Practice Incentive Compatible Contraints on Mudharabah Financing in Perspective Fatwa No. 07/DSN-MUI/IV/2000
Keywords:
Fatwa, Incentive, Compatible, Contrains, Akad, MudharabahAbstract
The MUI fatwa on mudharabah financing states that, in principle, no collateral is needed for mudharabah financing, but to ensure that mudharib does not break their promise, Islamic financial institutions are allowed to require collateral from third parties. The collateral can be disbursed if the mudharib is proven to have violated the contract. Incentive compatible constraints (ICC) are a way to control the presence of asymmetric information in the mudharabah contract. The purpose of this study is to analyze the application of incentive-compatible constraints to the mudharabah contract and to analyze the application of incentive-compatible constraints to the mudharabah contract from the perspective of Fatwa No. 07/DSN-MUI/IV/2000. This type of research is both descriptive and qualitative. The data sources used are primary and secondary. The results of the study show that: 1) the mudharabah financing implemented at BPRS Lantabur is of the mudharabah mutlaqah type; and 2) the ICC implementation at PT BPRS Lantabur is carried out through 4 aspects, namely by setting a higher stake of net worth and/or collateral, lowering operating risk, reducing unobservable cash flow, and reducing non-controllable costs. 3) The implementation of ICC on mudharabah financing at BPRS Lantabur is known to be in accordance with Fatwa No. 07/DSN-MUI/IV/2000.
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