Implementation Analysis of Digital Murabahah Contracts in MSME Financing at Islamic Banks

Abstract

This study analyzes the implementation of digital murabahah financing for micro, small, and medium enterprises (MSMEs) at Bank Syariah Indonesia (BSI), covering its digital mechanism, compliance with sharia principles, and the supporting and inhibiting factors faced by the bank and MSME customers. This study used a qualitative case study approach at BSI offering digital murabahah financing. Data were collected through in-depth interviews, documentation, and observation, then analyzed using the interactive model of Miles and Huberman. Digital murabahah financing follows a five-stage process, from online application to disbursement and installment monitoring, and generally complies with Fatwa DSN-MUI and OJK's guidelines on price and margin transparency. Verification of customers' purchase evidence as wakalah agents still needs strengthening. Supporting factors include process speed, margin transparency, and ease of access; inhibiting factors include limited literacy, infrastructure gaps, side-streaming risk, and data security concerns. Islamic banks need to strengthen digital verification of wakalah-based purchase evidence and improve customers' sharia and digital literacy to sustain digital murabahah financing for MSMEs. This study offers an in-depth, field-based analysis of digital murabahah implementation at BSI, rarely examined comprehensively in prior literature, which has largely been conceptual or macro-level.