The Effectiveness of the Murabahah Contract in Sharia Housing Financing

This article aims to evaluate the effectiveness of murabahah contracts in sharia housing financing, focusing on implementation in the context of sharia banking in Indonesia. The methods used were literature studies and qualitative analysis of primary and secondary data obtained from the annual reports of Islamic banks, interviews with Islamic banking industry practitioners, and surveys of Islamic housing financing consumers. The results show that murabahah contracts have proven to provide significant benefits in providing fair and transparent access to financing, but there are several challenges, especially related to liquidity risks and non-alignment with consumers' long-term needs. The implication of this study is the importance of increasing the flexibility of murabahah financing products and strengthening risk management by Islamic banks to increase their effectiveness in supporting the housing sector.