FINANCIAL RISK MANAGEMENT IN SYARIAH CONTRACTS: A Review of Current Literature

Abstract

Abstrak: Manajemen Risiko Finansial dalam Kontrak Syariah: Suatu Tinjauan Literatur Mutakhir. Secara teori, sistem musyârakah, mudhârabah dan murâbahah merupakan konsep kerja sama bisnis paling ideal. Musyârakah dan mudhârabah merupakan kontrak bisnis yang telah dikenal sejak awal sejarah Muslim. Musyârakah menempatkan para pihak pada posisi yang berimbang pada hak dan kewajiban dalam bisnis sesuai proporsinya. Tulisan ini berusaha mengelaborasi pandangan mutakhir tentang risiko keuangan dalam produk perbankan. Penulis menyimpulkan bahwa pada praktik perbankan syariah, musyârakah dan mudhârabah hanya menempati porsi yang kecil dibanding murâbahah. Dua produk tersebut cenderung menimbulkan moral hazard dan adverse selection sehingga teori keagenan dan asimetri informasi dapat memberikan penjelasan yang baik terhadap problem musyârakah dan mudhârabah. Selain itu, konsep profit-loss sharing, berdasarkan penelusuran penulis terhadap literatur kontemporer, juga masih kontroversial dan konsep ini rentan terhadap penyimpangan moral.

Abstract: Theoretically, the musyârakah, mudhârabah and murâbahah systems are the most ideal concept of profit loss sharing business. Musyârakah and mudhârabah are business contracts recognized since the beginning of Islamic history. In Musyârakah contract, each contracting parties are considered equal in their rights in doing business contract. This writing attempts to elaborate the latest views on financial risk in banking products. At the practical level, the writer concludes that musyârakah and mudhârabah constitute minor portion than murâbahah in the overall Syari’ah banking transactions. These products of Syari’ah banking tend to lead to moral hazard and adverse selection and thus agency theory and information asymmetrical explain the inherent problem well. In addition, the concept of profit-loss sharing according to the writer is still controversial which is also vulnarable to moral hazard.

Keywords: risk management, Syariah banking, musyârakah, mudhârabah, murâbahah