Transformation of Wadiah Contract in the Sharia Financial System and Its Impact on Hajj Fund Management
Abstract
This research aims to analyze the transformation of the wadiah contract in the Islamic financial system and its impact on the management of hajj funds in Indonesia. The approach used is normative juridical with a qualitative method based on literature study, which examines various legal sources, fatwas, and related academic literature. This research also examines institutional practices involving the Hajj Financial Management Agency and Islamic banking such as Bank Muamalat Indonesia. The research results show that the wadiah contract has undergone a transformation from a pure deposit contract to a more flexible financial instrument thru the application of wadiah yad dhamanah. This transformation allows the utilization of deposit funds for productive activities, thereby contributing to the increase in efficiency and value of hajj funds. However, this change also poses challenges such as the potential for contract deviations, governance risks, and discrepancies between the form of the contract and the economic substance. In the perspective of maqasid al-shariah, the productive management of hajj funds can support the achievement of maslahah, particularly in reducing hajj costs. However, strengthening transparency, accountability, and oversight is necessary to uphold the principle of wealth protection (hifz al-mal). This research recommends the need for strengthening regulations and innovations based on maqasid al-shariah to create a sustainable hajj fund management system in accordance with sharia principles.
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