Musyarakah: antara fikih dan perbankan syariah

Musyârakah is one of the profit and lost-sharing (PLS) models which is parallel with Islamic bank concept. At the practical level of syariah banking, musyârakah is not purely legal construction but it is a social adaptation to the real circumstances which are based on contemporary local fiqh (Islamic law). Classical fiqh does not require the guarantee to be embodied in a musyârakah contract, because the partner is a trustworthy person. Moreover, on the basis of trust, one partner cannot require a guarantee from the other party. Otherwise, local fiqh gives concessions to Islamic bank, i.e., it requires partners to provide assurance in order to reduce risk in the musyârakah financing.