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All Journal Tasharruf : Journal of Islamic Economics and Business Cashless
Dessy Boegiyati
Universitas Nahdlatul Ulama Pasuruan, Indonesia
Economics, Econometrics & Finance

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Analisis Nilai Waktu Uang (Time Value of Money) dalam Perspektif Keuangan Syariah Menggunakan Pendekatan Matematika Ekonomi anik ismadiana diana; Dessy Boegiyati
Tasharruf : Journal of Islamic Economics and Business Vol. 5 No. 2 (2024): Tasharruf : Journal of Islamic Economics and Business (November)
Publisher : Universitas Nahdlatul Ulama Pasuruan, Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.55757/tasharruf.v5i2.1301

Abstract

Time value of money is a key idea in economic mathematics. It helps analyze money value over time. Today, time value of money is used in investment, financing, and financial decisions. But Islamic finance must adjust time value of money to fit sharia rules that ban interest. This study looks at time value of money in Islamic finance with an economic mathematics approach. The study uses a descriptive qualitative method and a literature study approach. The researcher reviews journals, books, and scientific sources that discuss economic mathematics and Islamic finance. The results show that the time value of money concept can still be used in Islamic financial systems, provided the concept does not contain usury, gharar, or maisir. The application of present value and future value concepts in Islamic financing serves as an economic analysis tool. The tool helps determine financing values in a fair and transparent way. So economic mathematics plays a big role in helping efficient Islamic financial management follow Islamic principles.
ANALISIS DISKONTO DAN NILAI WAKTU UANG DALAM PERSPEKTIF KEUANGAN SYARIAH lailiyah najma zahira; Dessy Boegiyati
Cashless : Journal of Sharia Finance and Banking Vol. 4 No. 1 (2026): Cashless : Journal of Sharia Finance and Banking (April)
Publisher : Universitas Nahdlatul Ulama Pasuruan, Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.55757/cashless.v4i1.1323

Abstract

This research aims to reconstruct the concept of the time value of money from a Sharia perspective by developing the Economic Value of Time (EVT) as an alternative to the riba-based conventional Time Value of Money (TVM). Utilizing a mixed-method approach that combines qualitative and quantitative analysis through systematic literature review and comparative-mathematical analysis, this study formulates the Integrated Sharia Discounting Model Framework (KMDST) applied to murabahah, ijarah, syirkah, and sukuk instruments. The findings indicate that Sharia discounting mechanisms can be independently transformed by substituting interest variables with real return indicators such as margins, ujrah, and the Expected Rate of Return (ERR). Quantitative simulation results on an IDR 800,000,000 financing scenario demonstrate a mathematical convergence phenomenon, where the NPV of both Sharia and conventional systems yields an identical figure of -IDR 6,950,127 at the same discount rate. The study concludes that while methodologically accurate and precise, Islamic finance possesses a substantial advantage in terms of risk-sharing and economic justice, which are absent in conventional systems. Practically, this model provides guidance for financial institutions in determining discount rates aligned with real-sector productivity and Sharia compliance.
Co-Authors anik ismadiana diana lailiyah najma zahira