ASSESSING THE TRANSPARENCY OF MURABAHAH ACCOUNTING: A CRITICAL REVIEW OF SHARIA PSAK IMPLEMENTATION IN ISLAMIC BANKING PRACTICES

Abstract

This study critically examines the implementation of accounting transparency in murabahah contracts based on Sharia PSAK No. 102 within Islamic banking institutions in Indonesia. Employing a descriptive qualitative approach through literature review, the research identifies gaps between the normative standards and actual practices in both large banks and microfinance institutions. Findings reveal that although murabahah financial reporting formally aligns with PSAK 102, substantive transparency—particularly in disclosing profit margins, cost of goods, payment terms, and contract documentation—remains inconsistent. These practices reflect symbolic compliance aimed at formal legitimacy while neglecting horizontal accountability and maqāṣid al-sharīʿah values such as justice and honesty. The study highlights the urgent need to strengthen the role of Sharia Supervisory Boards, enhance literacy in Sharia accounting, and implement principle-based supervision to ensure that accounting practices reflect not only technical compliance but also the ethical and moral substance of Islamic finance.