MODEL APLIKASI FIKIH MUAMALAH PADA FORMULASI HYBRID CONTRACT

Modern literatures of fiqh mu’āmalah talk alot about various contract formulation with capability of maximizing profit in shariah finance industry. This new contract modification is the synthesis among existing contracts which is formulated in such a way to be an integrated contract. This formulation is known as a hybrid contract or multicontract (al-'uqūd al-murakkabah). Some of them are, bay' bi thaman 'ājil, Ijārah muntahiyah bi ’l-tamlīk dan mushārakah mutanāqiṣah. This study intends to further describe models of hybrid contract, and explore the shari'ah principles in modern financial institutions. This study found a potential shift from the ideal values of the spirit of shari'ah into the spirit of competition based shari'ah formally.