APPLICATION OF SHARIA ACCOUNTING IN
RECOGNIZING INCOME ON MURABAHAH FINANCING AND COMPLIANCE WITH PSAK 102 AT BANK
SYARIAH INDONESIA
Nurul Aini Azizah, Diana Djuwita, Alvien
Septian Haerisma
Faculty of Sharia and Islamic Economics, Institut
Agama Islam Negeri Syekh Nurjati Cirebon, Indonesia
Email: [email protected], [email protected], [email protected]
|
Abstract |
Murabahah financing
products at Bank Syariah Indonesia have increased, this is because murabahah
financing is consumptive and flexible financing. The treatment of Islamic
accounting which includes recognition, measurement, presentation, and disclosure
in murabahah financing based on Statement of Financial Accounting Standards
(PSAK) 102. The amount of profit obtained by Bank Syariah Indonesia from
murabahah financing depends on the method of income recognition used by
referring to the applicable standards. This study aims to determine the
application of PSAK 102 to the treatment of murabahah accounting and income
recognition methods used by Bank Syariah Indonesia. The method used in this
study is a qualitative method with a case study approach. The results of this
study as a whole the treatment of sharia accounting in murabahah transactions
at Bank Syariah Indonesia are in accordance with PSAK 102 concerning
murabahah accounting both in terms of recognition, measurement, presentation
and disclosure. Meanwhile, the recognition of its income by Bank Syariah
Indonesia uses the annuity method because it is considered more aggressive
and more profitable. |
|
Keywords: |
PSAK 102, Murabahah Accounting Treatment, and
Income Recognition Methods |
Introduction
The Islamic
economic sector has developed with the emergence of various Islamic financial
institutions, either in the form of Sharia or in the form of non-Bank Islamic
financial institutions. The existence of this Islamic Bank is the answer to the
concerns of Muslims in using conventional financial services that contain usury
One form of channeling funds is murabahah
financing, with a contract of sale and purchase of goods based on the
disclosure of margins obtained by the bank and known by the customer and
approved by the customer and the bank
Table 1
Financing Based on the Type
of Contract-Sharia Commercial Bank
Nominal
in Billion Rp
|
Type of Financing |
Year (in Billion IDR) |
||
|
2018 |
2019 |
2020 |
|
|
Mudharabah |
5,477 |
5,413 |
4,098 |
|
Musyarokah |
68,644 |
84,582 |
92,279 |
|
Murabahah |
118,134 |
122,275 |
136,990 |
|
Qardh |
6,648 |
9,276 |
10,425 |
|
istisna' |
15 |
11 |
21 |
|
Ijarah |
3,180 |
3,183 |
2,720 |
Source: Financial Services Authority Sharia
Banking Statistics 2021.
The
large amount of murabahah financing in Islamic banking is seen from the side of
Islamic banks, that murabaha is a flexible financing that can be used for
consumptive or productive purposes. Then, from the murabaha accounting side,
the calculation method uses the same approach as credit financing at
conventional banks (Arisa,
2020). This has resulted in public
opinion that murabaha financing is the same thing as the credit system at
conventional banks and even falls higher than conventional loan interest rates.
However, sharia banking applies sharia principles which are expected to benefit
the community. So that the entry into force of PSAK (Statement of Sharia
Accounting Standards) contains rules issued by the Indonesian Association of
Accountants as a reference in preparing financial reports for Islamic financial
institutions.
PSAK Syariah is really needed to support the
management of financial statements in Islamic banks. Compliance with PSAK
Syariah in managing finances can strengthen public trust in Islamic banks
Table 2
Murabahah Financing
Transactions in 2021
|
Month |
Murabaha
Financing |
|
February |
Rp.
90,762,814,000,000 |
|
April |
Rp.
93,186,337,000,000 |
|
May |
Rp.
93,468,639,000,000 |
|
July |
IDR
94,251,987,000,000 |
The increase in the amount of post-merger murabaha financing
does not rule out the possibility of affecting the profitability of Bank
Syariah Indonesia, the level of profit margins affects the number of requests
for Islamic financing. If interest in murabahah financing transactions
increases, murabahah margin income will also increase
Based on the description
above, the researcher is interested in conducting research at Bank Syariah
Indonesia regarding murabahah financing transactions in terms of applying the
income recognition method used and the treatment of Sharia accounting based on
PSAK 102.
Method
This study uses a qualitative method with a case study approachin describing the application
of Sharia accounting for murabahah financing at Indonesian Sharia Banks,
especially in terms of the method of revenue recognition and compliance with
PSAK 102. This research was conducted at Bank Syariah Indonesia Head Office The
Tower Building, Jl. Gatot Subroto No. 27 Karet Semanggi Urban Village,
Setiabudi District, South Jakarta 12930, and Sharia Bank Cirebon DR Cipto
Branch Office, Jl. Dr. Cipto Mangunkusumo No. 89, Pekiran, Kec. Kesambi,
Cirebon City 45111.
A. Data collection technique
The data collection method used in this
study is by interviewing Mr. Krisno Nur Fauzan as the Consumer Business
Relationship Manager and Mrs. Eneng Sumeylinawati as the Accounting System
Development Officer. And equipped with financial reports of Bank Syariah
Indonesia.
B. Data analysis technique
The analysis used in this research is
descriptive analysis. The process of data analysis uses three paths, namely:
1. Data reduction, withsummarize complex and complicated data, choose the main things,
focus on the things that are important.
2. Presentation
of data, combining information in an arranged manner into a form that is easy
to understand.
3. Drawing conclusions from the data that has been presented.
Results and Discussion
A. Murabahah Accounting Treatment at Bank Syariah Indonesia
At the time of acquisition, the assets
are recognized as murabahah inventories at the acquisition cost of murabahah
assets. murabahah financing at BSI based on customer orders. If at the time the
contract is approved, murabahah receivables are recognized at acquisition cost
plus a margin (profit). If BSI gets a discount when purchasing a customer's
order, it is adjusted according to the agreement between BSI and the customer.
The discount will become the customer's right if it occurs before the contract,
it will reduce the acquisition value and if it occurs after the contract and in
the agreement it is determined as the customer's right, it is recognized as a
liability to the customer. The discount will become BSI's right if it occurs
after the contract and the agreement is determined as BSI's right, it is
recognized as income for the current period. Profits obtained by BSI from
murabahah financing can be recognized upon delivery of murabahah inventories if
the financing is made in cash and is tough if it does not contain a significant
element. In addition, the profit can be recognized during the contract periodwith a constant rate of
return between the cash flows issued by the seller and the cash flows received
by the seller based on the terms of the contract.
If the customer is negligent in paying
installments, BSI will impose sanctions in the form of a fine to the customer
with a fine of 0.00069% of the remaining arrears. Fines received will be
recognized as BSI's liability in the benevolent fund position. As for customers
who extend their debts on time or faster than the specified maturity, BSI
provides a discount on repayment which is recognized as a deduction from income
for the current period. If the customer cancels an order, the down payment will
be returned after deducting the real costs incurred by BSI, if the down payment
paid by the customer is less than the real cost, the customer must pay the
shortfall.
BSI presents murabahah receivables recognized
as net realized value and murabahah margin is presented as a deduction for
murabahah receivables. while relating to the disclosure of murabahah
transactions carried out by BSI based on PSAK 101. The following is an
illustration of murabahah financing transactions at Bank Syariah Indonesia on
BSI KPR products:
January 3, 2020 Mr. Andi applied for BSI KPR
financing at Bank Syariah Indonesia with the following conditions:
-
Home purchase price : 500,000,000
-
margins : 9%
-
Financing term : 24
-
Down payment : 50,000,000
So, the recording made by Bank Syariah Indonesia
regarding the above transactions is as follows:
-
Acquisition of murabahah
assets
Murabahah
assets IDR
500,000,000
Cash IDR
500,000,000
-
Purchase discount(2%)
Impairment
Expense IDR 490,000,000
Asset Murabahah IDR
490,000,000
-
Murabaha receivables
Murabaha
Receivables IDR
471,396,364
Murabaha
margin suspended IDR 21,396,364
Asset Murabahah IDR
450,000,000
-
Murabaha profit
·
When a credit sale is
made:
Murabaha
Receivables IDR
471,396,364
Asset Murabahah IDR
450,000,000
Murabahah
Margin Income deferred IDR 21,396,364
·
At the time of receipt of
installments:
Cash IDR 17,954,015
accounts
receivable Murabahah IDR 17,954,015
Deferred
Murabaha Margin IDR
1,687,500
Margin
Revenue Murabahah IDR
1,687,500
-
Discount on murabahah
receivables (20%)
·
20th to 24th month
principal installment = 97,108,338
·
20th to 24th month
principal margin = 1,095,239
·
Payment discount = 20% x 1,095,239
=
219,048
·
Murabaha margin income =
1,095,239 - 219,048
=
876,192
·
The amount of payment paid =
97,108,338 + 876,192
=
97,984,530
So the journal is as
follows:
Cash IDR 97108338
accounts
receivable Murabahah IDR
97,108,338
Murabaha
margin suspended IDR 1,095,239
Margin
Revenue Murabahah IDR
1,095,239
Murabahaah
Margin Income IDR
219,048
Cash IDR
219,048
-
Fine
·
Remaining arrears =
117,849,090
·
Fine amount =
0.00069% x 117,849,090
=
819
Cash IDR 819
Benevolence
Fund IDR 819
-
Down payment
Cash IDR
50,000,000
Down payment Murabahah IDR 50,000,000
After
looking at the description of the application of sharia accounting in murabaha
transactions at Bank Syariah Indonesia, overall the murabaha accounting
treatment includes recognition and measurement, presentation, and disclosure at
Bank Syariah Indonesia is in accordance with Statement of Financial Accounting
Standards (PSAK) 102 regarding Murabahah Accounting. Apart from complying with
PSAK 102, murabaha accounting practices at Bank Syariah Indonesia are also in
accordance with sharia accounting principles whereby Bank Syariah Indonesia is
responsible for customer orders, records transactions with the same amount, and
discloses recognition and measurement of murabaha transactions to customers.
However,
with regard to the fines imposed by BSI on customers who fail to fulfill their
obligations to pay installments, they are often seen as not in accordance with
sharia principles. As in Almin and Ali's research (2018) it states that the
treatment of fines in murabaha financing is regulated based on two regulations,
namely PSAK 102 and DSN-MUI Fatwa No.17/DSN-MUI/IX/2000. Everything related to
muamalah depends on the agreement between the customer and BSI which is based
on mutual consent, and does not endanger both parties. Basically, fines imposed
on customers aim to discipline customers in paying their installments.
B. Recognition of Murabahah Margin Income at Bank Syariah Indonesia
There are two methods of recognizing murabahah
margin income in one of these rules, namely the proportional method and the
annuity method. However, the method for recognizing murabahah margin income is
related to the calculation that is not clearly regulated in PSAK 102. The use
of one of the two methods depends on the policy of each Islamic bank. Bank
Syariah Indonesia in recognizing margin income uses the annuity method. The
reason for using the annuity method is based on the quality of the profits
earned by Bank Syariah Indonesia. The amount of margin for each murabahah financing
product is different, one of which is for BSI KPR products, Bank Syariah
Indonesia sets a margin of around 9% per year. Then the customer makes
principal and margin payments every month.
January 3, 2020 Mr. Andi applied for BSI KPR
financing at Bank Syariah Indonesia with the following conditions:
-
Home purchase price : 500,000,000
-
margins : 9%
-
Financing term : 24
-
Down payment : 50,000,000
Information:
M = Margin Percentage
n = Timeframe
k = month-th
=
IDR 17,954,015
Table 3
Bank
Syariah Indonesia KPR Financing Installment Scheme
Annuity
Method
|
Month |
Installment
Amount |
Principal |
Margin
Installments |
Remaining
Principal Balance |
|
0 |
|
|
|
450,000,000 |
|
1 |
19,641,515 |
17,954,015 |
1,687,500 |
432,045,985 |
|
2 |
19,641,515 |
18,021,343 |
1,620,172 |
414,024,642 |
|
3 |
19,641,515 |
18,088,923 |
1,552,592 |
395,935,719 |
|
4 |
19,641,515 |
18,156,756 |
1,484,759 |
377,778,963 |
|
5 |
19,641,515 |
18,224,844 |
1,416,671 |
359,554,119 |
|
6 |
19,641,515 |
18,293,187 |
1,348,328 |
341,260,932 |
|
7 |
19,641,515 |
18,361,787 |
1,279,728 |
322,899,145 |
|
8 |
19,641,515 |
18,430,643 |
1,210,872 |
304,468,502 |
|
9 |
19,641,515 |
18,499,758 |
1,141,757 |
285,968,744 |
|
10 |
19,641,515 |
18,569,132 |
1,072,383 |
267,399,612 |
|
11 |
19,641,515 |
18,638,767 |
1,002,748 |
248,760,845 |
|
12 |
19,641,515 |
18,708,662 |
932,853 |
230,052,183 |
|
13 |
19,641,515 |
18,778,819 |
862,696 |
211,273,364 |
|
14 |
19,641,515 |
18,849,240 |
792,275 |
192,424,124 |
|
15 |
19,641,515 |
18,919,925 |
721,590 |
173,504,199 |
|
16 |
19,641,515 |
18,990,874 |
650,641 |
154,513,325 |
|
17 |
19,641,515 |
19,062,090 |
579,425 |
135,451,235 |
|
18 |
19,641,515 |
19,133,573 |
507,942 |
116,317,662 |
|
19 |
19,641,515 |
19,209,324 |
436,191 |
97108338 |
|
20 |
19,641,515 |
19,277,344 |
364,171 |
77,830,994 |
|
21 |
19,641,515 |
19,349,634 |
291,881 |
58,481,360 |
|
22 |
19,641,515 |
19,422,195 |
219,320 |
39,059,165 |
|
23 |
19,641,515 |
19,495,028 |
146,487 |
19,564,137 |
|
24 |
19,641,515 |
19,568,135 |
73,380 |
0 |
|
Total |
471,396,364 |
450,000,000 |
21,396,364 |
- |
The
existence of variations in the method of recognizing murabaha margin income
provides an opportunity for Islamic financial institutions to choose to use a
method that can be profitable for the Islamic financial institution itself.
Including BSI in determining the policy of using the annuity method based on
the benefits obtained is more aggressive than using the proportional method. in
terms of the quality of the profits generated in the research of Ramadani and
Suprayogi (2015) states that so far Islamic banks tend to use the annuity
method because in generating aggressive profits where the initial margin income
is recognized to be greater than the proportional method.
The
tendency of Islamic banks to use this annuity method when viewed in terms of
fairness using this income recognition method in terms of fairness, the use of
this annuity method is considered unfair for the customer, especially for
customers who have minimal knowledge related to calculating margins, making the
customer surrender completely to the bank and banks that calculate margins
rarely explain their calculations at the outset on the grounds that information
regarding margins is an internal bank secret.
Conclusion
The treatment of sharia
accounting in murabaha transactions at Bank Syariah Indonesia as a whole is in
accordance with PSAK 102 concerning murabahah accounting both in terms of
recognition and measurement of acquisition of assets at acquisition cost,
discounts on purchases from suppliers are recognized as the customer's right,
murabahah receivables are recognized at the selling price which has been added
margin, recognition of profit depending on the nature of the financing, recognition
of discounted redemption as a deduction from margin income, penalties imposed
are recognized as liabilities in the position of benevolence funds, advances
are returned after deducting real costs if the agreement is cancelled,
presentation of murabahah receivables at realizable value, and disclosures
disclosure of murabahah transactions based on PSAK 101.
Murabaha margin revenue
recognition method used by
Bank Syariah Indonesia, namely the annuity method. The use of the annuity
method in Islamic banks is regulated through the DSN-MUI Fatwa
No.84/DSN-MUI/XII/2012. The annuity
method is considered more aggressive than the proportional method with the
acquisition of a large margin at the beginning of the installments. The amount
of the margin installment affects the quality of the profit earned by Bank
Syariah Indonesia.
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Hendrawan Cipta Hartanto, Suwignyo Widagdo, Haifah (2022) |
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First publication
right: Journal of Management, Ekonomic and
Financial |
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