PERMODELAN AKAD MUAMALAH KONTEMPORER DALAM PENGEMBANGAN PERUMAHAN SUBSIDI UNTUK BISNIS BERKELANJUTAN

Abstract

This study aims to formulate contemporary muamalah contract models applicable to the development of subsidized housing projects to achieve sustainable business practices based on Islamic principles. The research employs a descriptive qualitative approach through library research and case study analysis involving Bank NTB Syariah, Bank BTN Syariah, and Griya Hartacu Housing Developer. The findings reveal that four key contracts — Murabahah, Musyarakah Mutanaqisah (MMQ), Istishna’, and Ijarah Muntahiyah Bittamlik (IMBT) — can be integrated according to the housing project stages. Murabahah remains the dominant model due to its simplicity, transparency, and suitability for low-income households, while MMQ and Istishna’ serve as complementary contracts during construction and progressive financing stages. IMBT offers flexibility for consumers with limited initial capital. Empirical analysis shows an average gross margin of 22.5% and a positive ROI of around 11–12%, indicating that the Islamic housing financing model is both feasible and sustainable. The study concludes that integrating contemporary muamalah contracts strengthens Islamic financial inclusion and promotes synergy among Islamic banks, housing developers, and government institutions in addressing the housing needs of low-income communities within a sustainable business framework.