Contractual Forms in Islamic Finance Law and Islamic Inv. Co. of the Gulf (Bahamas) Ltd. v. Symphony Gems N.V. & Ors.: A First Impression of Islamic Finance

This Article focuses on the case of Islamic Investment Company of the Gulf (Bahamas) Ltd. v. Symphony Gems N.V. & Others (“Symphony Gems”). Symphony Gems is the first instance where a Western court of law ruled on an Islamic financial transaction. Symphony Gems illuminates the challenges and tensions within the industrial complex of Islamic finance as it seeks to exist and thrive in a commercial reality where the regulatory framework and its associated assumptions (both theoretical as well as those of commercial practice) differ markedly from those of Islamic law and the contemporary Islamic financial industry. The resulting transactions often deviate from the classical modes or forms upon which they are supposed to be based. From a conventional finance perspective, Islamic transactions can be criticized as being anomalous, inefficiently structured and obliquely documented. Symphony Gems arose out of the applicability of an Islamic financial contract known as a murabahah. This Article will explain both the conceptual basis and the contemporary usage of the murabahah contract and, more generally, the challenges of integrating Islamic financial concepts into the Anglo-American legal system that predominates the modern global economy. Murabahah contracts, simply stated, involve the sale of an item, through a middleman, in which the ultimate buyer is aware of the middleman\u27s costs in obtaining the item. As discussed later in this Article, murabahah contracts in contemporary practice closely approximate conventional financing mechanisms, particularly the economics underlying a similarly-profiled conventional commercial financing. This is why murabahah contracts are so popular. Therefore, it is not surprising that the first instance in which a Western court of law has examined and opined upon an Islamic financial contract involves a murabahah sale

The Uses and Misuses of Commodity Murabaha: Islamic Economic Perspective

Some exciting Economical developments have taken place in the area of Islamic finance during the preceding two years. There has been a fast expansion in its market share, diversification of products picked up pace and the rapid globalization of the services ensures their future expansion. Commodity murabahah is one of the most commonly used financing contracts in Islamic banking. But of no less consequence may prove, the lurch one finds commodity murabahah in at the close of 2008 (Hasan 2009) . Commodity Murabaha is clearly the Islamic treasurer’s funding product of choice, as it is flexible enough to facilitate many structures for financing, hedging, and currency exchanging. It is time to apply the shari'ah objective of “sa’dd-aldharai” that closes the potential avenues for outwitting the shari’ah objectives and spirit .Islamic Economics; commodity murabahah; Time share in price; Shari’ah objectives; Bai al Inah, Commodity Murabahah House (Suq Al-Sila), Commodity Murabahah Program (CMP) , deferred contracts, GCC, IIMM , Islamic Banking Scheme (IBS ); “sa’dd-aldharai”

Evaluating the Customer Satisfaction’s Effect on Murabahah and Mudarabah Financing in Islamic Banking

There are a considerable number of studies on the service quality dimensions of banking industries, but little researches were carried out on the product quality dimensions, and this led to the minimal understanding of the impact of product quality dimensions from the customers’ standpoints, This research sought to identify the impact Islamic banking products (Murabahah and Mudarabah) dimensions on customer satisfaction. The study surveyed Islamic bank customers (users of the Islamic bank’s products in Nigeria) using questionnaires to seek responses, a convenient sampling technique was conducted to reach out to customers, and the use of PLS-SEM 3 was employed for the analysis of the data. The result model shows an R2 value of 0.414 (for Murabahah), which means 41% of the variance in customer satisfaction is explained by the exogenous constructs of perceived quality, cost, convenience and compliance of Murabahah, and R2 value of 0.309 (for Mudarabah) which means 31% of the variance in customer satisfaction is explained by the exogenous constructs of perceived quality, cost, convenience and compliance of Mudarabah. The values of R2 for Murabahah and Mudarabah show that the constructs were moderate in determining the satisfaction level of customers as they produced 0.414 and 0.309 respectively

Analisis Penerapan Sistem Akad Murabahah pada BMT Mulia Sejahtera

Penelitian ini bertujuan untuk mengetahui penerapan sistem akad murabahah di BMT Mulia Sejahtera. Variabel pada penelitian ini adalah akad murabahah. Sumber data pada penelitian ini adalah BMT Mulia Sejahtera khususnya bagian administrasi pembiayaan. Pengumpulan data dilakukan dengan teknik dokumentasi dan wawancara. Data yang dikumpulkan diolah dengan analisis deskriptif komparatif dan Indeks Kesesuaian Kasar (IKK). Dari hasil analisis diketahui bahwa BMT MuliaSejahtera dalam menerapkan PSAK 102 tentang akad murabahah tidak mengakui adanya potongan angsuran piutang murabahah, tidak menilai piutang murabahah sebesar senilai bersih yang dapat direalisasi seperti halnya akuntansi konvensional, tidak menyajikan nilai bersih yang dapat direalisasikan menjadi saldo piutang murabahah dikurangi penyisihan kerugian piutang, tidak menyajikan murabahah tangguhan sebagai pengurang (contra account) piutang murabahah, dan tidak menyajikan beban murabahah tangguhan sebagai pengurang hutang murabahah. Dari hasil analisis tersebut maka diperoleh nilai Indeks Kesesuaian Kasar (IKK) sebesar 60%. Dimana berdasarkan teori dengan tingkat persentase 41-60% dikualifikasikan cukup sesuai, sehingga diperoleh kesimpulan bahwa penerapan sistem akad murabahah pada BMT MuliaSejahtera cukup sesuai dengan PSAK 102 tentang akad murabahah

PENGARUH PEMBIAYAAN MURABAHAH DAN TINGKAT SUKU BUNGA BI TERHADAP PENDAPATAN MARGIN MURABAHAH PADA PERBANKAN SYARIAH DI INDONESIA

ABSTRAK Penelitian ini bertujuan untuk mengetahui pengaruh Pembiayaan Murabahah dan Tingkat Suku Bunga Bank Indonesia terhadap Pendapatan Margin Murabahah pada Perbankan Syariah di Indonesia tahun 2010-2014. Penelitian ini menggunakan metode pengumpulan data purposive sampling dan unbalanced pooled data, ada 55 Observasi bank yang memenuhi kriteria sampel.Jenis data yang digunakan adalah data sekunder yang diperoleh dari laporan keuangan yang dipublikasikan oleh masing-masing bank melalui website resminya. Analisis regresi linear berganda digunakan untuk menguji hipotesis.Hasil penelitian ini secara simultan pembiayaan Murabahah dan Tingkat Suku Bunga Bank Indonesia berpengaruh signifikan terhadap Pendapatan Margin Murabahah dengan R Square sebesar 80,5% dan sisanya sebesar 19,5% merupakan faktor lain diluar dua variabel bebas. Secara parsial Pembiayaan Murabahah berpengaruh signifikan terhadap Pendapatan Margin Murabahah dengan nilai signifikan sebesar 0,000 atau dibawah 0,05 dan Tingkat Suku Bunga Bank Indonesia tidak berpengaruh signifikan terhadap Pendapatan Margin Murabahah dengan nilai signifikan 0,510 atau diatas 0,05Kata kunci: Pembiayaan Murabahah, Tingkat Suku Bunga Bank Indonesia, Pendapatan Margin Murabahah.ABSTRACTThis study aimed to determine the effect of Murabahah Financing and Interest Rate of Bank Indonesia to Income Margin Murabahah at the Bank of Indonesia from the year 2010-2014. This research used purposive sampling method and unbalanced pooled data. There were 55 observations that qualify as research sample.Type of data used in this research was secondary data, from the banks annual report that was published in the banks official website. The multiple linear regression analysis was used to test the hypothesis.The results of this simultan study Murabahah Financing and Interest Rate of Bank Indonesia a significant effect on the Murabahah Income Margin of 80,5% Squere R and the remaining 19,5% are other factors beyond the two independent variables. Partially significant effect on Murabahah Margin Revenue if 0,000 or below 0,05 and the Interest Rate of Bank Indonesia not significant on Murabahah Margin Revenue because significance value 0.510 or 0,05. Keywords: Murabahah financing, Interest Rate of Bank Indonesia, Murabahah Income Margi

Islamic Currency Swap: Can Be the Best Way to Hedge Indonesia Hajj Fund?

The operational costs of Hajj in foreign currencies will always face the risk of changes in exchange rates. Hajj operational costs will continue to grow in line with the increasing number of pilgrims. But at present, the government (BPKH) does not have a currency hedging policy to reduce the risk of fluctuating currency values. Hajj operational costs are saved in rupiah, dollar and riyal currencies. As a result, deposits of pilgrims will continue to be overshadowed by the reduction in value due to the depreciation of the rupiah against the dollar and riyals. Hedging policy is a necessity in the management of Hajj funds. This study will use an Islamic currency swap simulation analysis. According to the MUI DSN No 96 in 2015, a swap is a contract that starts a spot transaction followed by a forward agreement by setting a forward exchange rate. Then it is settled by spot transactions using the agreed forward exchange rate. The results of the study show that the dollar and riyal in 2018 are in a state of high volatility, so hedging is needed to reduce cash outflows. Based on analysis, Islamic currency swap can be the best hedging to the operational costs of Hajj in USD is with tenors 30 days, 180 days, 360 days. while the operational costs of Hajj are in Saudi Arabia Riyal currency, efficient in overnight tenors, 30 days, 90 days and 180 days

Analisis Pendapatan Margin Murabahah Pada Bank Muamalat Indonesia

Perkembangan yang dialami perbankan syariah sangatlah baik. berdasarkan data statistik BI, bahwa pembiayaan murabahah memiliki nilai tertinggi yaitu sebesar 54,2%. Dari fakta dapat disimpulkan bahwa pembiayaan murabahah mendominasi dalam perbankan Syriah karena pembiayaan yang ideal yaitu mudharabah dan musyarakah masih sulit dan masih terdapat aspek kehati-hatian untuk menerapkan ke masyarakat. Pendapatan margin murabahah selalu mengalami peningkatan, hal ini tidak sejalan dengan teori bahwa prinsip utama bank syariah adalah prinsip bagi hasil. Besarnya pendapatan margin murabahah dipengaruhi oleh beberapa faktor yaitu biaya overhead, volume pembiayaan , dan profit target.Tujuan dari penelitian ini adalah untuk mengetahui pengaruh biaya overhead, profit target, dan volume pembiayaan baik secara parsial atau simultan terhadap pendapatan margin murabahah pada PT.Bank Muamalat Indonesia. Metode penelitian menggunakan analisis regresi berganda dengan metode stepwise, penelitian ini dilakukan untuk periode triwulan tahun 2003-2010.Hasil penelitian menunjukan bahwa biaya overhead signifikan terhadap pendapatan margin murabahah dengan nilai koefisien regresi negatif, profit target signifikan terhadap pendapatan margin murabahah, dan volume pembiayaan murabahah tidak signifikan terhadap pendapatan margin murabahah sehingga tereliminasi secara otomatis. Dan hasil pengujian secara parsial (uji t) menunjukan bahwa salah satu variabel independen yaitu volume pembiayaan murabahah tidak signifikan terhadap pendapatan margin murabahah, sedangkan hasil pengujian secara simultan (uji f) menunjukan bahwa semua variabel signifkan terhadap pendapatan margin murabahah, adapun nilai koefisien determinasi sebesar 0,698% berarti variabel independen dalam menjelaskan variabel dependen adalah sebesar 69,8% dan sisanya 30,2% dijelaskan oleh faktor lain yang tidak diteliti

APLIKASI MURABAHAH DALAM PERBANKAN SYARIAH

Salah satu skim fikih yang populer diterapkan dalam perbankan syariah adalah skim jual beli Murabahah. Murabahah dalam perbankan syariah didefinisikan sebagai pembiayaan yang berbentuk jual beli antara bank dan nasabah dengan cara pembayaran angsuran. Dalam perbankan syariah, ada dua bentuk murabahah yang umumnya dipraktekkan, yakni murabahah modal kerja dan murabahah investasi. Namun, Setiap perbankan Islam mempunyai bentuk jual beli murabahah yang beraneka ragam baik itu murabahah internal, dimana pihak bank membeli barang dan komoditinya dari pasar dalam negri ataupun murabahah eksternal, dimana pihak bank membeli barang dan komoditinya dari luar negri (Import). Praktek murabahah ini sampai kepada delapan bentuk yang mana setiap bank memiliki bentuk yang berbeda dengan bank lain. Penerapan sistem murabahah pada bank-bank Islam pasti memberikan dampak positif  kepada semua pihak yang terkait, baik pihak bank begitu juga dengan pihak nasabah. Akan tetapi dalam praktek operasionalnya sering terjadi beberapa penyimpangan yang biasanya dilakukan oleh oknum pegawai pada beberapa Bank Islam