The Application of Istisna' Contract in Islamic Micro Finance Institution (Case Study in Islamic Cooperative BMI)
Abstract
This research aims to explore the implementation of the Istishna contract in investment financing at Islamic Cooperative BMI. The study addresses the issue that, fundamentally, the Istishna contract is a sales contract, not an investment contract. As a result, an in-depth analysis is needed to assess the permissibility of using Istishna in investment financing or to consider potential adjustments in the financing model or contract type. The research uses a qualitative descriptive approach, gathering data through interviews and secondary sources such as the cooperative’s website, reports, and guidelines. It examines how Istishna is applied in investment financing and its adherence to Sharia principles, aiming to determine its suitability for use in such financing at Islamic Cooperative BMI. The findings indicate that the Istishna contract used in investment financing at Islamic Cooperative BMI aligns more closely with DSN MUI Fatwa No. 06/DSN MUI/IV/2000 on Istishna, which involves a straightforward contract between two parties. This differs from DSN MUI Fatwa No. 32/DSN-MUI/IX/2002 on Sharia bonds, where Istishna is applied in investment schemes, and also does not align with DSN MUI Fatwa No. 22/DSN MUI/III/2002 on parallel Istishna, as the cooperative already has a company dealing in building materials. Although the Istishna-based financing at Islamic Cooperative BMI complies with DSN MUI Fatwa No. 06/DSN MUI/IV/2000, it is suggested that the cooperative adopt terms such as consumptive financing, productive financing, property ownership financing, or other appropriate terms for financing schemes involving Istishna contracts. This is because cooperative members act as buyers seeking financing for development projects like housing, sanitation, and clean water provision, rather than functioning as investors.
Downloads
References
Anwar, Aan Zainul dan Mohammad Yunies Edward (2016), Analisis Syariah Compliance Pembiayaan Murabahah Pada Gabungan Koperasi Bmt Mitra Se-Kabupaten Jepara, The 3rd University Research Colloquium, 256-269
Al-Feel, Nada Zuhair, (2019) Manufacture Contract (Istisna’a), Concept, Importance & Risks, Humanities & Social Sciences Reviews, Vol. 7, No. 5:1039-1052
Awaliyah, Nita, dkk (2020), Implementasi Akad Istishna’ Pada Produk Pembiayaan Skim Mikro Tata Sanitasi Di Koperasi Syariah Benteng Mikro Indonesia, JEB Ekonomi Bisnis, 26 (2), 367-377
Bonita, Silvia Dora dan Aan Zainul Anwar (2017), Implementasi Syariah Compliance pada Akad Murabahah dan Ijarah (Studi Kasus pada KSPPS BMT Fastabiq Jepara), Jurnal Ekonomi Syariah Indonesia, 7 (2), 88-97.
Dewi, Rani Putri Kusuma dan DIharpi Herli Setyowati (2017), Faktor Penentu Pendapatan Margin Istishna Pada Bank Umum Syariah Di Indonesia, JURNAL Ekonomi & Bisnis Terapan,13 (1), 31-40.
Farid, Achmad (2015), Pembiayaan Ijarah Multijasa Pada Jasa Keuangan di KSU Syariah Usaha Mulia Probolinggo, Iqtishoduna, 6 (2), 77-88
Fauziyah, Ike Nur, dkk (2021), Implementasi Fatwa Dsn No. 119 Tahun 2018 Tentang Pembiayaan Ultra Mikro (Studi di KSPPS BMT Bahtera Pekalongan), el hisbah Journal of Islamic Economic Law, 1 (2), 175-186
Ghulam, Zainil (2016), Implementasi Maqashid Syariah Dalam Koperasi Syariah, Iqtishoduna, 7 (1), 90-112
Hendrawan, Yoni (2022), Penerapan Akad Tijarah Dan Akad Tabarru’ Serta Implementasinya Pada Koperasi Syariah Baitul Mal Wa Tamwil Koto Baru Aceh Barat, JEIPS: Jurnal Ekonomi Islam dan Perbankan Syariah Fakultas Agama Islam Universitas Muhammadiyah Aceh, 2 (2), 284-293.
Ikhsan, Amrul dan Musfiari Haridhi (2017), Penerapan Standar Akuntansi Keuangan Syariah Pada Koperasi Jasa Keuangan Syariah (Studi Pada Baitul Qiradh Di Kota Banda Aceh), Jurnal Ilmiah Mahasiswa Ekonomi Akuntansi (JIMEKA), 2 (3), 100-110
Kartika, Dinda dan Renny Oktafia (2021), Implementasi Strategi Dalam Penanganan Pembiayaan Murabahah Bermasalah Pada Kspps Al-Mubarok Sidoarjo, Jurnal Tabarru’ : Islamic Banking and Finance, 4 (1), 127-138.
Maulida, Hayu and Bayu Arie Fianti (2019), Determinants Factors of Non-Performing Financing in Islamic Microfinance Institution (Case study of Islamic Cooperative XYZ in Sidoarjo, Indonesia), 2nd ICIEBP The 2nd International Conference on Islamic Economics, Business, and Philanthropy (ICIEBP) Theme: “Sustainability and Socio Economic Growth” Volume 2019
Mujiatun, Siti (2014) Jual Beli dalam Perspektif Islam : Salam dan Istisna’, Jurnal Riset Akuntansi dan Bisnis, Vol. 13, No. 2: 202-216
Muslimin, Supriadi, dkk (2021), Implementasi Akad Istishna dalam sistem penjualan Industri Mebel, Al-Azhar Journal of Islamic Economics, 3 (2), 103-117.
Muttaqin, Faisal, dkk (2022), Penerapan Akuntansi Murabahah Berdasarkan PSAK No.102 Studi Pada Koperasi Syariah Kota Bengkulu, Jurnal Fidusia, 5 (2), 182-193.
Nur’aeni dan Setiawan (2020), Third Party Funds and Non-Performing Financing for Mudharabah Financing in Indonesia's Sharia Banking, International Journal of Business, Economics and Social Development, 1 (4), 178-184
Puteri, Deasy Rahmi, dkk (2014), Pengaruh Pembiayaan Mudharabah,Musyarakah, Murabahah, Istishna Dan Ijarah Terhadap Profitabilitas Pada Bank Umum Syariah Di Indonesia, Akuntabilitas: Jurnal Penelitian Dan Pengembangan Akuntansi, 8 (1),1-24.
Copyright (c) 2025 Muhamad Komarudin, M. Rasyid Guntur Pratomo
This work is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.
Authors who publish with this journal agree to the following terms:
- Authors retain copyright and grant the journal right of first publication with the work simultaneously licensed under a Creative Commons Attribution License that allows others to share the work with an acknowledgment of the work's authorship and initial publication in this journal.
- Authors are able to enter into separate, additional contractual arrangements for the non-exclusive distribution of the journal's published version of the work (e.g., post it to an institutional repository or publish it in a book), with an acknowledgment of its initial publication in this journal.
- Authors are permitted and encouraged to post their work online (e.g., in institutional repositories or on their website) prior to and during the submission process, as it can lead to productive exchanges, as well as earlier and greater citation of published work.
