Multi Akad dalam Keuangan Syariah Kontemporer: Analisis Hukum, Etika, dan Maqashid al-Shari‘ah di Indonesia

Multi-Contract Structures in Contemporary Islamic Finance: A Legal, Ethical, and Maqashid al-Shari‘ah Analysis in Indonesia

Abstract

The rapid development of Islamic finance has driven the emergence of innovative financial products to address the growing complexity of contemporary transactions. One such innovation is the application of hybrid contracts (multi akad), defined as the combination of two or more contracts within a single transaction structure. While offering flexibility and efficiency, this practice raises significant legal and ethical concerns, particularly regarding the potential for ??lah (legal stratagems), the tendency toward formalistic compliance devoid of substantive meaning, and the gap between normative fatwas and actual operational practices. This study aims to critically analyze the practice of hybrid contracts through an integrative approach combining Islamic legal theory, ethics, and maq??id al-shar?‘ah. It employs a qualitative library-based research method, examining classical and contemporary fiqh literature, principles of u??l al-fiqh, fatwas issued by the Indonesian National Sharia Council (DSN-MUI), and relevant regulatory frameworks in Indonesia. The findings indicate that hybrid contracts are fundamentally permissible in Islamic commercial law, provided that each underlying contract is valid under Shar?‘ah and free from prohibited elements. However, contemporary practices reveal a tendency toward a mismatch between formal and substantive compliance, where certain hybrid structures may function as mechanisms for disguising elements of rib?. This study contributes to the literature by proposing a maq??id al-shar?‘ah-based analytical framework that emphasizes substantive compliance rather than mere formal adherence to fatwas. This framework offers an alternative perspective for evaluating hybrid contract practices by prioritizing justice, transparency, and public welfare as the core objectives of Shar?‘ah.

 [Perkembangan Perkembangan ekonomi syariah yang pesat telah mendorong munculnya berbagai inovasi produk keuangan guna merespons kompleksitas transaksi modern. Salah satu inovasi tersebut adalah penerapan multi akad (hybrid contract), yaitu penggabungan dua atau lebih akad dalam satu rangkaian transaksi. Meskipun menawarkan fleksibilitas dan efisiensi, praktik ini menimbulkan persoalan hukum dan etika, terutama terkait potensi ??lah (rekayasa hukum), kecenderungan formalisasi akad tanpa substansi, serta adanya kesenjangan antara fatwa normatif dan praktik operasional. Penelitian ini bertujuan untuk menganalisis secara kritis praktik multi akad melalui pendekatan integratif yang menggabungkan perspektif hukum Islam, etika, dan maq??id al-shar?‘ah. Metode yang digunakan adalah penelitian kualitatif berbasis studi pustaka dengan mengkaji literatur fikih klasik dan kontemporer, kaidah u??l fiqh, fatwa Dewan Syariah Nasional–Majelis Ulama Indonesia (DSN-MUI), serta regulasi terkait di Indonesia. Hasil penelitian menunjukkan bahwa multi akad pada prinsipnya dibolehkan dalam muamalah selama setiap akad yang digabungkan memenuhi ketentuan syar‘i dan bebas dari unsur yang dilarang. Namun demikian, praktik kontemporer memperlihatkan adanya ketidaksesuaian antara aspek formal dan substantif, di mana beberapa struktur multi akad berpotensi menjadi sarana penyamaran unsur riba. Penelitian ini menawarkan kebaruan melalui pengembangan kerangka analisis berbasis maq??id al-shar?‘ah yang menekankan pentingnya kepatuhan substantif (substantive compliance), bukan sekadar kepatuhan formal terhadap fatwa. Kerangka ini memberikan perspektif alternatif dalam menilai praktik multi akad dengan menitikberatkan pada nilai keadilan, transparansi, dan kemaslahatan sebagai tujuan utama syariah.]