9 Mpi - Ijarah & Imbt

IJARAH & IJARAH MUNTAHIYA BIT TAMLIK (IMBT)

1

What do you know about Ijarah?

Could you tell us verses or hadits that talk about ijarah?

What are the pillars of Ijarah?

What is different between leasing and Ijarah?

How many kinds of leasing you can mention?

Could you mention how many tipes of ijarah?

Could you mention financial products that based on ijarah contracts?

Please explain how is ijarah applied in IBIs.

Prepare your Answer

Definitions of Ijarah

Cont

Human services

Usufructs of Assets

Lawyers

Doctors

Lectures

Consultant

Employees

etc

Houses

Buildings

Cars

lands

Animals (qiraa)

etc

Legal Basis

Pillars of Ijarah Contract

Implementation of Ijarah

LESSEE

Islamic Bank

LESSOR

THE OBJECT

1. Indent specified object

2. R

ent

the

spec

ifie

d o

bje

ct

4. Delivery

3. Ijarah contract

5. Rental payments

6. R

enta

l pay

men

t

Scheme of Pure Ijarah

Nasabah

(Mustajir) Bank Syariah

(Muajjir) 1

2

4

3

Penjual/ Supplier/ Pemilik

Pengajuan permohonan

membeli obyek

Sewa beli

Bayar/cicilan 5

Kirim

Obyek Sewa

A. Milik B. Milik

Scheme of MBT Ijarah

Source: BNI Syariah 2009

The terms al-ijarah wa al-iqtina, al-ijarah al-muntahia bitamlik and al-ijarah thumma al-bay have been used interchangeably

Businesses often require financing to purchase machinery, equipment, other fixed assets and even land and buildings

To address this need, Islamic financial institutions have resorted to a type of ijarah contract which is loosely comparable to the conventional financial lease

The basic idea is for the bank to finance the purchase of an asset via a leasing arrangement and at the end of lease period, ownership of the asset is transferred to the customer

Financial Lease (Asyraf,2010)

In conventional leasing, there are two types of leases

Operating lease where the lessor owns the asset and bears maintenance costs as well as ownership risks

Financial lease where the lessor only technically owns the asset, maintenance costs and ownership risks are borne by the lessee

Key features of a financial lease

The lease period equals the expected useful life of the asset

Acquisition of the lease asset is part of the leasing arrangement, that is, the bank (lessor) would not purchase the asset without first securing the lease contract with the lessee

Total lease payments equal the cost of the asset plus the banks profit margin, which reflects its opportunity cost of funds (typically the market interest rate)

All risks and liabilities associated with asset ownership are transferred to the lessee

Cont

In effect, the financial lease is simply an interest-bearing loan

So why would businesses lease instead of borrowing?

The motive is purely for tax and/or accounting purposes, where in certain circumstances it is advantageous to lease instead of borrow

The leasing option can result in the business paying less tax

Leasing can sometimes be used to window dress accounting figures and ratios, giving the impression that the business is less leveraged

Cont

IMBT General Leasing

Save deposit

box sukuks

Products of Ijarah

Rp. Rp. Rp. Rp. Rp. Rp. Rp.

No ownership transfer

Transfer of ownership Cash Out

Cash In

Rp. Rp. Rp. Rp. Rp. Rp. Rp. Cash In

Cash Out

Bank as Lessor & Seller

Bank as Lessor

Payment Modes of Ijarah

Usman Aziz ingin menyewa sebuah kantor sebagai pusat operasional bisnisnya di Andalusia Sejahtera Buliding (ASB) selama 1 tahun dari tanggal 1 Januari 2013 sampai 31 Desember 2013. Pengelola ASB mengharuskan model pembayaran sewa secara tunai diawal perjanjian (in front lump sum mode) sebesar Rp. 300 juta. Dengan pola pembayaran tersebut, Usman Aziz belum mampu membayar karena akan ada cash flow yang terganggu. Tapi jika menggunakan monthly installment, dia tidak masalah. Untuk itulah ia mendatangi Tazkia Islamic Bank (TIB) untuk mengajukan pembiayaan. TIB menyetujuinya dengan profit 15 %. Hituglah monthly paymentnya?

Case Study

Annual rental payment to Bank

300,000,000

Profit expectations (15% IRR)

45,000,000

Annual rental payment to Usman A

345,000,000

Financing period (12 months)

12

Monthly installments

28,750,000

Case Study

Q & A

Wassalam