There are several definitions of mudaraba applied by the scholars and thinkers of Islam among Afzalur Rahman in his book Economics Doctrins Of Islam that explains mudhrabah as a contractual partnership based on the principle of profit sharing by way of someone giving their money to someone else to do the business of giving their money to people others to do usahanmemberikan capital to other people to do business and both parties share the profits or bear the burden of losses based on the content of collective agreements. The first party, the supplier or the owner of the capital called shahibul mall and a second party, user or manager or entrepreneur called mudharib.
Origin said mudharabah taken dai dharb word which means businesses on earth. Manager or entrepreneur then called mudharib are entitled to the results of the efforts and strength. Additionally, mudharib had the right to use the capital in accordance with the direction and the desired destination. As a result there arises the contract called al-mudaraba contract is an agreement between several parties, namely the owners of capital who deliver or mengamabahkan amount of funds to other parties or managers to run a business activity.
The manager has the right set the direction and management of business critical operations without the intervention of financiers. The consequence of this agreement is a profit and loss sharing agreement so that there is a mutual agreement to bear the losses and shared the profits. This differs from the Musharaka agreement. At musyrakah all parties contributing to the financing and the right sequence and in managing and taking strategic decisions. The equation with mudharabah lies in the concept for operating results.
If we look for a foundation syar’i mudaraba, it can be found a few verses of the Koran that are based on the word dharb as follows:
“…… .Most Of those people who walk on earth may seek the gift of God ….” (Surat al-Muzammil : 20)
“Where have ditunaikannya prayer, then you bertebaranlah earth (to run the affairs of each) and seek the gift of God.” (Sura al-Jumu’ah : 10)
These verses according to its nature and its az-Zuhali explained that there is a necessity to the wealth management mudaraba contract. In the Sunnah there are also hadirs narrated ileh Ibn Abbas that Sayydina Abbas bin Abdul Muttalib when handing treasures as mudaraba require the business partners that do not bring wealth to cross the sea, its business so as not to bring his property to cross the ocean, down the valley dangerous, and purchase of animals the living. If he violates the rule concerned betangung responsible for the fund. Terms were placed uncle of the Prophet is delivered to the Apostles allow it.
Ibn Rushd in his book al-Mujtahid Bidayah as quoted Muhammad Shakir Sula, said, “There is no difference of opinion among Muslims about the validity of the principle of wired or mudaraba ‘”
It was practiced before Islam and Islam membernarkannnya, they all agree that it is a condition when a person gives the other party the party of capital used in commerce. The capital users agree with the terms of the outcomes agreed by both parties, a third, seperampat, or half.
Al-Mudharabah carried out with the pillars as follows:
There mudharib or the fund manager
There are owners of funds or capital
No attempt will be shared out
There is a ratio or profit sharing
There qabul consent.
This is the same as that delivered by Shafi Antonio that are in harmony mudaraba
1 The presence of financiers
2 The existence of capital
3 The presence of the manager
4 The existence ratio or profit
5 The presence of sighat (contract)
Al-Mudharabah been voted contract used by Islamic insurance company for keeping the advantages it has in addition to true by syar’i. This contract seemed relevant to economic or business practice today and contain elements of professionalism. Mudharib required to be professional because he is a representative of shahibul in investing or transacting business and at the same time reliable partner in the management of funds.