Comparative Study of Murabahah Contract Recording Practices: Implementation at Qurrata Ayun Sharia Cooperative versus PSAK 402 Standards
DOI:
https://doi.org/10.31958/imara.v9i2.16533Keywords:
Murabahah Accounting, PSAK 402, Sharia CooperativesAbstract
Background. Implementing Murabahah accounting in compliance with national standards poses a critical challenge for sharia cooperatives as pillars of inclusive microfinance in Indonesia. The dominance of Murabahah financing, accounting for 69% of sharia financing portfolios, is not matched by adequate accounting standard implementation capacity at the cooperative level.
Purpose. This qualitative study aims to analyze the conformity of Murabahah accounting practices at Qurrata Ayun Sharia Cooperative with PSAK 402 provisions and identify impeding factors.
Method. This study uses an instrumental case study qualitative approach at the Qurrata A'yun Sharia Cooperative. Data was collected through triangulation: analysis of 45 murabahah transaction documents (2022-2023), observation, and semi-structured interviews with 8 key informants (managers, accounting staff, administrators, and the sharia supervisory board). Data analysis was conducted thematically and comparatively with PSAK 402, with validity maintained through triangulation and member checking.
Results. Findings reveal partial adherence to basic sharia accounting principles, such as separating principal financing and margins via Deferred Revenue mechanisms, but technical gaps exist in inventory treatment and cost of goods sold structure. Primary constraints are the lack of specialized sharia financial reporting training and reliance on manual recording systems.
Conclusion. PSAK 402 implementation in sharia cooperatives constitutes an evolutionary process requiring phased approaches and multi-stakeholder collaboration. The proposed solution framework from standard chart of accounts development and staff capacity enhancement to simple technology adoption provides a practical roadmap for improving transparency and accountability in sharia microfinance institutions to support Indonesia's inclusive economic development.
References
Ascarya. (2021). Bank Syariah: Dari Teori ke Praktik [Islamic Banking: From Theory to Practice]. Gema Insani Press.
Ascarya. (2021). Islamic banking in Indonesia: Lessons learnt from Murabaha dominance. ResearchGate. https://www.researchgate.net/publication/354520017
Ascarya, A., & Rokhimah, S. (2021). The dominance of Murabaha financing in Indonesian Islamic banking. Journal of Islamic Monetary Economics and Finance, 7(3), 517–542. https://doi.org/10.21098/jimf.v7i3.1356
Braun, V., & Clarke, V. (2019). Reflecting on reflexive thematic analysis. Qualitative Research in Sport, Exercise and Health, 11(4), 589-597. https://doi.org/10.1080/2159676X.2019.1628806
Creswell, J. W., & Poth, C. N. (2018). Qualitative inquiry and research design: Choosing among five approaches (4th ed.). Sage Publications.
Denzin, N. K. (1978). The research act: A theoretical introduction to sociological methods (2nd ed.). McGraw-Hill.
Fauzi, A., & Rahman, A. (2022). Socio-religious dimensions of Sharia cooperatives in Indonesia. Journal of Islamic Economics, 8(1), 78–95. https://doi.org/10.26740/al-uqud.v8n1.p78-95
Ikatan Akuntan Indonesia. (2023). Pernyataan Standar Akuntansi Keuangan (PSAK) 402: Akuntansi Murabahah [Financial Accounting Standard Statement (PSAK) 402: Murabahah Accounting]. Dewan Standar Akuntansi Keuangan Ikatan Akuntan Indonesia. https://web.iaiglobal.or.id/standar-akuntansi-keuangan/pernyataan-standar-akuntansi-keuangan/psak-syariah
Miles, M. B., Huberman, A. M., & Saldaña, J. (2019). Qualitative data analysis: A methods sourcebook (4th ed.). Sage Publications.
Miles, M. B., Huberman, A. M., & Saldaña, J. (2014). Qualitative data analysis: A methods sourcebook (3rd ed.). Sage Publications.
Otoritas Jasa Keuangan. (2023). Statistik Keuangan Syariah Indonesia 2022 [Indonesian Sharia Financial Statistics 2022]. https://www.ojk.go.id/id/kanal/syariah/data-dan-statistik/statistik-perkembangan-keuangan-syariah/Documents/Pages/Statistik-Keuangan-Syariah-Indonesia-2022/SKSI%202022.pdf
Otoritas Jasa Keuangan. (2024). Statistik Perbankan Syariah Maret 2024 [Sharia Banking Statistics March 2024].
Stake, R. E. (1995). The art of case study research. Sage Publications.
Wahyudi, I., & Sutedi, A. (2021). Tantangan implementasi PSAK Syariah pada lembaga keuangan mikro Syariah [Challenges in implementing Sharia PSAK in Sharia microfinance institutions]. Jurnal Akuntansi dan Keuangan Indonesia, 8(1), 45–62. https://doi.org/10.21098/jaki.v8i1.18567
Downloads
Published
How to Cite
Issue
Section
License
Copyright (c) 2025 Diatul Fajri, Farid Ahmad Marlion, Qumil Laila Arham, Winda Wulansari, Husni Shabri
This work is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.
Authors who publish with this journal agree to the following terms:
- Authors retain copyright and grant the journal the right of first publication with the work simultaneously licensed under?áa Creative Commons Attribution-NonCommercial 4.0 International License?áthat allows others to share the work with an acknowledgment of the work's authorship and initial publication in this journal.
- Authors are able to enter into separate, additional contractual arrangements for the non-exclusive distribution of the journal's published version of the work (e.g., post it to an institutional repository or publish it in a book), with an acknowledgment of its initial publication in this journal.
- Authors are permitted and encouraged to post their work online (e.g., in institutional repositories or on their website) prior to and during the submission process, as it can lead to productive exchanges, as well as earlier and greater citation of published work.
