datomanap jualbelidanperbankanislam

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Jual-Beli dan Perbankan Islam

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Topics covered

1. The business of Banking and Money Creation2. Jual-beli dan Perbankan Islam3. Elemen2 jual-beli4. Is real Islamic Banking possible?

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“Cara atau proses bank mencipta uang adalah sangat-sangat mudah sehingga

aqal kita menolaknya”

“The process by which banks create money is so simple that the mind is repelled by it”

John Kenneth GalbriathEconomist

Money Quotes

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“Setiap kali bank membuat satu pinjaman baru, kredit bank yang baru diadakan,

-deposit baru- uang yang baru diterbitkan.”

“Each time a bank makes a new loan, new bank credit is created -new deposits-

brand new money.”

Graham F. Towers;Governor Bank of Canada1934-54

Money Quotes

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THE BUSINESS OF BANKING AND MONEY CREATION

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The business of BankingCORE

^• The bank gives out

millions in loans everyday; but

• There is not much cash in the vault

Where is the

money?

• Money is an accounting entry• Credit customer• Debit HQ

• Money creation• New loan = New Money

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Scenario – New Country

BANK CENTRAL

Employees

Contractor RetailerBusinesses

1a. New Money

2a.

2b.

4a. Purchases

4c. Safekeeping & loan payment

4b. Tax

5a. Loans

5b. Loans

3c. Tax

3b. Tax

3a Purchases.

Seignorage

1.BondsPayments for

work & salaries

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Scenario – New Country

BANK CENTRAL

Employees

Contractor RetailerBusinesses

1a.New Money

4a. Purchases

4c. Safekeeping & loan payment

4b. Tax

5a. Loans

5b. Loans

3c. Tax

3b. Tax

3a Purchases.

1.Bonds

2a.

2b.

Seignorage

Payments for work & salaries

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The business of Banking • Is LENDING• At an Interest

Loans9%

Deposits2%

Gross Profit 7%

• Money creation

CORE

^

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LIAB. $ ASET $ 10%

Dep1 10,000 1 Bor1 9,000 1,000

Dep2 9,000 2 Bor2 8,100 900

Dep3 8,100 3 Bor3 7,290 810

Dep4 7,290 4 Bor4 6,561 729

Dep5 6,561 5 Bor5 5,905 656

Dep6 5,905 6 Bor6 5,314 591

Dep7 5,314 7 Bor7 4,783 531

Dep8 4,783 8 Bor8 4,305 478

Dep9 4,305 9 Bor9 3,874 431

Dep10 3,874 10 Bor10 3,487 387

90% loaned($6,561)

90% loaned($7,290)

90% loaned($8,100)

90% loaned($9,000)

Deposit$10,000

10% Reserve($1,000)

10% Reserve($900)

10% Reserve($810)

10% Reserve($729)

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FIRST BANKBalance Sheet

LIABILITIES $ ASSETS $

Depositor1 10,000 Borrower1 9,000 1,000

Depositor2 9,000 Borrower2 8,100 900









Total Deposit 65,132 Total Loans 58,619 CASH 6,513

$ 65,132 $ 65,132

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Where is the MONEY???ASSET LIABILITY

Money in the bank 65.132

Total Loans given out 58.619Cash-in-hand 6.513

$65.132 $65.132

Loan interest @ 10% 5.862

Where will the borrowers get the additional money to pay interest to

the bank?

Initial cash only $10.000

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Where is the

money?

1. How much actual cash is there in the system?

2. Where did the bank get the money to lend to the borrowers?

3. Where will the borrowers get the money to pay their interest?

4. What happens when all the customers wants to withdraw all their monies at the same time?

Questions

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Riba Bank Pinjaman 100.000Kadar Bunga 10%

Nasaba Peminjam 110.000Untung 10.000Status PenghutangRiBA!!!

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X

RiskoBisnes

Bisnes ada risiko

SupplyRisk

PriceRisk

WeatherTransportDelivery

Payment Risk

Profit Rate ?? Risk

• Risiko perniagaan/bisnes

• Bank mengalihkan risiko bisnes ke penghutang/debitur

• Risiko bank hanya si-penghutang– Jual aset yang dicagar– Dijadikan bankrut

Penghutang/Debitur

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Bank Pinjaman 100.000 JualanKadar Bunga 10% Keuntungan

Nasaba Peminjam 110.000 Pembeli Untung 10.000Status Penghutang

….. padahal Allah telah menghalalkan jual-beli (berniaga) dan mengharamkan riba….

S Baqarah 2/275

….. mereka berkata (berpendapat) jual beli itu sama dengan riba,

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JUAL BELI DAN PERBANKAN ISLAM

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Perbankan Islam


• S Baqarah 2/275

Conventional BankingPerbankan Islam

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All authorsIslamic Banks are different from Conventional Banks

• Depositors are no longer lenders to the bank; they are shareholders in any activity in which the bank becomes involved;

• The customers are potential investors through having a Profit/Loss share. They are no longer borrowers;

• Through its engagement in PLS contracts, the bank becomes the partner of investors and, unlike its conventional counterpart, provides equity-capital rather than debt-capital

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• The profit and loss sharing arrangement between the bank and the customer on both sides of the balance sheet, which represents unique risk characteristics;

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• The nature of financial intermediation, including the function of banking, is different in the case of Islamic banks.

• For Islamic banks the mudarabah contract is the cornerstone of the financial intermediation and thus of banking.

• The basic concept is that both funds mobilization and (in theory) funds utilization are on the same profit sharing among the depositors, the bank and the entrepreneur.

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• Islamic banks face significantly different risks as compared to an interest based conventional system/bank because they operate primarily on profit sharing basis …

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• Compared to conventional banks, if you were to obtain as Islamic loan for a project, instead of being charged interest for the loan, you could be paying fees or sharing a portion of your profits for the project with the bank.

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Cornerstone of a saleElemen2 jual-beli

• For majority of Fuqaha’1. The seller/Penjual2. The buyer/Pembeli3. The language of the contract (offer and

acceptance)/aqad4. Object/barang5. Price/Harga

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Soalan

• Apa tujuan kita ke bank?

• Apa tujuan kita ke bank Islam?Conventional

BankingPerbankan Islam

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I need a LOAN

IslamicBANK

TRADING ??? or

ILLUSION of Trading for purpose ofDEBT creation?

Cost + Profit rateDeferred payment

DEBTOR

Islamic Banks using “MURABAHA TRADING” to create DEBT

Bai al-’Inah (2 party contract)

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1 asset multiple sales

X’s ??

• Not consumed, same item re-sold a thousand times• Financial market larger than real/physical market• Without rollover of underlying asset, there is NOT ENOUGH

commodity to back IB transaction• Real trade ??

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Tawarruq - 3 party sale

Bank IslamNasaba/

Penghutang

Di-beliRp 50 jt

Di-jualRp 48 jt

Penjual/Pembeli

Rp 50 jt + ku 10% x 10thn= Rp 105 jt

• Palm oil• Paladium• Batu bara

Deferred sale

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4 party sale

Bank Islam

Seller/Penjual

Buyer/Pembeli

Di-beliRp 50 jt

Di-jualRp 48 jt

Rp 50 jt + ku 10% x 10th= Rp 105 jt

Product terbaru

Musyarakah Mutanakisah

• Palm oil• Paladium• Batu bara

Nasaba/Penghutang

Deferred sale

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• A legal trick used by European merchants in the Middle Ages as a method of circumventing usury, something that the Church fiercely opposed.

• It was a combination of three separate contracts, • Individually deemed permissible by the Church, but which

together yielded a fixed rate of return from the outset. – For example, – A might invest £100 in B for one year. – A would then sell back to B the right to any profit over and above say £30, for a fee of £15 to be

paid by B. – Finally, A would insure himself against any loss of wealth by means of a third contract agreed

with B at a cost to A of £5.– The result of these three simultaneously agreed contracts was an interest payment of £10 on a

loan of £100 made by A to B.

Fatwa

by Church

900 years ago:

HARAM!!!

Contractum Trinius- 3 Party contract

TAWARRUQ?

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Trading “Islamic Banking” way (actual)

Bank: Sir, The bank sell you ATM machine for RM140,000 … (and you say “AGREE”)

Me: AgreeBank: Sir, you sell back ATM machine to the

Bank for RM70,000Me: AgreeBank: Sir, you can now use your credit cardMe: Thank you

Kartu Kredit I

slamic

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Merely a process issue???

• Do I need the machine?• Where is the machine?• Does the machine really exists?• What is the condition of the machine?• Is the sale inclusive of the cash in the

machine?• Possibility of same machine being sold to 2 or

more people at the same time?

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ELEMEN2 JUAL-BELI (TRADE)

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Product=Cost Buyer (end-user)Trader (mark-up)

BUYS SELLS

Intipati bisnes/berniagaElements of TRADE

Product, Trader (seller) & Consumer (buyer)

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Intipati bisnes/berniaga

RISiKO

Berniaga Untung

Ketidakpastian

?

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RiskManagement

Islamic Bank’s SOLUTION: Risk Transfer

SupplyRisk

PriceRisk

WeatherTransportDelivery

Payment Risk

Profit Rate ?? Risk

DEBiTORPenghutang

• REMOVE THE TRADING RISK

X

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Bank Pinjaman 100.000 JualanKadar Bunga 10% Keuntungan

Nasaba Peminjam 110.000 Pembeli Untung 10.000Status Penghutang Penghutang


S Baqarah 2/275

….. mereka berkata (berpendapat) jual beli itu sama dengan riba,

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Islamic Banks and 30.000 abandoned housing projects

• Where is the risk sharing of the Islamic banks?

• Borrowers facing double jeopardy– Rumah baru tidak dapat– Hutang mesti dibayar– Sewa rumah juga mesti

bayar

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Reality check

< 3.8% of Islamic Banks income derived from profit/loss

sharing productsResearch by UPM MBA student

The core product - MURABAHA

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SUMMARY

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Riba 1.

• ….. Allah telah menghalalkan jual-beli (berniaga) dan mengharamkan riba….

• S Baqarah 2/275

• Bukan saja – bunga/penambahan/increase; atau– Elemen2 jual-beli

• Penjual, pembeli, barang, tempat, harga

• Participate dalam risiko transaksi itu juga.

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Islamic?Halal?

The business of BankingCORE

^• Pinjaman• Bunga• Kredit

• Jual-beli• Kadar untung• Deferred sale

Does a “ sales contract” makes banking halal?

2.

Musolla

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Dengan QF Banking menjadi HALAL!

America

United Kingdom

Hong Kong

Japan

Europe

Qawaid Fiqhiyyah

BANK RIBA BANK ISLAM

Can prostitution be legalised by nikah mut’ah using QF?

3.

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Riba: PRODUk atau SISTEM

Bank RIBAPerbankan ISLAM

4.

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Sistem kewangan(Monetory System)

Riba

BankIslam

BankRiba

HARAM

HALAL???

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IS REAL ISLAMIC FINANCE POSSIBLE?

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Is real Islamic Banking possible

Role Financing scheme Income

1. Trader Sale / Murabaha Profit/Loss sharing

2. Penyewa Lease / Ijarah Rent/Sewa

3. InvestorInvest

/Musyarakah/Mudharabah

Profit/Loss-sharing

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Implementation

• Implement the true lslamic finance within the fiat monetary system

• Concurrently– Implement the Dinarius system

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Islamic Finance within the Fiat system

Sistem kewangan(Monetory System)

Riba

BankIslam

BankRiba

HARAM

HALAL???

Dinar System

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Islamic Finance

2 types of Fund1. Safekeeping

1. Charge a fee2. Free

2. Investment Fund1. By project 2. Pool of projects

3. Return – Profit or Loss1. By project2. Pool of projects

• Financing type– Musyarakah– Mudharabah

• No money creation• Profit sharing 30% to 50%• Risk sharing• Still fiat money

For Investment

P 1

P 2

Projects

Safekeeping only

Mudharib

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WALLAHUA’LAMWASSALAMUALAIKUM WBT

Islamic Bankingberniaga (jual-beli)

atau hilah (banking trickery)?

You DECIDE!

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WASSALAM

datomanap jualbelidanperbankanislam

Economy & Finance