Contractual Risk Mapping and Sharia Compliance: Evaluating Microfinance Schemes in the Fashion Industry

Ovtafia Yulia Ningsih; Nilfatri Nilfatri; Erwina Kartika Devi

doi:10.63922/ijevss.v5i04.6700

Ovtafia Yulia Ningsih Institut Islam Al Mujaddid Sabak, Indonesia
Nilfatri Nilfatri Institut Islam Al Mujaddid Sabak, Indonesia
Erwina Kartika Devi Institut Islam Al Mujaddid SabakInstitut Islam Al Mujaddid Sabak, Indonesia

DOI: https://doi.org/10.63922/ijevss.v5i04.6700

Keywords: Shariah Compliance; Contract Risk Mapping; Informal Micro-Credit; Gharar; Maqashid Shariah; Rural Fashion Retail.

Abstract

Informal credit practices in rural micro-fashion retail play a strategic role in addressing consumer liquidity constraints; however, they frequently neglect standardized Shariah compliance frameworks. This study aims to analyze the level of Shariah compliance and map contractual risks within the credit schemes of rural micro-fashion businesses. Employing a descriptive qualitative approach with an exploratory case study design at Nurtatik Fashion Store in Pandan Lagan Village, data were gathered through participatory observation, semi-structured in-depth interviews with the store owner, debtors, and local community leaders, as well as documentation studies. Data were analyzed using the interactive model of Miles, Huberman, and Saldana, verified via source and method triangulation. The findings reveal that, on a fundamental substance level, the credit sales transactions align with muamalah principles—being free from interest rates (riba) and exploitative late fees—and comply with DSN-MUI Fatwa No. 04/DSN-MUI/IV/2000. However, procedural deviations from Shariah principles occur due to complete reliance on oral agreements lacking written documentation (al-kitabah). The absence of payment receipts and unclear maturity dates induce gharar fahish (major uncertainty), which triggers moral hazard, disputes over receivable balances, and negatively impacts the principle of Hifz al-Mal (protection of wealth) for both parties. This study recommends reconstructing transaction management through written contract agreements and payment control cards to eliminate gharar, mitigate operational risks, and achieve transparent and sustainable micro-business governance.

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