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Dubai Crisis and Islamic Finance
Dubai is not Indonesia. Equating the crisis in Dubai with the crisis in the United States is certainly not very precise. Predicting the Dubai crisis will become a common phenomenon in the Islamic finance industry or think of it as the beginning of his industry failed sharia is just as wrong.
Dubai is only a small city in the United Arab Emirates and economies of scale were much smaller than the United States. Hence, equating Dubai crisis to crisis the United States is far from the flame grilled.
The property which is becoming a world landmark, many purchased by domestic investors and especially by foreign investors. In practice, these property buyers do not pay in cash for the purchase of property is usually made in installments. Thus, from the demand side, ekseslikuiditas also not absorbed.
The existence of excess liquidity from the supply side and the demand side has prompted lenders seek other investment instruments. Rising oil prices turned out to encourage them to buy the oil forward, which is to buy oil with current pay and to be delivered in the future. In practice, the oil will be sold prior to maturity during delivery.
Dubai Investors most investors large and relatively sophisticated instruments. Indonesia is very different from the customers, mostly small clients, even very small and very simple instrument.
Indonesia’s largest Islamic bank has deposits of some 1.35 million customers and sixty percent of them have a balance of deposits under one million dollars. Bank debtors was only 75 thousand and most of the balance in excess of one million dollars. Nearly all of the funds were distributed in the country. Customer profile is a public profile throughout the Islamic banks in Indonesia.
A very fundamental difference between Dubai and Indonesia that caused us not to worry excessively that what happened in Dubai will happen in Indonesia. Dubai expects excess liquidity in the Middle danTimur flowing into Indonesia as reaksikrisis Dubai, also excessive. Dubai has a different country risk country risk in Indonesia.
Investorsdenganvisiinvestasijangkapanjangakanlebihmemilih India Indonesia atauCinaataukarenakekuatankonsumsidomestikdansumberdayaalamnya. Investors with vision-term investment approach prefers an investment in a financial instrument due to its liquidity and high returns.
When the Prophet migrated to Medina, Medina economic growth is not as big as the economy of Mecca who have long been at the center of dagang.Namun, in short, the economy grew very fast Medina. First, due to the growing population so that the people of Medina consumption also rose. Second, because of the large vacant lot that was wrought by the immigrants so that production also rose significantly.
Many parties expect Indonesia to be an example of the success of Islamic finance as economic booms Medina. Did not the Prophet Muhammad once said,” a future leader will come dariTimur,” danbukankah Indonesia lies in the east of Makkah, and are we not a nation chosen by God to be the largest in the Muslim world?
By Adiwarman A Karim
Tax Treatment on Sharia
Currently, Islamic banks have developed ipertumbuhan 35 percent. On the other hand, conventional banks experienced a setback. One thing that makes fast-growing Islamic banking is a product that is offered free to the speculative action. Likewise, the products offered are able to compete with conventional banking products. Nothing could be more, we will be more familiar with the term mudaraba (bagihasil), murabaha (jualbeli), ijara (lease), and qardh (borrowing and lending). Also, sharia-based business grew, as Takaful, Islamic financial services and Islamic pawnshops. How is the tax treatment of these sharia-based business?
In November 2008, a number of tax authorities of Islamic countries (ATAIC) gathered in Bali to discuss the tax treatment of these sharia-based businesses. The ultimate goal is the same perception about this Islamic tax. Indonesia’s special, because it was set up this syariah rules on tax, know-how lessons from other Muslim countries should be able to provide meaningful input in drafting regulations on taxes on these sharia.
Government through the Ministry of Finance (PMK) Limitation on Number 36/PMK.03/2007 Simple House, House Very Simple, Simple Flats, PondokBoro, Student Dormitory and Housing Others are On surrender Freed from the imposition of VAT has accommodated murabaha transaction type (sharia), which in Article 2, paragraph 1, which states that the exemption applies also to financing Islamic principle. However, when examined more deeply this rule, in fact aims to provide incentives for middle class buyers (maximum transaction value of U.S. $ 49 million) and of course the housing developer (developer) so expect the housing needs can be realized.
The government in this case the Directorate General of Taxes may propose some rules relating to VAT transactions on Sharia. Reflecting on the PMK No. 36/PMK.03/2007 where rules pasted Islamic transactions, the finance minister was to issue more specific rules regarding the application of VAT on transactions based on Islamic principles. Specific products murabaha (jualbeli), the finance minister may issue a special treatment PMK on VAT on transactions based on sharia principles by amending Regulation No. 146 of 2000 on imports of funds or the supply of Taxable Goods and or Taxable Services Exempt Certain of Imposition VAT. It would not be too difficult because the President has declared political will-nyauntukmendukung equal treatment on a national Islamic banking.
Budi Chandra (Staff Director General of Taxation Ministry of Finance)