Rekonstruksi Larangan Penjaminan Modal dalam Akad Mudhârabah: Analisis Kaidah Sadd al-Dzari’ah dan Fath al-Dzari’ah dalam Perspektif Hukum Ekonomi Syariah

Abstract

This study aims to analyze the prohibition of capital guarantee in mudhârabah contracts and reconstruct its application through the approaches of sadd al-dzari’ah and fath al-dzari’ah within the perspective of Islamic Economic Law. In classical Islamic jurisprudence, the prohibition of capital guarantee is intended to preserve the principle of profit and loss sharing and to prevent mudhârabah contracts from transforming into transactions resembling usury-based practices. However, the development of the modern Islamic financial industry has created increasing demands for risk mitigation mechanisms and investor protection. This research employs normative legal research using conceptual and ushul fiqh approaches. Legal materials were derived from the Qur’an, hadith, DSN-MUI fatwas, Islamic financial regulations, as well as relevant academic literature and international journals. The analysis was conducted descriptively and analytically using the maqashid al-shariah approach. The findings reveal that the prohibition of capital guarantee fundamentally represents the application of sadd al-dzari’ah to prevent the loss of risk-sharing principles and the emergence of economic exploitation. Nevertheless, through the approach of fath al-dzari’ah, capital guarantees may be reconstructed in a limited and conditional manner as long as they do not eliminate the essential nature of mudhârabah contracts, do not guarantee fixed profits, and are intended solely for risk mitigation purposes. This study confirms that the integration of sadd al-dzari’ah and fath al-dzari’ah can serve as a methodological foundation for developing a more adaptive, progressive, and maslahat-oriented Islamic Economic Law.