House Financing Using Murabahah

Mr. Anwar is interested in buying a house in the Cibinong area, Bogor Regency for Rp. 300
million. Mr. Anwar then applied for a sharia KPR to Bank ABCD. After that, Bank ABCD was
willing to help buy the house with a bank agreement with a profit margin of Rp. 100 million with
a tenor of 10 years.

After the bank buys the house to the developer with the appropriate contract, then the bank sells it
back to Mr. Anwar for IDR 400 million in installments for 10 years according to the profit margin
agreement. Thus, Mr. Anwar paid installments per month to Bank ABCD in the amount
of IDR 3.3 million flat until the end of the installment period

Journal For Bank

Home financing using murabahah to acquire murabahah assets

MURABAHAH ASSET Rp 300.000.000

CASH Rp 300.000.000

Hand over the murabahah assets to the buyer

MURABAHAH ACCOUNT RECEIVABLE Rp 400.000.000
CASH Rp 300.000.000
DEFERED PROFIT Rp 100.000.000

Table of Installment and profit recognition

Year Instalment Main Paid (Pokok) Margin

1 Rp 3.300.000 Rp 2.500.000 Rp 8.333.333

(30.000.000 /10) (10.000.000/12)

2 Rp 3.300.000 Rp 2.500.000 Rp 8.333.333

dst Rp 3.300.000 Rp 2.500.000 Rp 8.333.333

Receipt of murabahah installment until the end

CASH Rp 3.300.000
MURABAHAH ACCOUNT RECEIVABLE Rp 3.300.000

DEFERRED PROFIT Rp 8.333.333

MURABAHAH PROFIT Rp 8.333.333

Accounting For Buyer

Assets acquired through Murabahah transactions are recognized at the cost of debt arising from
deferred Murabahah transaction
ASSET Rp 300.000.000
DEFFERED MURABAHAH EXPENSE Rp 100.000.000
MURABAHAH PAYABLE Rp 400.000.000
Murabahah Payable Repayment / Paying Installment
CASH Rp 30.000.000
ISTISHNA IN ADVANCE Rp 30.000.000
There is receive a contract ( Akad )
ISTISHNA Rp 39.000.000
ISTISHNA PROFIT Rp 9.000.000
ISTISHNA ASSET Rp 30.000.000
House Financing Using Istishna
EFGH developers are planning to build a 50-unit housing indent on a plot of land. The price offered
reaches IDR 300 million for 10 year installments. The developer opens up to anyone who wants
to buy housing on the land.

Later the customer must deposit a predetermined down payment along with installments until the
specified time. For example, Mr. Gani is interested in buying one of the houses, he has to deposit
an agreed down payment of Rp. 30 million. Mr. Gani must have paid installments for a year of
IDR 3 million per month. This means that in a year Mr. Gani has paid installments of Rp. 36
million. When combined with the down payment, Mr. Gani's money that has been collected
reaches Rp.66 million. Well, this money will be used as development capital by the developer. The
rest of the developers will cover the development money, which of course has already calculated
the profits.

ANSWER

Contract Price Rp 300.000.000

Initial Cost Rp 390.000.000
Profit Rp 90.000.000

Home financing using Istishna receives an advance payment

Profit Recognize using percentage of completion method cost as proxy profit recognize
Cost Incurred :

Down Payment Rp 30.000.000 0,08 6.923.077

1st Installment/months Rp 3.000.000 0,01 692.308
2nd Installment/months Rp 3.000.000 0,01 692.308
3rd Installment/months Rp 3.000.000 0,01 692.308
dst

Journal

ISTISHNA WORK IN PROCESS Rp 6.923.077

PROFIT/LOSS Rp 6.923.077

ISTISHNA WORK IN PROCESS Rp 692.308

PROFIT/LOSS Rp 692.308
 Period In Payment Istishna % Of Billing
of InstalmentAdvance from WIP Completion
Installm customer
ent

Rp Rp
30.000.000 300.000.000
Y1 Rp Rp Rp 22% Rp
36.000.000 36.000.000 66.000.000 234.000.000
Y2 Rp Rp Rp 34% Rp
36.000.000 72.000.000 102.000.000 198.000.000
Y3 Rp Rp Rp 46% Rp
36.000.000 108.000.000 138.000.000 162.000.000
Y4 Rp Rp Rp 58% Rp
36.000.000 144.000.000 174.000.000 126.000.000
Y5 Rp Rp Rp 70% Rp
36.000.000 180.000.000 210.000.000 90.000.000
Y6 Rp Rp Rp 82% Rp
36.000.000 216.000.000 246.000.000 54.000.000
Y7 Rp Rp Rp 94% Rp
36.000.000 252.000.000 282.000.000 18.000.000
Y8 Rp Rp Rp 100% Rp
36.000.000 288.000.000 300.000.000 (18.000.000)
Y9 Rp Rp Rp
36.000.000 324.000.000 (54.000.000)
Y10 Rp Rp Rp
36.000.000 360.000.000 (90.000.000)

Journal for billing

Year 1

ISTISHNA RECEIVABLE Rp 234.000.000

ISTISHNA BILLING Rp234.000.000

Year 2
ISTISHNA RECEIVABLE Rp 198.000.000
ISTISHNA BILLING Rp 198.000.000
Year 3
ISTISHNA RECEIVABLE Rp 162.000.000
ISTISHNA BILLING Rp 162.000.000

Year 4
ISTISHNA RECEIVABLE Rp 126.000.000
ISTISHNA BILLING Rp 126.000.000

Year 5
ISTISHNA RECEIVABLE Rp 90.000.000
ISTISHNA BILLING 90.000.000

Year 6
ISTISHNA RECEIVABLE Rp 54.000.000
ISTISHNA BILLING Rp 54.000.000

Year 7
ISTISHNA RECEIVABLE Rp 18.000.000
ISTISHNA BILLING Rp 18.000.000

CKPN ISTISHNA

Year 1

ISTISHNA CKPN Rp 66.000.000

CASH Rp66.000.000

Year 2

ISTISHNA CKPN Rp 102.000.000

CASH Rp102.000.000
Year 3

ISTISHNA CKPN Rp 138.000.000

CASH Rp138.000.000

Year 4

ISTISHNA CKPN Rp 174.000.000

CASH Rp174.000.000

Year 5

ISTISHNA CKPN Rp 210.000.000

CASH Rp 210.000.000

Year 6

ISTISHNA CKPN Rp 246.000.000

CASH Rp246.000.000

Year 7

ISTISHNA CKPN Rp 282.000.000

CASH Rp282.000.000

PAYMENT FROM CUSTOMER

Year 1

CASH Rp 36.000.000
ISTISHNA RECEIVABLE Rp 36.000.000

Year 2

CASH Rp 72.000.000
ISTISHNA RECEIVABLE Rp 72.000.000
Year 3
CASH Rp 108.000.000
ISTISHNA RECEIVABLE Rp 108.000.000

Year 4
CASH Rp 144.000.000
ISTISHNA RECEIVABLE Rp 144.000.000

Year 5
CASH Rp 180.000.000
ISTISHNA RECEIVABLE Rp 180.000.000

Year 6
CASH Rp 216.000.000
ISTISHNA RECEIVABLE Rp 216.000.000

Year 7
CASH Rp 252.000.000
ISTISHNA RECEIVABLE Rp 252.000.000

Year 8
CASH Rp 288.000.000
ISTISHNA RECEIVABLE Rp 288.000.000

Year 9
CASH Rp 324.000.000
ISTISHNA RECEIVABLE Rp 324.000.000
Year 10
CASH Rp 360.000.000
ISTISHNA RECEIVABLE Rp 360.000.000

House Financing Using MusyarakahMutanaqisah

Another contract that has been attracting the attention of many people lately is the musyarakah
contract or a profit-sharing cooperation scheme with both parties. Suppose you are interested in
buying a house for Rp. 200 million. With the cooperation scheme, the bank deposits 80 percent or
around IDR 160 million and you deposit 20 percent or around IDR 40 million. Once collected, the
money is bought for a house which is then rented out to you for 10 years. For example, the rental
price per month is IDR 1.5 million. The rent is divided in half between the bank and you.

Then, because you want to own the house, every month you buy the part that is owned by the bank
until it is paid off for 10 years. Thus every month you have to pay the rent plus installments at the
agreed amount until the repayment period. One of the banks that is actively offering musyarakah
contract schemes is BTN Syariah with the KPR program. This financing product is a combination
of the murabahah and istishna contract schemes.

ANSWER

Financing for customers and partners provided

Musyarakah Financing Rp 160.000.000

Customers Account Rp 160.000.000

Receive of Musyarakah Rp 160.000.000

Customers Account Rp 160.000.000
Termination or repayment of capital by partner during 10 years, installment is every
months

Customers Account Rp 1.500.000

Musyarakah Financing Rp 750.000
Profitof Musyarakah Rp 750.000

Recognition of customer rentals after 10 years

Receive Of Musyarakah Rp 30.000.000
Customers Account Rp 30.000.000