Analyze Mudharabah Practize Analayzis

Analysis of Mudharabah Practices in the SiHarTa (Retirement Savings) Service of BMT Al Huda Wonosobo in a Review of Muamalah Law

Abstract

The SiHarTa (Simpanan Hari Tua / Old Age Savings) service offered by BMT Al Huda Wonosobo is an innovative form of long-term Islamic savings product. In form, this service is often perceived as similar to insurance because it provides fund disbursement when participants reach old age. However, in terms of contract (akad), SiHarTa is not based on tabarru’ (risk protection), but rather uses a mudharabah contract, where members' funds are managed by the BMT for productive ventures under a profit-sharing system. This article aims to analyze the compliance of this service within Islamic legal (muamalah) perspectives, particularly in terms of contract structure, clarity of rights and obligations, and transparency in fund management. This research employs a qualitative descriptive approach through field observation, interviews with BMT representatives, and literature review. Initial findings indicate that the product is valid in terms of contract, though further analysis is required to examine its limitations and proper application in accordance with sharia principles. Additionally, this article proportionally compares how SiHarTa differs from the concept of insurance.