Sharia Compliance Audit Analysis of Musyarakah Financing Products in Islamic Banks

Abstract

The global Islamic finance industry has recorded significant asset growth, reaching USD 5.4 trillion by 2024. In Indonesia, Musyarakah financing products are the main contributor, accounting for 48.93% of total financing distribution. However, the complexity of profit-sharing contracts presents serious challenges in terms of sharia compliance and risk management. This study aims to analyze the sharia compliance audit mechanism for Musyarakah products, referring to POJK No. 2 of 2024 and the DSN-MUI Fatwa. Using a descriptive qualitative method, the findings reveal a gap between the theoretical concept of profit-and-loss sharing and actual banking practices, which tend to apply fixed profit-sharing schemes. This study recommends strengthening the dual competence of auditors and digitizing supervisory systems to maintain institutional integrity and achieve Maqasid al-Shariah.