ANALISIS UANG MUKA DALAM AKAD MURABAHAH PADA KREDIT PEMILIKAN RUMAH (Studi Pada BNI Syariah KCP JABABEKA Cikarang Bekasi)

According to the Classical Islamic Literatures, down payment is clearly known as Urban in Arabic, or in Bahasa accepted by Panjar, which means an initial agreed contract into a transaction. Islamic Scholars arguably have different opinions in implementing down payment as a method in the transaction. There are some scholars who do not agree to put down payment as a particular way in the transaction, but others do. However, by exercising the quality of specific reasoning that is applied, and also the fact of the acceptance of the system of transaction, therefore this method of payment is generally accepted. The first objective of this study is to determine the down payment mechanism and implementation of KPR financing with a murabahah contract at BNI Syariah KCP JABABEKA Cikarang Bekasi which is contained in the Griya iB Hasanah product. Second, to find out the settlement steps in case of problematic or bad financing. The three views of Islamic law in the perspective of muamalah fiqh towards down payments in a murabahah contract on a KPR at BNI Syariah KCP JABABEKA Cikarang Bekasi. This type of research is qualitative research. The data used are primary and secondary data. Primary and secondary data were obtained from observations, interviews, documentation, field studies, and from existing literature. The results of this study are advances in murabahah contracts on KPR in BNI Syariah which refer to the DSN-MUI Fatwa Number 13 of 2000 concerning advances in murabahah. It seems that the fatwa is influenced by the thoughts / opinions of Imam Ahmad and his followers who allow buying and selling transactions using advances, then referring to the existing regulations of the OJK, the regulator of BI, that every financing, both conventional and sharia, must have an advance.

Accelerator or Brake? Cash for Clunkers, Household Liquidity, and Aggregate Demand

This paper evaluates the Car Allowance Rebate System (CARS ) by comparing the vehicle purchases and disposals of households with eligible “clunkers” to those of households with similar but ineligible vehicles. CARS caused roughly 500,000 purchases during the program period. The provision of liquidity, through a rebate usable as a down payment, was critical in generating this large response. Participation was rare among households that owned clunkers with outstanding loans, which required loan repayment. This decline in participation is attributed to households’ preference for lower down payments and distinguished from the effects of income, other indebtedness, and the program subsidy. (JEL E23, E62, G51, H24, H31)

Coping with Institutional and Financial Crises in the Sixteenth and Seventeenth Centuries: Ensuring the Survival of Ottoman Royal Waqfs

The Ottoman Empire had inherited the waqf (charitable foundation) as an institutionalized form of charity from the Near Eastern Islamic states, which had preceded it. Over time, new forms of charitable foundations emerged, while with the expansion of the Empire, waqfs grew in number and spread geographically. Donors created over fifty thousand charitable foundations, making them into the most widespread institution in Ottoman history. Some waqfs, the largest ones in particular, survived for many centuries. However, sometimes continued functioning was under severe threat, due to wars, epidemics, natural disasters, and rebellions. To overcome financial straits, the waqfs resorted to a variety of measures. Occasionally, a royal waqf in difficulty received assistance from other foundations established by sultans and/or their relatives. Administrators reduced current expenditures, sometimes even suspending salaries and charitable services. Moreover, through long-term lease contracts involving substantial down payments by the lessees, waqf administrators often raised the money needed to restore damaged properties. In the present paper, we study Ottoman royal waqfs when exposed to adversities and financial hardships. As administrators reacted with considerable flexibility, the claim that the waqfs were rigid institutions is in obvious need of revision.

Financing Durable Assets

This paper studies how the durability of assets affects financing. We show that more durable assets require larger down payments making them harder to finance, because durability affects the price of assets and hence the overall financing need more than their collateral value. Durability affects technology adoption, the choice between new and used capital, and the rent versus buy decision. Constrained firms invest in less durable assets and buy used assets. More durable assets are more likely to be rented. Economies with weak legal enforcement invest more in less durable, otherwise dominated assets and are net importers of used assets. (JEL D25, G31, G32, O31)

The Changing Face of Debt and Financial Fragility at Older Ages

We investigate changes in older individuals' financial fragility as they stand on the verge of retirement. Using data from the Health and Retirement Study (HRS), we compare how debt has changed for successive cohorts of people age 56–61. Our analysis shows that recent older Americans close to retirement hold more debt, and hence face greater financial insecurity, than earlier generations. This is primarily due to having bought more expensive homes with smaller down payments. We discuss possible policy implications.

Effects of Free Goods on Market Sustainability

Various types of ‘bubbles', e.g. stock market, housing, dot.com, high-tech, historically, are commonly-observed phenomena in complex systems. Yet, their emergence often surprises people who remain unaware of history or their systemic roots. Bubbles are often considered to be simply the product of unwise speculative investments or social mania. Alternatively, conventional economic theories often consider factors, such as interest rates, to be the trigger. However, economic theories rarely account for the systemic structure of markets or for non-linear dynamics. The authors propose that special cases may emerge in some markets to trigger instability. Specifically, when minimal interest rates and capital requirements (down payments) are become extremely low a perceptual shift occurs among consumers such that they become viewed as approximate free goods. This paper proposes that unwise economic policies may activate a free goods scenario initiating a cascading series of destabilizing events leading to market collapse. The authors propose hypothesize that such incendiary policies caused both the 1929 stock market crash and the 2008 subprime housing crisis in the United States. To more deeply examine this claim, these policies were tested using a system dynamics model based on data from both the 1929 and 2008 crises. The model simulated and tested the effects of alternative rate policies on market dynamics. Some of the rates and down payments used in both crises set off tsunami-like shock waves through markets leading to their sudden collapse in these simulations. Based on the findings of this study, found that economic policies lessened market stability. The authors propose several revisions to these policies to foster greater market sustainability.

Effects of Free Goods on Market Sustainability

Various types of ‘bubbles', e.g. stock market, housing, dot.com, high-tech, historically, are commonly-observed phenomena in complex systems. Yet, their emergence often surprises people who remain unaware of history or their systemic roots. Bubbles are often considered to be simply the product of unwise speculative investments or social mania. Alternatively, conventional economic theories often consider factors, such as interest rates, to be the trigger. However, economic theories rarely account for the systemic structure of markets or for non-linear dynamics. The authors propose that special cases may emerge in some markets to trigger instability. Specifically, when minimal interest rates and capital requirements (down payments) are become extremely low a perceptual shift occurs among consumers such that they become viewed as approximate free goods. This paper proposes that unwise economic policies may activate a free goods scenario initiating a cascading series of destabilizing events leading to market collapse. The authors propose hypothesize that such incendiary policies caused both the 1929 stock market crash and the 2008 subprime housing crisis in the United States. To more deeply examine this claim, these policies were tested using a system dynamics model based on data from both the 1929 and 2008 crises. The model simulated and tested the effects of alternative rate policies on market dynamics. Some of the rates and down payments used in both crises set off tsunami-like shock waves through markets leading to their sudden collapse in these simulations. Based on the findings of this study, found that economic policies lessened market stability. The authors propose several revisions to these policies to foster greater market sustainability.