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WEEK 8: CAPITAL STRUCTURE – ISLAMIC PERSPECTIVE PART A

Ronald Rulindo, PhD

Kelas Manajemen Keuangan Islam

Fakultas Ekonomi dan Bisnis – Universitas Indonesia

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Background

Capital structure covers issue on how should the firm raise funds for the selected investments

Source: Ross et.al (2016)

How should the firm raise funds for the selected investments?

Current Assets

Fixed Assets

1 Tangible

2 Intangible

Shareholders’ Equity

Current Liabilities

Long-Term Debt

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Balance Sheet of Islamic Firm

Pasiva

Shareholders’ Equity

Current Liabilities

Long-Term Debt

Investment Account

Short term Qardh, Murabahah, Salam & Istishna (1< years)

Long term Qardh, Murabahah, Salam & Istishna (1> years)

Mudharabah, Musyarakah, Wakalah

Common Stocks

Current Assets

Fixed Assets

1 Tangible

2 Intangible

Aktiva

Aqad:

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How Islamic Firm Raise Fund

Financing from Islamic Bank
Issuing Sukuk / Sharia Compliant Medium Term Notes
Qardh from related party
Issuing Stock / Share
Private Placement for Specific Project Based on Mudharabah /Musharakah

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Business Model of Islamic Bank

Basic Operation of Islamic Bank

Creditor /

Borrower

Depositor /

Investor

Asset

Liabilities

Financing

Saving / Investment

Profit/

Profit-Sharing

Ujr (Fees)

Hibah/

Profit-Sharing

Muḍārabah

Mushārakah

Murābahah

Salam

Istisnā`

Ijārah

Wadiah

Muḍārabah

Qardh

Wakalah

Murabahah

Bank Syariah

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Diolah dari: Laporan Bulanan BUS Internal LPS.

Deposit/

Investments

Financing

Current Account:

Wadiah Yad Amanah
Wadiah Yad Dhamanah
Qardh
Muḍārabah

Saving Account:

Wadiah Yad Dhamanah
Muḍārabah

Investment Account:

Muḍārabah Mutlaqah

(Unrestricted Investment Account)

Muḍārabah Muqayyadah

(Restricted Investment Account)

Retail/Consumer

Banking

Corporate Banking

/Trade Finance

Treasury/Money

Market Investments

Other Products

And Services

Murābahah, Ijārah, Qardh,

Mushārakah

Muḍārabah, Mushārakah,

Murābahah, Salam, Istisnā` , Ijara,

Muḍārabah, Mushārakah,

Murābahah,Qardh, Istisnā` , Ijara,

Murābahah, Wakalah, Hiwalah

Liabilities

Assets

Various Islamic Banking Products

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Note: Above mentioned structure is also referred to Murabhaha purchase orderer , where, customer promises to buy the asset (i.e. binding promise), however, it could be non-binding too. In addition, Bank may already have asset and sell it to customer under Murabaha. Please note that above mentioned structures is meant to facilitate the discussion, thus, actual scope may differ with above.

Murābahah Financing

Customer identifies a Shari’ah-compliant

asset and seller provides quotation,

at agreed price, term and conditions.

Bank

Seller

Customer

1

2

3

4

5

6

2.Customer approaches Bank for providing

financing under Murābahah contract.

3. Hence, Bank purchases the asset.

4. Bank sells the asset to customer at

cost + mark up.

5. Transfer of asset.

6. Repayment based on agreement.

Islamic Financing products (1)

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1. Customer identifies Shari’ah-compliant asset

and seller provides quotation at agreed

price, term and conditions.

2.Customer approaches (lessee) Bank to provide

Ijārah financing.

3. Bank purchases the asset.

4. Bank leases the asset to customer as a lessor.

5. Transfer of asset.

6. Customer pay rental fees as a lessee to lessor.

At the end of contract, either asset returns to

the Bank or customer buys it at nominal

price, where applicable.

Ijārah Financing

Bank

Customer

Seller

1

2

3

4

6

7

5

Please note that above mentioned structures is meant to facilitate the discussion, thus, actual scope may differ with above.

Islamic Financing products (2)

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Istisnā` Financing

1. Customer identifies asset, contractor provides

quotation, at agreed price, term and conditions.

2. Customers approaches Bank to provide

Istisnā` financing.

3. Bank gives Istisnā` financing to provide

specific asset at agreed price, date and

venue of delivery.

4. Bank requests the specific asset to contractor.

5. Seller delivers asset after constructions at

specific date.

6. Customer make payments to Bank as per term

agreed in the contract.

Bank

Customer

Seller/

Contractor

4

6

3

2

1

5

Please note that above mentioned structures is meant to facilitate the discussion, thus, actual scope may differ with above.

Islamic Financing products (3)

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Salam Financing

1. Customer/Farmer requests Salam financing

to the Bank against specific kind of commodity

which is to be delivered on specified future date.

2. Bank as a buyer makes full payment of

purchase price upon execution of Salam

contract.

3. Customer/Farmer delivers the specific kind of

commodity as per the contract to the Bank.

4a. Bank may sell to third party other than the

original seller under the parallel Salam in which

Bank had entered.

4b. Bank may sell the commodity in the spot market

or alternatively, Bank may hold the commodity

in anticipation of selling it at higher price.

Bank

Customer/

Farmer

Third party

Other than

original seller

4a

2

1

4b

Note: Above mentioned structures is meant to facilitate the discussion, thus, actual scope may differ with above.

Spot

Market

3

Please note that parallel Salam is independent of Salam contract. Hence, it is not inter-conditional or interdependent.

Islamic Financing products (4)

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1. Customer approaches Bank to provide

Muḍārabah financing

2. Bank injects funds to the venture (customer

business) based on Muḍārabah contract

3. Customer provides skill to the venture

4. Profits from venture will be divided

according to agreed PSR

(Let’s assume the ratio is 60:40)

5. Loss from venture (if any) will be borne

by the Bank*

*unless there is clear evidence that the loss is

due to customer misconducts and negligence

Muḍārabah Financing

Bank

Customer

1

2

3

4

5

Venture

What happens if there is loss?

Please note that above mentioned structures is meant to facilitate the discussion, thus, actual scope may differ with above.

Islamic Financing products (5)

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What happens if there is loss?

Mushārakah Financing

1.Customer approaches Bank to provide

Mushārakah financing;

2. Bank injects funds to the venture (customer

business) based on Mushārakah contract;

3. Customer injects fund (existing share) and

provides skill to the venture;

4. Profit from venture will be divided

according to agreed ratio

(Let us assume the ratio is 60:40)

Bank

Customer

Venture

1

3

2

4

Please note that above mentioned structures is meant to facilitate the discussion, thus, actual scope may differ with above.

Islamic Financing products (6)

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Case 1

Peternakan Ayam

Petani memerlukan tambahan modal Rp. 250 juta untuk membangun kendang ayam baru, membeli bibit ayam, serta makanan ayam. Petani ayam tersebut memiliki rumah senilai Rp. 500 juta.
Biaya bulanan untuk peternakan ayam tersebut 5 juta
Biaya membangun kendang ayam dan perlengkapan Rp. 130 juta
Biaya membeli bibit ayam Rp. 60 juta
Penjualan bulanan sekitar Rp. 15 juta
Peternak ingin mengajukan pinjaman dengan tenor 5 tahun ke bank

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Case 2

Skin Care

Anda ingin berbisnis skincare dengan menggunakan metode Maklon (pesan dari pabrik, jual dengan menggunakan merk anda sendiri).
Penjualan skincare tidak menentu. Tetapi sebulan bisa laku paling tidak Rp. 20 juta.
Harga pokok produksi kurang lebih 30% dari harga jual.
Biaya lain-lain kurang lebih juga 30% dari harga jual.
Untuk memastikan kelancaran usaha, anda merasa perlu modal sekitar Rp. 200 juta agar dapat memastikan pasokan skin care anda lancar.
Tenor pembiayaan yang anda harapkan adalah 5 tahun
Anda memiliki rumah Rp. 750 juta dan motor seharga Rp. 15 juta

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Case 3

Bakso Outlet

Abang tukang Bakso mengajak berbisnis membuka outlet bakso baru. Biaya yang dibutuhkan untuk sewa tempat perbulan Rp 1 juta
Biaya produksi sebulan Rp 2 juta
Biaya pegawai, kebersihan dan lain-lain 1 juta
Pendapatan penjualan Rp. 7 juta per bulan
Pemilik toko meminta sewa dibayar pernuh selama setahun
Abang Bakso merasa perlu modal 50 juta untuk memulai bisnis ini.
Abang Bakso tidak punya asset untuk jaminan
Tenor pembiayaan yang diharapkan adalah 5 tahun

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Case 4

Outsourcing Jasa Kebersihan

PT Bergaya mendapatkan kontrak kerjasama untuk menyediakan tenaga kebersihan suatu Gedung, yang memerlukan 20 tenaga kebersihan setiap bulannya.
Gaji tenaga outsource per bulan per orang Rp. 2juta per bulan
Perusahaan client akan membayarkan gaji pada minggu ketiga setiap bulan setelah bulan pengerjaan (gaji bulan sebelumnya ditalangi PT Bergaya)
Kebutuhan alat-alat dan lain-lain Rp. 10 juta per bulan
Margin keuntungan per pegawai outsource adalah 30% per orang per bulan
PT Bergaya memerlukan Rp. 200 juta untuk memastikan kontrak kerja sama ini lancar
PT Bergaya ingin mendapatkan pembiayaan bank dengan tenor hingga 5 tahun kedepan

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Pertanyaan

Apakah bisnis-bisnis tersebut layak dibiayai?
Jika ya, dengan akad apa bank syariah dapat membiayai bisnis tersebut?
Dengan perkiraan tingkat suku bunga rata-rata adalah 5%, berapa angsuran yang harus dibayar oleh pengusaha setiap bulannya?
Jika pembiayaannya dengan akad mudharabah, berapa nisbah bagi hasil yang dapat diterima oleh pengusaha agar tetap untung dan bank dapat menutupi modal dan mendapat keuntungan setara bunga 5% p.a?

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Lampiran

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CONTOH PERHITUNGAN MURABAHAH

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Bank Syariah melakukan transaksi jual beli Murabahah dengan harga pokok sbb:

Harga barang Rp. 160.000.000,—

Diskon (sebelum akad) 10% _{Rp. 16.000.000,--}

(-) Rp. 144.000.000,--

Beban lain yang dikeluarkan (sesuai syarat penyerahan brg)

Rp. 6.000.000,--

(+) Rp. 150.000.000,--

Harga pokok barang

Sebagai komitmen, Nasabah memberikan uang muka kepada Bank Syariah sebesar Rp. 30 juta

Pembayaran dilakukan secara tangguh selama satu tahun dan Bank

Syariah memperhitungkan keuntungan setara dengan 21%

Berapa ditawarkan harga jualnya?

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PEMBIAYAAN MURABAHAH - PRAKTIS

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Perhitungan Keuntungan Bank :
Harga Barang	=	150,000,000
Uang muka Nasabah	=	30,000,000
Biaya Bank	=	120,000,000
Marjin Keuntungan Bank	=	25,200,000 (120,000,000 x 21% x 1)
Fasilitas Murabahah :

Harga Beli Barang Marjin Keuntungan Bank	= =	150,000,000 25,200,000
Harga Jual Bank	=	175,200,000
Uang Muka Nasabah	=	30,000,000
Sisa Angsuran	=	145,200,000
Angsuran per Bulan	=	12,100,000 (145,200,000 :12)

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ANGS	OUTSTANDING	PORSI POKOK	PORSI MARJIN	ANGSURAN	SISA POKOK	SISA MARJIN	SISA ANGSURAN	TGL. ANGSUR
1	120,000,000	10,000,000	2,100,000	12,100,000	110,000,000	23,100,000	133,100,000	02/01/03
2	110,000,000	10,000,000	2,100,000	12,100,000	100,000,000	21,000,000	121,000,000	02/02/03
3	100,000,000	10,000,000	2,100,000	12,100,000	90,000,000	18,900,000	108,900,000	02/03/03
4	90,000,000	10,000,000	2,100,000	12,100,000	80,000,000	16,800,000	96,800,000	02/04/03
5	80,000,000	10,000,000	2,100,000	12,100,000	70,000,000	14,700,000	84,700,000	02/05/03
6	70,000,000	10,000,000	2,100,000	12,100,000	60,000,000	12,600,000	72,600,000	02/06/03
7	60,000,000	10,000,000	2,100,000	12,100,000	50,000,000	10,500,000	60,500,000	02/07/03
8	50,000,000	10,000,000	2,100,000	12,100,000	40,000,000	8,400,000	48,400,000	02/08/03
9	40,000,000	10,000,000	2,100,000	12,100,000	30,000,000	6,300,000	36,300,000	02/09/03
10	30,000,000	10,000,000	2,100,000	12,100,000	20,000,000	4,200,000	24,200,000	02/10/03
11	20,000,000	10,000,000	2,100,000	12,100,000	10,000,000	2,100,000	12,100,000	02/11/03
12	10,000,000	10,000,000	2,100,000	12,100,000	0	0	0	02/12/03
Jumlah		120,000,000	25,200,000	145,200,000

KARTU ANGSURAN MURABAHAH

(RINCIAN POKOK DAN MARGIN HANYA UNTUK BANK SYARIAH)