h i d i b a h a g i k a n b e r d a s a r k a n

n i s b a h k e u n t u n g a n y a n g t e l a h d i p e r s e t u j u i d i a w a l

k o n t r a k . S e b a r a n g k e r u g i a n d a r i p a d a p e l a b u r a n

d i t a n g g u n g o l e h p e l a n g g a n s e b a g a i r a b b m a l . B a n k a k a n

m e n a n g g u n g k e r u g i a n j i k a k e r u g i a n d i s e b a b k a n o l e h

k e c u a i a n b a n k s e l a k u m u d h a r i b . P e l a n g g a n b o l e h

b e r u n d i n g d e n g a n b a n k u n t u k m e n e n t u k a n n i s b a h

p e m b a h a g i a n u n t u n g s e b e l u m m e m e t e r a i k o n t r a k .

3 . P e l a b u r a n s e u m p a m a m e m b e l i s a h a m d e n g a n

m e n g g u n a k a n a k a d m u d h a r a b a h d e n g a n m e n e p a t i s y a r a t -

s y a r a t m u d h a r a b a h . P e l a b u r a k a n b e r t i n d a k s e b a g a i ( r a b b

m a l ) m a n a k a l a s y a r i k a t a t a u k o p e r a s i y a n g t e r l i b a t

b e r t i n d a k s e b a g a i p e n g u s a h a ( m u d h a r i b ) . A n t a r a

s y a r a t n y a , p e r l u a d a n i s b a h k e u n t u n g a n y a n g d i p e r s e t u j u i

d i a w a l k o n t r a k , t i a d a j a m i n a n t e r p e l i h a r a m o d a l d a n

m o d a l t i d a k d i l a b u r k a n p a d a y a n g h a r a m a t a u d a n a

b e r c a m p u r d e n g a n s e s u a t u y a n g h a r a m .

4 . P e m b i a y a a n m o d a l p e r n i a g a a n a t a u p e r u s a h a a n o l e h b a n k

a t a u i n s t i t u s i k e w a n g a n t e r t e n t u m e n g g u n a k a n p r i n s i p

m u d h a r a b a h . B a n k y a n g b e r t i n d a k s e b a g a i p e m o d a l a k a n

m e m b e r i m o d a l k e p a d a p e n i a g a s e b a g a i p e n g u s a h a n y a .

K e u n t u n g a n y a n g a k a n d i p e r o l e h a k a n d i k o n g s i b e r s a m a

a n t a r a d u a p i h a k i n i b e r d a s a r k a n n i s b a h y a n g

d i p e r s e t u j u i p a d a a w a l k o n t r a k .

5 . D e p o s i t s i m p a n a n d i b a n k d e n g a n a d a p i h a k k e t i g a y a n g

m e n g u s a h a k a n n y a . T e r d a p a t d u a a k a d p e r s e t u j u a n . P e r t a m a

a n t a r a p e n d e p o s i t d e n g a n b a n k . S e t e r u s n y a , d a l a m m a s a

y a n g s i n g k a t a d a a k a d p e r s e t u j u a n a n t a r a b a n k d e n g a n

p e n g u s a h a d i m a n a p i h a k b a n k a k a n m e n y e r a h k a n w a n g

d e p o s i t t e r s e b u t k e p a d a n y a u n t u k d i n i a g a k a n . k e u n t u n g a n

a k a n d i b a h a g i k a n a n t a r a p e n d e p o s i t d a n b a n k m e n g i k u t

n i s b a h y a n g d i p e r s e t u j u i . P i h a k p e n g u s a h a p u l a m e n d a p a t

k e u n t u n g a n d a r i p a d a s e b a h a g i a n n i s b a h k e u n t u n g a n b a n k .