Search

The increasing interest of the Muslim community in Indonesia in the consumption of goods and services labeled halal has certainly made all things with a halal perspective appear. Fintech (financial technology) as a form of digitization of the rapid development of technology is also used in the financial sector. The focus discussed in this study is the obligation of students to have books and how the website innovation system works using the murabaha contract. This study uses a phenomenological approach by conducting interviews with 40 students of the Muhammadiyah University of Sidoarjo who have used and made transactions on the IjabQabul.id website. The data obtained from the interviews were reprocessed using the Atlas.ti software. The results showed that from the IjabQabul.id website, students were quite helped by the facilities provided, such as payment methods that could be made online or collectively as well as payment methods that could be made in installments. Additions and feature enhancements are also expected by users to be added to the website.

This study aims to determine the perceptions of micro-entrepreneurs towards Bank Aceh Syariah murabahah products in Lhokseumawe City. This research was conducted using quantitative descriptive research methods. The population is all micro business actors in the city of Lhokseumawe, amounting to 1,782. The sample in this study were 178 respondents. Primary data collection was carried out using a google form questionnaire which was distributed through the WhatsApp group covering four districts. The perception of business actors towards Murabahah Bank Aceh Syariah is good. This can be seen from the behavior of business actors / respondent behavior which is influenced by the faktor of education level, most of them are undergraduate, Islamic culture factors, experience factors and percentage of profit from the original price. A stimulus from knowledge will produce a perception as a feedback from the stimulus.The results of this study found that business actors use the services of aceh sharia bank with murabahah products based on the agreed profit margin which is lower than conventional bank interest. Keywords: Perception, Education, Experience, Culture, Murabaha. Abstrak Penelitian ini bertujuan untuk mengentahui persepsi pelaku usaha mikro terhadap produk murabahah Bank Aceh Syariah di Kota Lhokseumawe. Penelitian ini dilakukan dengan menggunakan metode penelitian deskriptif kuantitatif. Populasinya adalah seluruh pelaku usaha mikro Kota Lhokseumawe yang berjumlah 1.782. Sampel dalam penelitian ini adalah 178 responden. Pengumpulan data primer dilakukan dengan kuesioner google form yang disebarkan melalui group whatsapp yang meliputi empat kecamatan. Persepsi pelaku usaha terhadap Murabahah Bank Aceh Syariah adalah baik. Hal ini dapat terlihat dari perilaku pelaku usaha/ perilaku responden yang dipengaruhi oleh faktor tingkat pendidikan sebagian besar strata satu/ S1, faktor budaya islam, faktor pengalaman serta faktor persentase keuntungan dari harga asal. Stimulus dari pengetahuan akan menghasilkan persepsi sebagai umpan balik dari stimulus tersebut. Hasil penelitian ini menemukan bahwa pelaku usaha menggunakan jasa bank aceh syariah dengan produk murabahah tersebut berdasarkan margin keuntungan yang disepakati lebih rendah daripada bunga bank konvensional. Kata kunci: Persepsi, Pendidikan, Pengalaman, Budaya, Murabahah.

Crowdfunding become one of the most effective alternatives for raising funds, although it is not a new phenomenon in developed and developing countries but seems to be new in Nigeria. As such, the study aims to propose Shariah framework that addresses conventional debt and equity crowdfunding, instead, using Murabaha as debt, Mudarabah and Musharakah as equity model and further measure the level of awareness and trust towards behavioural intention towards crowdfunding in Northern Nigeria. The sample was collected from 2730 purposively selected and used Structural Equation Modeling (SEM) for data analysis. Findings, revealed that the proposed structural framework of crowdfunding proved to enhance entrepreneur vision for raising investment fund based on Shariah-compliant in Northern Nigeria. Further indicates, lack of awareness and inappropriate use of internet platform resulted in perceived entirely irrelevant investment opportunities and developed fair to invest online. Practical implications: The paper provides awareness and trust on how to improve debt and equity-based crowdfunding for a fundraiser and successful funding a business structure based on Shariah compliant. Originality/Value: the study makes significant contribution towards propose Shariah framework of crowdfunding in Nigeria, and it provides awareness and trust to Nigerian Muslims entrepreneurs as in line with Shariah-compliant.JEL Classification: E4, O31, O35

Purpose The purpose of this paper is to investigate the determinants of Muslims’ attitude and intention towards Murabaha financing by considering religiosity as a moderator. Design/methodology/approach The data were collected through a survey of 373 Muslims in Afghanistan and were analysed using the partial least squares technique. Findings The results showed that social influence and religious obligation have a positive effect on attitude towards Murabaha financing. Furthermore, social influence and attitude have a positive effect on the intention to use Murabaha financing. Religiosity moderates negatively the impact of social influence on attitude towards Murabaha financing. Practical implications Managers and marketers of Islamic banks may benefit from the findings of this study, which provide insight into the factors that should be considered to promote Murabaha financing. Originality/value The findings contribute to the literature on Islamic financing products by demonstrating the drivers of attitude towards and intention to use Murabaha financing. The study also extends the literature by testing the moderating role of religiosity. Furthermore, the study extends the theory of reasoned action in the context of Islamic financing by introducing religious obligation as a potential driver of attitude and religiosity as a moderator.

This article discusses Analysis of the Implementation of the Murabahah Agreement on Micro Financing at BRI Syariah Subculture Bank BRI. Sharia Economics Study Program, STIES Syariah Indonesia Purwakarta, 1441 H / 2019 M. Micro financing is bank financing to individual customers or business entities engaged in the MSME sector to finance their business needs through working capital financing or investment financing. Murabaha contract is the provision of funds or bills which can be equaled for the sale and purchase of goods at the principal price plus a margin based on the agreement or agreement between the Bank and the customer which requires the customer to repay his debt / obligation. This study aims to find out how the implementation of murabaha contract on micro financing at Bank Syariah Syariah Kcp Subang. And to find out the analysis of the implementation of the murabaha contract on micro financing at the BRI Syariah Subcapital Bank BRI. This research is a type of descriptive qualitative research that examines the implementation of murabaha contracts on micro financing at BRI Syariah Subcapit Bank BRI. The research data consisted of primary and secondary data obtained through questionnaires, observations, interviews and documentation. The data obtained were then analyzed using descriptive analysis methods. The results of this study note that the implementation of the murabahah contract on micro financing is theoretically the murabahah contract conducted by BRI Syariah Subcapitary Bank in conducting micro financing it can be said to be sharia when making a wakalah agreement first before making the murabahah contract after the item in question has become the property of the bank . Then the Bank sells it to the customer plus profit margins to be paid by the customer in a certain period, in accordance with the initial agreement.

This research aims to analize the completion of side streaming actions on murabahah financing at BRISyariah KC Jombang and its review of fiqh muamalat. The method of this research used fiqheconomic approach with descriptive normative data analysis. Data field finding about the completion of side streaming were analyzed with refers to fiqh muamalat law. The results showed that the completion of side streaming actions on murabaha financing at BRISyariah was carried out in a persuasive way with administrative control. In the fiqh muamalat study, side streaming made a contract into fasakh. The solution of fasakh contract due to the side streaming is by changing the contract or re-contract. Practically, the completion of side streaming at BRISyariah KC Jombang has not fully accordance with fiqh muamalat because there is still not achieving the purpuso of the contract.

The presented study examines the potential risks of Islamic banking during its implementation (through the example of the Russian Federation).Aim. The study aims to identify the potential risks of Islamic banking in Russia.Tasks. The author considers the main differences between traditional and Islamic banks, systematizes the types of risks in Islamic banks, analyzes Sharia and economic risks, and examines the potential risks of Islamic financial institutions through the example of the Amal Financial House.Methods. This study uses the dialectical method, methods of statistical research, classification, systems and structural analysis, graphical analysis, generalization and systematization, scientific methods of cognition (observation, comparison, analysis, and synthesis).Results. The main differences between traditional and Islamic banks and the types of risks in Islamic banks are systematized. The system of Sharia control is considered through the example of an Is lamic financial organization (Islamic banking). Through the example of the Amal Financial House, the major risks are identified — for Islamic banking in financing using such Islamic financial instruments as murabaha and ijara, and for investors using mudaraba.Conclusions. Systematization of the main differences between Islamic and traditional banks shows that operations are based on a real asset to exclude contradictions with Sharia (Islamic canon law). The author distinguishes between two types of risk in Islamic banks: economic and Sharia. Sharia control is divided into internal and external (through the example of the Amal Financial House), which ensure the functioning of Islamic banking to prevent risk in unauthorized transactions within the framework of Islam. The author analyzes the activities of the Amal Financial House in 2015-2019 related to financing using such Islamic financial instruments as murabaha and ijara. The return on investment products shows positive dynamics, i.e. investors receive a steady income, even though there is a risk of losing the invested funds.

سوق الصكوك أحد أهم مكونات سوق رأس المال الإسلامي لما تقدمه الصكوك من مزايا إدارة السيولة وتنويع المخاطر وإدارة الأصول. هذه الأغراض التي يحققها إصدار الصكوك وتداولها تؤدي في كثير من الأحيان إلى حدوث إشكالات شرعية في هيكلة الصكوك ووثائقها. أحد هذه الهياكل هيكل شاع استخدامه في العقد الأخير في أسواق الصكوك الرئيسية، لما يحققه من جواز التداول وضمان رأس المال، وهو هيكل الجمع بين المرابحة والمضاربة. تقوم هذه الدراسة على المنهج الوصفي التحليلي عبر تحرير المسائل الفقهية التي تناولت الجمع بين العقود من أمهات الكتب الفقهية المعتمدة في المذاهب الأربعة، فتذكر كل مسألة بصورها وأحكامها ومناطاتها. ثم يكون بعد ذلك تحليلٌ وصفي لأحد إصدارات الصكوك التي اعتمدت هذا الهيكل، فتدرس أهم خطوات الإصدار وأهم الشروط والأحكام في وثائقه. بعد ذلك يكون التخريج لصورة الإصدار المذكور على أصوله من المسائل الفقهية المذكورة سعيًا إلى الوصول إلى حكمه عن طريق تخريج الفروع على الأصول. خلصت الدراسة إلى أن لهذه الهيكلة صورًا متعددة بعضها يضمن رأس المال وبعضها يضمن رأس المال والربح معًا وإلى أن الصورتين ممنوعتان، لأن فيها جمعًا بين العقود يؤدي إلى إفساد عقد المضاربة وإلى الوصول إلى غرض محظور شرعاً وهو تضمين المضارب مع بعض المحاذير الشرعية الأخرى. ذكرت الدراسة بعد ذلك الضوابط الشرعية التي ينبغي الالتزام بها في هذه الحالة ثم اقترحت هيكلاً بديلاً يحقق غرض جواز التداول ويحفظ رأس المال قدر الإمكان. الكلمات المفتاحيّة: المرابحة، المضاربة، الجمع بين العقود، الصكوك. Abstract Sukuk market is one of the most important components of the Islamic capital market. Sukuk give issuers and investors certain advantages as a liquidity and asset management tool. These advantages sought after by investors and issuers may result in some Shari’ah issues in the structure and exchange of sukuk certificates. One of the structures that gained popularity in the last decade is a structure that combines Mudharaba and Murabaha because it provides certain advantages like tradability and the guarantee of capital. This study utilizes a descriptive analysis method to identify the cases of contract combination in major past juristic references to deduce the rulings adopted by past jurists. After that, the paper analyses current sukuk issuances to find the common features between these issuances and the cases mentioned by past jurists to see the applicability of the past ruling to the current situation in a form of Takhrij Alfuroo’ ‘Ala Alusool. The paper concludes that these structures come in many forms; some guarantee the capital, and some guarantee the capital and the return. Both forms are prohibited because the combination results in the vitiation of Mudaraba contract as it invariably leads to a prohibited objective of making the Mudarib liable for any financial loss regardless of the business outcome in addition to other Shari’ah issues. The study then derived some Shari’ah parameters for this structure to be permissible and suggests a structure that fulfills the intended objectives of issuers and avoids Shari’ah issues as much as possible. Keywords: Murabaha, Mudarabah, Combinaiton of contracts, Sukuk.

The Murobahah contract is a sale and purchase with the original price plus profit after an agreement between the seller and the buyer are allowed because it contains an element of help. Murabaha's program is very helpful for customers of BMT Sunan Pandanaran based on research results from 900 customers and taken samples of 100 customers. BMT Sunan Pandanaran who received financing experienced an increase in income which was indirectly able to raise the Human Development Index for BMT customers. The results showed that from 100 samples taken with different work backgrounds they on average experienced an increase in income of 300,000 to 4,000,000 after taking financing or with a murobahah contract, seen from the consumption of daily needs after becoming a BMT 94 customer. % said that the needs of 4 healthy 5 were fulfilled, as well as funding for school children 79% said school fees for their children could be met through BMT financing.

Purpose The purpose of this study is to examine how the Islamic banks fix their mark-up for Murabaha contract strategically when traditional banks also co-exist in a country. This study also aims to investigate what role the varying degree of Iman (faith) plays in shaping the preferences of the consumers to choose between the services of Islamic banks and the traditional banks. Design/methodology/approach This paper constructs a mathematical model like the Bertrand competition in neo-classical economic theory. A religiosity parameter for the consumers has been inserted into their demand functions for their products. A simple optimization technique from mathematics has been used to arrive at the results. Findings This paper applies game theory to analyze how Islamic banks determine their mark-up when they are facing competition with traditional banks. It considers the demand functions of the consumers for the products of Islamic banks and traditional banks. The demand functions depend on the mark-up, as well as on the interest rate with the difference that they also depend on the religiosity of the consumers. The paper shows that Islamic, as well as the conventional banks charge lower prices for their loans if there is consideration of religiosity aspect of the consumers. Further, it shows that as religiosity increases in a country, the lending rates decrease. The theoretical result is also consistent with the real practices of the banks. Therefore, the dual banking system is welfare enhancing for the customers. Research limitations/implications The Islamic banks can leverage the religiosity aspect of the consumers and expand their business competitively by charging them lower mark-up. The adherence of religious customers to the services of Islamic banks creates some kind of loyalty premium for them. This could lead to the reduction of mark-up price triggering competition between both types of banks to attract more customers. Therefore, it is prudent for the government to develop a system for furthering the quality of honesty that is an integral part of Islam. Originality/value To the best of author’s knowledge, this is the first paper where it has been analyzed theoretically how the Islamic banks determine their mark-up for Murabaha contract strategically. This approach explains why the rate of return of Islamic banks hinges on the interest rates of traditional banks. One of the novel feature of this paper is that religiosity character of the consumer is good for banks because religiosity prohibits the people to default on their loans.

Tujuan dari penelitian ini adalah untuk mengetahui pengaruh pendapatan bagi hasil pembiayaan musyarakah terhadap laba perusahaan yang terdapat pada PT. Bank Muamalat Indonesia, kemudian untuk mengetahui pengaruh margin pembiayaan murabahah terhadap laba perusahaan pada PT. Bank Muamalat Indonesia, dan untuk mengetahui seberapa besar pengaruh dari pendapatan bagi hasil pembiayaan musyarakah juga pendapatan dari margin pembiayaan murabahah terhadap laba perusahaan pada PT. Bank Muamalat Indonesia. Metode yang digunakan dalam penelitian ini adalah metode analisis deskriptif verifikatif dengan menggunakan pendekatan kuantitatif yang dianalisis secara parsial dan simultan. Hasil penelitian ini menunjukkan bahwa uji statistik pendapatan bagi hasil pembiayaan musyarakah terhadap laba perusahaan menunjukan hasil koefisien determinasi sebesar 0,6%, uji statistik margin pembiayaan murabahah terhadap laba perusahaan menunjukkan hasil koefisien determinasi sebesar 1,4%, uji statistik antara pendapatan bagi hasil pembiayaan musyarakah dan margin pembiayaan murabahah terhadap laba perusahaan menunjukkan hasil koefisien determinasi yaitu sebesar 5,4% sisanya sebesar 94,6% yang kemungkinan dapat dipengaruhi oleh faktor lain yang tidak dibahas dan diteliti dalam penelitian ini.

Purpose This paper aims to propose two benchmarks “Shari’ah-compliant” benchmark and “Shari’ah-based” “raf’ al-haraj” (the removal of hardship) benchmark. The former benchmark can be applied to ensure that a transaction brings “profits on sales” and not “profits on loan”, and the latter benchmark should be addressed to ensure that a transaction does not exploit the customers of Islamic banks. Design/methodology/approach The authors draw upon the theory of institutional economics, in particular, instrumental and procedural rationality, to argue that the believers can pay their best effort as an exercise of ijtihad to understand and incarnate the logic and rationales implicit in the Qur’anic text. Findings Currently, there is no benchmark that determines the profit ceiling on murabaha. The authors suggest two types of “gray-zones” – the “Shari’ah-compliant but less contributing to the removal of hardship” and the “controversial on compliance but contributing to the removal of hardship in borrowers” to use as a benchmark in endorsing less shariah-compliant Islamic products. Practical implications There is no benchmark or a clear-cut demarcation that can be used to endorse less Shari’ah-compliant Islamic finance. Thus, Shari’ah-compliant’ benchmark and “Shari’ah-based” “raf’ al- haraj” benchmarks can be used to guide whether a financial transaction is acceptable or not. This guideline can be of huge practical relevance for Islamic finance. Originality/value There is no sensible study that offers such guidelines that can be used to demarcate whether a particular financial transaction, which has no clear-cut fatwa, is acceptable or not. Hence, the current research is novel and contributes to the existing literature of Islamic finance.

Purpose This paper revolves around the usage of data analytics in the Qur’an and Hadith through a new text mining technique to answer the main research question of whether the activities and the data flows of the Murabaha financing contract is compatible with Sharia law. The purpose of this paper is to provide a thorough and comprehensive database that will be used to examine existing practices in Islamic banks’ and improve compliancy with Islamic financial law (Sharia). Design/methodology/approach To design a Sharia-compliant Murabaha business process originated on text mining, the authors start by identifying the factors deemed necessary in their text mining techniques of both texts; using a four-step strategy to analyze those text mining analytics; then, they list the three basic approaches in text mining used for new knowledge discovery in databases: the co-occurrence approach based on the recursive co-occurrence algorithm; the machine learning or statistical-based; and the knowledge-based. They identify any variation and association between the Murabaha business processes produced using text mining against the one developed through data collection. Findings The main finding attained in this paper is to confirm the compatibility of all activities and the data flows in the Murabaha financing contract produced using data analytics of the Quran and Hadith texts against the Murabaha business process that was developed based on data collection. Another key finding is revealing some shortcomings regarding Islamic banks business process compliance with Sharia law. Practical implications Given Murabaha as the most popular mode of Islamic financing with more than 75% in total transactions, this research has managed to touch-base on an area that is interesting to the vast majority of those dealing with Islamic finance instruments. By reaching findings that could improve the existing Islamic Murabaha business process and concluding on Sharia compliance of the existing Murabaha business process, this research is quite relevant and could be used in practice as well as in influencing public policy. In fact, Islamic Sharia law experts, Islamic finance professionals and Islamic banks may find the results of this study very useful in improving at least one aspect of the Islamic finance transactions. Originality/value By using a novel, fresh text mining methods built on recursive occurrence of synonym words from the Qur’an and Hadith to enrich Islamic finance, this research study can claim to have been the first of its kind in using machine learning to mine the Quran, Hadith and in extracting valuable knowledge to support and consolidate the Islamic financial business processes and make them more compliant with the i.

Islamic banking (further referred to as the Bank) faces two significant problems: excessive concentration in Murabaha financing contracts and high cost of funds. These two classic problems directly impact the development of the Bank and give rise to the stigma of a less innovative and unprofitable industry. This research aims to make a new product breakthrough that can help stakeholders overcome the two problems above. Term Deposit Waqf Linked Isthisna (TDWLI) has 4 variants: TDWLI Perpetual Principal, TDWLI Perpetual Principal + Profit Sharing, TDWLI Periodic Principal, TDWLI Periodic Principal, and + Profit Sharing. The TDWLI Periodic Principal is the variant that is most ready to be applied because, in accounting terms, it has been regulated in PSAK 112. In general, this TDWLI product will provide several advantages for banks to reduce the cost of funds (especially in the main variant of Waqf only). It will increase Isthisna financing, referring to OJK data in 2019, only 0.3% of total financing. In terms of accounting treatment, PSAK 112 must be adjusted especially if the Bank will release a Perpetual-based product variant. The main problem with perpetual-based products is the uncommon features. In perpetual, cash waqf cannot be withdrawn or, in other words, eternal. This research recommends that OJK is expected to study this product more deeply to develop healthy and innovative Islamic banking.Abstrak: Perbankan syariah (selanjutnya disebut Bank) saat ini sedang menghadapi 2 masalah besar yaitu konsentrasi berlebihan di akad pembiayaan Murabaha serta tingginya Cost of Fund. Kedua masalah klasik ini berdampak langsung kepada perkembangan Bank dan memunculkan stigma industry yang kurang inovatif dan tidak menguntungkan. Penelitian ini bertujuan untuk membuat terobosan produk baru yang dapat membantu stakeholders dalam mengatasi kedua masalah diatas. Produk Deposito Waqf Linked Isthisna (DWLI) dengan 4 varian nya baik itu DWLI Perpetual Pokok, DWLI Perpetual Pokok + Bagi Hasil, DWLI Periodic Pokok dan DWLI Periodic Pokok + Bagi Hasil. DWLI Periodic Pokok menjadi varian yang paling siap untuk diaplikasikan karena secara akuntansi sudah diatur dalam PSAK 112. Secara umum produk DWLI ini akan memberikan beberapa keuntungan bagi bank dalam rangka menurunkan cost of fund (terutama pada varian Wakaf pokok saja) serta akan menaikkan pembiayaan Isthisna yang merujuk kepada data OJK tahun 2019 hanya 0,3% dari total pembiayaan. Secara perlakuan akuntansi, PSAK 112 harus disesuaikan terutama apabila Bank akan merelaisasikan varian produk berbasis Perpetual. Permasalahan utama dari produk berbasis perpetual adalah ketidak umuman fitur dimana dalam perpetual, Wakaf uang tidak dapat ditarik atau dengan kata lain abadi. Rekomendasi dari penelitian ini adalah OJK diharapkan dapat mengkaji produk ini lebih dalam demi perkembangan perbank syariah yang sehat dan inovatif.Islamic banking (further referred to as the Bank) faces two significant problems: excessive concentration in Murabaha financing contracts and high cost of funds. These two classic problems directly impact the development of the Bank and give rise to the stigma of a less innovative and unprofitable industry. This research aims to make a new product breakthrough that can help stakeholders overcome the two problems above. Term Deposit Waqf Linked Isthisna (TDWLI) has 4 variants: TDWLI Perpetual Principal, TDWLI Perpetual Principal + Profit Sharing, TDWLI Periodic Principal, TDWLI Periodic Principal, and + Profit Sharing. The TDWLI Periodic Principal is the variant that is most ready to be applied because, in accounting terms, it has been regulated in PSAK 112. In general, this TDWLI product will provide several advantages for banks to reduce the cost of funds (especially in the main variant of Waqf only). It will increase Isthisna financing, referring to OJK data in 2019, only 0.3% of total financing. In terms of accounting treatment, PSAK 112 must be adjusted especially if the Bank will release a Perpetual-based product variant. The main problem with perpetual-based products is the uncommon features. In perpetual, cash waqf cannot be withdrawn or, in other words, eternal. This research recommends that OJK is expected to study this product more deeply to develop healthy and innovative Islamic banking

This research begins with the anxiety about the product of the National Islamic Pension Savings Bank using murabahah financing without using collateral. In general, financing carried out by Islamic banking requires a guarantee, but in practice in the National Islamic Pension Pension Bank there is no guarantee in financing. The case raises a new problem of collateral in murabaha financing. Issues discussed in this study are how financing at BTPN Syariah can be managed without collateral. This research uses the type of field research (field research) by using a juridical approach. The conclusion is that the financing of BTPN Syariah which provides an injection of funds to the community through a central coach to prosper the community at MMS Metro.The targetsare mothers to help their economy. In addition to the financing provided without the guarantee, mothers may make a financing loan with a payment system of every two weeks with the provisions of the profit sharing ratio of 30% of the terms of the initial agreement. Keywords : Bank, UKM, Guarantee, Financing

Islamic banks provide mudharabah financing to foster the business. This service is offered to various scale of business, encompassing smaller or larger ones. However, the amount of mudaraba financing is less prevalent than the murabaha financing, in which the latter aimed for consumptive purpose. This paper aims to determine the constraints of Islamic banks in promoting mudarabah and optimizing it as one of the means to proliferate individual financial independence through owning a business. The study uses a field research which is descriptive qualitative in nature. The findings are corroborated using SWOT analysis to discover internal and external factors related to Mudharabah. Primary data are obtained interviews with related parties in Islamic banks. Secondary data is also utilized and obtained through literature studies. The results show that the strategy established by Islamic banks in optimizing mudharabah financing by implementing the linkage program. Islamic banks cooperate with BPRS and Cooperatives using mudharabah contracts, then BPRS and Cooperatives distribute the fund to the public in, improving the economc activities.

This research was conducted at Pegadaian Jalancagak Subang Regency. Pegadaian is one of the financial institutions that offers Logam Mulia investment services, one of which is called MULIA (Murabahah Logam Mulia For Abadi Investment). Product Mulia is a financing offer to customers for the purchase of gold bars produced by PT. Aneka Tambang (ANTAM). This study aims to determine how MULIA product provisions, the application of the murabaha contract on MULIA products and the impact of MULIA products for pawnshops and the community. This type of research is qualitative using descriptive analysis method. Data sources used include primary and secondary data. From the results of the discussion the researchers found that there were several provisions in the application of the MULIA product murabahah in Pegadaian Jalancagak that were not in accordance with the provisions of the Shari'a, including; first concerning the object of the contract or Marhun which was not raised or did not exist during the contract. Second, the sanctions that are permitted according to the Shari'a are applicable to customers who are capable but neglect or postpone delay of payment but do not apply to customers who are truly unable to pay, but in its application at Jalancagak pawnshop requires all customers to receive sanctions or pay fines if unable pay without exception. Third, in the application of sanctions / fines regarding funds generated from fines input as corporate income, which according to Shari'a provisions should be intended for social funds

Amaç – Katılım bankaları doğası gereği toplanan fonların değerlendirilmesi noktasında geleneksel bankalar kadar hızlı hareket edememekte, fonlarını geleneksel bankalar kadar verimli kullanamamaktadır. Ancak katılım bankaları da geleneksel bankalar gibi sermaye yapılarını güçlendirmek ve rekabet gücünü arttırmak için bilanço dışı işlemlerle yükümlüdürler. Bilanço dışı işlemler ile katılım bankaları yükümlülüklerinin takibi, varlıklarına ayırdığı karşılık ve ihtiyatlılık ilkesi gereği emanet ve rehinlerinin takibini yapar. Bu bilgiler ışığında çalışmanın amacı katılım bankalarının bilanço dışı işlemleriyle temel karlılık verileri arasındaki nedensellik ilişkilerinin incelenmesi ve bilgi kullanıcılarına kararlarında kısmen ışık tutmaktır. Yöntem – Çalışmada; geleneksel bankalarla aynı mevzuata tabi olmakla birlikte katılım bankacılığı ilkelerine de bağlı kalarak finansal sistem içinde kısmen dezavantajlı konumda olan, katılım bankalarının bilanço dışı faaliyetleri ile karlılıkları arasındaki ilişki incelenmektedir. Katılım bankalarının karlılık ve bilanço dışı işlemlerine ait seriler arasındaki ilişkilerin analizi, zaman serisi analizlerinden “Johansen Eş Bütünleşme Testi ve Granger Nedensellik Testi” kullanılarak gerçekleştirilmiştir. Bulgular – Katılım bankalarının bilanço dışı işlemlerinden, vermiş olduğu garanti mektupları ve kefalet yükümlülüklerindeki artış ile katılım bankalarının karlılığı arasında uzun dönemli birlikte hareket etme özelliğinin olduğu anlaşılmaktadır. Ayrıca seriler arasında nedensellik ilişkisine rastlanmıştır. Tartışma – Katılım bankaları bilanço dışı işlemlerinden, emanet kıymetleri ve kabul edilen avaller grubu hakkında sıkı politikalar izlemesi, katılım bankalarının dönem net karına olumlu katkı sağlayacağı ifade edilebilir. Ayrıca garanti ve kefaletler başlıklı işlemlerin, karlılığın bir nedeni olabileceği istatistiki olarak ifade edildiği için katılım bankalarının murabaha, mudarebe ve müşareke işlemlerinin yanında garanti ve kefalet işlemlerinin ağırlığını artırmaları amaçlarına ulaşma noktasında katkı sağlayacağı söylenebilir. Purpose – Participation banks cannot act as fast as traditional banks in the evaluation of the funds collected by their nature, and cannot use their funds as efficiently as traditional banks. However, participation banks, like traditional banks, are liable for off-balance sheet transactions to strengthen their capital structures and increase their competitiveness. As a result of the off-balance sheet transactions, participation banks follow up their liabilities, the provision allocated to their assets and the precautionary principle, and follow-up their trust and pledges. In the light of this information, the aim of the study is to examine the causal relationships between the off-balance sheet transactions of the participation banks and the key profitability data and to shed some light on the information users in their decisions. Design/methodology/approach – The Study; The relationship between the off-balance sheet activities and profitability of participation banks, which is partly disadvantaged in the financial system, is also examined, adhering to the same legislation as traditional banks and adhering to the principles of participation banking. The analysis of the relationship between the series of profitability and off-balance sheet transactions of the participation banks was carried out using the "Johansen Cointegration Test and Granger Causality Test", which is one of the time series analyzes. Findings – From the off-balance sheet transactions of participation banks, it is understood that there is a long-term ability to act together between the letters of guarantee it provides and the increase in

Objective – This study aims to examine the effect of the factors that effect murabaha financing in Islamic Commercial Banks in Indonesia for the 2014-2018 period. Design/methodology – The population in this study is 13 Islamic Commercial Banks in Indonesia which were established during 2014-2018, resulting in 62 observations. Data were examined using multiple linear regression analysis panel data. Results – The results showed that third-party funds, optimizing the distribution of funding and capital adequacy have a joint effect on murabaha financing, third-party funds has a negative effect on murabaha financing, optimizing the distribution of financing that has a positive effect on murabaha financing, capital adequacy has a positive effect on murabaha financing.

Purpose- This study aims to re-examine the influence of murabahah, mudharabah, musyarakah, and financing and non-performing financing ratios on the profitability of BPRS Central Java. Methods- Secondary data were obtained from the results of the publication of the financial statements of each Islamic people's credit bank (BPRS) from 2013 to 2018. Data were analyzed by multiple linear regression. Finding- The mudharabah financing has a significant negative effect and non-performing financing (NPF) has a positive and significant effect on profitability (ROA). While Murabaha and musyarakah financing are not proven to affect ROA.

This study aims to look at changes in murābaḥa, both in terms of theory and practice in contemporary banking. Contemporary murābaḥa practices refer to articles and research results that are circulating very dynamically and in some aspects undergo an update or modification. This research explores contemporary scientific articles on murābaḥa circulating in cyberspace, which do not experience changes at the concept level but a change in practice. Murabaha, like special sales, often does not appear to be a murābaḥa practice, even the terms of the sale and purchase agreement cannot be done. This study found that murābaḥa changed in terms of contracts, pricing, and some conditions.

In this article we explain how Islamic banks (IBs) maximize profitability in the presence of costly religiosity. Because of strong competition between IBs and conventional banks (CBs), a unique equilibrium emerges that affects the IB pricing structure. We propose a new model that identifies the optimal rate on the asset and liability sides of IBs. It shows that the financial products offered by IBs are not an exogenous function of religiosity; instead, they are endogenously determined by the nature of market forces in which IBs are operating. We show that in the presence of costly religiosity and competition, the rates of both converge. Moreover, the competitive pricing mechanism induces IBs to structure their asset‐ and liability‐side financial products (particularly Murabaha) with a risk profile similar to that of the CB loan system. This article empirically supports the theoretical propositions by using data from 17 Muslim majority countries where both IBs and CBs coexist from 2000 to 2015. We find that, holding other factors of bank returns constant, competition significantly affects IB asset‐ and liability‐side returns. The analysis also reveals that because of increasing competition between IBs and CBs, the market power of IBs has significantly declined over time.

This study investigates asymmetry in the effect of the exchange rate on the Sudanese stock market prices. We applied the Nonlinear ARDL model by Shin et al. (2014) to monthly data for the period from September 2003 to September 2019, using inflation, money supply, and Murabaha profit margin as control variables. No study found that test the nonlinearity effect of the exchange rate on stock prices in Sudan. This study proposed to fill this gap by examining the impact of the exchange rate of Sudanese Pound nonlinearity on the stock prices in the Khartoum Stock Exchange. The results show that the exchange rate has asymmetric effects on stock prices in both the short run and long run. The policy implication of this paper is that modeling the exchange rate and stock prices symmetrically may affect negatively the effectiveness of economic planning. Thus, NARDL emerges as a more suitable model than the ARDL model for investigating such a relationship.Keywords: Exchange Rate, Stock Prices, Nonlinear Autoregressive Distributed Lag, Autoregressive Distributed Lag, Asymmetry, SymmetryJEL Classifications: E31, E44, G2DOI: https://doi.org/10.32479/ijefi.9268

Margin is the seller's rights agreed between the seller and the buyer. The profit margin is only found in the sale and purchase agreement. The percentage of profit obtained is an agreement between the seller and the buyer. So far, the BPRS in general still has difficulty in adjusting the determination of the margin, because if the BPRS sets the margin in accordance with applicable BI regulations, it will burden the BPRS because there are differences between customers, products and third party funds from the BPRS and Islamic commercial banks. This study aims to determine the determination of margins in murabaha financing at BPRS Rahmania Prosperous Bireuen Regency. This study uses descriptive qualitative methods, data collection techniques in research conducted interviews, observations, and documentation conducted directly with the SRB manager Rahmania Dana Sejahtera Bireuen Regency. This research resulted in the procedure for determining the murabaha margin at the BPRS.

Purpose This paper aims to explain the “murabaha syndrome” of Islamic banks. It further attempts to offer alternatives for the expansion of profit and loss sharing (PLS)-based financing. Design/methodology/approach Audited financial statements of 18 Islamic banks in the GCC countries are analyzed to assess the financing structures of banks. Moreover, additional data about financing pattern of Islamic banks in other Muslim majority countries are collected from the Islamic finance literature. A comparative analysis is offered to examine the financing structures of Islamic banks. Findings The paper confirms murabaha (mark-up financing) concentration of Islamic banks. About 90 per cent of the total financing are concentrated on murabaha, which is the result of existing institutional underpinnings. Islamic banks would logically be involved with PLS-based financing only limitedly unless the current governing institutions are changed. Entrepreneurs’ financing needs based on PLS contracts should be catered by venture capital, whereas micro-finance enterprises can meet the demand for funds of marginal clients. Practical implications PLS investment in the portfolio of Islamic banks would result in higher risk and uncertainty. Ambiguity, or its equivalent uncertainty, is prohibited in Islam. This is a dilemma which the existing literature does not sufficiently explain. Originality/value Ideally, Islamic banks should practice PLS-based financing; otherwise, their raison d’être would be difficult to justify. Islamic finance literature does not shed sufficient analytical lights in explaining Islamic banks’ preference of mark-up financing to PLS-based financing. Moreover, strategies to ameliorate this condition have largely remained unexplored.

PurposeThis study aims to provide an interest-free valuation methodology forMurabahaandMusharakah Moutanaquissahcontracts. Indeed, In Islamic finance, Murabaha contracts are widely negotiated. Their yield depends mainly on the contracted profit margin. In the current practices, this latter is based on a reference interest rate, which is highly criticized in Islamic literature, just likeMusharakah Moutanaquissahcontracts. In this perspective, authors suggest a new valuation methodology with parameters related to the real economy.Design/methodology/approachThe authors apply an indirect method to determine a lower bound of the profit margin of aMurabahacontract. ConsideringMusharakah Moutanaquissahas an equivalent contract, the new valuation methodology is based on participation and focuses on parameters from the real economy: the market rent and the rate of return used for an equivalent project.FindingsThe results show that the pricing ofMusharakah Moutanaquissahcontracts could be based on several parameters linked to the real economy. Consequently, an implied value of the profit margin could be computed. Also, the interest rate is no longer implicated in the pricing of neitherMurabahanorMusharakah Moutanaquissahcontracts.Research limitations/implicationsThe valuation methodology is applicable only if the underlying asset’s financing can be made withMurabahaandMusharakah Moutanaquissahcontracts.Practical implicationsThis work will restore the link between Islamic contracts and the real economy. For Islamic banks in particular, the suggested model would reduce the exposure to reputational risk and enhance the compliance to theSharia(Islamic Law).Originality/valueSeveral studies have analyzed the dependence between Islamic contracts and interest rates. In general, these studies confirm this dependence and few of them have suggested alternatives. Thus, the authors contribute to the literature by providing a practical and applicable model to detach the valuation ofMurabahaandMusharakah Moutanaquissahfrom the interest rate.

The article deals with the investments from GCC countries infrastructure (energy, road, port, airport, warehouse, social and IT facilities) in Russia. The empirical data on more than 60 M&A-deals collected from databases and open sources show that such investments grew up in recent 5 years. The author estimates the total value of 40 deals completed and funded by GCC investors at 22 Billion US dollars. GCC companies which are mainly performed by sovereign wealth funds prefer to invest via private equity platforms. These platforms substitute Islamic finance vehicles in the Russian financial market. Since 2013 Russian sovereign fund RDIF founded seven private equity platforms with GCC sovereign wealth funds (Abu Dhabi Investment Authority, Mubadala, Qatar Investment Authority, Public Investment Authority, Kuwait Investment Authority and Mumtalakat) for funding M&A-deals in local infrastructure. Besides that, Russia attracted Islamic capital via murabaha vehicle to fund building facilities for the Universiade held in Kazan in 2013. The author concludes that GCC investments into Russian infrastructure do not reach its potential. It is associated with remaining institutional features of Russian economy such as preference to use bank loans vs. equity financing, lack of ready-to-invest projects and low qualification of government bureaucracy to initiate and support infrastructure projects. These problems together with deficiency of public funds explain why Russian public-private partnership market is not mature enough to boost infrastructure projects that can boost overall economic growth.

Having its total assets to be estimated at USD 2.05 trillion as of 2017, the Islamic financial industry seems to have experienced a tremendous growth within a short span of time. The Kingdom of Bahrain has arguably been considered as one of the global Islamic financial hubs. Yet, a review of literature suggests that contemporary Islamic finance researches that use this jurisdiction as a case study seems to be minimal, indicating an existence of an imperative research gap. The purpose of this research was to partially fill this gap by analysing the main Islamic financial products utilized in the Islamic retail banking industry in the Kingdom of Bahrain, including the reasons for its utilization. This research qualitatively and empirically analysed the utilization of Islamic financial products by two Islamic retail banks in the Kingdom of Bahrain, namely Bahrain Islamic Bank and Kuwait Finance House-Bahrain. The findings indicate that murābaha, tawarruq, and ijāra muntahia bil tamlik are the main Islamic financial products utilized for financing purposes, while mudhāraba is the main concept utilized for the establishment of savings/investment accounts.

This study investigates the effect of the inflation rate in Sudan on stock returns on the Khartoum Stock Exchange. The linear autoregressive distributed lag (ARDL) model was applied to monthly data over the period from September 2003 to December 2019, with the exchange and money supply growth rates, and Murabaha profit margin as control variables. As no previous studies have studied the effect of inflation on stock returns by means of the ARDL approach, this study intends to fill this gap in the current body of literature. The results show that the inflation rate exerts a significantly negative effect on stock returns in both the short and long term, which is crucial to the understanding of all, but especially developing, economies, such as Sudan. First, policymakers must formulate strategies to control inflation and stabilize the stock market; second, any decision-making on short- and long-term investments should take account of these findings.

إن الشريعة الإسلامية السمحاء حددت مبادئ التعامل بين الناس على أساس القسط والعدل في کل مجالات الحياة، والمتتبع لأحکام الشريعة يجدها مبنية على هذا الأساس، ويهدف البحث إلى الإجابة عن التساؤلات التالية: أولا: ما المقصود بالمرابحة؟ وهل هي مصطلح مطرد عند الفقه أم أن هناک اختلافا بينهم في استعماله؟ ثانيا: ما هي ضوابط الأخذ بالمرابحة؟ وما مشروعيتها؟ ثالثا: ما المقصود ببيع بالمرابحة للآمر بالشراء ؟ وما صوره؟ واعتمد البحث المنهج الاستقرائي ، والمنهج الاستنباطي والتحليلي. وقد توصلت إلى عدة نتائج من أبرزها:إن المرابحة هي بيع برأس المال مع ربح معلوم، وقد اتفق العلماء على جوازها في الجملة بشروط، و بيع المرابحة للآمر بالشراء هو : شراء المصرف سلعة بطلب عميله بثمن معجل، ومن ثم بيعها له بثمن مؤجل مع ربح معلوم، وذلک بناء على مواعدة بينهما قد تکون ملزمة أو غير ملزمة. Al-Murabahah' (Sale at a profit) , its Legality and Conditions, in Islamic Jurisprudence The tolerant Islamic Shari’ah identifies the principles of interaction among people on the basis of equality and justice in all walks of life. People who contemplate the provisions of Sharia law find that it relies on this basis. The present study aims at answering the following questions. First: what is meant by 'Al-Murabahah' (sale at a profit) ? Is it a standard term among jurisprudents, or is there a difference over its use among them? Second: what are the conditions for approving 'Al-Murabaha'? What is its validity? Third: What is meant by 'Al-Murabaha' sale for the one who orders some entity to buy something for him? What are its forms? The research adopts an inductive, deductive and analytical approach. The study arrives at several conclusions, most notable of which include the following. 'Murabaha' is an act of selling something in return for a capital and a known amount of profit. Scholars have agreed that it is permissible in general but its legality is based on conditions. It is meant by ‘Al-Murabaha' sale for the one who orders some entity to buy something for him is that a bank purchases a commodity at the request of its customer at an accelerated price, and then sells it to him at a deferred price with known profit based on an agreement between them, which may be binding or non-binding.

Pemberian fasilitas yang diberikan bank syariah kepada nasabahnya secara praktik masih diterapkan barang jaminan, sebagai bentuk kepercayaan yang mengikat kedua belah pihak sampai suatu akad berakhir, namun dalam hal nasabah gagal bayar peluang untuk melaksanakan eksekusi atas barang jaminan mungkin saja dilakukan oleh pihak bank, sebagai solusi terakhir atas kewajiban nasabah yang tidak dapat ditunaikan dan pihak bank sebagai lembaga ekonomi pada dasarnya tidak mau mengalami kerugian. Tujuan dari penelitian ini yaitu untuk menganalisis unsur kezaliman pada lelang barang jaminan akad murabahah. Metode penelitian menggunakan pendekatan yuridis normatif dengan analisis data deskriptif analitis. Temuan penelitian ini yaitu praktik proses eksekusi atas barang jaminan masih mengandung unsur kedholiman, hal ini terlihat dari barang jaminan yang akan di lelang sejak awal akad, nilainya lebih tinggi dari fasilitas yang diterima nasabah, dan dalam proses lelang terkadang tidak melibatkan pihak nasabah untuk menentukan harga jual atas barang jaminan, bahkan tidak jarang pihak pemilik barang jaminan tidak diberi tahu pelaksanaan proses eksekusi jaminan itu, sehingga pihak bank menjual barang jaminan dengan harga yang tidak sesuai dengan keinginan pihak nasabah. The provision of facilities provided by Islamic banks to their customers is practically still applied as collateral, as a form of trust that binds both parties until a contract ends, but in the event that the customer fails to pay the opportunity to carry out the collateral may be carried out by the bank as a solution the last is the obligation of customers that cannot be fulfilled and the bank as an economic institution basically does not want to suffer losses. The purpose of this study is to analyze the element of ignorance at the auction of murabaha contract items. The research method uses a normative juridical approach with analytical descriptive data analysis. The findings of this study are that the practice of the execution of collateral still contains the element of death, this can be seen from collateral items that will be auctioned from the beginning of the contract, the value is higher than the facility received by the customer, and sometimes does not involve the customer to determine prices selling collateral, it is not uncommon for the owner of the collateral not to be informed of the execution of the guarantee, so that the bank sells collateral at a price not in accordance with the wishes of the customer.

After many years of strong growth performance, Islamic banking industry has become an important source of the global financial system. As one of the pioneer countries, Malaysia has been trying to improve its Islamic financial system since 1980’s by diversifying Islamic financial products. In order to have a sustainable development in Islamic finance in Malaysia, Shariah compliant new Islamic financial instruments are produced. Today, as one of the leader countries in Islamic finance Malaysia has a significant share in the Islamic financial system with its Islamic banks’ assets, sukuk and other Islamic funds. By comparison in terms of Islamic financial assets, Malaysia comes just after Saudi Arabia. The emergence of the Islamic banking system in Malaysia was driven by the demand of depositors for interest free services. To satisfy this need, the first commercial Islamic bank in Malaysia was established in 1983 under the name of Bank Islam Malaysia Berhad. In the banking industry in Malaysia where the dual system has been operated, conventional banks are operating as well as domestic and foreing Islamic banks. As conventional banks also provide Islamic banking services, a strong competitive market has been established in the financial system. With the government’s efforts and legislative changes, Malaysia showed a remarkable performance in passing 40 years. There are numerous institutions and organizations within the financial system such as Islamic banks, conventional banks, Islamic banking branches of foreing conventional banks, offshore banks, windows of conventional banks providing Islamic banking services and intermediary financial companies. With such a sophisticated financial ecosystem, Malaysia has become a model country with its Islamic banking sector exceeding $65 billion. In Malaysia, a wide range of Shariah compliant Islamic contracts such as mudarabah, musharakah, murabaha, salaam and wadiah are used. Besides, sukuk issuance has been started in compliance with Shariah laws in 2002. In recent years, in addition to the sukuk issuance in USD, sukuk issuances in domestic currency ringgit are also recognized in international financial markets. With further innovative implementations on sukuk, an important initiative has been made on protecting environment which is currently in the agenda of the whole world. The new Islamic financial instrument, the green sukuk, supports sustainable environmental friendly infrastructure projects such as renewable energy projects. In this context, green sukuk, just like conventional bonds with fixed income rate, provides investment opportunities in line with the demand of investors who want to make investments on environmental friendly projects. Sukuk issuance directly affects the official reserve level as it promotes capital inflows. Furthermore sukuk issuance has a significant positive impact on capital budget as well as real income growth. By providing tax incentives, Malaysia also welcomes foreign investors those prefer Islamic banking and Islamic financial instruments. With these advantages and innovative products, Malaysia became Asia’s largest corporate bond and sukuk market. In addition to sukuk, much have been done on Islamic insurance, takaful, also. With the new regulations, the development of takaful industry has been supported by the government. Thanks to the tax incentives implemented by the government, foreign compaines from all over the world like UK and Bahrain, opened takaful business branches in Malaysia. However, although Malaysia has managed to become one of the leading countries in Islamic finance with its sound Islamic financial infrastructure, it is a fact that there are some difficulties in the implementation processes. Problems arise from the lack of recongnition of Islamic financial products in sales and marketing, conflicts in establishing a common legal infrastructure, necessity to hold a relatively higher amount of cash comparing with conventional banks are the primary problems of Islamic financial industry in Malaysia. There are many legal regulations and arrangements in Malaysia to overcome these obstacles in front of the Islamic finance sector. Besides, by offering attractive Islamic financial services and instruments in compliance with Shariah laws, the government tries to include the funds outside the financial system due to the religious reasons to the financial system. The deepening and improving soundness of the Islamic financial system brought technologic innovation, internet banking and mobil banking applications which will have a feedback effect on the Islamic financial system performance. In addition to the measures such as minimizing the costs of entering the market and taking precautions to reduce the asymmetric information, developing appropriate financing opportunities for SME’s are the other regulations. It should be noted that there has to be some global regulations along with the local regulations. Establishing global standards on the Islamic financial system, i.e. eliminating the differences between countries in the implementation of the Islamic financial instruments/Islamic banking transactions, minimizing the effects of disagreements because of sectarian differences, empowering oversighting and supervisory institutions and policy making processes, development of financial system with applications such as the acquisition of financial institutions, developing and deepening Islamic interbank markets and providing tax incentives are the most important global protections. In this vein, the aim of this study is to analyze Islamic banking and Islamic financial applications in Malaysia. In the paper, after giving detail information about Islamic banking and Islamic finance practices in Malaysia, some policy implications will be put forth for developing Islamic finance in this country. The paper has the headings of the financial system in the country, the structure and functioning of Islamic banking, Islamic financial instruments, sukuk and takaful practices as well as policy implications for the development of Islamic financial system.

This study aims to determine how the influence of DPK, Murabaha NPF, and inflation towards Murabaha Financing partially or simultaneously at the Indonesian Sharia Commercial Bank for the period of 2016-2018. In this study, the method used is a quantitative method and uses secondary data. Secondary data were obtained from Shariah Banking Statistics reports published by the Otoiritas Jasa Keuangan (OJK) and Bank Indonesia int the period January 2016 -December 2018. The data in this study were 36 data. The technique analysis used in this study is multiple linear regression using the SPSS 23 application programs. The results of this study indicate that based on a hypothesis test that is partially (t-test) that DPK and inflation have significant negative effect on Murabahah Financing. Whereas NPF Murabaha has insignificant negative effect in Murabaha Financing. The results of the simultaneous hypothesis test (F-Test) show that DPK, NPF Murbahah, and Inflation simultaneously or together have a significant effect on Murabaha Financing.

The purpose of this paper is to find the optimal portfolio of Hajj fund management by the Islamic banks in Indonesia. BPKH, as an authority, can place the Hajj fund on Islamic bank deposits. However, Islamic banks limited the expected returns and risks set by BPKH so that the appropriate strategy is required to establish the optimal of portfolio. Islamic banks face a trade-off because of the increased level of risk constrains the intention to get higher returns. This study uses a mean-variance portfolio optimization theory to construct such an optimal portfolio. Finally, this study recommends Murabaha financing and SBIS to Islamic banks as the optimal portfolio selection. The combination of an efficient portfolio that has formed cannot be fully employed because the expectation limits them. However, Islamic banks can still select the optimal portfolio combination according to their risk preferences.JEL Classification: G11, G18

The purpose of this research is to learn how to carry out murabaha financing in Islamic banks and what are the rights and obligations of murabaha financing partners. Murabaha as a form of buying and selling mandate asks sellers and buyers to get to know each other and accept each other's bright buying objects, the agreed price, the desired margin, and the method of payment. Related to the price requested is the cost of goods and the cost of procurement in accordance with the price requested by the bank as the seller. While an explanation of the rights of murabaha financing partners is important it will not happen in the future. Bank Officers are required to be able to refute the theories of sharia contracts contained in the muamalah fiqh to avoid oversight in practice in Islamic banks. Because in reality, the average employee of a sharia bank has no Islamic economic background.

This study aims to clearly describe the quality of murabahah, haraga, service quality and customer satisfaction at Baitul Maal Wat Tamwil Nurul Ummah Ngasem-Bojonegoro. The second objective is to examine the significant influence of murabaha product quality on customer satisfaction. The third objective is to examine the significant effect of Price on customer satisfaction. The fourth objective is to examine the influence (quality of murabaha products, Price and Service Quality) silmutanously on customer satisfaction. The fifth objective is to test the most dominant (murabaha product quality, price and service quality to customer satisfaction). The study population is the Customer at Baitul Maal Wat Tamwil Nurul Ummah Ngasem-Bojonegoro. Sampling amounted to 56 respondents. Analysis of the study was conducted using data collection methods, questionnaires, interviews, observation and documentation. Data analysis techniques using SPSS 19.0 with the stages are (1) validity and reliability test (2) multiple regression analysis (3) hypothesis testing is t test and f test. Descriptive analysis results show: The results of the study indicate that there is a significant influence between product quality on customer satisfaction, while price has no significant effect on customer satisfaction and service quality has no significant effect on customer satisfaction. Between product quality, price and quality services, the most dominant influence on customer satisfaction in KJKS BMT Nurul Ummah Ngasem-Bojonegoro is product quality. Keywords: Murabaha product quality, price, service quality and customer satisfaction

This study examines the authority of dispute settlement body of a bad financing in murabaha contracts with a collateral of Daihatsu VVTI car 13 XI DLX Year 2011 midnight black color. According to DSN Fatwa Number 04/DSN-MUI/IV/2000 concerning Murabaha the placement of fiduciary on murabaha contract objects is indeed permissible, but it becomes ambiguous when murabaha objects which are used as collateral in the financing process that have not been repaid are lost, causing late installment payments. The customer argued that the late payment was due to the embezzlement of murabaha objects by third parties beyond the expectations or control of the customer. This study also examines the legal liability for late settlement of murabaha sale and purchase by customers due to the loss of murabaha objects which at the same time become collateral in murabaha financing contracts. This research is normative legal research with a legal approach and a case approach. This study concludes that Religious Courts have the authority to decide disputes that occur between customers ( mus h tari ) and sharia financial institutions ( ṣ ahib al-m ā l ) for late repayment of murabaha financing. Based on the principle of accountability based on the element of error, the customer ( mus h tari ) has legal responsibility for his actions. Errors made by customers ( mus h tari ) are in the form of negligence.