The Blue Mudharabah Theory : Reconstructing Adaptive Sharia Contracts to Achieve Sustainable Maritime Economic Justice
Keywords:
Blue Mudharabah Contract,, Economic Justice for Fishermen,, Maqasid Sharia,, Sharia Blue Economy,, Sustainable Maritime Finance.Abstract
Conventional mudharabah contracts, built on a static profit-sharing scheme between the owner of the capital and the mudharib, have not been able to fully address the complexity of modern maritime economic risks, particularly climate uncertainty, marine resource exploitation, and the unequal distribution of income among small-scale fishermen. This conceptual article aims to develop a new grand theory, the Blue Mudharabah Contract Theory, as an adaptive Sharia contract paradigm for the maritime and fisheries sector. Through a conceptual research approach that synthesizes the literature on muamalah fiqh, the blue economy, sustainable finance, and the maqashid sharia, this article formulates a definition, five basic principles, five operational pillars, a conceptual model, and five theoretical propositions that can be tested in further empirical research. The principles of risk equity, marine sustainability, climate adaptation, economic collaboration, and the values of maqashid sharia are integrated into a single framework that places the economic resilience of fishermen as the ultimate goal. The contributions of this theory are theoretical, practical, and policy: expanding the scope of mudharabah theory to the realm of the sharia blue economy, becoming a reference for developing financing products for BMT, BPRS, and fishermen's cooperatives, and providing a conceptual basis for regulators in designing equitable and sustainable sharia financing policies in the maritime sector.
References
[1] Retnowati, "Indonesian Fishermen in the Whirlpool of Structural Poverty (Social, Economic, and Legal Perspectives)," Jurnal Perspektif Fakultas Hukum Universitas Wijaya Kusuma Surabaya, vol. 16, no. 3, 2011.
[2] World Bank and United Nations Department of Economic and Social Affairs, The Potential of the Blue Economy: Increasing Long-term Benefits of the Sustainable Use of Marine Resources for Small Island Developing States and Coastal Least Developed Countries. Washington, DC, USA: World Bank, 2017.
[3] H. Arif and M. Ashari, "Investigation of Riba Practices in Financing to Fishermen: A Case Study in Takalar Regency," Jurnal Ekonomi Syariah Teori dan Terapan, vol. 8, no. 1, pp. 108-115, 2021, doi: 10.20473/vol8iss20211pp108-115.
[4] N. C. Sainsbury, R. A. Turner, B. L. Townhill, S. C. Mangi, and J. K. Pinnegar, "The Challenges of Extending Climate Risk Insurance to Fisheries," Nature Climate Change, vol. 9, pp. 896-897, 2019, doi: 10.1038/s41558-019-0645-z.
[5] R. A. Annizar and E. Junarsin, "Mudharabah, Musyarakah, Financing Risk, and Performance of Islamic Banks: Empirical Evidence from Indonesia," Jurnal Ekonomi & Keuangan Islam, vol. 11, no. 1, pp. 131-142, 2025, doi: 10.20885/JEKI.vol11.iss1.art9.
[6] D. A. Whetten, "What Constitutes a Theoretical Contribution?," Academy of Management Review, vol. 14, no. 4, pp. 490-495, 1989, doi: 10.5465/amr.1989.4308371.
[7] World Bank, Riding the Blue Wave: Applying the Blue Economy Approach to World Bank Operations. Washington, DC, USA: World Bank, 2021.
[8] P. R. Citaningati and T. Alfianto, "Blue Economics in Islamic Economics Perspective: Fiqh Bi'ah Approach," Journal of Islamic Economic Laws, vol. 7, no. 2, pp. 128-160, 2024, doi: 10.23917/jisel.v7i02.5200.
[9] H. A. Hafidh, "Fostering a Blue Economy Through Islamic Environmental Ethics (Fiqh Bi'ah): A Quranic Perspective," Arabian Journal of Business and Management Review (Kuwait Chapter), vol. 14, no. 1, pp. 33-41, 2025.
[10] J. Auda, Maqasid al-Shari'ah as Philosophy of Islamic Law: A Systems Approach. Herndon, VA, USA: International Institute of Islamic Thought (IIIT), 2008.
[11] S. H. A. Razak, "Zakat and Waqf as Instruments of Islamic Wealth in Poverty Alleviation and Redistribution: The Case of Malaysia," International Journal of Sociology and Social Policy, vol. 40, no. 3/4, pp. 249-266, 2020.
[12] M. S. Rana, M. K. Rahman, M. R. Alam, and M. N. Hoque, "Waqf-Based Microfinance: An Alternative Solution to Poverty Reduction," Selangor Business Review, vol. 5, no. 1, pp. 40-54, 2020.
[13] "Digital Technologies for Traceability and Transparency in the Global Fish Supply Chains: A Systematic Review and Future Directions," Marine Policy, 2025.
[14] "Blockchain-Enabled Traceability System for the Sustainable Seafood Industry," International Journal of Production Research, 2023, doi: 10.1080/09537325.2023.2233632.
[15] Financial Services Authority (OJK), Roadmap for the Development and Strengthening of Indonesian Islamic Banking (RP3SI) 2023-2027. Jakarta, Indonesia: OJK, 2023.
[16] M. Habibie, F. H. Masfar, Y. F. Sidabutar, and C. Amelia, "Opportunities and Challenges for Utilizing the Social Potential of Infrastructure toward a Blue Economy," Indonesian Interdisciplinary Journal of Sharia Economics (IIJSE), vol. 7, no. 1, pp. 703-715, 2024.
[17] P. Aggarwal, A. Singh, and D. Malhotra, "Linking Sustainable Finance and Environmental, Social, and Governance (ESG): A Systematic Literature Review & Sentiment Analysis," Academy of Marketing Studies Journal, vol. 28, no. S3, pp. 1-26, 2024.
[18] Sahal, Muhammad Solihin. Perkembangan Pemikiran Ekonomi Islam dan Struktur Insentif dalam Keuangan Islam: Tinjauan Sistematis. (2025).
[19] Sahal, Muhammad, Ryan Asraf Renwarin, & Mutamainnah Umaternate. The Integration of Blockchain and Blue Sukuk in the Development of a Sustainable Blue Economy: A Maqasid al-Sharia Perspective. (2026).
[20] Sahal, Muhammad Solihin. Islamic Digital Finance, Renewable Energy Policy, and Red Ocean Strategy in Supporting Indonesia's Economic Growth. (2026).
[21] Yunas, Asrul Bastian, Yuliadi Rumanto, & Nicko Albart. Blockchain and Green Sukuk Integration for Coastal Community Empowerment in Sustainable Blue Economy. (2025).
