FORMULASI SISTEM IMBAL HASIL DALAM KEUANGAN KONTEMPORER

Abstract

The debate on the legitimacy of returns in contemporary Islamic finance remains largely dominated by a dichotomy between interest-based systems and profit-sharing schemes grounded in real business activities. Meanwhile, fluctuations in currency values and inflation have generated issues of value justice that are not fully accommodated within classical Islamic contractual frameworks. This study aims to formulate a non-riba return scheme based on time periods and changes in currency value, and to analyze its compatibility with the principles of fiqh al-muʿāmalāt. This research adopts a normative–conceptual approach using a library-based method, combined with descriptive–analytical analysis of the mathematical formulation of periodic payment schemes, deferred fund accumulation, and mechanisms for settling value differentials. The findings indicate that returns in the proposed model are not predetermined at the inception of the contract but depend on actual changes in currency value over the payment period. Time is positioned as a framework for the distribution and observation of value rather than as a basis for determining fixed additional gains. The study also formulates a surplus and deficit settlement mechanism in which value differentials are borne institutionally, thereby preventing the unilateral transfer of risk to customers. From the perspective of fiqh al-muʿāmalāt, this model does not constitute riba as it does not involve ziyādah muqaddarah (predetermined increment), nor does it contain maysir, as it is non-speculative in nature. Although an element of uncertainty (gharar) remains, such uncertainty is limited, measurable (gharar yasīr), and therefore tolerable within Islamic jurisprudence. This study concludes that a return scheme based on changes in currency value may be examined as a conceptual supporting mechanism for structuring agreements in Islamic contracts—particularly muḍārabah and mushārakah—without replacing them as primary contractual forms.