Trends and Evolution of Hybrid Contract Theory (Al-'Uqud Al-Murakkabah)in Islamic Financial Contracts: A Systematic Literature ReviewMuhamad Wardany Anwar
DOI:
https://doi.org/10.67197/ss.v2i2.293Keywords:
hybrid contract, al-'uqud al-murakkabah, Islamic banking, maqasid al-shariah, systematic literature reviewAbstract
Hybrid contracts (al-'uqud al-murakkabah) have emerged as a contemporary ijtihad response to the complexity of modern financial needs that cannot be fulfilled by classical single contracts. This study examines the trends and evolution of hybrid contract theory in Islamic financial contracts over the period 2016–2026 through a Systematic Literature Review (SLR) approach. From over 207,000 papers identified in the Consensus database, 50 relevant articles were selected via PRISMA procedures based on semantic relevance and citation ranking. The analysis focuses on three dimensions: (1) the development of typologies and classification frameworks; (2) implementation models in Islamic financial institutions; and (3) Shariah compliance challenges from a maqasid al-shariah perspective. Findings reveal that the hybrid contract literature has evolved through three conceptually distinct phases: fiqh foundations (2014–2018), product implementation analysis (2019–2022), and maqasid integration with digital finance (2023–2026). Murabahah bil wakalah dominates Indonesian Islamic banking practice, while musharakah mutanaqishah is growing in infrastructure and property financing. The scholarly debate shows that the majority of the four major madhabs permit hybrid contracts, with conservative rejection remaining a minority position. Implementation challenges include contractual complexity, hilah riba risk, weak accounting records, and commercial orientation that displaces social function. This study identifies a critical empirical gap: no quantitative study has yet measured the direct impact of hybrid contracts on Islamic financial institution performance. The primary contribution is a comprehensive map of hybrid contract theory evolution alongside an open research agenda for regulators and scholars in the digital finance era.
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