The Analysis Recognition Transaction of Murabahah (Based PSAK 102 and Technical Bulletin 9)
Rahmawati (Accounting Departement, Faculty of Economics and business, UIN Jakarta Erika Amelia(Accounting Departement, Faculty of Economics and business, UIN Jakarta Melina Ernomo((Accounting Departement, Faculty of Economics and business, UIN Jakarta)
ABSTRACT
Minat masyarakat untuk bertransaksi syariah semakin meningkat, kepercayaan masyarakat kepada perbankan syariah tumbuh seiring dengan banyaknya produk yang di miliki oleh perbankan syariah, sehingga menarik masyarakat berinvestasi ataupun melakukan pembiayaan. Pembiayaan di perbankan syariah yang didominasi oleh transaksi murabaha semakin menarik di telaah lebih lanjut dengan adanya fatwa DSN yang mengijinkan penerapan metode annuitas dalam transaksi murababah.
Metode annuitas yang selama ini masih diperdebatkan. Penelitian ini untuk melihat bagaimana pengakuan pendapatan di PT.Bank Syariah Mandiri dan bagaimana aplikasi PSAK 102. Penelitian ini akan membandingkan antara annuitas dan proporsional, dan dampaknya apabila di terapkan buletin 9 terhadap laporan keuangan. Murabaha yang sebelumnya adalah transaksi jual beli dengan diterapkannya Bultek 9, maka transaksi akan diberlakukan sebagai pembiayaan.
Sehingga akuntansi dalam murabaha tidak hanya memberlakukan PSAK 102 tapi juga PSAK 50, PSAK 55 dan PSAK 60 tentang instrumen keuangan, yang pada PSAK ini time of money adalah hal yang sangat penting dalam penerapan PSAK, dan ini bertentangan dengan konsep syariah
A. Background
Islamic financial reporting arises because of the practice of Islamic transactions in its operations. Islamic transactions are a deal which accounted for based on the Islamic values that the condition is highly accepted by the whole world business networks. The need sharia-based services to be interesting because it has the values of justice
The increasing number of need for banking services and the issuance of principle Islamic Law and 1998 and the issuance of Fatwa Bank Interest Haram from the Indonesian Ulema Council (MUI) in 2003, many conventional banks are established bureaus as well as the establishment of sharia Islamic bank itself (Iriyadi and Oktafiyanthi 2007 : 1). This is because the Islamic banks able to survive when the national banking crisis seriously enough in 1998 (Djuarni, 2011:1). There are some types of financing in Islamic banks, ie murabaha, mudaraba, Musharaka, salam, and istishna. The composition of financing in Islamic banks and Islamic business units can be seen in Table 1
Tabel 1
Compposition of Financing in Islamic banks and Islamic Business units (in billion Rupiah)
Akad 2007 2008 2009 2010 2011 2012
Mudharabah 5.578 6.205 6.597 8.631 10.229 12.023 Musyarakah 4.406 7.411 10.412 14.624 18.960 27.667 Murabahah 16.533 22.486 26.321 37.508 56.365 88.004
Salam 0 0 0 0 0 0
Istishna 351 369 423 347 326 376
Ijarah 516 765 1.305 2.341 3.839 7.345
Qardh 540 959 1.829 4.731 12.937 12.090
Lainnya 0 0 0 0 0 0
Total 27.994 38.195 46.886 68.181 102.655 147.505
Sources: Statistics Islamic Banking - Bank Indonesia
Based on the table above it can be concluded that the murabaha financing is a type of financing with the largest contribution in the composition of financing provided by Islamic banks and Islamic business units. Murabaha is the sale of goods by stating the cost and profit (margin) as agreed upon by the seller and the buyer (Widodo, 2010:19). Related with murabaha transaction as the biggest contributor in financing, PT Bank Syariah Mandiri is one Islamic bank with the largest amount of financing murabaha financing compared to the others, although the numbers are not much different from ijara transactions.
Tabel 2
The Growth Murabaha Financing PT Bank Syariah Mandiri
Jenis Pembiayaan 2009 2010 2011
Piutang murabahah Rp 8.114.527.271.903 Rp 12.681.133.009.729 Rp 19.773.813.386.544 Piutang Ijarah Rp 7.822.981.065.484 Rp 12.368.814.579.379 Rp 19.336.318.545.470 Pembiayaan mudharabah
dan musyarakah Rp 6.276.294.769.699 Rp 8.394.986.953.161 Rp 9.702.953.278.657
Source: Annual financial report of PT Bank Syariah Mandiri
Murabahah is a sale and purchase and not a financing instrument.
Murabaha as a financing capital initially appeared as used by the Islamic Development Bank in its business operations in 1975 (Tariqullah Khan in
practices in the murabaha, but it does indicate that the product broadly was responded murabaha (Rahmawaty, 2007:193).
On the this application level of, indicate the the duplication of murabaha financing loans or credit from conventional banks, with the realization of the the calculation of bank interest margin refers to the conventional (Widodo, 2010:34).
This is made clear by the Fatwa No. 84/DSN-MUI/XII/2012 issued by the National Sharia Board (DSN) Indonesian Ulama Council (MUI) on December 21, 2012 regarding the method of profit recognition tamwil bi al-murabaha. The fatwa stated that the recognition of murabaha profit in the business conducted by the traders (al-tujjar) should be proportional (thariqah mubasyirah), which has been included in the Statement of Financial Akunntansi Standards (PSAK 102), Accounting for Murabahah, and annuities (thariqah al-reckoning 'al- tanazuliyyah/thariqah tanaqushiyyah) for in accordance with the' urf (custom) prevailing in the Islamic financial institutions.
Islamic Accounting Standards Board (DSAS) the agencies prepare an accounting standard related to sharia. Seen before 2007, the accounting provisions related to Islamic transactions stipulated in the the statement of Financial Accounting Standards PSAK 59 concerning Islamic banking accounting. In 2007, setting it up is Islamic transactions was replaced of PSAK 59 and PSAK be further elaborated on the 101-110. Accounting arrangements regarding Murabaha described stated in PSAK 102.
PSAK 102 Accounting for Murabahah gives arrangements about the the recognition, measurement, presentation and disclosure requirements murbahah transactions for both sellers and buyers. In the year 2013, the DSAS publishes Technical Bulletin 5 (Bultek 5) regarding revenue and expenses related to murabaha and Technical Bulletin 9 (Bultek 9) regarding the application of the methods an annuity in murbahah.
PSAK 102 states that the selling price in the murabaha contract is a cost plus a profit margin agreed upon between seller and buyer. In practice the murabaha transaction, Islamic financial institutions (acts as the seller) can receive outside income such as profit margins and administrative costs that may be associated directly with the financing murabaha.
Besides the income, the Islamic financial institution may also endure expenses relating directly to the murabaha financing, such as commission fees, survey fees and other costs. Accounting treatment was conducted by Islamic financial institutions on a variety of components such expenses, partially admitted directly as an expense in the current period, most of the others recognize as an expense during the period/period of the contract.
Bultek 5 issued by DSAS with the purpose to uniform the accounting treatment of revenue and costs arising from murabaha transaction, excluding the cost of acquisition of goods and profit margins. When revenues and expenses incurred directly related to the murabaha transaction, the financial institution syariah (in this case acts as the seller) recognizes all revenues and expenses are aligned with the recognition of profit murabaha regulated in PSAK 102. Bultek 9 issued by DSAS with the purpose to uniform the accounting treatment of murabaha financing which recognized profits an annuity.
Murabaha financing which is recognized profits an annuity,the substance classified as financing activity (financing). Accounting for Murabahah financing the substance is classified as a financing activity referred to in PSAK 50 (revised 2010) Finance instruments: presentation of, PSAK 55 (Revised 2011) and measurement of financial instruments, as well as PSAK 60, Finance instruments:
Disclosures. Included in these are the settings of PSAK for impairment accounting, disclosure of qualitative and quantitative risk arising from financing murabaha.
According to Widodo (2010: 44), with of the manner in the calculation of the benefit or return murabaha, the method of calculation has been a fundamental shift in the murabaha transaction or contract should be to sale goods with objects being turned into debt-receivable financing.
With this phenomenon, the researcher is interested in conducting research on the methods recognizing income from murabaha financing and PSAK guidelines used by PT Bank Syariah Mandiri in its accounting records. Advantage of this study the researchers analyzed an annuity the methods in this study and compared with the proportional method so it can be recognized the benefits of
2. Research Objective
a. To determine the methods and the accounting recognition of gains recognition murabaha financing in PT Bank Syariah Mandiri?
b. To find out the method in accordance with PSAK No. 102, Accounting for Murabahah?
3. Research Contribution
Expected from this research will be to increase knowledge and understanding of murabaha and how its application in Islamic banking
B. Literature Review 1. Murabahah
Murabahah is driven from ribh which means gain, profit or addition. In english this word is often translated as mark up or cost plus financing.
(Widodo, 2010:19).
According to imam Malik (1985) in Gholamreza
Murabahah is conducted and completed by exchanging goods and price including a mutually agreed profit margin. By definition therefor, it is basic for a valid murabahah that the buyer must know the original price, additional expenses if any and the amount of profit accordingly, murabahah is a contract of trustworthiness.
According to Statement of Financial Accounting Standards (PSAK) No.102 paragraph 5 of Murabaha defines:
Murabaha as a sale and purchase contract at cost plus agreed upon profit and the seller must disclose the cost of the goods to the buyer. Based on these definitions, murabaha is the buying and selling of goods, where the seller to the buyer revealed the acquisition price and profit margin based on agreed upon by both parties.
a) Principal Installment method and Margin Determination in Murabaha
Islamic transactions based on criteria a predetermined by the Indonesian Institute of Accountants in the Framework for the Preparation and FinancialReporting (KDPPLK) Islamic banks effective from June 1 2007, according to Widodo (2010:37) there are several the methods pricing below is partially practiced by Financial Institutions Islam (LKI), such as:
1) Margin Method AnnuityThis method is a modification of of the the methods effective. This method of regulating the amount of principal
Installment permonth = Basic ofFinance
{1− 1
} ∶ (M ) (1+12 ) M ⁿ 12
Installments = Basic Finance x { 1+(MK x n) } 12 x n
paid and margins to be the same every month. Principal amount each month will increase, while the the amount of margin will be smaller.
Description: M: Margin n : Finance Period k : Installment to,,, 2) Average Profit Method
Principal installments per month = Basic Price
Time
Description: M: Margin n : Finance of period 3) Effective Rate Method
This method calculates the margin to be paid each month in accordance with the outstanding principal amount the previous month.
Description: M: Margin n : Finance of Period 4) Flat Rate Method
In this the methods, the calculation of interest always generate the same amount of interest every month, because the interest rate is calculated from the percentage of initial loan principal multiplied by.
Installment of margin permonth = {(n+1)} x Basic of Finance x (Marjin )
2 x n n
(1+12 M )k−1 (1+M )ⁿ
{
12− 1} x
Basic Finance (k) Margin Installment (k) =n 𝑛 (1+M )ⁿ−1 (1+M )k−1 M
{ n } x Basic of Finance x ( ) Basic Installment (k) =
Description:
Basic Finance : The acquisition cost - Down Payment
MK : profit margin
n : Finance period
5) Sliding Rate Method
Sliding method is that portion of the margin rate calculated based the remaining principal. So that portion of the margin and principal installments each month will be different. In this the methods, portion of the margin in the early days will be highly large in monthly installments, so that the principal will be slightly reduced. If you want to make payment of the initial principal amount large the debt will still have been to pay installment even if the totalized amount large quite.
b) Comparison of Credit with Murabaha
Differences in bank credit with murabaha financing can be seen in Table 3.
Tabel 3
Comparison Credit and Murabaha
No. Note Credit Murabahah
1. Source of law positive law Syaria Law
2. Purpose The financial benefits were
unilaterally (Conventional Financial Institutions) that are worldly
Falah, grace and mardho tillah, with reach both temporal and ukhrowi
3. Basic Principle loan atau lending Buying and selling
4. Object of transaction Money Halal Goods
5. Object financing transaction for goods that do not have yet
allow Not allow
6 Period of transaction Short, medium, long term Short, medium, long term
7. Essence Loan plus interest Cost plus margin
8. Meaning The borrowing and lending and
repayment of money that provision are separated by time in exchange, and interest
driven from ribh which means gain, profit or addition. In english this word is often translated as mark up or cost plus financing.
9. Benefits (basic) Procrastination time No procrastination time
10. Benefits (a form) Interest Margin
11. Benefits (related to index) Related Not Allow to relate
12. Benefit in matematics form Repayment =
Principal + Interest
Sales price = Cost + Margin
13. Benefits (nature) Floating rate Determinants is LKK Fixed rate Determinants the parties 14. Benefits (piece or discounts) Apply automatically and definitely The prerogative of the seller
15. Benefits (entry into force pieces of or discounts)
Limited period of real time credit Nominal margin unrelated time 16. Benefits (related with time
value of money)
Automated and function (certainly applies)
not applicable
17. The way to pay Installment Cash or installment
18. Use or application transaction Productive and consumption Productive and consumption 19. benefits of financing Working capital and investments
(long-term)
Working capital and consumption 20. Nature of the credit
application and financing murabaha
There is a stretch of time between realization and redemption
There is a stretch of time between realization and redemption
21. The purpose of financing Financing for all things The ideal financing the mudaraba and Musharaka
22. Delay in installment or repayment
be fined Not allow to give a fined
23. Fines (in accounting treatment)
LKK recognized as legal income Recognize to be social fund
24. Conclusion Lending =/= Murabahah Murabahah =/= Lending
Source: Widodo, 2010, hlm 113-115
c) The Scope of Murabaha Accounting Standards
Accounting standards on murabaha trading refers to the Regulation of Financial Accounting Standards (PSAK) No. 102, Accounting for Murabahah which effectively came into force on January 1, 2008. PSAK replaced 59 to the PSAK No. 102 regarding the recognition, measurement, presentation of and disclosure of murabaha. According to PSAK No.102, the scope of the accounting provisions stipulated in the murabaha accounting can be applied to Islamic financial institutions and cooperatives Islamic murabaha transaction as both a seller and buyer.
d) The statement Financial Accounting Standards No. 55
Technical Bulletin No.9 issued by the Indonesian Institute of Accountants on January 16, 2013 states that Islamic financial institutions are applying for recognition of trade profits an annuity murabaha financing according Fatwa 84/DSN-MUI/XII/2012 must perform in accordance with the recognition and measurement provisions of PSAK No. 55, including the accounting for for impairment of murabaha financing. The recognition and measurement contained in paragraph 17 to paragraph 20 of the Effective Interest Rate.
Based to Based to
Conclusion
How do profit recognition of the methods murabaha financing by PT Bank Syariah Mandiri?
Case Study Bank Syariah Mandiri
PSAK 55 PSAK 102
Annuity Method Proporsionel Method
Method of in recognizing income murabaha financing (Fatwa No. 84/DSN-MUI/XII/2012 dan Buletin Teknis IAI No. 9) c.) Conceptual Schema
C. Research Method 1. The scope of Research
The study was conducted at PT Bank Syariah Mandiri, which is located at Wisma Mandiri I Jl. MH. Thamrin No. 5 Jakarta 10340, Indonesia on June 4, 2013 until July 10, 2013. The scope of this study only covers the murabaha financing transactions conducted by PT Bank Syariah Mandiri.
2. Research Method
This research used qualitative descriptive of phenomenology approaches and case studies. This type of research is qualitative the research.
Qualitative methodology is one of the research procedures which produce descriptive data such as speech or writing, and the behavior of those being observed (Bodgan and Biklen in Basrowi and Kelvin, 2008:2).
D. Result and Discussion
1. Finance in Bank Mandiri Syariah
PT Bank Syariah Mandiri has several types of products offered to the public by using a Murabahah contract. Financing such as BSM products required by customers such as the dream of owning a house, a car, or doing home renovations. Scheme was using murabaha financing schemes, namely the principle of financing sale. With consumer excellence Financing BSM is fixed installment, competitive margins, a process that is easy and quick, and in accordance with sharia.
The simulation Financing Murabaha Untung Purnomo Principal Financing: Rp 180,000,000
Purpose of financing: Purchase one unit of Toyota Innova, Type G, Black from an authorized dealer of Toyota Astra 2000. The Car Price: Rp.257 .143 .000. Plafond of financing: 30% of customers and 70% of the bank Duration: 12 months, installments paid every 5th of each month (January 2012-December 2012). Effective margin: 12% or equivalent flat 6.62%.
Penalty: 6.62% x arrears x the amount of days 1. The Principles dan Margin
The calculation Installments of principal and Margins financing murabaha, PT Bank Syariah Mandiri using the annuity method (Queen, 2013). The amount consumer financing of Rp 180,000,000.
Tabel 4
Scheme Installment of Customer (Recognized profit margib used anuity method) in Rp
Install ment
Principles Margin Installment
permonth
Principles
Outstanding ER
0 180.000.000
2 14.334.709,8 1.658.072,181 15.992.782 151.472.508,2 12%
3 14.478.056,89 1.514.725,082 15.992.782 136.994.451,3 12%
4 14.622.837,46 1.369.944,513 15.992.782 122.371.613,9 12%
5 14.769.065,84 1.223.716,139 15.992.782 107.602.548 12%
6 14.916.756,5 1.076.025,482 15.992.782 92.685.791,53 12%
7 15.065.924,07 926.857,9099 15.992.782 77.619.867,46 12%
8 15.216.583,3 776.198,6762 15.992.782 62.403.284,16 12%
9 15.368.749,14 624.032,8364 15.992.782 47.034.535,02 12%
10 15.522.436,63 470.345,3458 15.992.782 31.512.098,39 12%
11 15.677.660,99 315.120,99 15.992.782 15.834.437 12%
12 15.834.437 158.344,3695 15.992.782 0
Total 180.000.000 11.913.384 191.913.384
Source: Data processing
Tabel 5
Calculation Principleas Installament and Margins With Anuity Method
Period Principles Installment Margin
1
(1+12%)1−1 12%
[ 12 ] x Rp 180.000.000 x [ ]
(1+12%)12 −1 12
12
= 1 x Rp 180.000.000 x 0,01
0,12682503
= Rp 14.192.781,98
(1+12% 12 )
[ 12 − 1] x Rp 14.192.781,98
(1+12%)1−1 12
= [ 1,12682503 − 1] x Rp 14.192.781,98
1
= Rp 1.800.000 Total= Rp 14.192.781,98 + Rp 1.800.000 = Rp 15.992.782
2
(1+12%)2−1
[ 12 ] x Rp 180.000.000 x [12%]
(1+12%)12 −1 12
12
= 1,01 x Rp 180.000.000 x 0,01
0,12682503
= Rp 14.334.709,8
(1+12% 12 )
[ 12 2−1 − 1] x Rp 14.334.709,8
(1+12%) 12
= [ 1,12682503 − 1] x Rp 14.334.709,9
1,01
= Rp 1.658.072,181 Total= Rp 14.334.709,8 + Rp 1.658.072,181 = Rp 15.992.782
3
(1+12%)3−1 12%
[ 12 ] x Rp 180.000.000 x [ ]
(1+12%)12 −1 12
12
= 1,0201 x Rp 180.000.000 x 0,01
0,12682503
= Rp 14.478.056,89
(1+12% 12 )
[ 12 − 1] x Rp 14.478.056,89
(1+12%)3−1 12
= [ 1,12682503 − 1] x Rp 14.478.056,89
1,0201
= Rp 1.514.725,08 Total= Rp 14.478.056,89 + Rp 1.514.725,082 = Rp 15.992.782
4
(1+12%)4−1 12%
[ 12 ] x Rp 180.000.000 x [ ]
(1+12%)12 −1 12
12
= 1,030301 x Rp 180.000.000 x 0,01
0,12682503
= Rp 14.622.837,46
(1+12% 12 )
[ 12 − 1] x Rp 14.622.837,46
(1+12%)4−1 12
= [ 1,12682503 − 1] x Rp 14.622.837,46
1,030301
= Rp 1.369.944,513 Total = Rp 14.622.837,46 + Rp 1.369.944,513= Rp 15.992.782
5
(1+12%)5−1 12%
[ 12 ] x Rp 180.000.000 x [ ]
(1+12%)12 −1 12
12
= 1,04060401 x Rp 180.000.000 x 0,01
0,12682503
= Rp 14.769.065,84
(1+12% 12 )
[ 12 − 1] x Rp 14.769.065,84
(1+12%)5−1 12
= [ 1,12682503 − 1] x Rp 14.769.065,84
1,04060401
= Rp 1.223.716,139 Total = Rp 14.769.065,84 + Rp 1.223.716,139 = Rp 15.992.782
6
(1+12%)6−1 12%
[ 12 ] x Rp 180.000.000 x [ ]
(1+12%)12 −1 12
12
= 1,05101005 x Rp 180.000.000 x 0,01
0,12682503
= Rp 14.916.756,5
(1+12% 12 )
[ 12 − 1] x Rp 14.916.756,5
(1+12%)6−1 12
= [ 1,12682503 − 1] x Rp 14.916.756,5
1,05101005
= Rp 1.076.025,482 Total = Rp 14.916.756,5 + Rp 1.076.025,482 = Rp 15.992.782
7
(1+12%)7−1 12%
[ 12 ] x Rp 180.000.000 x [ ]
(1+12%)12 −1 12
12
= 1,061520151 x Rp 180.000.000 x 0,01
0,12682503
= Rp 15.065.924,07
(1+12% 12 )
[ 12 − 1] x Rp 15.065.924,07
(1+12%)7−1 12
= [ 1,12682503 − 1] x Rp 15.065.924,07
1,061520151
= Rp 926.857,9099 Total = Rp 15.065.924,07 + Rp 926.857,9099 = Rp 15.992.782
8
(1+12%)8−1 12%
[ 12 ] x Rp 180.000.000 x [ ]
(1+12%)12 −1 12
12
= 1,072135352 x Rp 180.000.000 x 0,01
0,12682503
= Rp 15.216.583,3
(1+12% 12 )
[ 12 − 1] x Rp 15.216.583,3
(1+12%)8−1 12
= [ 1,12682503 − 1] x Rp 15.216.583,3
1,072135352
= Rp 776.198,6762 Total =: Rp 15.216.583,3 + Rp 776.198,6762 = Rp 15.992.782 9
(1+12%)9−1 12%
[ 12 ] x Rp 180.000.000 x [ ]
(1+12%)12 −1 12
12
= 1,082856706 x Rp 180.000.000 x 0,01
0,12682503
= Rp 15.368.749,14
(1+12% 12 )
[ 12 − 1] x Rp 15.368.749,14
(1+12%)9−1 12
= [ 1,12682503 − 1] x Rp 15.368.749,14
1,082856706
= Rp 624.032,8364 Total = Rp 15.368.749,14 + Rp 624.032,8364 = Rp 15.992.782
10
(1+12%)10−1 12%
[ 12 ] x Rp 180.000.000 x [ ]
(1+12%)12 −1 12
12
= 1,093685273 x Rp 180.000.000 x 0,01
0,12682503
= Rp 15.522.436,63
(1+12% 12 )
[ 12 − 1] x Rp 15.522.436,63
(1+12%12 )10−1
= [ 1,12682503 − 1] x Rp 15.522.436,63
1,093685273
= Rp 470.345,3458 Total= Rp 15.522.436,63 + Rp 470.345,3458= Rp 15.992.782
11
(1+12%)11−1 12%
[ 12 ] x Rp 180.000.000 x [ ]
(1+12%)12 −1 12
12
= 1,104622125 x Rp 180.000.000 x 0,01
0,12682503
= Rp 15.677.660,99
(1+12% 12 )
[ 12 − 1] x Rp 15.677.660,99
(1+12%12 )11−1
= [ 1,12682503 − 1] x Rp 15.677.660,99
1,104622125
= Rp 315.120,99 Total = Rp 15.677.660,99 + Rp 315.120,99 = Rp 15.992.782
12
(1+12%)12−1 12%
[ 12 ] x Rp 180.000.000 x [ ]
(1+12%)12 −1 12
12
= 1,115668347 x Rp 180.000.000 x 0,01
0,12682503
= Rp 15.834.437,61
(1+12% 12
[ 12) − 1] x Rp 15.834.437,61
(1+12%12 )12−1
= [ 1,12682503 − 1] x Rp 15.834.437,61
1,115668347
= Rp 158.344,3695 Total= Rp 15.834.437,61 + Rp 158.344,3695 = Rp 15.992.782
2. Compare Anuity Method and Proporsional Method
In recognizing the profit murabaha, The statement Financial Accounting Standards (PSAK) No. 102, Accounting for Murabahah in paragraph 23 states that profit murabaha is recognized proportionally with the amount of cash that successfully collected from murabaha receivables. Recognition by the proportional the methods can be done by multiplying the the percentage of profit to total managed to receivables collectable. The percentage is calculated by the ratio between profit margin and asset acquisition costs murabaha.
Purpose of financing: Purchase one unit of Toyota Innova, Type G, Black from an authorized dealer of Toyota Astra 2000. The Car Price:
Rp. 257.143.000. Plafond of financing: 30% of customers and 70% of the bank. Duration: 12 months, Margin permonth Rp.992.782.
Finance period: 12 month. Margin peryear Rp.11.913.382. Installment permonth Rp. 15.992.782. Effective margin: 12% or equivalent flat
6.62%. Tabel 6
Skema Installment Consumer
(Recognized Profit Margin Murabahah with ProporsionallyMethod) in Rp
Installmen t
Principles portion 93,79231206%
Margin portion 6,207687943%
Installment permonth 100%
Principles Outstanding (Rp)
ER
0 180.000.000
1 15.000.000 992.782 15.992.782 165.000.000 6,62%
2 15.000.000 992.782 15.992.782 150.000.000 7,22%
3 15.000.000 992.782 15.992.782 135.000.000 7,94%
4 15.000.000 992.782 15.992.782 120.000.000 8,82%
5 15.000.000 992.782 15.992.782 105.000.000 9,93%
6 15.000.000 992.782 15.992.782 90.000.000 11,35%
7 15.000.000 992.782 15.992.782 75.000.000 13,24%
8 15.000.000 992.782 15.992.782 60.000.000 15,88%
9 15.000.000 992.782 15.992.782 45.000.000 19,86%
ER = Marjin bulan ke−n
pokok utang bulan ke n−1 100% x 12
10 15.000.000 992.782 15.992.782 30.000.000 26,47%
11 15.000.000 992.782 15.992.782 15.000.000 39,71%
12 15.000.000 992.782 15.992.782 0 79,42%
Jumlah 180.000.000 11.913.384 191.913.384
Source: Data Processing
Based on murabaha of financing simulation in Table 6 and Table 7 above, it can be seen that the an annuity the methods has the stability on Effective percentage rate (ER) per month (Aminullah, 2013). To determine this, the researchers analyzed the simulated ER murabaha financing in Table 6 and Table 7. The percentage of ER and its calculation formula is shown in Table 8.
Tabel 7
Compare Effective Rate with Annuity Method and Proporsionally Method
Month Anuity Method Proporsionally Method
1 Rp1.800.000 x 100% x 12 = 12%
Rp 180.000.000
Rp992.782 x 100% x 12 = 6,62%
Rp 180.000.000
2 Rp 1.658.072,181
x 100% x 12 = 12%
Rp 165.807.218
Rp992.782 x 100% x 12 = 7,22%
Rp 165.000.000
3 Rp 1.514.725,082
x 100% x 12= 12%
Rp 151.472.508,2
Rp992.782 x 100% x 12 = 7,94%
Rp 150.000.000
4 Rp 1.369.944,513
x 100% x 12 = 12%
Rp 136.994.451,3
Rp992.782 x 100% x 12 = 8,82%
Rp 135.000.000
5 Rp 1.223.716,139
x 100% x 12 = 12%
Rp 122.371.613,9
Rp992.782 x 100% x 12 = 9,93%
Rp 120.000.000
6 Rp 1.076.025,482
x 100% x 12 = 12%
Rp 107.602.548
Rp992.782 x 100% x 12 = 11,35%
Rp 105.000.000
7 Rp 926.857,9099
x 100% x 12 = 12%
Rp 92.685.791,53
Rp992.782 x 100% x 12 = 13,24%
Rp 90.000.000
8 Rp 776.198,6762
x 100% x 12 = 12%
Rp 77.619.867,46
Rp992.782 x 100% x 12 = 15,88%
Rp 75.000.000
9 Rp 624.032,8364
x 100% x 12 = 12%
Rp 62.403.284,16
Rp992.782 x 100% x 12 = 19,86%
Rp 60.000.000
10 Rp 470.345,3458
x 100% x 12 = 12%
Rp 47.034.535,02
Rp992.782 x 100% x 12 = 26,47%
Rp 45.000.000
11 Rp 315.120,99
x 100% x 12 = 12%
Rp 31.512.098,39
Rp992.782 x 100% x 12 = 39,71%
Rp 30.000.000
12 Rp 158.344,3695
x 100% x 12 = 12%
Rp 15.834.437,4
Rp992.782 x 100% x 12 = 79,42%
Rp 15.000.000
Source: Data Processing
Based on the above calculation, it can be concluded that by using the an annuity the methods, ER more stable every month, amounting to 12%. So this is the reason PT Bank Syariah Mandiri choose to use the an annuity the methods in murabaha of financing transactions.
Based on Table 6 and Table 7, the researchers made a comparative analysis of these tables, among others:
a. In Table 6, using an annuity the methods, it can be seen that the the amount of principal to be paid by the customers every month getting bigger, while the interest amount to be paid by the customers is getting smaller each month.
b. In Table 6, using an annuity the methods, it can be seen that the calculation of profit margin or the bank calculated portion of of the principal the amount of outstanding, was not calculated of the principal murabaha of financing.
c. In Table 7, by using the proportionally the methods, it can be seen that the principal the amount of and margin to be paid by the customers is the same every month.
d. In Table 7, by using the proportionally the methods, it can be seen that the calculation of profit margins or calculated from the principal bank of financing murabaha, is not calculated the portion of the outstanding principal.
Tabel 8
Compare Anuity Method with Proporsionally method
Distinction Anuity Method Proporsionally Method
The Amount of installment Increase The same every month The amount of margins Decrease The same every month To Calculate Calculate from principal
outstanding installment
Calculate from principal murabahan financing
3. Accounting Standard
Technical Bulletin 9 issuance by the Indonesian Institute of Accountants (IAI) on January 16, 2013 on Application of Annuity Method In Murabahah, stated in it that the Islamic financial institutions are applying for recognition of trade profits an annuity murabaha of financing according No.84/DSN-MUI/XII/2012 DSN must perform recognition of, measurement, presentation of and disclosure in accordance with the provisions of PSAK No.55 on Financial Instruments: Recognition and Measurement, PSAK No.50 on Financial Instruments: Presentation, and PSAK No.60 on Financial Instruments: Disclosures. It is defined as the murabaha of financing is recognized an annuity benefits based on the fact that the murabaha of financing is the provision of funds by the Islamic financial institutions are distributed to customers with a sale mechanism. In accounting activities such as substance classified as of financing activities (financing).
In the practice applications of murabaha financing, PT Bank Syariah Mandiri was not fully apply the PSAK No.102, Accounting for Murabahah, and was not fully apply the PSAK. 55 on Financial Instruments:
Recognition and Measurement. This can be seen based Operating Circular No. PT Bank Syariah Mandiri. 6/044/OPS dated December 15, 2004, interview with investigators Staff Accounting Policies PT Bank Syariah Mandiri, as well as the simulation of of financing made by researchers in Table 6 and Table 7, that the records of journal transactions murabaha financing is referred to in PSAK 102, while the profit calculation murabaha of financing transactions referred to in PSAK 55, that was used of an annuity as a modification of the effective interest rate method. In addition, PT Bank Syariah Mandiri also perform Assets Allowance (PPAP) at the time of the contract, in the amount of 1% for Col (1) and 5% for Col. (2) of the principal amount of of financing.
Related to with the publication of Technical Bulletin No. 9 by IAI in accordance with DSN No.84/DSN-MUI/XII/2012, PT Bank Syariah
Mandiri still run a combination of PSAK No. 102 with PSAK 55 until now. This is motivated by (Aminullah, 2013):
a. System and the preparation of quite a long time and costly for the application PSAK No. 55.
b. Deficiency of human resources who understand PSAK 55 less. 55 are limited, so it will increase the problem for Islamic banks for the application of PSAK.
c. If using PSAK No.55, PT Bank Syariah Mandiri should make Allowance for impairment losses (allowance for impairment), that is conducted through individual evaluation which is equal to the difference between the asset's carrying amount and present value of estimated future cash flows discounted at original effective interest rate of the asset. This will make a murabaha contract was not accordance with the sharia because it contains the concept of time value of money (time value of money). Given in murabaha contract, was not allowed to change during the nominal period of the contract.
Therefore, the losses from reserve for doubtful accounts, PT Bank Syariah Mandiri referred to in PSAK 102, that is by making Allowance at the time of the contract.
d. Murabahah is a sale agreement is used for short to medium term. But in the practice murabaha of financing in PT Bank Syariah Mandiri, the period of time murabaha contract can reach a dozen years. In addition, the calculation of the profit margin selling - buying the murabaha contract, based PSAK No.102 conducted proportionally. While the practice murabaha of financing in PT Bank Syariah Mandiri done an annuity, in which murabaha margin calculated from the principal the portion the debt outstanding.
e. Murabaha contract practice in PT Bank Syariah Mandiri are of financing categories and not sell-buy. where the bank as the seller should have a agoods or object and murabaha, but the fact, PT Bank Syariah Mandiri does not have object murabaha but provide funds to customers
E. Conclusion and Implications 1. Conclusion
Based on the data that has been obtained and the results of analysis conducted by researchers with the comparison between theory and practice, it can be concluded as follows:
a. PT Bank Syariah Mandiri has been using an annuity the methods recognizes profit murabaha of financing. Regcords of murabaha of financing transactions referred to in PSAK 102 and PSAK 55.
b. PT.Bank Syariah Mandiri used an annuity method in murabaha of financing that was not recognize profit accordance with PSAK No.102.
2. Implication
From the above conclusion and some discussion that been featured in the fourth chapter, the implications of this study are as follows:
a. For PT Bank Syariah Mandiri Technical Bulletin No. 9, published by IAI, PT Bank Syariah Mandiri to set the the profit recognition method will use in murabaha and complete the system of changes if the chosen method should refer to the annuity because IFRS No. 50, 55, and 60.
b. For the Indonesian Institute of Accountants. There are two methods in the recognition of gains murabaha, which is proportional and annuities, Indonesian Institute of Accountants are expected to review the more about the annuity method that should use by Islamic banks in recognizing the advantages murabaha, since it is not listed in PSAK No.102, Accounting for Murabahah and fair value measurements contained in PSAK No.50, 55, and 60 contain the time value of money is still relevant to be adopted by Islamic entities.
c. For Public Accounting Firm There are two methods used in the recognition of gains murabaha financing, ie proportional and annuities, public accounting firms are expected to understand this because it will affect the opinion will be provided to entities on the Islamic Presentation of Financial Statements.
3. Limitation
This study has several limitations that may debate results. Several limitations of this study are as follows:
a. The data obtained in this study only the limited one Islamic entity, so it can not be generalized to other research objects.
b. The analysis used only to the extent originated from the theory that the researcher understood
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