EVALUATING CONTRACT COMPLIANCE AND FINANCING ALIGNMENT IN PRODUCTIVE AND INVESTMENT PRODUCTS AT BMI SHARIA COOPERATIVE

Abstract

The financing scheme of Benteng Mikro Indonesia (BMI) Sharia Cooperative includes several financing products, specifically productive financing and investment financing products. Productive financing uses the murabahah and musharakah contracts, while investment financing employs istisna and ijarah contracts. This study aims to conduct an in-depth analysis of the compatibility of contracts with the products used in BMI’s sharia cooperative financing products. The research method applied is descriptive qualitative, using data collection techniques such as interviews and secondary data gathered from the BMI Sharia Cooperative website, reports, and guides. The study results indicate that the murabahah contract in productive financing and the istisna contract in investment financing are consistent with the DSN-MUI fatwa. However, the ijarah contract in investment financing is not fully aligned, particularly in the determination of ujrah (compensation), which is based on the amount of money lent rather than the benefits received. Additionally, while the musharakah contract is generally suitable, it is less appropriate for products based on agriculture or livestock, as returns are typically seasonal, based on the harvest period rather than monthly.