The Application of Murābaha Contract in Islamic Banking from Muslim Jurists’ Perspective

Abstract

High needs of the society needs on Islamic banking services tends to be viewed by bankers to produce more products that can be used to answer the need of financing and easy transaction acted by people. Hence, one of the Islamic banking transaction that attracts the society enthusiastic to be used is murābaha. In theory, the murābaha is allowed in Islam, therefore the society want to use it, but it may be in practice of murābaha can be found the prohibited transaction such as riba, gharar, and gambling. By then, this paper attempts to analyse the practice of murābaha in Islaminc banking from the thought of Muslim jurists either classical or contemporary time. The method used for the study is comparative analysis on law produced by the Muslim jurists such as al-Malikiyah, al-Shafi‘iyah, al-hanafiyyah, and al-Hanabilah.