Implementation Of UKT Bailout Products at BPRS Mitra Mentari Sejahtera Ponorogo: A Maslahah Mursalah and Darurat Al-Hajah Perspective

Abstract

The annual increases in Tuition Fees (UKT) create significant financial pressure for students and their families, particularly among the lower-middle class. This situation has stimulated the emergence of various educational financing instruments, including those offered by Islamic financial institutions. BPRS Mitra Mentari Sejahtera Ponorogo, as an Islamic bank under Muhammadiyah's enterprise, offers a UKT bridging loan product as a solution to this problem. This study aims to analyze the implementation of the UKT bridging loan product at BPRS Mitra Mentari Sejahtera Ponorogo from the perspective of Maslahah Murlahah and Emergency al-Hajah. This research employs a qualitative descriptive method with a case study approach, where data were obtained through in-depth interviews, observation, and documentation. The findings indicate that the UKT bridging loan product at BPRS Mitra Mentari Sejahtera Ponorogo fulfills the criteria of Maslahah Murlah as it contains genuine benefits for students without any explicit prohibition in the text. Furthermore, the inability of some students to fulfill their UKT payment obligations on time can be categorized as al-hajah al-ammah (general necessity), which implies the permissibility of the contracts used. The financing mechanism employs murabahah and ijarah multijasa contracts with principles of transparency and prudence in accordance with the Financial Services Authority regulations. This research contributes to the development of contemporary fiqh muamalah in the context of higher education financing in Indonesia.