Download - 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
Depositor3 8,100 Borrower3 7,290 810
Depositor4 7,290 Borrower4 6,561 729
Depositor5 6,561 Borrower5 5,905 656
Depositor6 5,905 Borrower6 5,314 591
Depositor7 5,314 Borrower7 4,783 531
Depositor8 4,783 Borrower8 4,305 478
Depositor9 4,305 Borrower9 3,874 431
Depositor10 3,874 Borrower10 3,487 387
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
….. padahal Allah telah menghalalkan jual-beli (berniaga) dan mengharamkan riba….
• 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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All authorsIslamic Banks are different from Conventional Banks
• 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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All authorsIslamic Banks are different from Conventional Banks
• 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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All authorsIslamic Banks are different from Conventional Banks
• 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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All authorsIslamic Banks are different from Conventional Banks
• 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
….. 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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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