Analisis Maqasid atas Risiko Depresiasi Rupiah pada Murabahah Bank Syariah

Abstrak

This study examines the impact of rupiah depreciation on murabahah financing at Bank Syariah Indonesia from the perspective of Islamic economic law and Maqāṣid al-Syarī‘ah, particularly ḥifẓ al-māl. Using a juridical-empirical qualitative design, the study synthesizes six previous studies published between 2013 and 2025 and four 2026 economic condition sources, supported by normative references from the Qur’an, Hadith, and DSN-MUI fatwas, to analyze the relationship between inflation, exchange-rate volatility, BI Rate, and murabahah performance. The findings indicate that inflation affects murabahah financing in varied ways depending on the period and macroeconomic context, whereas rupiah depreciation consistently exerts a negative and significant influence on murabahah margins because it raises import prices and increases bank funding costs. BI Rate emerges as the most stable macroeconomic determinant throughout the reviewed period. Under the 2026 economic situation, marked by persistent rupiah weakness and high inflation in food and energy prices, murabahah margins and financing are likely to face stronger pressure. Normatively, this condition remains bound to the principles of transparency, fairness, and the prohibition of deception in murabahah contracts. From the standpoint of ḥifẓ al-māl, significant depreciation threatens the real value of Islamic bank assets and requires sharia-compliant protective mechanisms. The novelty of this study lies in integrating empirical synthesis with maqāṣid analysis to formulate practical protection strategies for BSI, including risk-sensitive margin setting, financing diversification, and sharia hedging instruments, which may serve as a reference for further research in Islamic banking and education.