Maqāṣid al-Syarīʻah dan Dimensi Sosial ESG: Evaluasi Kritis Margin Murābaḥah Multiguna pada Era Keuangan Digital Berkelanjutan

الملخص

The acceleration of multipurpose murābaḥah financing via Islamic fintech highlights an emerging ethical-normative issue surrounding margin equity. This structural asymmetry is compounded by a paradigm bias in Islamic ESG implementation, which predominantly privileges environmental and governance parameters while marginalizing core social dimensions, particularly fair pricing for retail customers and Micro Small Medium Enterprise (MSMEs). This study critically evaluates multipurpose murābaḥah margin-setting practices on Indonesian Sharia fintech platforms through the lens of maqāṣid al-syarīʻah, focusing on Ibn Taimiyah's doctrine of al-thamān al-ʻadl (the just price), and connects it to the social dimension of ESG as an indicator of digital financial sustainability. A qualitative descriptive-analytical approach was employed using content analysis of margin policy documents, DSN-MUI fatwas, and OJK regulations, supported by estimative Effective Margin Rate (EMR) data drawn from the literature and industry reports. Findings reveal a structural gap between the al-thamān al-ʻadl principle and actual margin practices, marked by indications of ghabn fāḥisy (excessive price exploitation) in several multipurpose schemes due to the absence of EMR disclosure standards comparable to interest-rate transparency in conventional products. This study proposes the Islamic Trust and Fair Margin (ITFM) framework as an integrative mechanism combining a Sharia margin ceiling, EMR disclosure standards, and collaborative OJK-DSN-MUI supervision, positioning price justice as a social ESG indicator of equal weight to environmental and governance indicators within the taxonomy of sustainable Islamic finance.