!1C£J1414/6~ Analysis of Accounting Treatment of Islamic Credit Card in the Islamic Perspective (Case Study in Bank Danamon Syariah) SKRIP SI
Submitted by :
Savirul Afifi Student ID: 604082000024 0;10;
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INTERNATIONAL CLASS PROGRAM DEPARTMENT OF ACCOUNTING FACULTY OF ECONOMICS AND SOCIAL SCIENCES STATE ISLAMIC UNIVERSITY SYARIF HIDAYATULLAH JAKARTA 1429 HI 2009 M
(Case Study in Bank Danamon Syarialn)
SKRIPSI Submitted to Faculty of Economy and Social Sciences As Partial Requirement for Acquiring Bachelor Degree of Economy
Submitted by: Savirul Afifi Student ID: 604082000024
Under Guidance of
Academic Advisor I
Academir. Advisor II
Prof. Dr. Abdul Hamid, MS
Ade Wirman Syafoi, SE., MSc
INTERNATIONAL CLASS
PRQ,GRA~.1
DEPARTMENT OF ACCOUNTING FACULTY OF ECONOMICS AND SOCIAL SCIENCES STATE ISLAMIC UNIVERSITY SYARIF HIDAYATULLAH JAKARTA 1429 HI 2009 M
Today, we administered a comprehensive test examination to Savirul Afifi ID 604082000024. The title of his thesis is: "Analysis of Acconnting Treatment of Islamic Credit Card in the Islamic Perspective (Case Study iu Bank Danamon Syariah)". After proper examination of the work student, we have decided that he has met all of the requirements for the title of Bachelor of Economics on the field of Accounting, State Islamic University (Universitas Islam Neg'3ri) Syarif Hidayatullah Jakarta. Jakarta, August
1st
2008
Comprehensive Examination Team
Prof. Dr. Abdul Hamid, MS. Dean of Faculty of Economics and Social Sciences
Drs. Abdu Hamid Cebba, Ak, MBA Head of Accounting Department
ii
Analysis of Accounting Treatment of Islamic Credit Card in the Islamic Perspective (Case Study in Bank Danamon Syariah)
SiffiIPSI Submitted to Faculty of Economy and Social Sciences As Partial Requikment for Acquiring Bachelor Degree of Economy
Submitted by: Savirul Afifi Student ID: 604082000024
Under Guidance of
Academic Advisor I
Academic Advisor II
Prof. Dr. Abdul Hamid, MS
Ade Wirma.> Syafei, SE., MSc
Professional Examiner
id Cebba Ak MBA
INTERNATIONAL CLASS PROGRAM DEPARTMENT OF ACCOUNTING FACULTY OF ECONOMICS AND SOCIAL SCIENCES STATE ISLAMIC UNIVERSITY SYARIF IDDAYATULLAH JAKARTA 1429 H / 2009 M
CURRICULUM VITAE
I.
Personal Biodata !. Name
Savirul Afifi
2. Place/Date of Birth : Jakarta I October 23rd 1985 3. Address
JI. Poncol Indah IV No.20A Rt02/02, Cirendeu, Ciputat, Tangerang, 15419 .
II.
4. Religion
Islam
5. Citizen
Indonesia
6. Name of Father
Chusnan Yusuf
7. Name of Mother
Masyitoh
8. Motto
Struggle till the end, back to Allah SWT.
Formal Education I. Muhammadiyah Elementary School 1st Grade, Banda Aceh.
2. As-Syafi'iyah Islamic Boarding School 2nd-5th Grade, Jakarta. 3. Rawalaut Elementary School 2 (SDN 2) 6th Grade, Bandar Lampung. 4. Junior High School 3 (SMPN 3), Jakai1a. 5. Senior High School 37 (SMUN 37), Jakarta. 6. Accounting Background, Faculty of Economics and Social Sciences, State Islamic University SyarifHidayatullah, Jakarta.
ABSTRACT
The Islamic Credit Card is facility provided by Bank for the communities and the customer as one of the facilities in order to fulfill the basic need and secondary need. However, the community began to consider to use credit card in being caused by the existence of the interest element that was regarded as something that was prohibited by Islamic Law. Savirul "Analysis of Accounting Treatment of Islamic CreditCard in the Islamic Perspective (Study Case in Bank Danamon Syariah)". One of the indicators that could be made to measure Sharia Compliance is avoidance of Islamic prohibited acts, especially in providing the credit card service. This research aimed at knowing as well as studying the system and the accounting treatment that was done by Islamic Banking in providing the credit card service. The analysis method used by writer in this research is the Qualitative Descriptive Analysis. Key words : Islamic Banking, System, Sharia Compliance, Islamic Banking Card
ABSTRAK
Kaitu Kredit Syariah adalah fasilitias yang diberikan oleh Bank untuk masyarakat dan nasabah sebagai salah satu fasilitas untuk memenuhi kebutuhan dasar dan pelengkap. Bagaimanapun, masyarakat telah mulai memikirkan ulang untuk menggunakan kartu kredit yang menggunakan elemen bunga, tetapi dilarang oleh hokum Islam. Savirul "Analysis of Accounting Treatment of Islamic CreditCard in the Islamic Perspective (Study Case in Bank Danamon Syariah)". salah satu indikator yang dapat dijadikan ukuran kepatuhan terhadap hukum ekonomi syariah adalah terhindarnya perilaku dalam perbankan syariah yang mengarah kepada hal-hal yang dilarang oleh agama, terutama dalam menyediakan jasa kartu kredit. Penelitian ini bertujuan untuk mengetahui serta mempelajari sistem dan perilaku akuntansi yang diberlakukan oleh perbankan syariah dalam menyediakan jasa kartu !credit. Metode analisis yang digunakan dalam penelitian ini adalah Analisis DeskriptifKualitatif.
Key words : Perbankan Syariah, Sistem, Kepatuhan terhadap Syariah, Kartu Kredit Syariah
FOREWORD
By praising Thank Heavens to Allah that showered divine guidance, the hidayah and inayah so writer can finish the task of Thesis that be entitled "Analysis of Accounting Treatment of Islamic CreditCard in the Islamic Perspective (Study Case in Bank Danamon Syariah)" Shalawat and greetings it is hoped was showered to Rasulullah SAW as well as the family, the friends but also anyone who followed the step and his guidance. In an effort to this Thesis there are many obstacks and the barrier as well as the difficulty that the writer faced. To face this difficulty, the writer received much good help of morale and material that are so valuable, the guidance und facilities that really were needed. Especially to my parents that never tired gave the affection and their support took the form of the prayer, morale and material to the writer towards the compilation of this Thesis. In connection with this Thesis also, then the writer sent the expression of
thanks to: !. Mr. Prof. Dr. Abdul Hamid, Ms as the Thesis Advisor I and as the
Dean of Faculty of Economics and Social sciences, State Islamic University SyarifHidayatullah Jakarta, that sinwrely give time to give the guidance that were useful for the compilation of this Thesis. 2. Ade Wirman Syafei, SE., MSc as the Thesis Advisor II that also sincerely give time to give the guidance and that were useful for the compilation of this Thesis.
3. Drs. Abdul Hamid Cebba, Ak, MBA as head of Accounting department of
Faculty of Economics and Social sciences, State
Islamic University SyarifHidayatullah Jakarta 4. My lecturer who often performed an educational service the writer with various science sorts while joining lectures as well as the staff Faculty of Economics and Social sciences, State Islamic University SyarifHidayatullah Jakaita. 5. My parents, Chusnan Yusuf and Masyitoh Chusnan, who gave the support and became the source of the motivation, were most main and valuable. 6. My three older brothers, Haikal Djauhari, Paiz Rafdhi, and Muhammad Alva Ashri who helped beth from the aspect of morale and material in the thesis process. 7. My close friend, Tanty Hmjati Amie, that never tired continued to support and help the writer in the thesis finishing. Hope you can continue your education soon. 8. My friend, Sofyan Kaharu. Sholatia Dalinmnthe, Aysa Nawazir (you all are the best pay I've ever had). Abdul, Fajar,, as well as other alayalay that was still scattered in FEIS. 9. All the sides that helped in the thesis finishing. On all help that was given, once more the writer give thank. Hope that this thesis could be useful for many sides.
Jakarta,
April 2009
Writer
LIST OF CONTENT
PAGE OF THESIS APPROVAL................................................................... ..
i
PAGE OF COMPREHENSIVE TEST............................................................
n
CURRICULUM VITAE....................................................................................
111
ABSTRACT........................................................................................................
IV
FOREWORD .......................................................................................................
v
LIST OF CONTENT ·················································································· .......
VI
LIST OF TABLES.............................................................................................
vn
LIST OF FIGURES . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ................
vm
CHAPTER I INTRODUCTION A. Background ofStudy................................................
1
B. Problem Formulation................................................
2
C. Purpose and Benefit....... . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. 3
CHAPTER II THEORETICAL FRAMEWORK A. Highlight oflslamic Banking......................................
5
1. The Characteristics oflslamic Banking......... . . . . . . . . . . . . .
5
2. Islamic Banking in Indonesia... . . . . . . . . . . . . . . . . . . . . . . . . . . ..... . 9 B. Basic Concept oflslamic Banking Credit Card.................
10
1. Definition of Credit............ . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ...
I0
2. Substance, Aim, and Function of Credit............................
12
3. Definition and Terminology in Banking Cards.............
17
4. Basic Concept ofislamic Banking Cards....................
24
5. Accounting "'reatment for Banking Cards...................
27
a. Accounting ofijarah (Leasing)... . . . . . . . . . . . . . . . . . . . . . . . .
29
b. Accounting of Qardh (loan)...............................
34
c. Accounting ofKafalah (Guarantee)......................
39
6. Fatwa of National Sharia Board . . . . . . . . . . . . . . . .. . . . . . . . . . . . . .
40
CHAPTER III RESEARCH METHODOLOGY
A. Scope of Research. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . ... 41
B. Sampling Method....................................................................
42
C. Data Collection Method...........................................................
42
I. Library Research ......... ....................................................... 42
2. Field Research..................................................................... 42 D. Data Analyze Method................................................ 43 E. Variable Operational................................................. 44
CHAPTER IV RESULTS OF RESEARCH AND DISCUSSIONS
A. Highlight of Research Object...... . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ...
46
I. History ofCompany..............................................
46
ii
2. Business Expansion...............................................
50
B. System ofDirham Cards Bank Danamon Syariah...... .........
52
1. General Perspective.............................................
52
2. Application.......................................... . . . . . . . . . . . . 54 3. Component.......................................................
59
4. Data Processing..................................................
62
5. Accounting Treatment..........................................
65
a. ljarah.............................................. ..............................
65
b. Qardh............................................................................
65
c. Kafalah.......... ... ... ... ... ....... .. ..... ... .. .... ..... ..... ........ .. .. ... ...
66
d. Fee, Charges and Penalty.............................................. 67 6. Billing Statement . . . . . . . . . .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 67
CHAPTER V SUMMARY AND IMPLICATIONS A. Summary. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . . 70
B. Implications ............................................................ 72
REFERENCES APPENDIX
iii
LIST OF TABLES
Table 4.1 Limit Assigmnent . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
57
Table 4.2 Fee and Charges . .. .. . . . . . . . .. .. .. .. . . .. . . . . .. . . . .. . . .. . . . . . .. .. . . . . .. . .. .. . .. .
58
Table 4.3 Key Product Differentiator .. . . .. . . .. . . .. . . .. . .. .. .. . . .. . . .. .. . .. .. . . .. . . . . . . . 60 Table 4.4 Document Requisition . . . . . . . . . . . . .. . ... . .. .. . . . . . . . . . . . . . . . . . . . . .. .. . . . . . . ...
61
Table 4.5 Billing Statement . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ..
69
iv
LIST OF FIGURES
Figure 4.1 Akad in Transaction .. . . . . . . . .. . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . . . . . . . . . .
55
Figure 4.2 Akad in Transaction II . . . . . . . . . .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . .. . . . .
56
Figure 4.3 Application Flow . . . . . . . . . . . . . . . . . . . . . .. . . . . .. . . .. . . .. . . . . . . . . .. . . .. . . . . .. . ...
64
v
Chapter I Introduction
A. Background of Study Between the important things in modern period on economic area since 50 years ago is financial transaction cards system, which the first time emerge in America, then in Europe, and then spread up in Islamic state and non-Islamic state. In economic practice and trading, this system has high benefit and effectiveness. Economic institution has practice the experience so long and has known society characteristic so that can collect people in every level, special for the high level and middle to take apart in this system. Advertising is focused for the positive thing of this card such as safety aspect, prestige, satisfy of needed, financial ambition. Advertising covers negative aspect to the society, either religion or economic, such as debt and interest that unconsciously by the people. If the negative aspect describe specifically of course society uninterested with the system, such as cost of cash credit and cost of money change, interest of fall into areas so that the account which should be paid by borrower greater. All of them are a debt which burden card holder so that they can't standing under for the future, specifically for the limited income people. All of this happen because unopened agreement between card holder and issuer card, there's only a hidden clues and unclear, as if there isn't
account between them. While that agreement is used for base by banker to get the higher benefit. The banker gets higher benefit than interested income which is got by application and the other product. This banking cards system grows and spread up in western suitable with the framework and economic capitalist philosophy. This system is hefty and specific so that all can be going on. All the system is used for getting the benefit from the card holder (Abu Sulaiman, 2006: 12) Besides it, Islamic society has its special economic foundation, different with the other transaction. The economist offer and explain banking card system with the economic language and terminology that much people knew. Every science has a specific terminology, may be this terminology unknown by a few people. Although some people know, but the knowledge is !lOt as deepest as the expert one.
B. Problem Formulation
Based on the background that has the writer suggested above, and then the writer formulated the problem as follows: I) How will the bank obtain the profit if they are giving the service of the Islamic banking credit card? 2) What system and Accounting Treatment that was used in the applicatiou of the Islamic banking credit card?
3) What are the agreements that are stated on the Dirham Card? 4) Can Muslims use the credit cards that are available in the market?
C. Purpose and Benefit
I. Purpose The purposes of this research are: a. To know from where the bank will obtain the profit if they are giving the Islamic credit card service b. To !mow the system that was used in the application of the Islamic credit card c. To know the allocation or funding for the Islamic credit card, by analyzing the system and its scheme. d. To know the available contracts and agreement in Dirham Card.
2. Benefit Whereas the benefit that it was hoped with the implementation of this research was as follows
a. For the Danamon Sharia Bank, it's expected to be able to be made input in increasing the role and the achievement from system that was used in Dirham Card to increase the Customer's satisfaction the Danamon Sharia Bank
b. For the Faculty, it's hoped could add literature the book in the Faculty Of Economics especially the Accounting Backg;round so it is able to increase the concept and knowledge for the writer especially, and for the reader generally. As well as could be made the reference for the other writer who carried out the research about the Islamic Credit Card and Islamic Banking
c. For the Writer, as one of the requirement to follow the final examination in order to receives the Bachelor Degree of the Faculty of Economics of State Islamic University Jakarta.
Chapter II Theoretical framework
A. Highlight oflslamic Banking 1. The Characteristics of Islamic Banking. The Islamic Principle in the assets management stressed on the balance between the interests of the individual and the community. The wealth must be used for productive matters especially the economic activity in getting the profit. Therefore, intermediary institute was needed to intermediary the fund owner with the fund manager. One of the forms of this intermediary institute was the Bank, which are their activities were based on the Islamic principle. The Islamic Bank is the Bank that was based on the paiinership, justice, the transparency, and universal as well as carried out the activity of Banking efforts was based on the principle of Islamic principle (Muhammad Syafi'i Antonio, 2002:48) The Islamic Banki"g activity was the implementation and the principle of Islamic economics characteristically, these are: a. The banning of usury or riba in various forms. b. There is no time value of money concept. c. The concept of money as the implement exchanged, not as commodity goods. d. It is not allowed to carry out two prices for one goods. e. It is not allowed two transactions in one contract.
Islamic Bank operated on the basis of the profit-sharing concept. Islamic Bank did not use interest as the implement to get revenue and burden the interest on the use of the fund and the loan because interest is usury or riba that is prohibited. Difference from non··Islamic Bank that did not distinguish firmly between the monetary sector and the real sector, so as in its business activity could carry out real sector transactions, like the trade and rent leased. Islamic Bank could run its business activity to receive the repayment for the other Banking service that was not against with the Islamic principle. A transaction in accordance with the Islamic principle if filling these conditions, those are: a. The transaction did not contain the element of fraudulent b. Not riba or usury c. Did not pay the side personally or other side d. There is no deception (Gharar) e. No contain materials that are prohibited f.
No contain the element of gambling (Muhammad Syafi'i Antonio, 2002: 46)
In relation to the above matter, was gotten by several Islam propositions that banned the system riba. Nevertheless, Allah filed ban treatise on the practice of usury in four stages:
First srage: In Alquran surah Al-Ruum [30]: 39 were named:
39. and that which You give In gift (to others), In order that it may increase (your wealth by expecting to get a better one In return) from other people's property, has no increase with Allah, but that which You give In Zakat seeking Allah's Countenance Then those, they shall have manifold increase. Second Stage
In Alquran surah An-Nisaa [6]: 160-161 were named:
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I 60. for the wrong-doing of the Jews, we made unla11ful to them certain good foods which has been lmvfiil to them, and for their hindering many from Allah's Way; 161. and their taking of Riba (usury) though they were forbidden ji·om taking it and their devouring of men's substance wrongfitlly (bribery, etc.). and we have prepared for the disbelievers among them a painful torment.
Third Stage
In Alquran surah Al-Imran (3]: 130 were named:
130. 0 You who believe! eat not Riha (uswy) doubled and multiplied, but fear Allah that You may be successfiil. Fourth Stage
In Alquran surah Al-Baqarah [2]: 278-279 were named:
278. 0 You who believe! be afraid of Altdh and give up what remains (due to you) ji-om Ribd (uswy) (fi·om now onward), if You arc (really) believers. 279. and if You do not do it, Then take a notice of war ji·om Allah and his Messenger but if You repent, You shall have Your capital sums. deal not unjustly (by asking more than Your capital sums), and You shall not be dealt with unjustly (by receiving less than Your capital sums).
These four steps, shows people's paradigm of mind set for avoiding. Riba.
In collecting fund, Bank Sharia used the principle of wadiah, mudharabah and another principle which related to Sharia, even though in flow Bank Sharia uses the principle, such as: a. Musyarakah principle and/or mudharabah for investment or cost (financing) b. Murabahah principle, salam and/or istishna for trading c. Ijarah principle and/or Ijarah muntahiyah bittamlik for rent (leasing) d. Other principle that match with Sharia principles.
2. Islamic Banking in Indonesia. In Indonesia the pioneer of Islamic Banking was the Bank of Muamalat Indonesia. Stood in 1991, this Bank was initiated by the Council of Ulama Indonesia (MUI) and the government as well as the support from the Association of the Indonesian Muslim Intellectual (ICM!) and several Muslim businessmen. This Bank could be affected by the monetary crisis at the end of the 90's so as its equity only remained a third of the capital of early. IDB afterwards gave the injection of the fund to this Bank and in the period 1999-2002 could rise and produce the profit. At this time the existence of the Jslamic Bank in Indonesia has in arranged
in regulations that is No. UU I 0 in I 998 about the Change in No. UU 7 in 1992 about Banking (Karim, 2001:23) Until 2007 was gotten by 3 institutions of the Islamic Bank in Indonesia that are the Bank of Muamalat Indonesia, Bank Sharia Mandiri and the Mega Sharia Bank. In the meantime the public's Bank that had the unit of Sharia eff01ts was 19 Banks including being the big Bank like the Bank of Negara Indonesia (Persero ), the Bank of Rakyat Indonesia (Persero ), and the Danamon Bank.
B. Basic Concept oflslamic Banldng Credit Card
I. Definition of Credit Credit is the provision of resources, such as granting a loan, by one party to another party where that second party does not reimburse the first party immediately, thereby generating a debt, and instead arranges either to repay or return those resources (or material[s] of equal value) at a later date. The first pa1iy is called a creditor, also known as a lender, while the second party is called a debtor, also known as a borrower. Other definitions about the terminology of credit as follows: a) Credit may be defined as the right to receive payment or the obligation to make payment on demand or at some future time on account of an immediate transfer of goods (Raymond P. Kent, 196 I) b) The word of "credit" has many meaning, but in economics it usually refers to the ability to obtain something of vaf.ue in the present in
return for a promise to pay for it at some future time, combining the element ofa promise and of time (Charles L. Prather, 1961) c) ... credit may be appropriately described as the transmittal of economic value now, on faith, in return for an expected equivalent economic value in the future (National Association of Credit Management, 1965) d) Credit in general is the ability to obtain goods, service, or money now in exchange for promise of payment in the future (Christine Ammer and Dean S. Ammerm, 1979) e) Credit in economics and finance, refers to the faith that creditor (lender) places in a debtor (borrower) by extending him loan (Encyclopedia Americana, 1980) f)
Credit and its opposite, debt, are transactions in which command over resources is obtained in the present in exchange for a promise to pay in the future, normally with a payment of interest as compensation to the lender (Encyclopedia of Economics, 1982)
Therefore, in practice credit is: •
The transfer value of economics is now based on trustiness in the hope of getting same value of economics in the next time.
•
An action on the basis of the agreement where in this agreement was gotten by the service and the recompense (the achievement and contra- achievement) that both of them was separated by the element of time.
•
Rightful authority, with this right a person could utilize credit for the certain aim, in the certain time and based on ce1tain considerations (Abu Sulaiman, 2006: 3)
2. Substance, Aim, and Function of Credit a. Substance of Credit Credit is given on the basis of trustiness so as giving of credit was giving of the trust. This means that the achievement given is really believed in could be returned by the credit recipient in accordance with time and conditions that were agreed together. Based on the matter above, elements in this credit were as follows: I) There are two parties, that are creditor and customer 2) There is a trustness between creditor and costumer 3) There is an agreement, as an agreement Bankir with another party that promise to pays from costumer to the creditor. That promise could be language or written (credit akad) or as a instrument (credit instrument) 4) There are a transfer of goods, services or money from creditor to customer 5) There is time element. Time element is an essential time element. Credit will be available because of time eleme:nt, from the issuer or the customer.
6) There is degree of risk both of creditor and costumer. The risk in creditor is risk of default. The risk in costumer is creditor falseness, such as give a credit in order to take the costumer's business or field warant. 7) There's an interest as a compensation to the creditor. As a creditor, the interest consist of any componen such as cost of capital, overhead cost, premium risk, etc. If costumer credit rating is high, premium risk can be decreased by safety discount.
b. Aim of Credit Aim discussions of credit included the wide scope. Basically there are two connected functions mutually from credit, which is as follows: •
Profitability, receive credit compensation by taking profit that was gained from the interest that must be paid by the customer. In Conventiorn;l Bank.
•
Safety, that is the security from the achievement or facilities that were given really must be guaranteed so as the aim profitability could be reached without the significant obstacle.
Besides it, there are two main parties that is intervense in every creditor so that in every credit giver will cover the two main parties aim needed, such as.
a) Bank (Creditor) (1) Giving credit is a main bisnis and almost the bigest in every
Bank. (2) Receiving Interest from creditor to the most of Bank is the higher income (3) Credit is one of instrument/Bank product as give service to the customer. b) Costumer (Businessman) (1) Credit is one of potential things to spread out the business (2) Credit is a an alternative of payment.
c. Function of Credit Credit had the role that was very imp011ant in the economy. In brief outline, the function of credit in the economy, the trade, and finance raise as follows.
1) Credit could increase utility (the usefulness) from capital/money.
The customer save their money in the Bank in giro form, deposite or even saving. In spesific presentation, the advantage of their money will be increased by Bank. The enterpreneur enjoy credit from the Bank to spread out their business, either for
increasing production, trading, or rehabilitation effort or even general increasing productivities effort. 2) Credit increased utility (the usefulness some goods). Producer with gra11ting of Bank credit can product finished good so that the utility of that things increase, such as increasing palm utility to kopra, and becomes palm oil/ fried oil, increasing rice-plant utility to rice, thread to textile, etc. Producer with granting of credit can move the things from somewhere which is under-utilization to the full places. 3) Credit increased the circulation and the money traffic. Credit that was distributed through the current accounts, the businessman created the increase in the circulation of money giral and this kind of money such as, giro bilyet, the money order, et cetera through credit. The circulation of money kaiial and giral will be more developing because credit created a passion tried so as the use of money will improve, both qualitatively and quantitatively. Hal ini selaras dengan pengertian Bank selalrn money creator. The money creation apait from by means of substitution, which is conversion of money kartal that was kept in giro by money giral, there was the method exchange of claim that is the Bank gave credit in the form of giral. By that, by means of the transformation, that is the Bank giral.
4) Credit triggered the enthusiasm to run business in the community. Human was the creature that always carried out the economic activity, which is always tried to satisfy their wants. The efforts activity in accordance with his dynamics always will increase, but the increase in efforts not always was matched by the increase in the capacity. Therefore, human always tried with all the powers to meet lacks that was connected with other human that had the capacity. Because of that also, the businessman will always be connected with the Bank to secure help funding or financing in order to increase in his efforts. Credit that was accepted by the businessman from the Bank that afterwards to enlarge the volume of effmts and his productivity. Inspected from the law and demand, towards all the sorts and their style efforts, the request will continue to improve when the community began carried out demand. Emerge afterwards the cumulative effect by increasingly the request size so as in sequence afterwards caused the passion that spread in society. Therefore, this matter increased the productivity.
Automatically
afterwards
emerged
also
the
impression that for each increase effo1t in the productivity, the community might not worry the lack could be, because of their problem overcome by the Credit from Bank (Rivai, 2006: 231)
3. Definition and Terminology in Banking Cards a. The loan contract of the analysis of fiqih and iits practice on credit card The contract or akad with the card that was issued by the Bank with various kind sorts and functions are the new matter in fiqih Islam. Generally this contract is not including in the category of the akad muamalah in fiqih Islam with the number of .accomplishers of the contract, relations, the bond, and the card kind that are used. Briefly, agreements that are stated in using card akad are as follows: I. Contract between the creditor and the card holder 2. Contract between the creditor and the marketer 3. Contract between merchant and the card holder 4. Contracts were separated between two accomplishers; the creditor joined in as well as in each contract
In each form of the contract that used the card, it has special discussions in .fiqih depended the position of the contract and its situation, because in a fiqih law the contract that was counted did not become the obstacle. The kind of the contract for anyone in accordance with the aim and its role was separated with the other aims. For example the creditor had relations independent with the holder of the card. Firstly, its role as the debt giver in the debt contract. The second,
as the guarantor of the right of the goods and services trader against the holder of the card that carried out the transaction. Thirdly, as the holder of power of attorney on acceptance of the loan in doing payment without the existence of the dispute, considering each contract syar'I had responsibility and the influence In Fiqh, card holder and creditor have a relation. Different with relation between card holder and merchant. Card holder has many costs in transaction (Abu Sulaiman, 2006:84). Between merchant and card holder have a syar'I position and polis. Even though relation with the creditor different with merchant. Between one to another parties has a complicated relation, and every parties in relation with another pa1iies has a syar'i interlocked without other parties intervenes. With this study, God willing to give a conclusion which is hope. This study about credit card include: position a few akad in fiqh and relation between one to another parties in iadependent agreement without any intervention from another parties (Abu Sulaiman, 2006:41). Explaining about credit card rules has been discussed about division of credit card which is used in transaction. There are two kind of credit card: (I) credit card, (2) non credit can!. Study about it has been summary in three kind of credit card:
!.
Credit card
2.
Charge credit
3.
Retailer credit
Three of cards above are included in a loan akad, where the akad in every card uses can be done between creditor and card holder based on creditor first than card holder as a costumer, suitable with the conditions which have been agreed by two parties. Relation between creditor and card holder in every kind of card is a relation between creditor and card holder.
b. Requirements in Banking Card Agreement The contract agreement used the card included several conditions and has many discussions concerning the importance of the condition to iqrad in fiqih Islam. Firstly, legal condition Iqrad. Issuer Bank ask fow prerequirement in the agreement, these are: •
Its legality in line with the basic concepts, and the aim of Islamic law on the agreement of credit card application.
•
It's not against maqasis al syar'i.
Generally legal conditions iqrad concluded as follows:
l. The commitment to responsibility and punctuality in loan payment. a. The pre-requirement for the side issuer the Bank must make a commitment towards financial responsibility, whereas for card holder must has commitment to loan payment in accordance with the agreement. b. Card issuer to get price and transaction services to the card holder. c. Loan is occurred in agreement period. d. Card holder has a competent of card owner. e. Issuer or Bank has a responsibility in every represented activity.
2. The issuer gave credit to the card.
Some Bank required the existence of the account opening, as the guarantee for the Bank from the person/the customer who put forward the card service of various kinds, and as the strengthening of bank's rights. Moreover also as the occurrence guarantee of payment for the transaction that was carried out card holder. In fiqih Islam, the condition could be found in the problem of rahn (security); where the debt guarantee with something that could be taken, all of things or some to them that cannot settle payment took the form of Pawn. Things that were pawned took the form of
something that has been known and enabled to be able to get the half price loan of from the goods or costing with the goods that was pawned (Abu Sulaiman, 2006: 3). Pawn will be legal if the pawned things are able to be sold; because pawn has an aim gives trustiness to get loan, even tough with cash or credit payment.
3. The condition of subscription payment in card system. The bank burdens an amount of money to the customer in order to be a member of Bank and get the card. This subscription came to card holder and merchant as the condition for the subject to get the card and became the network member of these banks as the fund for the administrative activity of the office. Generally, cost for gold card is higher than silver card and debit card cost is higher than credit card. This kind of fee h2.s not any relation with loan. It just as a salaIT services.
Certain requirement in Credit Card application, generally as follows: a. The interest in each transaction that used credit card between I % and 2.5 % from the price of goods. b. Must pay the subscription on the delay of bill payment.
c. When the loan without the maximal limit, then must pay 10% of each numbering pulling 5.000 riyal, afterwards was multiplied in accordance with the loan. d. The Cost of payment of foreign currency of the changing cost. e. The Cost of payment on the process of card using in transaction, counted since transaction time. There is also the other condition that must be followed card holder without being based on the agreement and the review. These additional conditions included or not included in the agreement of using credit card became the source of the profit for issuer the Bank.
Additional condition on the loan from the side issuer is forbidden, when being inspected from the Islamic law. This wns based on two reasons: first, the additional interest on the postponement of loan payment including usury (riba) nasiah. This usury was forbidden to be based on Moslems's agreement. Without any difference, this usury was al.so acknowledged as usury Al-jahiliyah, was forbidden because of the existence of the increase of the number of loans to be caused by the postponement of payment.
In Alquran surah AI-Imran [3]: 130-131 were named:
....
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~ 0~'W
~
J , , ........ ~,,,,J~,..,
(>.51J
.WI lyt;lj
@U.~ "O ye who believe! Devour not usury, doubled and multiplied; but fear God; that may (really) prosper. Fear the fire, which is prepared for those who reject faith"
And in Al Quran surah Al Ruum [30]: 39 were named:
39. and that which You give In gift (to others), In order that it may increase (your wealth by expecting to get a better one In return) ji·om other people's property, has no increase with Alldh, but that which You give In Zakdt seeking Allah's Countenance Then those, they shall have manifold increase.
4. Basic Concept oflslamic Banking Cards Based on Sharia National Council about Sharia credit card, based concept which is used for Sharia credit card are:
a. The Provision of Akad Akad which is used in Sharia card are:
I) Kafalah; in this case issuer card is a warrant (kafil) for card holder
to the merchant in every obliged payment (dayn) which is shown by transaction between card holder and merchant, and/or cash withdrawal beside Bank or card issuer Bank ATM. Based on kafalah, card issuer can get fee (1ljrah kafalah) 2) Qardh; in this case issuer card is a loan giver (muqridh) to the
card holder (muqtaridh) by cash withdrawal from Bank or card issuer Bank 3) Ijarah; On the Ijarah scheme, the card issuer acts as the provider
of payment and service system for the card holder. For the provision of this service, the card holder is charged a membership fee.
b. Limitation Provisions (Dhawabitft wa Hudud) Sharia Card I) Do not cause usury 2) It is used for the transaction that was not m accordance with Islamic law.
3) Do not push the excessive issuing (israf), by maintaining the maximum ceiling of financing 4) The Card Holder must have the financial capacity to settle in time 5) Do not give facilities that were not compatibk with Islamic law.
c. Provisions of Fee There are few provisions of fee that must be folfilled by the customer in order to propose the application. They are: !) Membership fee 7 issuer card has a right in accept membership
fee (rusum al- 'udhwiyah) include prolong the member period from card holder as a payment (ujrah) of card uses Facilities permit. 2) Merchant fee 7 card issuer able to accept foe which is taken by object transaction price or services as payment (ujrah) of mediator (samsarah), marketing (taswiq) and debt collec:tor (tahsil al-dayn) 3) Cash Withdrawal fee 7 The card issuer might receive fee for the cash withdrawal (rusum sahb Al-nuqud) as fee on the service and the use of facilities that the size was not connected with the number of pulling 4) Fee Kafalah 7 card issuer is able to receive fee from card holder of given of kafalah. 5) Every kind of fee above must be fixed by card application akad clearly and fix, except for merchant fee.
d. The Provisions of Ta'widlt and Penalty. I) Ta'widh Issuer is able to give ta 'widh, which is compensation against fees that were spent by the issuer resulting from the delay of the holder of the card in paying his obligation that was due. 2) Late Charge. Issuer is able to give late charge payment, which is recognized as social fund, or also for Corporate Social Responsibility/Charity.
e. Closing Provisions
I) If one of party did not fulfill his obligation or ifthe dispute among related sides happening, will be solved by Arbitrase Syari'ah Board or by Jurisdiction of Religion if there is no any agreement by deliberation. 2) Fatwa by National Sharia Board about Sharia Card had been valid since the date was determined with the provisions if in afterwards the day evidently was gotten by the error, will be changed and completed as it should be.
5. Accounting Treatment for Islamic Banking Cards Financial accounting especially linked with the provisions of information to help the stakeholder in decision making. They who did business with Islamic banks had the interest to obey and search Allah's ridha in the financial matters and their other affair.
In Alquran surah Al-Baqarah [2]: 168 were named
168. 0 mankind! eat of that which is lawful and good on the earth, and follnw not the footsteps of Shaitdn (.
Targets of financial accounting for other banks most were appointed in the non-Islamic country. Therefore, it's acceptable that there are differences between aims determined for other banks and for banks that will be appointed for Islamic banks. This difference especially came from the difference in targets of them who need accounting information. But, this did not mean us refused all the results of modern accounting method in the non-Islamic countries. This because of between Moslem and non-Moslem users having same targets of information. For example, the Moslem investor and non-
r· ..
l__
u_1_N_S,_f1'.\HUJ .JIA!/!'-
Moslem together want to increase their wealth and to get results that could be accepted from their investment. This is legal and was acknowledged in Islamic Principles that in accordance with Firman Alah: In Alquran surah Al-Mulk [67]: 15 were named
15. He it is, who has made the earth subservient to You (i.e. easy for You to walk, to live and to do agriculture on it, etc.), so walk In the Path thereof and eat of his provision, and to Him will be the Resurrection.
The aim of the Sharia Bank's Accounting I. Determined the right and obligation of related parties, including the
right and the obligation came from the transaction that has not been finished yet and/or other economic activity, in accordance with the of Islamic principle that based on the concept of honesty, justice, and the obedience towards the values of the Islamic business. 2. Provided useful financial information for the stakeholder in decision making. 3. Increased the compliance towards of Islamic principle in .all transactions and other economic activity.
Based on National Sharia council of Indonesian statement about Sharia credit card, finance-accounting standard statement (PSAK) and accounting guidance of Islamic Banking of Indonesia (PAPS!). And also
based on Fatwa National Sharia Board - Moslem Council of Indonesia (DSN-MUI). Accounting treatment to Sharia credit card, as follow.
a. Accounting ofljarah (Leasing) Ijarah was the transaction rent-leased on an asset. In the transaction Ijarah, it was stressed or the object of the guarantee transaction is the using of benefit of an asset. Therefore, one of the pre-requirement is the rental price. Conventionally this system was known by the name of leasing. In this principle the customer might have this thing after the rented period was finished ifthe rented cost is already included the main installment of the price of goods.
Bads of Syar'i: In Alquran surah Al-Baqarah [2]: 233 were named
233 .... And if You decide on a foster suckling-mother for Your children, there is no sin on you, provided You pay (the mother) what You agreed (to give her) on reasonable basis. and fear Allah and know that Allah is All-Seer of what You do.
l. Characteristics
As being explained before that Ijarah was the rented contract leased between the owner of the object of rent and the
leasee to get the repayment for the object of rent that was hired out, whereas Ijarah muntahiyah biitamlik was the rented contract leased between the owner of the object of rent and the leasee to get the repayment for the object of rent at the time of certain in accordance with the rented contract Related with the move of object proprietary rights of rent to the leasee in Ijarah muntahiyah biitamlik could be carried out by means of as follows. a. Giving b. Marketing before and of akad as big as prices which suitable with rest instalment rent. c. Marketing in the and of rent peroid with appointed payment which is agree in the begin of akad d. Rank marketing as big as appointed price which agree in akad
2. Acknowledgment, measurentment and presenting Ijarah and ljarah Muntahiyah Bitlamlik PSAK No. 59 (2002) classified the acknowkdgement and ljarah measurentment and Ijarah muntahiyah bittamlik to 4 classes, that are: • Bank as the owner of lease object • Bank as a Leasee
• Selling and re-Leasing • Lease dan re-Leasing b. Bank as the owner of rent object Based on PSAK No. 59 (2002) when getting rent object, rent object is recognized as big as income cost. The journal as follows: Assets of Ijarah
Rp. Xxx
I Rp. xxx
Cash
In the end of year, when Bank Sharia will arrange a finance report so the active Ijarah must be decreased with the rules that are: a. The policy of the depreciation to the owner of rent object for the similar asset if being the Ijarah transaction, and b. Rent periode if in ljarah muutahiyah bittamlik transaction And the journal, as follows: Cost of depreciation Accumulated depreciation
Rp.Xxx
I Rp. xxx
Income ofljarah There must be pay off bit by bit the object of rent in each certain period
Income of fjarah and Ijarah muntayiyah bittamlik is recognized proporsionally in rent period except Ijarah muntahiyah bittamlik income by rank selling so the income in every period will decease progressively in akad period because, The paying off paii by paii the object of rent in each certain period. The journal is shown as follows: Rp. Xxx
Cash Income from Ijarah
IRp. xxx
Cost related to ljarah About cost with related to akad Ijarah, PSAK No. 59 (2002) regulates, as follow. If akad cost becomes rent object owner cost, the cost
will be allocated consistently with Ijarah income allocation or ijaarah muntahiyah bittamlik in akad period Reparation of rent objeck, PSAK No. 59 (2002) regulates as follow. a. Bank regulates reparation estimation cost of rent object unstable proportionally in the advantage periode for every periode.
b. Realisation reparation of rent object cost is decreased from estimation reparation cost which is recognized in the running period. If the leasee does routine reparation of rent object with
the owner's agreement so the cost will be cost by the owner and recognized as cost in that period. In Ijarah muntahiyah bittamlik by rank selling, reparation rent object will be carried by the owner and Leasee balance with the owner's of things in rent object. b. Bank as Leasee PSAK 59 (2002) arranged the cost and the ljarah burden where the Bank as the leasee's side, that is the cost of ljarah and ljarah muntahiyah bittamlik was acknowledged for the contract period when being due. Akad cost If the cost will be a burden for Leasee so that fund
will be allocated consistenly with Cost allocation of ljarah or Ijarah muntahiyah bittamlik in akad period c. Lease and re-lease In the matter of the Islamic law Bank leased an asset
continue to from the other side and afterwards the Bank
Islamic law hire out to costumer then PSAK NO. 59 (2002) arranged about treated accountancy as follows: "If the Bank hire out to costumer the asset that was leased by the Bank before from the third party then the treatment of the Bank's accountancy as the owner of the object and the leasee applied". The burden of the maintenance will be presented in profit and lost report.
b. Accounting of Qardh (loan)
I) Qardh Qardh is a flexible loan without interest, usually for buying fungible things (a calculate things a!1d can be substituted suitable
with weight, size and account).
Basis of Syar'i
In Alquran surah Al-Hadiid [57]: 11 were named
11. who is He that will lend to Allah a goodly loan, Then (Allah) will increase it manifold to his credit (in repaying), and He will have (besides) a good reward (i.e. Paradise).
The object from the Qardh loan usually is money or the other implement exchanged (Saleh,
1992), the pure loan
transaction without the Interest when the borrower got cash from the owner of the fund (in this case the Bank) and only obligatory returned capital when ceitain in the next period. The borrower on the initiative personally could pay back bigger as the expression of thanks. Certain Muslim scholars allowed the loan giver to charge the cost of the loan of the pro-:urement service. This service cost not was the profit, but was the actual cost that was spent by the loan giver, like the cost, the official's pay, and office equipment of building rent (Al-Omar and Abdel-Haq, 1996). The Islam la\v permitted the loan giver to ask for to the borrower to pay operating costs apart from the loan of the subject, but so that this cost does not become Interest the commission or this cost might not be made proportional towards the number of loans (Ashker, 1987). This contract was especially used by IDB when giving the soft loan to the government. This service cost generally not more than 2.5 percent, revolved between 1-2 perce:nt. In implicating on Islamic Banking, Qardh is normally used to provide the fund to the first-rate customer and to contribute the sector of small businesses/micro or helped the social sector. In the last matter, its loan scheme was acknowledged as by Qardhul Hasan. Qardh could
be used as the savings contract and also could be used as the funding contract. · There are a few Qardh or Qardhul Hasan foundations that must be completed in a few transactions. I) First and second party of Contract: muqtaridh (borrower), the party which is need fund, and muqridh (loan giver), the party which have fund; 2) Akad object, is Qardh (fund) · 3) The aim is 'iwad or counter value as a loan without interest (loan Rp. X,- paid Rp. X,-) 4) Sighah, that is ijab and Qabul
Even qardh or qardhul Hasan's conditions that must be completed in every transaction, that is: !) The willingness of two parties; and
2) Fund will be used for something useful and permitted. Usually qardh loan is given to the costumer by the Banker as a money-lender facility when they have overdraft. This facility is shape of another cost set to make the costumer's transaction easier. 2) The acknowledgment and the grating of the Qardh loan
PSAK No. 59 (2002) regulates an acknowledgement and qardh loan measurement as follow. •
Qardh loan is recognized as big as fund which is loan for that time. Surplus acceptance from paid loan of qardh is recognized as an income in that time.
•
Banker do as qardh loan, payment surplus to the qardh giver is recognized as load (burden). Banker will give a loan, so the Banker will make a quotation as follow. (a) When giving the Qardh loan
IAIR"'"'"
Cash
(b) When receiving the paying off added by the payment surplus Date
Rp.Xx
--
A/RQardh
--
Rp.Xx
Income Qardh
--
Rp.Xx
Cash
In the matter of the Bank as the borrower/Qardh then the Bank will make the journal record as follows
(a) When receiving Qardh Loan
Date
Cash
Rp.Xx
A!P Qardh
--
1:, x,
(b) When the paying off of the Qardh debt added by the payment surplus Date
A!P Qardh
Rp.Xx
--
Surplus Qardh
Rp.Xx
--
--
Rp. xx
Cash
c. Accounting ofKafalah (Guarantee)
Kafalah is the guarantee, the cost, or the security that was given by the guarantor (kafil) to the third party to carry out the second party's obligation or the party who is guaranteed (makful). Kafalah can be also meant to shift someone's responsibility who was guaranteed in a gripping manner in the person's other responsibility as guarantor. On his service the: guarantor could ask for the certain repayment from the person who was guaranteed (Ascarya, 2007: I 05).
!
Basis of Syar'i In Alquran surah Al-Yusuf[l2]: 72 were named
72. they said: "We have missed the (golden) bowl of the king and/or Him who produces it is (the reward of) a camel load; I will be bound by it." There are 3 akad that must be fulfilled in the transaction: I) Subject of akad. Kafil or guarantor. And makful, the
party who is guaranteed. 2) Object of Akad (makful alaih), is the object guarantee, and 3) Shighah, or !jab and Qahul.
And the condition that must have been fulfilled: I) Object of akad must be available, clear and guarantable. 2) Must not be against Sharia Principle.
Accounting treatment for Kafalah 1) For the Guarantor. When accepting the repayment of cash
I Date ICash
II
xxx
Income from Kafalah
I
xxx
When paying the cost Date Cost for Kafalah
xxx
xxx
Cash
2) For the Guaranteed When paying the cost Date Cost for Kafalah
xxx xxx
Cash
I 6. Fatwa of National Sharia Board about Islamic Banking Credit Card. National Sharia Board has issued Fatwa about Jslamic Banking Crectit Card. This Fatwa is contained in "FATWA DEWAN SYARI'AH NASIONAL NO: 54/DSN-MUI/X/2006 About SHARIA CARD". And Bank of Indonesia's Note No. 9/183/DPbS/2007 about Agreement of Danamon Syariah Card.
I
Chapter III Research Methodology
According to Sekaran (2006:7), the research is investigation that is carried out, systematic, based on the data, critical, objective, and scientific towards a specific problem, which was carried out with the aim of finding the answer or the related solution. Basically, the research gave information that was needed to achieve the truth, receive the answer, and take the decision that was informed in order to be able to solve the problem successfully. Information that was received could come from the deep analysis, or from the data that was available. Therefore the research method basically is the method of the data collection in decision making t0wards a research that was analyzed. So, then the writer determined the research method as follows:
A. Scope of Research In compiling this thesis, the researcher carried out the research in the Bank Danamon Sharia Office, which is addressed in the Building of Graha Surya Internusa the floor 3. Rasuna Said Street kav. X-0, Kuningan. Southern Jakarta. Where the research was carried out from October 2008 up to November 2008.
B. Sampling Method
Sample that will be collected in this study is Datas from the Bank Danamon Sharia. The reason of using that data is based on the purpose of this thesis, which had an observation of Islamic Bankig Card in Bank Danamon Sharia, and based on accounting standard in Indonesia (PSAK no 59) as the Sharia compliance. After the effective of PSAK in year 2003, Sharia Bank in Indonesia has its own accounting standard in disclose their operation.
C. Data Collection Method
In compiling this mini thesis, to collect the datas that are needed, Carried out by the research method as follows: 1. Library Research
To gt>t the expansion of the concept as well as the theory base related with the title of the thesis. This library research was aimed at the data collection that had the connection with the problem given by the writer to be able to have the theoretical foundation and as the analysis implement of the problem from the writing of this thesis.
2. Field Research
To receive the data that was relevant in the writing of the thesis, then the writer held the direct research to the Danamon Sharia Bank. For this intention, the writer used methods as follows
a. Observation Direct observation/Observation was technical the data collection by gathering the data directly towards a problem that was researched. In the observation method, the researcher carried out observation directly against the object that is needed, both from near and from far to get results of taking the form of the accurate data.
b. Interview The interview is the process of receiving information and the data collection for the aim of the research by means of the interview orally while gazing at the face between the interviewer and the respondent who is considered most knew about the situation that was evaluated
D. Data Analyze Method The analysis method uses descriptive analysis qualitative, the analysis based on the statement about the objective situation picture of the problem that is analyzed and concerning the measurement of the quality. So, the descriptive analysis is carried out by presenting the data, analyzing and interpreting (Cholid Nurbuku dan H. Achmadi, 1999:44).
E. Variable Operational Variable Operational is a concept that had the variation point applied in a research and meant to ensure so that variable that wanted to be researched clearly could be seen. As for variable that is meant as follows.
I.
Recognition Recognition is a process that occurs in thinking when some event, process, pattern, or object recurs.
2.
Measuring A procedure for assigning a number to an object or an event.
3.
Counting Counting is the mathematical action of repeatedly adding (or subtracting) one, usually to find out how many objects there are or to set asid~ a desired number of objects or for well-ordered objects, to find the ordinal number of a particular object, or to find the object with a particular ordinal number.
4.
Recording Recording is a process of capturing data or translating information to a format stored on a storage medium often referred to as a record. Historical records of events have been made for thousands of years in
one fonn or another. Amongst the earliest are cave painting, runic alphabets and ideograms.
5.
Reporting Reporting is a fundamental part of the larger movement towards improved Business Intelligence and Knowledge Management.
Chapter IV Results of the Research and discussions
A. Highlight of Research Object
1. History of Company
PT Bank Danamon Indonesia Tbk was established in 1956 under the name of PT Bank Kopra Indonesia, in I 976, the Bank's name was changed to the present name, Bank Danamon Indonesia. The Bank became the first Indonesian private foreign exchange bank in 1976 and a publicly listed bank in 1989.
In I 977, as a result of the Asian financial crisis, Bank Danamon ran into liquidity insolvency and was placed under the supervision of the Indonesian Bank Restructuring Agency (!BRA) as a BTO (taken over) bank. In 1999, the government of Indonesia, thought !BRA, recapitalized the Bank with Rp 32 trillion of government bonds. Within the same year, another BTO bank was merger into Bank Danamon as part of the restructuring program of !BRA.
In 2000, Bank Danamon took under its wings eight other BTO banks. As the surviving entity, Bank Danamon emerged from the merger as one of the pillar banks oflndonesia.
During the next three years, Bank Danamon underwent extensive restructuring involving management, people, organization, systems, core values and corporate identity. The effo1is succeeded in laying down new foundations and infrastructure for the Bank to pursue growth based on transparency, responsibility, integrity and professionalism (TRIP).
In 2003, Bank Danamon was acquired by the Asia Finance Indonesia consortium which took a majority controlling stake in the Bank. With new management at the helm, and 180-day remapping of its business model
and
strategy,
Bank
Danamon
continues
to
undergo
a
transformational change designed to mold it into a leading national bank and a key regional player.
The establishment of Danamon Sharia Bank represents Bank Danamon vision to become The Bank of Choice and also a strategic step in welcoming the dynamic growth and development of Moslem banking and as an effort to support government action to increase the ecouomic growth in Indonesia.
The main segment and fund raising come from middle-upper class, and the defrayal channeling focuses 80% for UKMK sector and 20% for consumer.
The grand launch of Danamon Sharia Bank marked with the opening first branch at Ciracas, East Jakarta, on 14th May 2002 by
Secretary of State Minister of Cooperation and Small and Medium Industry (UKM), Chairul Fadjar Sofyan deputizing State Minister of Cooperation and UKM. Nowadays, Danamon Sharia Bank has seven branch offices spread over Indonesia. Act as Supervisor Council of Danamon Sharia Bank is member of Council of National Moslem Law Council of Indonesian Moslem Scholar (MUI) including Prof. Dr. Din Syamsuddin, MA (Chief), Ir. Adi Warman Karim, lvlBA (Member) and Drs. Hasanuddin, Mag (Member).
In running its activity, Danamon Sharia Bank applies systems of share holder (profit sharing), trading and deposit, so the bank will not be affected by interest rate fluctuation. These investments are also managed by high-perform human resources who fulfill the following characteristic: siddiq (honest), tabligh (reliable), fathonat1 (clever),. amanah (trustable) and itqan (professional).
The Danamon Sharia Bank existence is expected to fulfill people's need of banking product and service based on Moslem principles of business and halal (lawful) instead of embracing riba system (profitting the money), ghoror (manipulative) and maisyir (speculative). Thereby, people can enjoy banking service that match with Moslem law, which spirit1ially will create peace of mind because their fund will be ploughed back to business or thing that benefits a lot of people.
With technological support and network of Bank Danamon, including almost 500 branches and about 750 ATM of Bank Danamon in all provinces, Danamon Sharia Bank is ready to s·erve customers with varions products of defrayal and financing which are capable to folfill customers' needs such as:
I.
Saving Account With Profit Sharing Scheme (Tabungan Mudharabah)
2.
Trussed Investment (Mudharabah Muqayyadah)
3.
Moslem bank gold mortgage (gold and diamond with defrayal value up to Rp. 250 million)
4.
Consumption defrayal (car, motorcycle, house, hornerenovation and professional goods)
5.
Leasing (Ijarah)
6.
Share holder defrayal (Mudharabah and Musyarakah)
Danamon Sharia Bank customers can enjoy the ability to transact at Moslem Bank Branch Office, endorsement transaction at all Bank Danamon branches, and transaction at 700 ATM of Bank Danamon. They can also conduct onHne transaction at 25 conventional Bank Danamon branches in Indonesia. The online transaction includes:
I. Transferring the book from conventional account to Moslem bank account and vice versa 2. Print-out saving book
3. Online transfer to Moslem bank account 4. Cash withdrawal from Moslem Bank account
Meanwhile, until September 2003 Danamon Sharia Bank had collected third party fund Rp. 127 milliard and channeled defrayal about Rp I 13 milliard. From total defrayal, about 40% or about Rp 44 milliard had been channeled in the form of small and medium industry (UKM) defrayal, both in the form of capital goods and investment. Total defrayal channeling of Danamon Sharia Bank mounted more than 400% in comparison with December 2002.
For the future, Danamon Sharia Bank Plan has conducted study and preparation of various plan of product development expected to fulfill the growth of people's need in banking transaction and competitive in market, both third party fu11d product and defrayal product.
2. Business Expansion a. Development of Various Business Bank Danamon Sharia was initiated in 2002 with the first Sharia Branch Office in Ciracas, East Jakarta. Bank Danamon Sharia is now suppo1ted by Sharia branch offices in 7 (seven) major cities, namely, Jakarta, Bukit Tinggi, Banda Aceh, Surabaya, Maitapura, Solo and Makassar, as well as 3 (three) Sharia sub-branch offices and 7 (seven) office channeling branch offices in the Jakaiia area, in addition
to 5 (five) office channeling branch offices in East Java. As per the end of 2006, Bank Danamon Sharia's third patiy funds reached Rp 337 billion, while its total financing in various Sharia schemes reached Rp 220 billion. Bank Danamon is the only bank in Indom;sia which offers the complete offering of cards in its product portfolio: Visa, MasterCard and American Express Bank Danamon offers a range of products for the Instant Card service such as My Own Card, which empowers its customers to have the freedom to choose their bill payment; get cash back on those bills; and choose their own payment date. Ongoing programs for My Own Card include l % guaranteed cash back and the chance to gain up to 200% cash back. Other products are the Manchester United C3rd which offers the true Red Devils fan the opportunity to go Old Trafford as well as to get exclusive MU merchandise. So far, Bank Danamon has sent 11 of its Manchester United Card holders to the legendary theatre of dreams, Old Trafford. The development of Islamic Credit Card grew fast. The number of users of the Usaha Syariah Unit credit card (UUS) Danamon Syariah continued to take off. Till September 2008, there are 20,000 Islamic credit card holder in Unit Usaha Syariah (UUS) Danamon Syariah. That means, the product of the Islamic credit card or Dirham Card grew 212% from the number of users compared to last year. As
information, per December 2007, the number of the total user Dirham Card this just around 6,000 consumers.
B. System of Dirham Cards Bank Danamon Sharia
I. General Perspective
a. Legal Aspect. Based on Fatwa of National Sharia Board No.54/DSNMUI/X/2006 about Sharia Card, and Statement of Bank Indonesia No.9/183/DPbS about Agreement for Danamon Sharia Card. Sharia Card is a card that is functioned as Credit Card based on Sharia Principle between 3 parties. a. Card Issuer (Mushdir al Bithaqah) Any association member financial institution, bank, credit union, or company that issues, or causes to be issued, plastic cards to cardholders. In this case, the issuer of Dirham Card is Bank Danamon Sharia b. Card Holder (Hamil al Bithaqah) The person to whom a personal card was issued (not necessarily the person holding the card). A person who carries an ID device. Two types of key/card holder exist: i. Personnel usually a tenant or full time employee. ii. Visitor - a contractor or other person who requires some access around the site, but for a limited number of days only
c. Merchant (Tajir/Qabil al Bithaqah) Any business owner, agency or government organizations authorized to accept credit card transactions for the payment of goods or services rendered.
b. Akad or Agreement that are used in Sharia Card: I) Kafalah In the Kafalah transaction scheme, Bank Danamon Sharia as card issuer acts as the guarantor (kafil) for the card holders against the merchants, of all obligations
to
pay (dayn) which
arise from the transactions between card holder and merchant, and/or cash withdrawal from banks other than the ATM of the bank issuing the card. Based on Kafalah, the card issuer can accept a fee (ujrah kafalah). 2) Qardh Undec the Qardh scheme, the card issuer acts as the lender (muqridh) to the card holder (muqtaridh) through the
c~sh
withdrawal from the bank or ATM of th1~ card issuing bank. The card holder is therefore obliged to return the same amount of funds he withdrew at the time. 3) Ijarah On the Ijarah scheme, the
~ard
issuer acts as the provider of
payment and service system for the card holder. For the
provision of this service, the card holder is charged a membership fee.
c. Product Name Dirham is a currency that is used as main tool of transaction by some Middle East countries, such as UAE and Morocco. The Dirham Card is a product of the collaboration between Bank Danamon and MasterCard with all networks or merchants throughout the world to provide payment services to card holders.
2. Application a. Akad in Transaction In order to do the transaction of Dirham Card, there are few akad in the transaction. Client as Card Holder, Sharia Bank as Card Issuer, and Merchant. In the first step, client propose the application for the facility, the Bank will give the limitations, and the facility in the form of guarantee (Kafalah). In this part will be also an agreement for rent (Ijarah) and loan (Qardh). Second step will be pledging and cash collateral. Dirham card requires client to have a collateral as the fee of card rent, since the system of having card is rent (Ijarah), so that the client have to pay the rent fee.
ff]
0
= g
6. Card Holder pays (full or installment)
t:O
5. Bank charges as much as the transaction amount
"=
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1.a. Application proposal and limit approval facility
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=
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Ill
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CLIENT (Card Holder)
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1- 1.
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1.b. Akad liarah/Qardh for card usaae
SHARIA BANK
2. P!edge cash collateral (Mudharabah)
~
, '-
3.a Merchant sales/cash advances (Kafalah wal Qardh)
( I
I
• ' MERCHANT
j
3.b. Authorization
"''
•
'' ' ''
'
-----------------------------~
4.a. Merchant/Bank -
.
4.b. Payment to
I
-
The third step will be merchant sales/casn advance, from the client to the merchant. It means the client is using the facility (Kafalah wal Qardh) and merchant will do authorization process to the bank. After the transaction between client and merchant, bank is having payable. Merchant has receivable, coming from chent, and Bank has to pay. In the agreement, bank charges an amount to the client as they use the card for payment to the merchant. And the last step shows, card holder pays the debt, whether full payment or installment.
Settlement: Merchant's billing to the Bank
Bank:
Acquiring
Card Issuer
Bank Collateral as using of Credit Limit [Akad Kafalah)
Card Ho:der
Merchants Transaction non-cash in van s Merchant based on merchant'_______. category
.
' ' -· _, "' -·" - ' - ,_'
ATM/Bank On Us/through Issuer Card Bank (Akad Qardh Off Us/through beside Issuer Card Bank [Akad Ka:lfutlci:1L--
Figure 4.2 Akad in Transaction II
Source: Bank Danamon Sharia
b. Type of Cards Commonly, Bank usually has many types of its credit card. Grouped based on the limitation of the usage and limitation of benefit that are offered. Danamon Sharia Bank also classified their Dirham Card to few types. They are Dirham Green, Dirham Gold, and Dirham Platinum. Especially for Dirham Gold, it is
divid1~d
by three sub-type,
Dirham Gold 1, Dirham Gold 2, and Dirham Gold 3. Those are shown in the table below. Type of Card
Limit Assignment
Monthly fee
Dirham Green
Rp. 5,000,000.00
Rp. 175,000.00
Dirham Gold 1
Rp. 10,000,000.00
Rp. 325,000.00
Dirham Gold 2
Rp. 20,000,000.00
Rp. 650,000.00
I I
Dirham Gold 3
Rp. 30,000,000.00
Rp. 975,000.00
I I
Dirham Platinum
Rp. 40,000,000.00
Rp. 1,200,000.00
J
Table 4.1 Limit Assignment Source: Bank Danamon Sharia
c. Fee and Charges As the Sharia Compliance, there is no any Interest rate for all product of Dirham Card. And for late payment 1;harge, there will be penalty (Ta'widh) plus 3% (Qardhul Hasan). Qardhul Hasan will be allocated to the Charity. If client wants to pay by installment, Bank
requires the payment minimum is 10% of balance. The table shown as follows.
No
Parameter
Dir ham Green
Dirham Gold
Annual Fee I.
- Basic - Supplementary
3.
Monthly Service Fee Interest Rate
4. 5.
Cash Advance Cash Advance Fee
6.
Ever Limit Fee
7.
Late Charge - against amount due
2.
Free on first year 150,000 75,000
300,000 500,000 150,000 250,000 Type 1 325,000 -Type 2 650,000-1,200,000 175,000 Type3 975,000 No Interest -As Sharia Compliance 60% from Card Limit 45,000 for withdraw up to 500,000 50,000
50,000
3% x-30 days: Rp. 25,000,31-60 DPD : Rp. 75,000,61-90 DPD: Rp. 170,000,91-120 DPD: Rp. 350,000,121-150 DPD: 765,000,151-180 DPD: 2,100,000,-
- subject to DPD stage
8.
Dirham Platinum
Minimum Payment
10% Table 4.2 Fee and Charges
Source: Bank Danamon Sharia
50,000
3. Component a. Credibility Investment Investment that must be given by the card holder on the limit that was accepted by the bank. These are: 1) 10% of the Sharia Card limit that has been approved 2) Placed in the form of Saving Account (Statement) 3) Mudharabah 4) Benefit & Return are the same with regular Saving Account 5) Investment will be done after Card Holder receive the Card
b. Key Product Differentiator These are the key product differentiator between the Sharia Card and the conventional one. It is shown that, as the Sharia compliance, Bank does not take any interest on fees. And for late payment, there will be penalty (ta'widh) + 3% of balance (Qardhul Hasan), Qardhul hasan will be allocated to the charity, not as Ba11k right.
Interest
No
Conventional Card Yes
Monthly service fee
Yes
No
Membership fee
Yes
Yes
Late fee
Ta'widh+3% of balance (Qardhul Hasan
5% of Balance
Cash collateral
Yes (10% of Credit Limit)
No
Worlwide Mastercard Network No
Worlwide Mastercard Network Yes
Areas
Acceptance Interest on fees
Dirham Card
--1
Remarks Based on assign credit limit Rebate based on O/S Charged Annually Ta'widh is to cover direct cost component of collection efforts. Qardhul hasan is channeled to charity. Central Bank Requirement
I
-
Feature/Benefit - Bill Payment - Balance Transfer - Cash Rebate - Installment
I i
Yes
Yes
Yes
Yes
Yes Yes
Yes Yes
-~1
I
i
I -·--
Planned on
t
10
Year
Table 4.3 Key Product Differentiator Source: Bank Danamon Sharia
c. Document Requisition Based on Central B&nk of Indonesia, Bank of Indonesia regulates Commercial Bank to ask for the document requisition of client in order to apply the application offered by commercial Bank. Central Bank try to avoid any fraud or divergence of utility that may
··-·-
I
i
be happen later. Commonly, apply same document requirements as currently applied in conventional policies. As follows: •
Completely filled application with applicants' signature as sign of consent towards all terms and conditions.
•
Identification card (KTP, KITAS, or Passport)
•
Income proof and Existing locally issued credit card.
D~
Private
Card Holder
Entrepreneur
Professional
v
v
v
Employee
KTP, KITAS, Passport
v
Salary notification document
v
Copy of Current Account
v
Copy of Company Certificate
v
Copy of Credit Card
'
v
Copy of Tax Notification Letter
v
v
Copy of Billing Statement
Table 4.4 Document Requisituion Source: Bank Danamon Sharia
4. Data Processing a. Application flow The application flow is divided by 3 (three) main parts. First, sales part, in this part will do data checking as the pre-requirement of applying credit card. To manage and setting up the Consumer Finance Structure at the bank and develop a comprehensive Consumer Finance Manual for Board of Directors (BOD) approvals through Credit Policy & Procedures. To ensure that credit assessment of borrowers is in
I I
order and as per the credit policy & procedures. Manage a separate Risk Management Unit for assessing the weakness& identifying loopholes in financing. Job Description Assist in developing project schedule, test & implementation plans & coordinate testing of system enhancements and projects with user areas and testing resources. Able to prepare functional specifications & peer review log. Analyze & define user requirements.
Second part is UCA, Unit of Credit Adjusters, in this part, the credit initiation will be followed up and analyzed before get to print. In the previous two parts, there is no difference between Sharia and conventional procedure. The difference will be in third part. In this part, Credit Analyst will analyze the whole document, and also Sharia compliance of this application. Credit analysis is the method by which one calculates the creditworthiness of a business or organization. The audited financial statements of a large c0mpany might be analyzed when it issues or has issued bonds. Or, a bank may analyze the financial statements of a small business before making or renewing a commercial loan. The term refers to either case, whether the business is large or small. Credit analysis involves a wide variety of financial analysis techniques, including ratio and trend analysis as well as the creation of projections and a detailed analysis of cash flows. Credit analysis also includes an examination of collateral and other sources of
repayment as well as credit history and management ability. Before approving a commercial loan, a bank will look at all of these factors with the primary emphasis being the cash flow of the borrower. A typical measurement of repayment ability is the debt service coverage ratio. A credit analyst at a bank will measure the cash generated by a business (before interest expense and excluding depreciation and any other non-cash or extraordinary expenses). The debt service coverage ratio divides this cash flow amount by the debt service (both principal and interest payments on all loans) that will be required to be met. Bankers like to see debt service coverage of at least 120 percent. In other words, the debt service coverage ratio should be 1.2 or higher io show that an extra cushion exists and that the business can afford its debt requirements. And will be embossed for the card holder name and unique number.
"-'
0
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1
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t:;j
Credit lnifiation
=
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UCA
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4
3
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~ Data ~
p,
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6
8
CREDIT ANALYS
CARD
~one Check j /, An\bo~ITTg t ' Analyst '
Sent application form (Approve)
7
Send back application Form with Saving Account number
0
::;
~. Maintenance Unit
5. Accounting Treatment a. Ijarah In this part, the function of Bank is the owner of object, Dirham Card. Bank will be having an asset, the asset or object is known as Dirham Card. And the journal is shown as follows: Assets gain from Ijarah
Rp. 1,000,000,-
Cash
Rp. 1,000,000,-
After having the object rent, Bank will lease to the client. Based on the theory, Client is renting the object. So, the journal will be shown as follows: Cash
----1
Rp. 325,000,-
Rp. 325,000,-
Income from ljarah
b. Qardh When the bank was giving the loan for the customer, the bank will have an Account Receivable from the customer. We assume that the customer is using the Dirham Gold. The journal will be stated as follows: Date
A/RQardh Cash
Rp. 1,000,000.00
--
--
Rp. l,000,000.00
I
It is stated in the beginning of transaction, bank give loan, and that
will be an Account Payable for the customer. And if the customer has paid their debt (Account Payable), the journal for Bank must be: Date
Rp. 1,034,000.00
--
NRQardh
--
Rp. 1,000,000.00
Income Qardh
--
Rp.
Cash
I 34,000.00
Income Qardh is taken from the monthly fee ofDirham Gold. We assume that customer paid on the time. So he just paid the loan (Account Payable) and the monthly fee.
c. Kafalah In this scheme, Bank Danamon Sharia as card issuer acts as the guarantor (kafil) for the card holders against the merchants, of all obligations to pay (dayn) which arise from the transactions between card holder and merchant, and/or cash withdrawal from banks other than the A TM of the bank issuing the card. Based on Kafalah, the card issuer can accept a fee (ujrah kafalah).
Accounting treatment for Kafalah, for part, Bank is the guarantor. When accepting the repayment of cash
th'~
Guarantor. In this
xxx
Date Cash
I
Income from Kafalah
xxx
-1
When paying the cost Date Cost of Kafalah
xxx xxx
Cash
I
I
d. Fee, Charges and Penalty As the Sharia compliance, Bank does not take any interest on fees. And for late payment, there will be penalty (ta'widh) + 3% of balance (Qardhul Hasan), Qardhul hasan will be allocated to the charity, not as Bank right.
xxx
Date Cash Penalty
xxx
NP
xxx
6. Billing Statement. Billing statement or monthly statement is a report prepared by credit card company about the transaction carried on a particular credit card. This is a statement listing the purchases, payments and other debits and credits made to the credit card account within the billing cycle. The
billing statement is sent at the end of each billing cycle and includes the total balance, minimum payment due, payment due date, grace period, finance charge, days in billing cycle, and annual percentage rate. A billing statement is a written record prepared by a financial institution, usually once a month, listing all transactions for an account, including deposits, withdrawals, checks, electronic transfers, fees and other charges, and interest credited or earned. The statement is usually mailed to the customer. Also simply called a statement or monthly statement. Billing cycles typically range from 29 days to 31 days, but can be shorter or longer depending on Customer's credit card. Card holder statement will include the balance at the beginning of the billing cycle (what was
carri~d
over from the previous month). It will
detail credit card charges and payments as well as credits and fees in the current billing cycle. Fees and charges are added to the balance from Card Holder's previous billing cycle, while payments and credits are subtracted to come up with Card holder's current balance.
Billing Statement Tanggal Cata tan Tagihan
Tanggal Jatuh Ten1po
8-Feb-08
28-Feb-07
Noni.or Kar tu Dirham 123456789
Pcmbayaran Minimu1n Yang Tertunggak
Total Tagihan 7.944.000
Batas Transaksi
Jumlah Tagihan
Batas Tarik
Sisa Batas
Tunai
Transaksi
Pen1bayaran l\1inimum
40.000.000
7.944.000
24.000.000
32.056.000
794.400
RINCIAN TRANSAKSI
Tanggal
Tanggal
1'ransaksi
Pcncatatan
Jurnlah Tagihan
Rincian Transaf{si
4.118.000
Tagihan Sebelun1nya 8-Fcb-08 8-Feb-08 8-Feb-08 8-Feb-08 8-Feb-08 12-Jan-08 l 5-Jan-08
28-Feb-08 28-Feb-08 28-Feb-08 28-Feb-08 28-Feb-08 12-Jan-08 15-Jan-08
Monthly Me1nbcrship fee Card Advance fee Late Charge fee
1.200.000
-
Cash Re\Vard
974.000 CR 974.000 CR 400.000 CR
Cash Rebate
Payment
-
Cash Advance Retail
4.000.000 7.944.000
Total Tagihan
RINGKASAN TAGIHAN
Tagihan Sebelun1nya
(+) Pentbclanjaan & Penarikan
(+) (-) Pentbayaran
(-) Krcdit
Bia ya-
400.000
-
1.200.000
biaya (fees)
Tunai 4.118.000 Bea 1\-Iaterai
4.000.000
Total Pembelanjaan
Lunas
-
Total Penarikan
= Total Tagihan
974.000
7.944.000
Tunai
Next Monthly Men1bership fee
-
226.000
4.000.000
Table 4.5 Billing Statement Source: Bank Danamon Sharia
(-)
Cash Back
ChapterV Summary and Implications
A. Summary
1. The procurement procedure of the Islamic Credit Card (Dirham Card) application applied in the Sharia Bank far was not different from the Conventional Bank, that is the customer came personally to the Bank by submitting the requirement documents. Afterwards the Bank analyse towards conditions that were put forward this in a valid legal manner, based on the Pemyataan Standar Akuntansi Keuangan (PSAK) 59 about Accounting for Sharia, PSAK 101-106, and the Acco1Jnting Guidance for Islamic Banking of Indonesia (PAPS!), as the Sharia compliance in undertaking Islamic credit card application. Dirham Card was launched based on the Fatwa No. 54/DSNMUI/X/2006 the Dewan Sharia Nasional - Majelis Ulama Indonesia (DSN-MUI) and the Bank of Indonesia's Letter No. 9/183/DPbS/2007 about the Agreement of Danamon Islamic Card.
2. The scheme that was applied in Dirham Card was the Kafalah scheme, Qardh, and Ijarah. In the Kafalah transaction scheme, Bank Danamon Sharia as card issuer acts as the guarantor (kafil) for the card holders against the merchants, of all obligations to pay (dayn) which arise from the transactions between card holder and merchant, and/or cash withdrawal from banks other than the ATM of the bank issuing the card.
Based on Kafalah, the card issuer can accept a fee (ujrah kafalah). Under the Qardh scheme, the card issuer acts as the lender (muqridh) to the card holder (muqtaridh) through the cash withdrawal from the bank or ATM of the card issuing bank. The card holder is therefore obliged to return the same amount of funds he withdrew at the time. On the Ijarah scheme, the card issuer acts as the provider of payment and service system for the card holder. For the provision of this service, the card holder is charged a membership fee
3. As the Sharia compliance, Bank avoided matters that were banned, especially usury or riba. To avoid those matters banned by Islam. Firstly, with Goodwili Investment, the Card holder must store goodwill investment of 10% of the limit. This had a purpose to use of credit card arbitrarily. Secondly, the Account Opening, the Card Holder opened the account in the Bank as low as minimal !DR 500,000,-. Thirdly, the penalty, there was 2 kinds of penalty that will be imposed when the user Dirham Card late settled their debt. The first penalty was ta'widh, as the cost of asking debt, !DR 17,000,- per the month. Second penalty is 3% of the bill. But, this is not going to be interest because it is categorized as Qardhul Hasan and will be contributed to BAZIS. So that, the fund that was collected from the penalty on the delay of the customer's payment, will be allocated as the good deed or charity. And not was the bank's right.
B. Implications
The writing of this thesis had a purpose to know more in concerning Islamic Banking in Indonesia, especially for one of the products that still considered controversy until nowadays. The analysis of !accounting treatment of Isamic Credit Card in the Islamic perspective have implications to certain sides, like:
I . The Practioner of Sharia Banking Operational procedure of Dirham Card is not based on interest and the calculation uses Ijarah, Kafalah, and Qardh schemes. Besides that, the difference between Dirham card and Conventional Card is on the ta'widh and Charity fund. These are not available in Conventional Card. Ta'widh will be burden a penalty by 3%. But, if this penalty is acquired as Bank's right, there will not be difference with Conventional Bank. So, Bank will allocate to Charity fund. And this system will give an implication for the practioner of Sharia Banking, especially for the practioner who thinks that Islamic Credit Card is still controversy. So that, they will not be in doubt in creating another Islamic Banking Credit Card, just like Dirham Card.
2. Community. The procedure in the Islamic Bank is not different from the Conventional Bank, that is the customer brought the requirement document that was determined by the Bank, afterwards the Bank analyze and process as well as follow up the customer's proposal. The existence of usury in the
conventional bank avoided by the Danamon Sharia Bank. This had implications to the community that want to become the customer of Danamon Sharia Bank.
3. Customer. The Sharia bank determined several schemes in applied Dirham Card. This scheme has implications to the customer that want to know how the Bank adopted the Sharia principles, so the customers will not be going to doubt for the level of lawfulness from the Sharia Credit Card.
REFERENCES
Al Qur'an al Kareem Abdul Hamid, "Pedoman Penulisan Skripsi ". Fakultas Ekonomi dan Ilmu Sosial, Universitas Islam Negeri SyarifHidayatullah, Jakarta. 2007. Abu Sulaiman, Abdul Wahab Ibrahim. "Banking Syariah Cards: Kartu Kredit dan
Debit dalam Perspektif Fiqih". Rajawali Press. Jakaiia. 2006. Allen, R.E, "The Concise Oxford Dictionmy, 8'" Edition", Claderon Press, Oxford, 1990. Antonio, Muhammad Syafi'i. "Bank Syariah: Dari Teori ke Praktek", Gema Insani Press, Jakarta, 2002. Ascarya, "Akad & Produk Bank Syariah ", Rajawali Press, Jakarta, 2007. Bakhshi, Adil Manzoor. "Developing a jlnancial model for Islamic credit card for the
UK". University of Salford, London, 2006. Biro Perbankan Syariah, Bank Indonesia. "Pedoman Akuntansi Perbankan Syariah
Indonesia (PAPS!)". Bank Indonesia, Jakaiia, 2003. Chairi, Zulfi. "Pelaksanaan Kredit Perbankan Syariah Menurut Undang-Undang
Nomor 10tahun1998". FH-UNSU, Medan, 2005. Danamon, Bank. "Press Release: Bank Danamon Launches Dirham Card". Bank Danamon, Jakaiia, July 2007. Djauhari, Achmad. "Arbitrase Syariah di Indonesia". Badan Arbitrase Syariah Nasional, Jaka1ia, Agustus 2006.
DSN-MUI, "Himpunan Fatwa Dewan Syariah Nasional MUI", DSN-MUI dan Bank Indonesia, Jakarta, 2006. Harahap, Sofyan. S. "Akuntansi Perbankan Syariah '', LPFE-Usakti, Jakaiia, 2005. Ikatan Akuntan Indonesia. "Pernyataan Standar Akuntansi Keuangan 59, about
Accounting for Islamic Banking in Indonesia", Salemba 4, Jakarta, 2002. Jopie, Jusuf. "Analisis Kredit untuk Account Officer", PT Gramedia Pustaka Utama, Jakarta. 1995. Karim, Adiwarman. A. "Islamic Banking: Fiqh and Financial Analysis". Rajawali Press, Jakarta, 2001. Massey, James. "What is so special about Islamic credit cards? ". Money Works, London, September 2007. Nurbuku, Cholid, dan Abu Achmadi. "Metodologi Penelitian'', Bumi Aksara, Jakarta, 1999. Rivai, Veithzal. "Credit Management Handbook". Rajawali Press, Jakarta, 2006. Sekaran, Uma. "Research Methods for Business". Wiley, New York, 2003. Tim Pengembangan Perbankan Syariah Institut Bankir Indonesia. "Konsep, Produk
dan Implementasi Operasional Bank Syariah ". Djambatan, Jakarta, 2002. Zulkifli, Sunarto. "Panduan Praktis Transaksi Perbankan Syariah ". Zikrul, Jakarta, 2007. Bank Danamon Sharia, Website on www.danamon.co.id Indonesian Stock Exchange, Website on www.idx.co.id National Sharia Board, Website on www.mui.or.id/mui in/product 2/dsn
Ikatan Akuntan Indonesia, Website on www.iaiglobal.or.id Bank Islam of Malaysia, Website on www.bankislam.com.my Wikipedia, Website on en.wikipedia.org Glossary for Access Control System, Website on www.exim2l.com Credit Card terminology, Website on www.creditcards.com/credit-cards-glossary
Table of Net Monthly Membership Fee -Dirham Card Product Type Limit Monthly Membership Fee Cash Reward Cash Rebate
= =
= = =
Gold Card 1 Rp 10.000.000,Rp 325.000,Rp 1I2000 Monthly Membership Fee - Utilisasi Fasilitas
O/C Cycle Usage
-
-
250.000 8.125 7.875
.....
ent
-
750.000 24/S/5
,
(1.500)
7.375 6.625
15.500 14.750
22.875
.....
.....
.....
.....
.....
,.
\~VV>
(750)
-
~<
23.875
'~· ·~v
,
/_ "'i,hJ:)
2.000.000 65.000 64.750 64.500 64.250 63.500
.....
..... .....
..... .....
..... ..... .....
Pembayaran pok;ok (setelah dikurangi biaya-biaya*) Rp 250.000,-
Belanja di Carrefour Rp 1.000.000,-
---------
A-·
l.500.000 48.750 48.500 48.250 48.000 47.250
-
(250) 1.000.000 l ...... 1111,111•0 3.000.000
500.000 16.250 16.000
Billing Date 5
OIS Pokok Rp 1.000.000,~biaya-biaya
Due Dates O/S Pokok Rp 750.000,-
Billing Date 6
Net Monthly Membership fee Rp 23.875,-
Latt: Charge.s, .Ft:t: Chargts & l~1;t lv1unihly iv1t:mbership fee buian iaiu
Keterangan: !. Penggunaan Kartu oleh nasabah pada I bulan (cycle) lalu 2. O/S pokok kartu pada saat jatuh tempo pembayaran = Rp 325.000,3. Monthly Membership fee Cash Reward (Rp 1.000 .000 I 2.000) = (Rp 500,-) Cash Rebate = CRp 300.825,-) Net Monthly Membership fee
=
Rp 1.000.000,750.000,-
= Rp
=· Rp
23.875,-
Du. Date 6
--------
Table of Net Monthly Membership Fee - Dirham Card Gold Cardi Rp 10.000.000,= Rp 325.000,= Rp 1I2000 = Monthly Membership Fee - Utilisasi Fasilitas
Product Type Limit Monthly Membership Fee Cash Reward Cash Rebate Cycle Usage
500.000 1.000.000 1.500.000 3.000.000
.....
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=
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(250) (500) (750) (1.500)
250.000 8.125 7.875 7.625 7.375 6.625
500.000 16.250 16.000 15.750 15.500 14.750
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-
I Billing Date 5
Belanja di Carrefour
O Rp 1.000.000,Due Date 5 OIS Pokok Rp 5.000.000,-
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O!S After Pavment 750.000 24.375 24.125 23.875 23.625 22.875
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1.500.000 48.750 48.500 48.250 48.000 47.250
2.000.000 65.000
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Nasabah melak-ukan payment Rp 4.325.000,- sehingga Pembayaran pokok (stlah dikirangi biaya-bia6 menjadi Rp 4.000.000,- _______ _
Billing Date 6 O/S Pokok Net Monthly Membership Fee Rp 6.000.000,- Rp 325.000,-
Due Date 6 O/S Pokok Rp 2.000.000,-
*biaya-biaya diantaranya adalah Late Charges, Fee Charges & Net Monthly Membership fee bulan lalu Keterangan: = Rp 1.000.000,1. Penggunaan Kartu oleh nasabah pada 1 bulan (cycle) lalu = Rp 2.000.000,- (6.325.000-4.325.000) 2. O/S pokok kartu pada saatjatuh tempo pembayaran 3. Monthly Membership fee = Rp 325.000,Cash Reward (Rp 1.000 .000 I 2.000) = (Rp 500,-) Cash Rebate = (Rp 260.000.-) =Rp 64.500,Net Monthly Membership fee
BillinJDate 6 Net Monthly fee
Rp 64.500,-
:: ,J.h~ n,..../%,~\y iftr...JIJJ~lA:'..JI~ DEWAN SYARIAH NASIONAL MUI National Sharia Board - Indonesian Council of Ulama Sekretariat : Masjid Istiqlal Kamar 12 Taman Wijaya Kusuma, Jakarta Pusat l 0710 Telp. (021) 3450932, 70302934 Fax. (021) 3440889
FATWA DEWAN SYARI' AH NASIONAL Nomor: 54/DSN-MUI/X/2006 Ten tang
SY ARIAH CARD
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Dewan Syari'ah Nasional, setelah Menimbang
a. bahwa dalam rangka memberikan kemudahan, keamanan, dan kenyamanan bagi nasabah dalam melakukan transaksi dan penarikan tunai, Bank Syariah dipanda.ng perlu menyediakan sejenis Kartu Kredit, yaitu ala! pembayaran dengan menggunakan kartu yang dapat digunakan untuk melakukan pembayaran atas kewajiban yang timbul dari suatu kegiatan ekonomi, termasuk transaksi pembelanjaan dan atau untuk melakukan penarikan tunai, di mana kewajiban pembayaran pcmegang kartu dipenuhi terlebih dahulu oleh acquirer atau penerbit, dan pemegang kartu berkewajiban melakukan pelunasan kewajiban pemba~aran tersebut pada waktu yang disepakati secara angsuran; b. bahwa Kartu Kredit yang ada menggunakan sistem bunga (interest) sehingga tidak sesuai dengan prinsip Syariah; c. bahwa untuk memenuhi kebutuhan masyarakat alas kartu yang sesuai Syariah, Dewan Syari'ah Nasional MUI memandang perlu menetapkan fatwa tentang Syariah Card ( wWl'll '-'\hi ) yang fungsinya seperti Kartu Kredit untuk dijadikan pedoman.
Mengingat
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c. QS.Yusuf[12]: 72:
"Penyeru-penyeru itu berseru: 'Kami kehilangan piala Raja; dan barang siapa yang dapat mengembalikannya, akan memperoleh bahan makanan (seberat) beban unta, dan aku menjamin terhadapnya. "' d. QS. al-Ma'idah [5]: 2:
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"Sa/ah seorang dari kedua wanlta itu berkata, 'Hai ayahku! Ambillah ia sebagai orang yang bekerja {pada kita), karena sesungguhnya orang yang paling baik yang kamu ambil untuk bekelja {pada kila) ada/ah orang yang kuat lagi dapat dipercaya. '" h. QS. al-Baqarah (2]: 275:
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"Dan jika (orang yang berhutang itu) dalam kesukaran, maka berilah tangguh sampai dia berkelapangan. Dan menyedekahkan (sebagian atau semua utang) itu, lebih baik bagimu, jika kamu mengetahui. " 2. Hadis Nabi s.a.w.; antara lain: a. Hadis Nabi riwayat Imam al-Tirmidzi dari 'Amr bin 'Auf al-Muzani, Nabi s.a.w. bersabda:
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b. Hadis Nabi riwayat Imam lbnu Majah, al-Daraquthni, dan yang lain, dari Abu Sa'id al-Khudri, Nabi s.a.w. bersabda:
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·f/i-~)i 'Za'im (peryjamin) adalah gharim (orang yang menanggung utang). " e. Hadis Nabi riwayat Abu Daud dari Sa'd lbn Abi Waqqash, ia berkata: "
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a. Imam al-Dimyathi dalam kitab J'anah al-Thalibin, jilid III, ha!. 77-78:
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"(Tidak sah akad penjaminan [dhaman] terhadap sesuatu [hak] yang akan terjadi [muncul], se:perti piutang dari akad qardh) yang akan dilakukan.. .. Misalnya ia berkata: 'Berilah orang ini utang sebanyak seratus dan aku menjaminnya. ' Penjaminan tersehut tidak sah, karena piutang orang itu belum terjadi (muncul). Dalam pasal tentang qardh, pensyarah telah menuturkan masalah ini --penjaminan terhadap suatu hak (piutang) yang belum terjadi -- dan menyatakan bahwa ia sah menjadi penjamin. Redaksi dalam pasal tersebut adalah sebagai berikut: 'Seandainya seseorang berkata, Berilah orang ini ulang sebanyak seratus ... dan aku menjaminnya. Kemudian orang yang diajak bicara memberikan utang kepada orang dimaksud sebanyak seratus atau sebagiannya, maka orang (yang memerintahkan) tersebut adalah penjamin menurut pendapat yang paling kuat (awjah).' Dengan demikian, pernyataan pensyarah di sini (dalam pasal tentang dhaman) yang menyatakan dhaman (terhadap suatu hak yang akan muncul [terjadi]) itu tidak sah bertentangan dengan pernyataannya sendiri dalam pasal tentang qardh di atas yang menegaskan bahwa ha! tersebut adalah (sah sebagai) dhaman." b. Khatib Syarbaini dalam kitab Mughni al-Muhtaj, jilid III, ha!. 202:
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"(Hal yang dijamin) yaitu piutang (disyaratkan harus berupa hak yang telah terjadi) pada saat akad. Oleh karena itu, tidak sah menjamin piutang yang belum terjadi ... (Qaul qadim --Imam a!-Syafi'i-- menyatakan sah penjaminan terhadap piutang yang akan terjadi), seperti harga barang yang akan dijual atau sesuatu yang akan diutangkan. Hal itu karena hajat --kebutuhan orang-- terkadang mendorong adanya penjaminan tersebut." c. As-Syirazi dalam kitab al-Muhadzdzab, juz I, Kitab alIjarah, ha!. 394:
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"Kaja/ah Qaminan) harta yaitu kafil (penjamin) berkewajiban memberikanjaminan dalam bentuk harta." e. Mushthafa 'Abdullah a!-Hamsyari sebagaimana dikutip oleh Syaikh 'Athiyah Shaqr, dalam kitab Ahsan al-Kalamfi al-Fatawa wa al-Ahkam, jilid 5, ha!. 542-543:
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"Letter of Credit (L/C) yang berisi ketetapan bahwa bank berjanji kepada eksportir untuk membayar hak-haknya (ekspotiir) atas importir adalah boleh. Upah yang diterima oleh bank sebagai imbalan atas penerbitan L/C ada!ah bo!eh. Hukum "boleh" ini oleh Musthafa al-Hamsyari didasarkan pada karakteristik muama!ah L/C tersebut yang berkisar pada akad wakalah, hawalah dan dhaman (kafalah). Waka/ah dengan imbalan (fee) tidak haram; demikianjuga (tidak haram) hawalah dengan imba!an. Adapun dhaman (kafalah) dengan imbalan oleh Musthafa al-Hamsyari disandarkan pada imbalan atas jasa jah (dignity, kewibawaan) yang menurut mazhab Syafi'i, hukumnya bo!eh (jawaz) walaupun menurut beberapa pendapat yang lain hukumnya haram atau makruh. Musthafa a!-Hamsyari juga menyandarkan dhaman (kafalah) dengan imbalan pada ju 'a!ah yang dibolehkan oleh madzhab Syafi'i. Mushthafa 'Abdullah al-Hamsyari juga berpendapat tentang bank garansi dan berbagai jenisnya. Bank garansi adalah dokumen yang diberikan oleh bank --atas permohonan nasabahnya-- yang berisi jaminan bank bahwa bank akan memenuhi kewajiban-kewajiban nasabahnya terhadap rekanan nasabah. Musthafa menyatakan bahwa bank garansi hukumnya boleh. Bank garansi tersebut oieh Musthafa disejajarkan dengan wakalah atau kajalah; dan kedua akad ini hukumnya boieh. Demikian juga pengambilan imbalan (fee) atas kedua akad itu tidak diharamkan. 2. Keputusan Hai'ah al-Muhasabah wa al-Muraja'ah li-alMu'assasah al-Maliyah al-Islamiyah, Bahrain, al-Ma 'ayir alSyar'iyah Mei 2004: al-Mi'yar al-Syar'i, nomor 2 tentang Bithaqah al-Hasm wa Bithaqah al-I'timan . 3. Fatwa-fatwa DSN-MUI : a. Fatwa DSN No. 9/DSN-MUI/IV/2000 tentang Pembiayaan Ijarah b. Fatwa DSN No.I I/DSN-MUI/IV/2000 tentang Kafalah c. Fatwa DSN No.I 7/DSN-MUI/IX/2000 tentang Sanksi alas Nasabah Mampu yang Menunda-nunda Pembayaran d. Fatwa DSN No.19/DSN-MUI/IV/2001 tentang Qardh; e. Fatwa DSN No.43/DSN-MUINIII/2004 tentang Ta'widh 4. Surat-surat permohonan fatwa perihal kartu kredit yang sesuai dengan prinsip syariah dari bank-bank syariah, antara lain dari: a. Bank Danamon Syariah; b. Bank BNI Syariah; dan c. Bank HSBC Syariah.
Syariah Card
10
5. Hasil Works Shop Dewan Syari'ah Nasional MUI bekerjasama dengan DPbS-BI, dan Bank Danamon Syariah yang diikuti pula oleh beberapa bank Syari 'ah, di Ciawi Bogor, pada Mei 2005. 6. Pendapat Rapa! Pleno pada hari Rabu, 18 Ramadhan 1427 I-I. I 11 Oktober 2006.
MEMUTUSKAN Menetapkan
FATWA TENTANG SYARIAH CARD
Pertama
Kete11tuan Umum Dalam fatwa ini, yang dimaksud dengan: a.
b.
Syariah Card adalah kartu yang berfungsi seperti Kartu Kredit yang hubungan hukum (berdasarkan sistem yg sudah ada) antara para pihak berdasarkan prinsip Syariah sebagaimana diatur dalam fatwa ini. Para pihak sebagaimana dimaksud dalam butir a adalah pihak pener6it kartu (mushdir al-bithaqah), pemegang kartu (hamil al-bithaqah) dan penerima kartu (merchant, tajir atau qabil
al-bithaqah). c. Membership Fee
d.
(rusum al- 'udhwiyah) adalah iurail keanggotaan, termasuk perpanjangan masa keanggotaan dari pemegang kartu, sebagai imbalan izin menggunakan kartu yang pembayarannya berdasarkan kesepakatan. Merchant Fee adalah fee yang diberikan oleh merchant kepada penerbit kartu sehubungan dengan transaksi yang meilggunakan kartu sebagai upah/imbalan ( ujrah) atas jasa perantara (samsarah), pemasaran (taswiq) dan penagihan (tahsil al-dayn);
e.
Fee Penarikan Uang Tunai adalah fee atas penggunaan fasilitas unPJk penarikan uang tunai (rusum sahb al-nuqud). f. Y'a 'widh adalah ganti rugi terhadap biaya-biaya yang dikeluarkan oleh penerbit kartu akibat keterlambatan pemegang kartu dalam membayar kewajibannya yang telah jatuh tempo. g. Denda keterlambatan (late charge) adalah denda akibat keterlambatan pembayaran kewajiban yang akan diakui selurulmya sebagai dana sosial. Kedua
Hukum Syariah Card dibolehkan, dengan ketentuan sebagaimana diatur dalam fatwa ini.
Ketiga
Kete11tuan Akad Akad yang digunakan dalam Syariah Card adalah a.
Kafalah; dalam ha! ini Penerbit Kartu adalah penjamin (kajil) bagi Pemegang Kartu terhadap Merchant atas semua 1rPl:tr~tih'!ln
h!l"!lr ( rlrn1n\ '\f!lnrr timhn ·l rl!1ri tr!ln~!l lc(.!i
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Pemegang Kartu dengan Mer~~flnTaratrpemirik'lln-tunaL..~J dari selain bank atau ATM bank Penerbit Kartu. Atas pemberian Kafalah, penerbit kartu dapat menerima fee (ujrah kafalah). b. Qardh; dalam hal ini Penerbit Kartu adalah pemberi pinjaman (muqridh) kepada Pemegang Kartu (muqtaridh) melalui penarikan tunai dari bank atau ATM bank Penerbit Kartu. c. Ijarah; dalam Ital ini Penerbit Kartu adalah penyedia jasa sistem pembayaran dan pelayanan terhadap Pemegang Kartu. Atas Ijarah ini, Pemegang Kartu dikenakan membership fee. Keempat
Kete11t11a11 te11ta11g Batasa11 (Dhawabith wa Hudud) Syariah Card a. Tidak menimbulkan riba. b. Tidak digunakan untuk transaksi yang tidak sesuai dengan syariah. c. Tidak mendorong pengeluaran yang berlebihan (israj), dengan earn antara lain menetapkan pagu maksimal pembelaitjaan. d. Pemegang kartu utama harus memiliki kemampuan finansial untuk melunasi pada waktunya. e. TiJak inemberikan fasilitas yang bertentangan dengan syariah
Keli ma
Ketentua11 Fee
Keenam
a.
luran keanggotaan (membership fee) Penerbit Kartu berhakitlenerima iuran keanggotaan (rusum al- 'udhwiyah) termasuk perpanjangan masa keanggotaan dari pemegang Kartu sebagai imbalan (ujrah) atas izin penggunaan fasilitas kartu.
b.
Merchant fee Penerbit Kartu boleh menerima fee yang diambil dari harga objek transaksi atau pelayanan sebagai upah/imbalan (ujrah) atas perantara (samsarah), pemasaran (taswiq) dan penagihan (tahsil al-dayn).
c.
Fee penarikan uang tunai Penerbit kartu boleh menerima fee penarikan uang tunai (rusum sahb al-nuqud) sebagai fee atas pelayanan dan penggunaan fasilitas yang besarnya tidak dikaitkan dengan jumlah penarikan.
d.
Fee Kafalah Penerbit kartu boleh menerima fee dari Pemegang Kartu atas pemberian Kafalah.
e.
Semua bentuk fee tersebut di atas (a s.-d d) harus ditetapkan pada saat akad aplikasi kartu secara jdas dan tetap, kecuali untuk merchant fee.
Kete11tua11 Ta'widh dan Denda
S_yariah ('.ard a.
12
Ta'wldh Penerbit Kartu dapat mcngcnalam ta'}1'fdh, yai!u ganti rugi
tel'lmdap biaya-birwa yang dlkehmrkao oleh Pen.eroit Kurt1,i ilkibat keterlambaffin pemegang km1u dalam membayar kewi1jiba1mya y1mg teblh jaluh lemJl'), b. Dcnda kc!crlamll'lltan (ltlle charge) Penerbll !mrtu dapat menge11akim den® keterlambatan pembayaran yang akan diakui sclurulmya s:cbagai dana sosial. Ketujuh
Ket1mtmm P11nut11p
I. Jikn salah satu pihak tidilk menunaikan kewajib:1m1ya uii'm jika terjadi perselisih1m di amam pilu1k·pihak terkait, maka penyelesain11nyu dapat dil~kukM rne:lalui Bad1m Arbitrnse Syari"ah atm melalui Pengadilan /lgmrla setelah tidak tercapai kesepi;kal1m melalui musyaw1m1h. 2.
Fatwa ini berlaku sejak tanggal ditetapkan dengan ketentuan jika di kemudian hari temyata terdapat kekeliruan, akan diubah dan disempurnakan sebagaimana mestinya. Ditetapkan di : Jakarta Pada Tanggal :
18 Ramadhan 1427 H 11 Oktober 2006 M
DEWAN SYARI' AH NASIONAL MAJELIS ULAMA INDONESIA Se 6ta1.
Dr. K.H. M. A. Saha! Mahfudh
Drs H. M. Ichwan Sa/(
