Toward Theory of Islamic Pricing: Philosophy of a Just Profit Sharing
Ratio of Muḍārabah Contract
Abstract
Islamic economy in Indonesia is in continuous development qualitatively
and quantitatively. There are products of Islamic financial institutions
which innovatively developed. However, there are findings which stated
that the Islamic financial institutions in Indonesia still not in full
compliance with the Shariah, especially in terms of fulfilling the
justice experienced by Islamic bank’s mudarabah contract customers. The
injustice is on the nisbah or ratio between the capital owner and the
capital manager. There ara model or proposal to how to determine the
profit sharing ratio, however, there is still none of them which
dwelling on the idea of justice in profit sharing ratio. This research,
using an explorative and qualitative approach contributes to the
philosophical basis in determining the just profit sharing ratio. The
reason for the research is since justice is one of the Islamic economy
pillars in Islamic economy paradigm. By this research, it is hoped that
the future practice of profit sharing ratio will be just for the actors
of the Muḍārabah contract.