Financial Contracts Research Articles

Analisis Kepatuhan Koperasi Syariah Pada Implementasi Akad IMBT Ditinjauan dari Fatwa DSN MUI No. 27 Tahun 2002

Essentially, the majority of people want to fulfill their needs for consumer or productive goods quickly and through a simple process, In this context, Islam is present as a solution for society to meet society's needs for assets through financing agreements contract al-Ijarah Muntahiyah Bi at-Tamlik (IMBT). Which aims to review the suitability of the implementation of the contract al-Ijarah Muntahiyah Bi at-Tamlik against DSN-MUI fatwa no. 27 of 2002 about IMBT. Field research is the form of research used, and the research method employed is a descriptive method with a qualitative research paradigm approach. Data was obtained through several data collection techniques, namely observation, interviews and documentation. The data analysis technique used is the Miles and Huberman analysis technique. The results of the research state that apart from the conformity of several IMBT contract implementations to the DSN-MUI Fatwa, The DSN-MUI Fatwa is not followed in a number of implementations, including the transfer of ownership at the start of the IMBT contract, the full tenant-borne maintenance costs for the rental items, and the initial intention of customers applying for IMBT contract financing, which was not to satisfy their needs for consumer or productive goods.

Islamic Economics and Sustainable Development Goals (SDGs): Bridging the Gap through Ethical Financial Practices

Islamic financial practices are an important research subject in the context of achieving Sustainable Development Goals (SDGs). This research investigates the contribution of Islamic financial practices to achieving the SDGs through a systematic analysis of related literature. Various Islamic financial practices, including the use of sharia financial contracts, implementation of zakat, infaq, and alms, as well as engagement in responsible social and environmental investments, are evaluated in the context of their impact on financial inclusion, economic empowerment, environmental protection, and overcoming social inequality. . The research results show that Islamic financial practices have great potential in supporting the achievement of SDGs. Policy implications and further research directions are also discussed.

Potential use of semantic blockchain technology in smart construction

In recent years, the increased attention in distributed ledger technologies (DLTs) has sparked interest in their potential applications across various industries. This paper delves into the realm of the construction industry and explores the advancements made in semantic blockchain technology and its potential implications for smart construction practices. The primary research objective is to review the suitability of semantic blockchain approaches in specific usage domains within the construction sector. These domains include contracting with stakeholders, financial contracting, design and monitoring. To achieve this objective, the study investigates the integration of digital identity, access-control management, reputation management, trust computing and semantic blockchain approaches into construction processes. Through this analysis, the paper identifies the potential benefits in terms of enhanced efficiency, improved collaboration, heightened security and more informed decision making. Ultimately, these advancements are poised to create positive outcomes for all stakeholders involved in the construction process.

Penarikan Kendaraan di Tengah Jalan Sebagai Cara Penyelesaian Wanprestasi di PT XXX Finance

Contractual relationships in the world of economics and business, usually involve an agreement between two parties, each party has obligations or achievements that must be fulfilled. If there is an imbalance in the fulfillment of obligations from one of the parties, default occurs. In this default case, the parties have entered into a murabahah financing contract, but because the debtor does not carry out his obligations to pay, the creditor makes a forced withdrawal by using the services of a third party with the intention of securing the financing object in the form of a car which will then be executed against the murabahah financing object. This research method is a qualitative method. The approach used is qualitative juridical, namely an analysis that bases or relies on legal reasoning, legal interpretation, and legal argumentation in a coherent and sequential manner, using theories, concepts, and legal principles obtained from the results of literature review. The conclusion in the dispute resolution by PT XXX Finance is not in accordance with legal procedures and has entered the realm of tort.

IMPLEMENTASI AKAD PEMBIAYAAN MURABAHAH

Murabahah financing is one type used in the Islamic financial system. A murabahah contract is a sale and purchase contract at a price disclosed and acknowledged by both parties since the beginning of the transaction. In murabahah contract financing, the bank or financial institution as the financing party will buy the goods the customer needs and resell them to the customer at a price previously disclosed. The research aims to determine how the murabahah contract financing is implemented at the SRB. The research method used by the author in this study is descriptive analysis with a qualitative research approach. The study results show the implementation of murabahah financing at PT.BPRS HikmahWawaah starts with financing applications, collecting the necessary files, conducting surveys to check prospective customers, and PT.BPRS HikmahWawaah, in deciding whether to provide financing to prospective customers, must go through a meeting financing committee to see whether the prospective customer can pay off his obligations. In assessing the financing, BPRS Hikmah Wahyuah uses the 5 C principles: character, capacity, capital, collateral, and economic conditions.

Tinjauan Ekonomi Syariah Terhadap Penyaluran Dana Modal Usaha Di PNM Mekar Syariah Di Kecamatan Betung Kabupaten Banyuasin

There are many small-scale people who want to have a business to make a living but are still hampered by capital, so they have to look for more loans to build a business that can become a foundation for the continuity of life in the future. With this, the government is now establishing various institutions that are able to increase the income of people who need capital as business capital, one of these institutions is PT. Madani Mekar Syariah National Capital. So the aim of the author's research is to find out how the practice of distributing business capital funds at PT. Madani Mekar Syariah National Capital in Betung District, Banyuasin Regency and also wants to know how sharia economic law applies to combining murabahah and wakalah contracts in one transaction which is applied to PT. Madani Mekar Syariah National Capital in Betung District, Banyuasin Regency. This research uses qualitative methods with respondents, namely branch heads and Account Office members as well as customers. Regarding informants, namely customers who are Muslim, new customers, and have businesses. The results of this research show the flow of fund distribution practices at PT. Mekar Syariah Madani National Capital in Betung District, Banyuasin Regency includes the stage of determining customers according to the criteria set by PNM Mekar Syariah, the second stage is Financing Training, the third stage is signing the agreement and disbursing funds, and the fourth stage is carrying out weekly installments. If we look at sharia economic law regarding the combination of murabahah and wakalah contracts, this is permissible and does not conflict with sharia principles because the murabahah and wakalah financing contracts are carried out at separate times.

Akad Qardh dan Wakalah Bil Ujrah dalam Transaksi Financial Technology Syari’ah Peer to Peer Lending: Perspektif Fatwa DSN-MUI Nomor 117/DSN-MUI/II/2018

In order to prepare the technological infrastructure of developing countries like Indonesia. Information and transactions that can be accessed directly by the general public requires effectiveness and efficiency in feature items, especially technology development. Financial Technology (Fintech) has gone viral because it is one of the best technology options in the financial sector. The conveniences that are obtained by the actors or consumers are aimed at creating independent satisfaction but it is necessary to have a valid contract that will be used and this concerns prospects which have very large implications for the world of financing. Besides these changes, there are various kinds of problems that have arisen, especially the concept of implementing qardh contracts in peer to peer lending syari'ah, applying wakalah bil ujrah contracts in peer to peer lending syari'ah and applying qardh contracts and wakalah bil ujrah in peer to peer lending. syari'ah in the perspective of the DSN-MUI fatwa number 117/DSNMUI/II/2018 concerning Information Technology-Based Financing Services Based on Sharia Principles. So that the objectives achieved can analyze the concept of the validity of the application of the contract. As well as the final analysis of the DSN-MUI fatwa on sharia peer to peer lending.. The type of research used by researchers is qualitative to obtain data using library research (library research). The nature of the research is descriptive. DSN-MUI fatwa number 117/DSNMUI/II/2018 concerning Information Technology-Based Financing Services Based on Sharia Principles which forms the basis is correct, but requires specific fatwas so that the certainty of the application of contracts to service products is more certain and there is no usury and gharar in invoice financing productive and consumer This regulation deserves to be studied, understood and revised by the Government, in this case the Financial Services Authority, DSN-MUI, in issuing regulations and fatwas that accommodate the legitimacy of how fintech products work. This requirement is a form of responsibility of the two regulators so that the risk of occurrence which is prohibited by Syar'I cannot be realized (safe to use). Product contract clauses must be spelled out directly when making a financing contract. So as to be able to support sharia by investing legally, safely, lawfully and can help those in need, especially in funding needs. For this reason, the DSN-MUI fatwa No. 117/DSNMUI/II/2018 must explain in detail the design and achievements determined through collective ijtihad (ijtihad jama'i) so that a National Sharia Council - Indonesian Ulema Council rule is issued which is competent and can fulfill simple elements. , clear, and can be used and understood by startups.

Deemed Consent in Islamic Banking from Contract Law Perspective: A Sharia Analysis

This paper is specifically focusing on the issue of deemed consent as applied in modern Islamic financial contracts. It has been recognized by some scholars and rejected by others. The purpose of this study is to examine the meaning of deemed consent in contract law and its recognition from the Sharia point of view. It begins with examining the meaning of sighah and deemed consent from civil law as well as Islamic law perspective and followed by the analysis of the effect of silence in the validity of acceptance in Islamic law of contract. The approach that is applied in this study is qualitative research in nature, with regards to documentation and secondary sources by reviewing and analyzing the fiqhi perspective of consent and silence in Islamic law; by taking into consideration current practice of financial industry. The findings of the study are that deemed consent in the law can be considered as an acceptance. It is understood by the buyer indicating his consent to the sale by his conduct or silence. Generally, absolute silence in banking transactions is not an acceptance, but that there must be evidences or clues indicating the consent of customers. As such the non-absolute silence can be considered as acceptance in the Islamic law by taking into consideration some Sharia parameters proposed in this study. Interestingly, this idea is also shared by the Common law. Accordingly, based on the analysis conducted in this study, tacit acceptance, or implied acceptance is one of the means of expressing contemporary consent that can be applied. This study develops Sharia parameters consisting of five items as important guidelines in applying deemed consent in the Islamic banking.

Financial contracts for differences: The problems with conventional CfDs in electricity markets and how forward contracts can help solve them

Contracts for differences are widely seen as a cornerstone of Europe's future electricity market design. This paper is about designing such contracts. We identify the dispatch and investment distortions that conventional CfDs cause, the patches used to overcome these shortcomings, and the problems these fixes introduce. We then propose an alternative contract we call “financial” CfD. This hybrid between conventional CfDs and forward contracts mitigates revenue risk to a substantial degree while providing undistorted incentives. Like conventional CfDs, it is long-term and tailored to technology-specific (wind, solar, nuclear) generation patterns but, like forwards, decouples payments from actual generation. The proposed contract mitigates volume risk and avoids margin calls by accepting physical assets as collateral.

Pricing of Al-Urbun and a Class of Al-Istijrar Islamic Contracts under the Black–Scholes Framework

Islamic financial contracts necessarily need to abide by Shariah principles. As such, some contracts have been introduced for risk-hedging real transactions that differ from those seen in conventional financial markets. In this paper, we examine two such products, Al-Urbun and Al-Istijrar, and determine fair prices for both the Al-Urbun and a class of Al-Istijrar under the Black–Scholes framework.

THE ROLE OF ISLAMIC BANKING INNOVATION IN THE DEVELOPMENT OF COMPLEX FINANCIAL CONTRACTS IN ALGERIA

This study aims to highlight the role of Islamic banking innovation in the development of complex financial contracts, by conducting a field study at the level of Al Salam Bank -Algeria. In order to familiarize ourselves with the aspects of the study, the deductive approach was adopted by describing the concepts associated with both Islamic banking innovation and complex financial contracts. 30 forms were distributed to the workers of the bank under study and 25 valid forms were retrieved for analysis and processing using the SPSS program. After we addressed the subject of the study, the following results were reached: Islamic banking innovation contributes to the development of complex financial contracts effectively and positively by developing available contracts and submitting new innovative contracts that suit the conditions of the bank and in accordance with the provisions of Sharia.

Optimal Financial Contracting and the Effects of Firm’s Size

Optimal Financial Contracting and the Effects of Firm’s Size

Productive Poor Perception Towards Easily Micro-Business Financing Based on Micro Waqf Banks in Indonesia

Indonesia still has the problem of poverty rates in the last five years, with the number of poverty data tending to decrease. The importance of ease of obtaining business financing is a great opportunity for the productive poor to improve welfare and get out of poverty. The research aims to determine the perception of micro waqf bank customers on the ease of obtaining micro-business financing, analyse the contribution to reducing poverty potential from the existence of micro waqf banks, and determine the performance of micro waqf banks in Banten province. The research used qualitative methods with a case study and descriptive approach analysis at a micro waqf bank in Banten province. The results showed that the agre or positive perception are ease of becoming a customer is 81%, the ease of the process of obtaining financing is 89.1%, the ease of guarantee is 97.9%, the ease of understanding the financing contract system is 77.8%, the ease of receiving financing is 95.1%, the ease of returning funding is 96.8% and the ease of participating in weekly halaqah activities is 98.9% and can reduce the potential for poverty by 0.49% in Banten Province. The research implications are that the easier perception it is for the productive poor to obtain micro-business financing, the faster it will reduce poverty and increase public trust in micro waqf banks in Indonesia. Further research needs to be strengthened to examine the relationship between aspects of convenience obtained by customers.

Key Success Factors in the Trust Metaphor Framework for Profit Sharing Contracts: A Literature Review

This research aims to explore key success factors in profit-sharing-based contracts. Profit-sharing-based contracts such as mudharabah and musharakah carried out by Islamic banks are the core of financing in Islamic banks because they are directly related to the productive sector. The impact of this type of financing is greater for the industrial world than that of buying and selling-based financing. However, the facts show that there has been a decrease in the performance of the percentage of profit-sharing-based financing during the 2019-2022 period, and conversely, buying and selling-based financing has increased. In addition, the total operating profit from profit-sharing-based financing has also decreased during the 2019-2022 period. Mudharabah financing is mainly carried out on the basis of trust that arises between the owner of the funds (shahibul maal) and the business manager (mudharib). This study uses a qualitative approach with a literature review in order to gain a comprehensive understanding of the key success factors in profit-sharing-based financing contracts. Key success factors that are deepened based on the trust metaphor include knowledge of the rights and obligations of mudharib and shahibul maal, honest reporting, monitoring, and guarantees. In fulfilling the Trust, each party is required to have adequate knowledge of their rights and obligations in mudharabah and musharakah contracts. The honest and adequate presentation of financial information is disclosed by mudharib with reference to relevant Sharia accounting standards such as PSAK 101, PSAK 105, and PSAK 106. This disclosure is a form of mudharib's responsibility to shahibul maal. Regular monitoring can be carried out by shahibul maal actively or passively. Guarantees can be applied in sharing-based financing contracts other than guarantees provided by mudharib. This study produces theoretical contributions to science in the field of Sharia accounting and practice, especially for practitioners in the Sharia banking industry.

Digital Payment Transactions: Islamic Finance Perspective

This paper provides an in-depth analysis of the implementation of Islamic finance contract (akad) in digital payment and payment technology (paytech) transactions. With the rise of fintech, digital payment has become a crucial component of the financial industry. However, implementing muamalat contracts in paytech poses challenges related to unclear contracts, the relationship between parties, and security. The primary objective of this study is to identify the various types of online payment transactions and suggest alternative solutions to the Shariah issues that arise. To achieve this, the study adopts a qualitative methodology, which involves conducting library research and interviews with e-payment providers. The findings of the study shed light on several factors concerning Shariah issues and differences in the implementation of e-payment products and contracts. The paper aims to address the gap in previous literature by providing comprehensive insights into the implementation of Shariah-compliant paytech transactions. The study recognizes the importance of refining the modus operandi of payment transactions when using new technology and ensuring compliance with Shariah principles in Islamic finance and banking. By doing so, the study contributes to the development of the Islamic finance industry, which is currently experiencing a surge in demand for Shariah-compliant financial products and services.

A Comprehensive Approach to Capturing the Impact and Identifying Countermeasures of the COVID-19 Pandemic at Construction Sites in the Republic of Korea

From cost and management perspectives, the sudden outbreak of COVID-19 and the subsequent countermeasures adversely affected labor-intensive construction companies owing to the restrictive guidelines. Following a systematic literature review, this study developed a theoretical framework to assess the impacts of COVID-19 and its countermeasures on construction sites. Based on a developed framework reflecting abroad cases, we explored the Republic of Korea (ROK) situation. Questionnaires were utilized to detect this impact, and were then analyzed using the relative importance index. Through interviews with site managers in the ROK, combined with text-mining and network analysis, this study aimed to pinpoint effective countermeasures and validate the framework. Results revealed that despite policy changes, construction sites in the ROK were not seriously affected during the COVID-19 pandemic. However, while foreign investment remained steady owing to robust financial contracts, labor shortages and cooperative challenges hindered productivity. Additionally, beyond telecommuting and inspections, changing hygiene regulations prompted the adoption of smart technologies. Further, site managers requested the optimization of worker management and smart systems with governance, hygiene, and quarantine policies. Although impacts from other countries have been studied, the experiences of industries in the ROK remain unanalyzed. In addition, the existing literature has only examined the economic viability of the construction industry; therefore, this study assessed the impacts and countermeasures of COVID-19 from the perspective of managers using a unified theoretical framework.

PENERAPAN BAGI HASIL DALAM PEMBIAYAAN MUDHARABAH DI BANK MUAMALAT TULUNGAGUNG

The banking system has a strategic position as a support for the national economy. In Indonesia there are two banking systems, namely conventional banking systems and Islamic banking. In general, saving in conventional and sharia banking is no different, because both banks are required to follow general banking techniques. However, if analyzed more deeply, there are fundamental differences between the two. The first difference lies in the contract and the second difference in the reward. In banking products for profit-sharing contracts there are two, namely the Mudhorobah contract and the Musyarakah contract. However, mudhorobah contracts are rarely used for transactions in all Islamic banks. Of the products available at Islamic banks, one of them is mudhorobah contract financing in Islamic banking. This study has two problem formulations, namely how the terms and mechanisms of mudharabah financing at Bank Muamalat and how the implementation of mudharabah financing at Bank Muamalat. The purpose of this study is the first, to find out the mechanism and mudharabah transactions at Bank Muamalat Tulungagung, second to find out the implementation of mudharabah financing at Bank Muamalat Tulungagung. By using qualitative research methods, the first type of research, location, second source of data, third data analysis and data collection procedures, fourth technique, fifth data validation, and the sixth research stage. Keywords: application and mudharabah contract

ANALYSIS OF PROFIT MARGIN IN MURABAHAH FINANCING AT BMT FAUZAN AZHIIMA, PAREPARE CITY

This study aims to determine the form of a murabahah financing contract at BMT Fauzan Azhiima Parepare city, determining the profit margin on murabahah financing and calculating the profit margin on murabahah financing at BMT Fauzan Azhiima Parepare city. This research is a quantitative descriptive model with case studies. This research describes the form of a murabahah contract , determining the margin of a murabahah contract and calculating the financing of a murabahah contract in 2015, 2016, 2017, 2018, 2019 and 2020 The results of this study indicate that (1) The form of the murabahah contract at BMT Fauzan Azhiima, Parepare City uses predetermined stages (2) Determination of the profit margin is seen from the financing proposed by the customer and the result of the agreement between the customer and BMT Fauzan Azhiima, Parepare City. (3) The calculation of the profit margin on murabahah financing illustrates the condition of the BMT when measured by the net profit margin ratio, which has fluctuated , namely in 2015 in very good condition, in 2016 in very good condition, in 2017 in very poor condition, in 2018 in the situation is very lacking, in 2019 it is sufficient, and in 2020 it is in very good condition.

IMPLEMENTASI AKAD MURABAHAH DAN PERMASALAHANNYA DALAM PERBANKAN SYARIAH

Murabahah is a sale and purchase contract with additional profits in accordance with the agreement. This study aims to further analyze the application of murabaha contracts in Islamic banking, as well as answer how the murabaha concept actually is and then look at the implementation of murabaha financing in banks whether it is appropriate based on sharia principles or not. This study used a qualitative descriptive research method through a library study data collection technique. As for the discrepancies found in the application of murabahah financing in Islamic banking, namely regarding violations related to milkiyah requirements. The results of the study show that the implementation of murabahah contract financing does not meet the pillars and conditions of sale and purchase in accordance with sharia principles. If the bank wishes to represent the customer, the solution is that the item must change ownership, the object of the transaction must be fully controlled by the bank before making a transaction.

IMPLEMENTATION OF MUSHARAKAH CONTRACT IN FINANCING PRODUCTS WORKING CAPITAL AT BANK PANIN DUBAI SYARIAH BRANCH MAKASSAR

The development of the Islamic finance industry continues to experience good the choice of Islamic financial products is increasingly diverse. Sharia bank financing products consist of buying and selling, leasing, and profit-sharing schemes. Financing in Islamic banks is still dominated by consumptive financing with Murabaha contracts. Islamic banks have financing products with profit-sharing schemes that can be used for productive financing. This study aims to describe the application of musyarakah contracts in working capital financing at Bank Panin Dubai Syariah Branch Makassar. As well as outlining the application of the musyarakah contract in conformity with sharia principles. The research method used is qualitative research with field research, related to musyarakah contract financing for working capital at Bank Panin Dubai Syariah Makassar. The data sources used are primary data, data obtained directly by interviews, and secondary data from data previously presented. Data collection techniques by direct interviews with parties related to musyarakah financing and through documentation from several relevant sources. The data analysis technique used is descriptive qualitative which describes the application of musyarakah contracts in working capital financing at Bank Panin Dubai Syariah. The study results show that applying a musyarakah contract for working capital is adjusted to the type of business owned by the customer. Financing intended for a project provided that both the bank and the customer contribute capital to run a business project with profits divided according to the capital contribution portion (nisbah). The application of the musyarakah contract for working capital financing at Bank Panin Dubai Syariah branch Makassar is by Sharia principles.