The Implementation of Shariah Principles in Home Financing Credit without Bank at Shariah Property Developer Fabelia Property in Pekanbaru City

Abstract

This research aims to analyze the implementation of sharia principles in house buying and selling transactions without banks at Sharia Property Developer (DPS) Fabelia Property in Pekanbaru City. The study uses a qualitative method with a case study approach, and data collection techniques through observation, interviews, and documentation. Fabelia Property offers a home financing scheme without usury, fines, or bank involvement, using the murabahah and istishna' contracts. The results of the research indicate that the Fabelia transaction system is under sharia principles, especially in avoiding elements of usury and penalties. Although house prices at Fabelia tend to be higher than sharia mortgages through banks, the interest-free approach and transaction flexibility make this DPS a more desirable alternative for consumers. This study concludes that the sharia property financing scheme without banks implemented by Fabelia Property provides a solution for consumers who want to own a house according to Islamic principles.