Sharia Economic Law Analysis of Late Payment Penalty Clauses in PT. SBL’s Property Debt

Abstract

This research focuses on the implementation of Debt Acknowledgement Letters (SPH) at PT. SBL as a critical administrative instrument for property transactions involving incomplete Down Payment settlements. The study investigates the 1% daily late payment penalty clause stipulated within PT. SBL’s SPH. Although the developer does not enforce this penalty in practice and only collects the principal debt, the formal inclusion of the clause creates a significant discrepancy with Sharia principles, specifically the prohibition of riba an-nasi’ah (interest-based debt additions). Employing a qualitative-normative method with a content analysis of PT. SBL’s SPH documents, the results indicate that while the clause is administratively valid under the civil law principle of al-’aqdu syari’at al-muta’aqidin (mutual consent), it is substantially non compliant with Islamic Law due to its usurious nature. PT. SBL’s waiver policy, while avoiding riba, inadvertently compromises the contract’s legal certainty. As a strategic solution, this study advocates for the implementation of ta’widh (compensation), grounded in Fatwa DSN-MUI No. 43/DSN-MUI/VIII/2004. This Sharia-compliant instrument is permissible as it is strictly limited to covering real losses (real loss/damnum emergens) rather than generating profit from debt. This transition ensures a robust balance between legal certainty, contractual justice, and strict Sharia compliance within PT. SBL’s operational framework.