Articles

The Differences between Murabahah and Musharakah Muatanaqisah Contract Payments Using the Time Value of Money Method (Study Case: PT Sarana Perumahan Mandiri)

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Indonesia’s population is expected to grow by 68% by 2050, with the government aiming to improve living conditions and promote economic expansion. The Million Homes Program will determine the nation’s future. Islamic banks offer mortgage financing options, including Musharakah, Murabahah, and Ijarah contracts. These contracts require a thorough risk assessment and understanding of each party’s responsibilities. The study aims to determine the ideal contract for Islamic bank mortgages, allowing developers to advise clients on their use before purchasing subsidized homes. The authors used contracts called Murabahah and Musharakah to calculate financing, but found that the equivalent rates on each contract varied, raising concerns about the amount of finance developers and buyers need to provide. The Time Value of Money technique was employed to calculate the cost difference between the Murabaha and Musharakah contracts. The results suggest that customers may choose Bank Syariah B or Bank Syariah A based on lower equivalent rates and stability. With a margin of 67.79% in the Musharakah contract, Bank Syariah B can be chosen with an equivalent rate of 7.5% for the first 13 years, 10.1% on the 14th year, and then falling back to 10.1% on the 15th year.

Islamic Finance and Blockchain: A Bibliometric Analysis

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The Covid-19 pandemic is causing the digital economy to expand quickly. The development of Islamic finance employing Islamic financial technology should see this technology and the burgeoning digital economy as a problem and an opportunity. One of the most sophisticated acceleration development products is blockchain, and become Islamic finance’s most challenging product. There are still pros and cons to using blockchain in Islamic financial products. In terms of transparency and high trust level, the value of blockchain is similar to those of Islamic financial value. It’s critical to have this opportunity to speed up Islamic finance development. The main problem is that there are still very limited studies about Islamic finance and blockchain. With this study, we will conduct a bibliometric analysis of the publications we published from 2012-2022 about Islamic finance and blockchain through Scopus and google scholar. This study uses the Vos viewer program to see the number of publications, co-authorship authors, co-authorship institutions, co-authorship countries, and keywords. In Scopus, only 24 papers have discussed Islamic finance and blockchain in the last ten years. However, there are more papers on google scholar, but they are still not as specified as in Scopus. There are still many opportunities to have more research in this field.