Implementation of Trust, Risk Management, and Justice Principles in Mudharabah Contracts: A Literature Review from an Islamic Economics Perspective

Abstract

Mudharabah is a form of cooperation in Islamic economics based on profit sharing and risk sharing between shahibul maal as the capital provider and mudharib as the business manager. This characteristic makes trust, risk, and justice important aspects of the sustainability of the contract. However, the separation between capital ownership and business management may create information asymmetry, moral hazard, and various risks that can affect the fairness of the relationship between the parties. This study aims to analyze the concept of trust in the relationship between shahibul maal and mudharib, identify the forms and characteristics of risk in mudharabah, analyze the principles of justice in the distribution of profits, losses, rights, and obligations, and synthesize the relationship among these three aspects from an Islamic economic perspective. The study employs a qualitative approach using an integrative literature review. The data consist of secondary sources, including DSN-MUI fatwas, PSAK 105, official regulations and publications, books, Islamic economics literature, journal articles, and relevant previous studies. The analysis was conducted through identification, selection, classification, interpretation, and synthesis of literature into three main themes: trust and amanah; risk, information asymmetry, and moral hazard; and justice in the distribution of rights, obligations, profits, and risks. The findings show that trust is the relational foundation of mudharabah and needs to be supported by amanah, transparency, accountability, monitoring, and governance. Risk is an inherent consequence of profit-loss sharing and includes not only financial risk but also information, moral, operational, governance, and compliance risks. Justice in mudharabah is proportional rather than mathematical, with the distribution of profits and risks based on agreement, contribution, responsibility, and sharia principles. The synthesis produces a Trust–Risk–Justice framework in which trust is the relational foundation, risk is the consequence that must be managed, and justice directs the distribution of rights, obligations, profits, and risks. Thus, sustainable mudharabah requires integration between the value of amanah and transparent, accountable governance consistent with Islamic economic principles