The Murabaha contract, as one of the most widely used instruments in the Islamic financial system, plays a pivotal role in banking operations; however, an economic analysis of its efficiency within the framework of transaction costs is crucial. The aim of the current research is to identify the cost components of Murabaha and to explain optimization strategies in comparison with other Islamic financing instruments. In this regard, the main questions are dedicated to identifying the economic costs of Murabaha transactions, comparing its risks and operational costs with participatory instruments, and providing legal-economic solutions for enhancing productivity. The research method in this article is descriptive-analytical with a comparative approach, which examines the economic propositions of contracts using library and documentary data. Research findings show that high costs of monitoring commodity consumption and moral hazards have overshadowed the economic efficiency of Murabaha; while a comparative analysis indicates the relative superiority of Murabaha in terms of cash flow predictability and lower risk compared to participatory contracts. Finally, the article emphasizes the necessity of reducing transaction costs and establishing optimal mechanisms to increase the efficiency of the financial system by providing suggestions in the field of legal innovations. This research, by integrating the fundamentals of contract law with the principles of Islamic economics, offers a practical strategy for financial institutions to optimally select financing instruments.