Teori-Teori dalam Kewangan Islam

Teori Percampuran

Teori Pertukaran

SURPLUS UNIT

DEFICIT UNIT

PERANAN BANK CONVENTIONAL

BANK

BUNGABUNGA

CREDITORDEBENTURE

Hubungan antara Bank dgn Pelanggan

BANK CUSTOMER

SURPLUS UNIT

DEFICIT UNIT

PERANAN BANK SYARIAH

BANK

BAGI HASILBAGI HASIL

Hubungan antara Bank dgn Pelanggan

TIDAK MENGALAMI NEGTIVE SPREAD

Perbandingan Sistem Perbankan

BANK KONVENSIONAL

BANK SYARIAH

PERANAN Sebagai Peminjam dan Pemberi Pinjaman

Sebagai Penyimpan harta, sebagai

pengusahaan dan atau sebagai modal

SIMPANAN Berdasarkan tingkatan bunga yang dijanjikan

Simpanan yang dijamin atau pelaburan

PEMBIAYAAN Pinjaman berdasarkan faedah bunga

Jual-beli tangguh atau pembiayaan modal

Hubungan Bank dengan Pelanggan

Bank

Penjual Pembeli Leasor

Customer

Pembeli Penjual Leasee

Prinsip-prinsip dalam Aqad

Dasar pembentukan akad-akad bank syariahAntara Waad dan AkadAkad Tijarah dan Tabarru’Akad Tijarah

Teori Pertukaran dan Teori Percampuran

Perbezaan antara Wa’ad dan AkadWa’ad (janji)

Janji (promise) antara satu pihak kpd pihak yang lain (hanya mengikat satu pihak) – one way

Pihak yang diberi janji tidak memikul tanggungjawab apapun kepada pihak pemberi janji

Akad (kontrak @ikatan)

Mengikat kedua belah pihak yang saling bersepakat, yakni masing-masing pihak terikat untuk melaksanakan kewajipan mereka masing-maisng yang telah disepakati terlebih dahulu.

Perbezaan antara Wa’ad dan AkadWa’ad

Terms & Condition not well defined Belum ada liabiliti yang

ditunaikan oleh pihak manapun, walaupun terms and conditionnya sudah well-defined

Bila janji tak terpenuhi maka denda yang diterima merupakan denda moral

Akad

Term and condition sudah ditetapkan

secara terperinci (detail) dan spesifik (sudah well-defined)

Bila kewajipan tidak dapat dipenuhi, maka denda yg diterima sesuai dengan kesepakatan awal kontrak.

PERTANYAAN

1. Jika ada pelanggan yang memerlukan motosikal, saya akan membawanya ke dealer anda

2. Saya akan membelikan anda motorsikal dan anda boleh membayarnya dengan cara ansuran selama 2 tahun

3. Saya akan membeli motosikal hari ini

WA’AD

AKAD

WA’AD

TEORI PERCAMPURAN DALAM ISLAMNatural Uncertainty Contracts

Teori percampuran adalah kontrak dalam perniagaan yang tidak memberikan kepastian pendapatan, baik dari segi jumlah maupun waktunya. Pulangannya mungkin positif, negatif ataupun kosong.

Dalam kewangan Islam, kontrak-kontrak pelaburan ini tidak menawarkan :

Pulangan yang tetap dan pasti. ` Sifatnya tidak tetap dan tidak dijadualkan

(not predetermined).

TEORI PERCAMPURAN DALAM ISLAM

Dalam kontrak jenis ini, pihak-pihak yang bertransaksi akan mencampurkan asetnya (baik real asset maupun financial assets) menjadi satu kesatuan, dan kemudian menanggung risiko bersama-sama untuk mendapatkan keuntungan. Dalam kontrak demikian ini, keuntungan dan kerugian ditanggung bersama.

TEORI PERCAMPURAN

OBJEK PERCAMPURAN

‘AYN BI ‘AYN (real asset with real asset)

‘AYN BI DAYN (real asset with cash)

DAYN BI DAYN (cash with cash)

WAKTU PERCAMPURAN

NAQDAN (emas dan perak)

GHAIRU NAQDAN* Naqdan (penyerahan segera atau dilakukan dengan cara tunai atau present)

* Ghairu naqdan (penyerahan tangguh)

‘AYN BI ‘AYN (real asset degan

real asset)

TEORI PERCAMPURANTEORI PERCAMPURAN

Menyumbangkan keahlian , ini

disebut Syirkah ‘Abdan

Servis/keahlian (real asset) dicampur dengan wang (financial asset)

Bentuk percampuran ini disebut Syirkah Mudharabah

Seorang penyandang dana memberikan dana

dan yang lain memberikan reputasinya Bentuk percampuran ini disebut Syirkah Wujuh

‘AYN BI DAYN (real asset with cash)

Percampuran financial asset (dayn) dengan

financial asset (dayn)Jika percampuran antara

wang dengan wang dengan jumlah sama disebut

Syirkah Mufawadah; atau jumlah wang yang

dipercampurkan jumlahnya berbeza disebut Syirkah

‘inan.

DAYN BI DAYN (cash with cash)

Types of shirkah Shirkah al milk - where there is a joint

ownership of two or more persons in a particular property. For instance, when two or more persons purchase equipment, the equipment will be jointly owned by both parties. This type of “partnership” is not necessarily meant for business purpose.

Shirkah al ‘aqd - where a partnership is affected by a mutual contract or commonly known as ‘joint commercial enterprise’. A group of individuals share the capital and profit.

Shirkah al ‘aqd Shirkah-al-amwal (wealth/finance) where all the partners

invest money as capital into the partnership/a venture. Similar to how shareholders provide capital to a corporation through an initial public offering (IPO).

Shirkah-al-a‘mal (work) where the capital in the partnership is the partners’ skill (i.e. work). The partners would render some services for their customers, and distribute the fee received according to an agreed ratio.

Shirkah-al-wujooh (creditworthiness). In this type of partnership, the partners purchase commodities on credit and sell it for cash. Thus, their capital is their creditworthiness. They have no monetary investment in this partnership. This partnership is based on goodwill.. They then share the profits after selling the commodities at the spot price.

SHIRKAH

JOINT OWNERSHIP

COMMERCIAL PARTNERSHIP

COMMERCIAL PARTNERSHIP

FINANCEal-amwal

WORKal-a‘mal

CREDIT-WORTHINESS

al-wujooh

SHIRKAH Shirkah refers to both joint ownership and commercial

partnership, whereas Musharakah refers to a specific type of commercial partnership (i.e. shirkah-al-amwal or finance partnership with limited liability).

Under commercial partnership - the liability is borne by partners (i.e. the legal form of partnership).

Al-amwal are divided into: 1. Inan 2. Mufawadah 3. Mudharabah

Inan

All partners will contribute capital into the partnership and may participate in the management of the business. The partners’ liability is limited to the capital contributed by them. They are not guarantor for the other partners. The amount of capital contributed could vary among partners (i.e. this partnership does not require equal capital).

The partners could contribute any amount of capital and they have a limited liability (they are not liable towards the liability of the other partners). When profit arise the partners could either share it according to the capital ratio or any ratio agreed by the partners. Any loss will be distributed according to the capital ratio.

Mufawadah All partners will contribute equal capital into the

partnership and may participate in the management of the business. This form of partnership requires complete equality as a condition for its formation. Thus, the partners must contribute equal amount of capital and they are guarantor for each other.

The liability of the partners in this form of partnership is joint and several liabilities. In other words, the partners in Mufawadah partnership have unlimited liability. They not only bear their own liability but also the liability of the other partners. The condition of complete equality must be strictly observed. If the condition is violated, then Mufawadah partnership will automatically convert into Inan partnership. Profit and loss is shared equally.

Berdasarkan tingkat kepastian hasil yang diperoleh, kontrak dapat dibezakan menjadi:

Natural Uncertainty Contracts (TEORI PERCAMPURAN)Natural Certainty Contracts (TEORI PERTUKARAN)

TEORI PERTUKARAN DALAM ISLAM

Natural Certainty Contracts / Teori Pertukaran, adalah kontrak dalam bisnes yang memberikan kepastian pembayaran, baik dari segi jumlah maupun waktu. Dalam bentuk ini:

Cash-flownya pasti atau sudah disepakati di awal kontrakObjek pertukarannya juga pasti secara jumlah, mutu, waktu

maupun harganya

TEORI PERTUKARAN

OBJEK PERTUKARAN

‘AYN (real asset) BI ‘AYN (real asset)

‘AYN (real asset) BI DAYN (cash)

DAYN (cash) BI DAYN (cash)

WAKTU PERTUKARAN

NAQDAN (Sekarang/Tunai)

GHAIRU NAQDAN (Masa YAD)

TEORI PERTUKARAN

‘AYN BI DAYN

Barang

Al-Bai’

Services

Al-Ijarah

Ijarah / Leasing

Ju’alah/ Kenderaan

Naqdan (Tunai)

Order

Mu’ajjal / Deferred

Salam

Istishna’

real asset (‘ayn) dengan financial asset (dayn)

TEORI PERTUKARAN

DAYN BI DAYN

Wang

Non-Financial

(Surat berharga)

Jenis sama

Jenis Beza

Pertukaran financial asset (dayn) dengan financial

asset (dayn)

*(sama jumlahnya)*(diserahkan saat itu juga)

*(diserahkan saat itu juga)

MATRIK PERTUKARAN

Time

Object

Now for Now Now for Deferred

Defered for Defered

‘Ayn for ‘Ayn Ok Ok No

‘Ayn for Dayn

Ok Ok No

Dayn for Dayn

Ok No No

Prinsip Prinsip Akad

Akad Tabarru’

Akad Tijarah

Prinsip-prinsip dalam Aqad

Dasar pembentukan akad-akad bank syariahAntara Waad dan AkadAkad Tijarah dan Tabarru’Akad Tijarah

Teori Pertukaran dan Teori Percampuran

SKEMA AKAD-AKAD

SOCIAL TRANSACTION AKAD TABARRU’

1. QARDH2. RAHN3. HIWALAH4. WAKALAH5. WADIAH6. KAFALAH 7. SHARF

COMERCIAL TRANSACTION AKAD TIJARAH

MURABAHAH IJARAHSALAM

ISTISHNA’

MEMILIKI KEPASTIAN

KEUNTUNGAN / NCC

Natural Certainty Contracts

TIDAK MEMILIKI KEPASTIAN

KEUNTUNGAN

MUSYARAKAH MUDHARABAH MUZARA’AH MUSAQAH

MUKHABARAH

TIDAK MEMILIKI KEPASTIAN

KEUNTUNGANNatural Uncertainty

Contracts

WA’AD

UNTUNGPENDAPATAN

akad

Teori Pertukaran

Teori Percampuran

Qardh

Qardh adalah pinjaman wang yang diberikan kepada pelanggan/nasabah yang memerlukan. Penerima pembiayaan hanya diwajibkan mengembalikan pokok pembiayaan pada tempoh matang dan bank hanya mengenakan biaya pentadbiran dan biaya lainnya untuk menjalankan proses akad. (UPAH)

Ar-Rahn•Ar-Rahn adalah akad menggadaikan barang dari satu pihak kepada pihak lain, dengan wang sebagai gantinya.

•Dalam teknik perbankan, akad ini dapat digunakan sebagai tambahan pada pembiayaan yang berisiko & memerlukan jaminan tambahan.

•Akad ini juga dapat menjadi produk tersendiri untuk melayani keperluan pelangan dalam khidmat langgan (services) & consumption, seperti pendidikan, kesehatan dan sebagainya.

•Bank atau lembaga kewangan tidak menarik manfaat apapun kecuali biaya pemeliharaan atau keamanan barang yang digadaikan tersebut.

Hiwalah

Hiwalah adalah alih hutang piutang

Tujuan fasiliti Hiwalah adalah untuk membantu supplier mendapatkan modal tunai agar dapat melanjutkan perniagaanya. Bank mendapat ganti biaya atas servis pemindahan piutang

Hiwalah adalah alih hutang piutang

Tujuan fasiliti Hiwalah adalah untuk membantu supplier mendapatkan modal tunai agar dapat melanjutkan perniagaanya. Bank mendapat ganti biaya atas servis pemindahan piutang

Wakalah•Wakalah atau wikalah berarti penyerahan, pendelegasian, atau pemberian mandat.

•Al-Wakalah adalah akad perwakilan antara dua pihak, dimana pihak pertama mewakili suatu urusan kepada pihak kedua untuk bertindak atas nama pihak pertama.

•Aplikasinya dalam perbankan, wakalah digunakan untuk clearing, collection, transfer, Commercial Documentary Collection (CDC).

•(Seperti transaksi yang berkaitan dengan billing services atas dokumen-dokumen eksport-import sehubungan dengan pembukaan Letter of credit import oleh pelanggan suatu bank)

•Wakalah atau wikalah berarti penyerahan, pendelegasian, atau pemberian mandat.

•Al-Wakalah adalah akad perwakilan antara dua pihak, dimana pihak pertama mewakili suatu urusan kepada pihak kedua untuk bertindak atas nama pihak pertama.

•Aplikasinya dalam perbankan, wakalah digunakan untuk clearing, collection, transfer, Commercial Documentary Collection (CDC).

•(Seperti transaksi yang berkaitan dengan billing services atas dokumen-dokumen eksport-import sehubungan dengan pembukaan Letter of credit import oleh pelanggan suatu bank)

It is a savings account based on Islamic contract of Al Wadiah. Al Wadiah refers to a concluded contract between the owner (depositor) of the goods (the money) and the custodian (Bank) for safekeeping.

The depositor grants the Bank their permission to utilize the money for whatever purpose permitted by SYARIAH.

The Bank in return guarantees the value of the deposit thus creating a Wadiah Yad-Dhamanah contract.

Al Wadiah

Al-Wadiah

Al-Wadi’ah dapat dikategorikan kepada 2:

a. Al-Wadi’ah Yad al-Amanah

Pihak yang menerima deposit tidak boleh menggunakan dan memanfaatkan barang yang didepositkankan.

Ia adalah wadiah dimana si penerima deposit tidak bertanggungjawab atas kehilangan dan kerusakan yang terjadi pada barang yg didepositkan selama hal ini bukan akibat dari kelalaian penerima deposit dalam memelihara deposit tersebut.

Contoh dalam dunia perbankan : Safe Deposit Box

b. Al-Wadi’ah Yad adh-Dhamanah

Pihak yang yang menerima deposit dapat menggunakan dana/barang yang didepositkankan.

Pihak yang menerima deposit dapat memberikan insentif dengan tiada syarat tercatat sebelumnya dan jumlahnya tidak ditetapkan dalam nominal atau percentage (betul-betul serah kpd kebijaksanaan bank).

Ia adalah wadiah dimana si penerima deposit dapat memanfaatkan barang yang didepositkan dengan seizin pemiliknya dan menjamin untuk mengembalikan deposit tersebut secara utuh (intact) setiap saat, ketika si pemilik menghendakinya.

Bank dapat memanfaatkan untuk tujuan :- Current Account- Saving Account

Al-Wadiah

Kafalah

•Al-Kafalah merupakan jaminan yang diberikan oleh penanggung kepada pihak ketiga untuk memenuhi kewajiban pihak kedua atau yang ditanggung.

•Dalam pengertian ini, al-Kafalah juga berarti mengalihkan tanggung jawab seseorang yang dijamin dengan berpegang pada tanggung jawab orang lain sebagai penjamin.

•Penerapan dalam Perbankan adalah Bank Grant.

SharfSharf adalah transaksi pertukaran antara emas dengan perak atau pertukaran matawang asing, di mana matawang asing ditukarkan dengan matawang domestik atau dengan matawang asing lainnya.

Bank Islam sebagai lembaga kewangan dapat menerapkan prinsip ini, dengan catatan harus memenuhi syarat-syarat yang disebutkan dalam beberapa Hadith, antara lain:

1. Harus tunai2.Serah terima harus dilaksanakan dalam satu pertemuan (assembly contact)3.Bila pertukaran matawang yang sama harus dalam jumlah / kualiti yang sama.

Sharf adalah transaksi pertukaran antara emas dengan perak atau pertukaran matawang asing, di mana matawang asing ditukarkan dengan matawang domestik atau dengan matawang asing lainnya.

Bank Islam sebagai lembaga kewangan dapat menerapkan prinsip ini, dengan catatan harus memenuhi syarat-syarat yang disebutkan dalam beberapa Hadith, antara lain:

1. Harus tunai2.Serah terima harus dilaksanakan dalam satu pertemuan (assembly contact)3.Bila pertukaran matawang yang sama harus dalam jumlah / kualiti yang sama.

Perbezaan antara Akad Tabarru’ dan Akad Tijarah

TABARRU’ (social transaction)

Not-profit transaction

Tujuan transaksi adalah tolong-menolong dan bukan keuntungan komersil

Pihak yang berbuat kebajikan tersebut boleh meminta kepada counter-part-nya untuk sekadar menutupi biaya (cover the cost) yang dikeluarkannya untuk dapat melakukan akad tabarru’ tersebut. Tapi ia tidak boleh sedikitpun mengambil laba/untung dari akad tabarru’ itu.

Tidak dapat dirubah menjadi akad tijarah kecuali ada persetujuan sebelumnya (at the beginning stage)

TIJARAH (commercial transaction)

Profit transaction oriented

Tujuan transaksi adalah mencari keuntungan yang bersifat komersil.

Akad Tijarah dapat dirubah menjadi akad tabarru’ dengan bilamana pihak yang tertahan haknya dengan rela melepaskan haknya, sehingga menggugurkan kewajiban pihak yang belum menunaikan kewajibannya.

Dilihat dari sifat keuntungan yang diperoleh, akad tijarah dibagi menjadi dua iaitu: natural certainty return & natural uncertainty return.

PRINSIP DAN LANDASAN PERKEMBANGAN PRODUK PERNIAGAAN ISLAM

LIMA AKAD DASAR TRANSAKSI SYARI’AH :

1) WADI’AHGiro Wadi’ah

Tabungan Wadi’ah

2a) BAGI HASIL (Syirkah – Funding)

Giro Mudharabah

Tabungan Mudharabah

Deposito Mudharabah

2b) BAGI HASIL (SYIRKAH – Financing)

Pembiayaan Mudharabah

Pembiayaan Musyarakah

3) JUAL-BELI (TIJARAH)Pembiayaan Murabahah

Pembiayaan Salam

Pembiayaan Istishna’

4) SEWA (IJARAH)Ijarah

Ijarah Muntahia Bittamlik

5) SERVIS/FEE( AL UJROH)Wakalah, Kafalah, Hiwalah, Rahn, Qard

PRODUK DAN PRINSIP KERJA BANK SYARIAH

SUMBER DANA :•GIRO WADIAH

•TABUNGAN MUDHARABAH•DEPOSIT MUDHARABAH

•EQUITY

POOLING FUNDS

Mark up based :- Jual beli

- Sewa beli

Bagi Hasil :•Mudharabah•Musyarakah

Margin

BagiHasil

RevenueDistribution

Customer portion

BANK PORTION

Treasury activities:- Sukuk, Bonds, dll

Services:•Money transfer

•Collection•Warranty Bank 100% pendapatan Bank

Prinsip bagi hasil dalam profit sharing ataupun revenue sharing merupakan bahagian terbesar dari operasi bank syariah

Pend.Lain

MUSYARAKAH

Definition Musharakah or shirkah is an arabic word that

simply means sharing.

Syarikat (company) is the plural form of the word shirkah.

In Islamic commercial law, partnership is known as shirkah. A natural certainty contract.

•A joint enterprise or partnership structure with profit/loss sharing implications that is used in Islamic finance instead of interest-bearing loans. •Musharakah allows each party involved in a business to share in the profits and risks.

•Instead of charging interest as a creditor, the financier will achieve a return in the form of a portion of the actual profits earned, according to a predetermined ratio.

•However, unlike a traditional creditor, the financier will also share in any losses.

MUSYARAKAH

PEMBIAYAAN MUSYARAKAH

Pembiayaan Musyarakah adalah suatu kesepakatan antara Bank dengan pelanggan untuk membiayai suatu projek dimana masing-masing pihak secara bersama-sama menyediakan dana dan melibatkan diri dalam kerja (participation).

Masing-masing pihak berhak atas segala keuntungan dan bertanggung jawab atas segala kerugian yang terjadi sesuai dengan pernyataannya masing-masing.

44

The basic rules and Features of Musharakah

Musharakah means relationship established under a contract by the mutual consent of the parties for sharing of profits and losses, arising from a joint enterprise or venture.

Investments come from all partners/ shareholders hereinafter referred to as partners.

Profits shall be distributed in the proportion mutually agreed in the contract.

45

The basic rules and Features of Musharakah

The existence of Muta’aqideen (Partners):

Capability of Partners: Must be sane & mature and be able of entering into a contract. The contract must take place with free consent of the parties without any fraud or misrepresentation.

If one or more partners choose to become non-working or silent partners. The ratio of their profit cannot exceed the ratio which their capital investment bears so the total capital investment in Musharakah.

46

The basic rules and Features of Musharakah

It is not allowed to fix a lump sum amount for any of the partners, or any rate of profit tied up with his capital. A management fee however, can be paid to the partner managing the Musharakah provided the agreement for the payment of such fee is independent of the Musharakah agreement.

Losses are shared by all partners in proportion to their capital.

47

The basic rules and Features of Musharakah

All assets of Musharakah are jointly owned in proportion to the capital of each partner.

All partners must contribute their capital in terms of money or species at an agreed valuation.

Share capital in a Musharakah can be contributed either in cash or in the form of commodities. In the latter case, the market value of the commodities shall determine the share of the partner in the capital.

48

The basic rules and Features of Musharakah

The presence of the commodity: This means the price and commodity itself.

The rate of profit sharing should be determined: The share of each partner in the profit earned should be identified at the time of the contract. If however, the ratio is not determined before hand the contract becomes void (Fasid).

Therefore identifying the profit share is necessary.

49

Distribution of Profit The proportion of profit to be distributed between

the partners must be agreed upon at the time of effecting the contract. If no such proportion has been determined, the contract is not valid in Shari’ah.

  The ratio of profit for each partner must be

determined in proportion to the actual profit accrued to the business, and not in proportion to the capital invested by him. It is not allowed to fix a lump sum amount for any one of the partners, or any rate of profit tied up with his investment.

 

EXAMPLE 1- Syed started a partnership with Aman and Mike with a

capital of RM5,000 each. To attract a fourth partner into their business they promised to provide the new partner a 10% return from the partner’s capital contribution every year regardless of the performance of the partnership.

This is NOT allowed in Islamic law because the return to the partners does not take into account the actual performance of the partnership. In Islam, if we want to enjoy any return, then we should also bear the responsibility if any losses arise.

EXAMPLE 2- Bakar and Ramli formed an Inan partnership by

contributing RM10,000 and RM15,000 respectively. Bakar will be the active partner and manage the partnership. They agreed to share the profit according to a ratio of 60:40. During the first year of operation, the partnership made a profit of RM8,000. Bakar gets RM 4,800 (RM8,000 x 0.60) and Ramli gets RM 3,200 (RM8,000 x 0.40) accordingly.

This is allowed in Islam as distribution of the profit must be based on actual profit of the partnership for the year.

This capital contribution may face the risk of loss and also enjoys the opportunity of making extra return. The return on his investment (ROI) will reflect the performance of the business. Therefore, there will not be any fixed and pre-determined return in a partnership.

52

ILLUSTRATION

If A and B enter into a partnership and it is agreed between them that A shall be given RM 10,000 per month as his share in the profit, and the rest will go to B, the partnership is invalid. Similarly, if it is agreed between them that A will get 15% of his investment, the contract is not valid. The correct basis for distribution would be an agreed percentages of the actual profit accrued to the business.

53

OBSERVATIONSIf a lump sum amount or a certain percentage of the investment has been agreed for any one of the partners, it must be expressly mentioned in the agreement that it will be subject to the final settlement at the end of the term, meaning thereby that any amount so drawn by any partner shall be treated as on account payment and will be adjusted to the actual profit he may deserve at the end of the term.

But if no profit is actually earned or is less than anticipated, the amount drawn by the partner shall have to be returned.

54

OBSERVATIONS

However, if a partner has put an express condition in the agreement that he will never work for the Musharakah and will remain a sleeping partner throughout the term of Musharakha, then his share of profit cannot be more than the ratio of his investment.

55

Sharing of lossIn the case of a loss, all the Muslim jurists are unanimous (agreed) on the point that each partner shall suffer the loss exactly according to the ratio of investment. Therefore, if a partner have invested 40% of the capital, he must suffer 40% of the loss, not more, not less, and any condition to the contrary shall render the contract invalid. There is a complete consensus of jurists on this principle.

Profit is based on the agreement of the parties, but loss is always subject to the ratio of investment.

 

56

Termination of Musharakah Musharakah is deemed to be terminated in any one of the following events:

(1) Every partner has a right to terminate the Musharakah at any time after giving his partner a notice to this effect, whereby the Musharakah will come to an end.

  In this case, if the assets of the musharakah are in cash form, all of them will be distributed pro rata between the partners. But if the assets are not liquidated, the partners may agree either on the liquidation of the assets, or on their distribution or partition between the partners as they are.

57

Termination of MusharakahIN CASE OF A DISPUTE

If there is a dispute between the partners in this matter i.e. one partner seeks liquidation while the other wants partition or distribution of the non-liquid assets themselves, the latter shall be preferred, because after the termination of musharakah, all the assets are in the joint ownership of the partners, and a co-owner has a right to seek partition or separation, and no one can request him on liquidation. However, if the assets are such that they cannot be separated or partitioned, such as machinery, then they shall be sold and the sale-proceeds shall be distributed.

58

Termination of Musharakah(2) The contract of Musharakah is terminated

when a partner dies. In this case, his heirs will have the option either to withdraw the deceased’s share from the business, or to continue with the contract of Musharakah.

(3) If any one of the partners becomes insane or otherwise becomes incapable of effecting commercial transactions (bankrupt), the musharakah will also be terminated.

59

Termination of Musharakah without closing the business

If one of the partners wants termination of the musharakah, while the other partner or partners like to continue with the business, this purpose can be achieved by mutual agreement. The partners who want to run the business may purchase the share of the partner who wants to terminate his partnership, because the termination of musharakah with one partner does not imply its termination between the other partners.

60

Termination of Musharakah without closing the business

However, in this case, the price of the share of the leaving partner must be determined by mutual consent, and if there is a dispute about the valuation of the share and the partners do not arrive at an agreed price, the leaving partner may compel other partners on the liquidation or on the distribution of the assets themselves.

Application of Musharakah

1.Bank and client contribute capital into a project (e.g.bank contributes 90% of capital and the client contributes 10% capital). They fix a profit sharing ratio (PSR).

2.Client manages business.

3.Profit is shared according to PSR and loss is distributed according to capital ratio.

Types of Modern Musharakah1.Partnership: It is regulated by-

(a) Partnership rules framed by the government, (b) Business practices prevailing in the business community.

2. Limited company.

i. This type of musharakah is strictly controlled by the statutory rules framed by the government.

ii. Its commercial activities are, however, influenced by the business practices (urf).

3. Co-operative societies.

i. This musharakah is also governed by statutory rules.

ii. Its commercial activities are influenced by the practices prevailing in the business community.

KEUNTUNGAN

BAGI HASIL(Capital contribution proportion)

Projek/Usaha

Modal & Tenaga/KeahlianModal

ClientAnsuran / InstallmentsBank Syariah

Proposal

41

2 2

33

SKEMA MUSYARAKAH

Perusahaan Kontraktor ABC mendapatkan projek pembangunan BTS di Sarawak dengan nilai kontrak RM.3.7Million.

ABC mengajukan pembiayaan (proposal) ke Bank Islam sebanyak RM.2.6 Million untuk tempoh 7 bulan. ABC menganggarkan keuntungan sebanyak RM630 Juta.

Untuk mengatasi masalah ini, Bank Islam menyelesaikan masalah ABC dengan pembiayaan Musyarakah (with expectation assumption: keuntungan Bank 20%).

Kirakan keuntungan itu.

CONTOH PEMBIAYAAN MUSYARAKAH