A Comparative Study of Mudharabah and Musyarakah Contracts on Investment Risk Expenditure in the Small Business Sector
Keywords:
Mudharabah, Musyarakah, Investment Risk, Profit-Loss Sharing, Small Business FinancingAbstract
Profit and loss sharing (PLS) contracts, particularly mudharabah and musyarakah, are widely regarded as the ideologically purest instruments of Islamic finance because they distribute both return and risk between the capital owner and the entrepreneur. Yet Islamic financial institutions allocate only a small share of their portfolios to these contracts when serving small and medium enterprises (SMEs), largely due to unresolved questions about how each contract concentrates or disperses investment risk. This study compares the risk exposure structure of mudharabah and musyarakah in SME financing and examines the implications for financing institutions' risk expenditure and mitigation strategies. A qualitative descriptive-comparative design was used, drawing on secondary data from Scopus- and Sinta-accredited journal articles (2005–2025), analyzed through thematic content analysis and comparative-matrix synthesis. The results show that mudharabah is more exposed to moral hazard and adverse selection since the capital owner has no direct managerial role, whereas musyarakah distributes managerial responsibility and capital jointly, lowering information asymmetry but raising coordination and shared-liability risk. Financing institutions therefore require contract-specific strategies: intensive screening and reporting verification for mudharabah, and structured governance and exit-clause mechanisms for musyarakah. These findings support more precise risk-based pricing and capital-provisioning policy for PLS based SME financing.
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