The difference between grants, shadaqah, and gift

a. Al-Grant namely giving something to others for being owned substance without expecting reimbursement (children) or Taqiy explained by Imam al - Din Muhammad ibn Abi Bakr al - Husaini in the book of al-Akhyar Kifayat that al - grant is التمليك بغيرعوض ( ownership without replacement ) .

b. Sadaqah, giving substance to the body of someone else with no change and this is done because they want to gain reward from Allah SWT .Sadaqah is not only in the form of the material , but also in the form of action such as a smile to others , including charity . This is in accordance with the words of the Prophet Muhammad " Smile before your friend is part of the charity " ( Narrated by Bukhari ) . Law Sadaqah is sunnah.

c. Gift is giving one person to another without replacement in order to glorify or contract administration possessions one person to another without any reward in honor of an achievement. Law awarding of the prize to the person outside Islam Islam or vice versa is allowed since this issue includes something related to human beings (hablum dominant unlucky). Law gifts are permissible means should be done and should be abandoned.

RachmatSyafei, FiqihMuamalah, Bandung:PustakaSetia, 2006

SulaimanRasyid, Fiqih Islam, Jakarta:Atthahiriyah, 1976

By_Rif’atul Machmudah (11220027)

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Factoring

The provisions of the decree No.172/KMK.06/2002 finance minister stating that the activities carried out in the form of factoring and purchase or transfer and management of short term receivables or bills of trade transactions within or outside the country .

In fiqh although the term transfer accounts , but do not know which accounts resale . Based chairman of Bapepam LK regulation No.PER-03/BL/2007 about financing corporate activities based on the principles of Shariah , the notion of Factoring ( factoring) is a transfer of accounts receivable activities of a company following the short term management of the accounts in accordance with the principles of syariah. Transfer agreement or factoring accounts receivable (factoring) in fiqh muamalah termed hiwalah .

Thus , where the substance of the business models of law Muamalat factoring can be equated with substance hiwalah al - muqayyadah contract , meaning that the debt transfer client (Muhal) contained on the customer (muhil) to the factor in lieu of payment of debt obligations of the customer to the client .

Rinus Pantouw. Hak Tagih Factor Atas Piutang Dagang. Jakarta : Kencana Prenada Media Group. 2006.

Burhanudin. Hukum Kontrak Syari’ah. Jogjakarta: BPPE Jogjakarta. 2009.

By_Rif’atul Machmudah (11220027)

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Mudharabah

Mudharabah is a contract that has been widely know among Muslims since the age of the prophet (Saw) and has been practiced by the Arabs even before the introduction of Islam when prophet Muhamad (Saw) was a merchant by profession, he underlook a Mudharabah Contract with khodijah. Therefore, from the perspective, of Islamic Law, the practice of Mudharabah is permissible, wheter according to Al Qur’an, sunnah or ijma.

In the practice of Mudharabah between khadijah would entrust to prophet muhamad (Saw) her merchandise for sale abroad. Khadijah in this respect assumed a role as the capital owner (shahib al-maal), while Prophet Muhamad (Saw) as the bissines manager (Mudharib). It is this from of contract between two parties that defines a Mudharabah contract- when one party serving as the capital owner entrust a certain amount of capital to be managed by the other party who manages a profit- seeking venture. Or in brief, Mudharabah contract is a venture agreement between party’s capital and the other party’s non- capital contribution.

The Application of Mudharabah

The mudharabah scheme that we have discussed this far is one that applies for two direct parties between a shahub- al maala mudharib. This is a standard scheme that may be found in classical Islamic fiqih textbooks. Moreover, such was the scheme of mudharabah practiced by the prophet and his companions as well as by some Muslims in the proceeding era. In such typical practices, there occurs direct financing from the shahib al-maal as a surplus unit to the mudharib as a deficit unit. As such, the role of the bank as intermediary does not exist.

Multi level marketing (MLM) is derived from English, multi means a lot, means tiered or terraced levels, while marketing means marketing. Thus, multi-level marketing is a marketing tiered lot. Called multi-level, because it is an organization of distributors who carry a lot of sales are tiered or terraced.

Law of MLM is permissible (allowed), so long as it does not contain the following elements, Riba, Gharar or uncertainty, or adverse dharar / oppressing others, and Jahalah or MLM is not transparency. Because trade, therefore also must meet the legitimate requirement engagement.

This mechanism is operating on an MLM distributor can invite others to participate as well as distributors. Then the other person can also invite anyone else to join. And so on, all are invited and join a group of independent distributors who invites someone else to level indefinitely.

By_Rif’atul Machmudah (11220027)

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Multi Level Marketing

Multi level marketing (MLM) is derived from English, multi means a lot, means tiered or terraced levels, while marketing means marketing. Thus, multi-level marketing is a marketing tiered lot. Called multi-level, because it is an organization of distributors who carry a lot of sales are tiered or terraced.

Law of MLM is permissible (allowed), so long as it does not contain the following elements, Riba, Gharar or uncertainty, or adverse dharar / oppressing others, and Jahalah or MLM is not transparency. Because trade, therefore also must meet the legitimate requirement engagement.

This mechanism is operating on an MLM distributor can invite others to participate as well as distributors. Then the other person can also invite anyone else to join. And so on, all are invited and join a group of independent distributors who invites someone else to level indefinitely.

DewiGemala, Wirdyaningsih, dan Barlinti Yeni Salma, Hukum Perikatan Islam Di Indonesia. Jakarta: Kencana Prenada Media Group. 2006.
Kisata, Pindi, Bisnis, Manajemen dan Keuangan. Jakarta: Gramedia Pustaka Utama. 2005.

By_Rif’atul Machmudah (11220027)

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Buy Sell Exchange in the Fiqh Perspective

Foreign exchange is ( forex ) is the foreign currency , such as U.S. dollars , British pounds , and so on . For example, when the two countries are holding international trade , each country needs foreign exchange to pay foreign equipment , which in the world is called foreign exchange trading . Thus , arises supply and demand of foreign exchange in the foreign exchange market . However , it could be in completing the transaction does not use both the country's currency , but the currency of a third country , such as the dollar . This could happen if the exporter or importer does not have the local currency of each country or currency of the two countries are very rarely traded because its currency is very weak . This means that the currency is the currency used it popular in both countries , such as the dollar .

Normative basis of Islamic law , the sale and purchase of foreign exchange is done now does not change the function of money in Islam . Because al - Sharf is used as one of banking services is not the same as trading currency or trade money which in many ways has hurt many people , especially in the case of Indonesia .

The difference between al - Sharf with trade money or money selling , lies in the law as applied to al - Sharf . Although al - Sharf it is one of the variations of the buying and selling , but he was not convicted with the concept of buying and selling in general , because the concept of buying and selling to be suspended . While the variations of money by money purchase using special law that is not in bai ' absolute ( buying and selling goods with money ) and bai ' muqayyadah ( buying and selling goods with goods ) that is in terms of its settlement time . This means that in aqad al - Sharf must be made in cash ( should not be suspended ) .

As we know, it could be a selling ayn( goods and service ) which means that goods and services , or also in the form of dayn ( financial obligation ) . Objects in the form of buying and selling with dayndayn , the law is invalid because it has made a ayndayn . However, when both forms dayn it is a currency , it is al - Sharf which is permissible ( permissible ) on the condition that exchange must be delivered in person ( cash ) before the parties separated . So that al - Sharf contract can be referred to as the exclusion of any other object in the form aqaddayn .

ZainulArifin. Dasar-dasarManajemen Bank Syari’ah.

By: Muhimatulkhoiroh (11220067)

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