Contract example in Islamic Banks
NAME : SCHERZO WAHID NAIBORHU
ID : 014201200145
1. Murabaha in one day, there is a guy named Hadi. he is the customer of Bank Muamalat Indonesia. He wants to purchase a car type Daihatsu APV to support his current job which is to accommodate elementary students to go to their school. since his money is not enough because his old car that he sell haven't sold yet. therefore, he decides to go to bank Muamalat to make am Murabahah contract. The price of the car is 200 million rupiah. After that bank sell the car to Hadi with the price 235 million and Ali can pay it with installment for 3 years. Before bank is setting the price, bank has calculate overhead cost and related cost during the period payment. In determining the profit, bank should compare to the interest rate in conventional bank to give competitive advantage to the customer. The calculations are below:
FV=PV(1+i)n
235,000,000=200,000,000(1+i)3
1.15=(1+i)3
i = 5.5%
Based on Kontan news in 2013, BCA finance set interest rate 6%-7% for car financing in 3 years. It means Bank Muamalat has cheaper price rather than BCA finance. It is also the reason Hadi attracted to this scheme. Every month Hadi should pay (230,000,000 : 36) 6,527,777.778 to the bank.
This 35 million profit was decided by Bank Muamalat with the considerations also of:
Administration expenses IDR 1,000,000
2. Bai Salam
Ridwan is a farmer in Cirebon. He needs 50 million rupiah as the capital to start his farming. However, he doesn’t have sufficient money to do it. Then he decides to go to muamalat bank to have salam contract. Ridwan’s farming can produce 7 ton of corn in 6 months. Ridwan make salam agreement to the bank that when his farm harvest, 4 ton of corn will be given to the bank. The rest of 3 ton is owned by Ridwan. after the research of that corn business and do some calculation, the bank agree to finance IDR 50,000,000 to Ridwan in advance. The price of corn in the market is 15,000 per
ID : 014201200145
1. Murabaha in one day, there is a guy named Hadi. he is the customer of Bank Muamalat Indonesia. He wants to purchase a car type Daihatsu APV to support his current job which is to accommodate elementary students to go to their school. since his money is not enough because his old car that he sell haven't sold yet. therefore, he decides to go to bank Muamalat to make am Murabahah contract. The price of the car is 200 million rupiah. After that bank sell the car to Hadi with the price 235 million and Ali can pay it with installment for 3 years. Before bank is setting the price, bank has calculate overhead cost and related cost during the period payment. In determining the profit, bank should compare to the interest rate in conventional bank to give competitive advantage to the customer. The calculations are below:
FV=PV(1+i)n
235,000,000=200,000,000(1+i)3
1.15=(1+i)3
i = 5.5%
Based on Kontan news in 2013, BCA finance set interest rate 6%-7% for car financing in 3 years. It means Bank Muamalat has cheaper price rather than BCA finance. It is also the reason Hadi attracted to this scheme. Every month Hadi should pay (230,000,000 : 36) 6,527,777.778 to the bank.
This 35 million profit was decided by Bank Muamalat with the considerations also of:
Administration expenses IDR 1,000,000
2. Bai Salam
Ridwan is a farmer in Cirebon. He needs 50 million rupiah as the capital to start his farming. However, he doesn’t have sufficient money to do it. Then he decides to go to muamalat bank to have salam contract. Ridwan’s farming can produce 7 ton of corn in 6 months. Ridwan make salam agreement to the bank that when his farm harvest, 4 ton of corn will be given to the bank. The rest of 3 ton is owned by Ridwan. after the research of that corn business and do some calculation, the bank agree to finance IDR 50,000,000 to Ridwan in advance. The price of corn in the market is 15,000 per