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All Journal Journal of Islamic Monetary Economics and Finance Jurnal Manajemen dan Usahawan Indonesia
Husodo, Zaafri A.
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Humanities Economics, Econometrics & Finance Social Sciences

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Kapasitas Keuangan dan Kesadaran Atas Produk Keuangan:Survei Rumah Tangga Berpenghasilan Rendah di Jabodetabek dan Surakarta, Indonesia Danarsari, Dwi Nastiti; Viverita, Viverita; Husodo, Zaäfri A.
Jurnal Manajemen dan Usahawan Indonesia Vol. 44, No. 1
Publisher : UI Scholars Hub

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Abstract

This study aims to examine the relationship between financial capacity and awareness on financial product for low-income households in Jabodetabek and Surakarta by conducting survey on 1,520 household respondents. The survey results show that saving account and credit for vehicle owner- ship are the two most popular financial products known by the respondents. In addition, the cross- tabulation and chi-square analysis find that Jabodetabek’s respondents, who ever have and are using financial product, mostly have stronger financial capacity. On the other hand, respondents who never have and are not using financial product are those who have weaker financial condition. Moreover, respondents in both regions, who never own and are not having credit for vehicle ownership, mostly have relatively weaker financial capacity. The results indicate that financial capacity is associated with awareness on financial product.
HOW FEASIBLE IS A CONVERTIBLE IJARAH CONTRACT FOR SME FINANCING?: A SIMULATION APPROACH Dalimunthe, Zuliani; Syakhroza, Akhmad; Nasution, Mustafa E.; Husodo, Zaafri A.
Journal of Islamic Monetary Economics and Finance Vol 5 No 2 (2019)
Publisher : Bank Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (401.213 KB) | DOI: 10.21098/jimf.v5i2.1070

Abstract

Islamic financial institutions have relied for decades on margin-based contracts to provide financing for the business sector, despite the basic idea that Islamic finance is expected to provide an equity-based or a profit and loss sharing (PLS) contract. This fact raises the need to encourage the use of a margin-based instrument with an innovative scheme that allows for conversion of the contract into a PLS-based contract. Moreover, we propose a convertible ijarah contract to fill this need. A convertible ijarah contract is an ijarah (rent) contract that is convertible to a PLS contract according to the Islamic financier’s decision. In this study, we simulate three scenarios of project financing with (a) murabaha as a margin-based contract, (b) musharaka as a PLS contract and (c) a convertible ijarah contract. The aim is to evaluate whether the convertible ijarah contract will provide a higher return for the financier compared to the other contracts. The main input of the simulation is nine sectors of Indonesian SMEs’ financial performance. We found that when the financial performance of Indonesian SMEs was measured by short-term financial performance, the convertible ijarah contract outperformed the murabaha contract for all sectors but did not outperform the musharaka contract, except for low-margin sectors. However, when the financial performance of Indonesians SMEs was measured by long-term economic performance, we found that the convertible ijarah contract outperformed the murabaha contract and musharaka contract for almost all sectors. Kami menemukan bahwa kontrak ijarah konversi mengungguli kontrak murabahah dan
HOW FEASIBLE IS A CONVERTIBLE IJARAH CONTRACT FOR SME FINANCING?: A SIMULATION APPROACH Dalimunthe, Zuliani; Syakhroza, Akhmad; Nasution, Mustafa E.; Husodo, Zaafri A.
Journal of Islamic Monetary Economics and Finance Vol. 5 No. 2 (2019)
Publisher : Bank Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21098/jimf.v5i2.1070

Abstract

Islamic financial institutions have relied for decades on margin-based contracts to provide financing for the business sector, despite the basic idea that Islamic finance is expected to provide an equity-based or a profit and loss sharing (PLS) contract. This fact raises the need to encourage the use of a margin-based instrument with an innovative scheme that allows for conversion of the contract into a PLS-based contract. Moreover, we propose a convertible ijarah contract to fill this need. A convertible ijarah contract is an ijarah (rent) contract that is convertible to a PLS contract according to the Islamic financier’s decision. In this study, we simulate three scenarios of project financing with (a) murabaha as a margin-based contract, (b) musharaka as a PLS contract and (c) a convertible ijarah contract. The aim is to evaluate whether the convertible ijarah contract will provide a higher return for the financier compared to the other contracts. The main input of the simulation is nine sectors of Indonesian SMEs’ financial performance. We found that when the financial performance of Indonesian SMEs was measured by short-term financial performance, the convertible ijarah contract outperformed the murabaha contract for all sectors but did not outperform the musharaka contract, except for low-margin sectors. However, when the financial performance of Indonesians SMEs was measured by long-term economic performance, we found that the convertible ijarah contract outperformed the murabaha contract and musharaka contract for almost all sectors. Kami menemukan bahwa kontrak ijarah konversi mengungguli kontrak murabahah dan
Co-Authors Akhmad Syakhroza Aldri Frinaldi Dalimunthe, Zuliani Nasution, Mustafa E. Viverita Viverita