BAGAIMANA KEUANGAN ISLAM MENGGUNAKAN FAKTOR DISKONTO DALAM CAPITAL BUDGETING DECISION?

Elsi Mersilia Hanesti

doi:10.18860/ed.v6i1.5748

BAGAIMANA KEUANGAN ISLAM MENGGUNAKAN FAKTOR DISKONTO DALAM CAPITAL BUDGETING DECISION?

Elsi Mersilia Hanesti

Abstract

In the conventional financial management, the method of calculating the capital budgeting decision using NPV and IRR, which both use the interest rate as one of its component count (as a discount factor). Then, how Islamic financial management sees this? With the research methods of literature study, this paper is about the financial outlook of Islam the methods of NPV and IRR as well as finding out what the proper method for capital budgeting decision. Results of the study were that in the process capital budgeting decision, the use of NPV and IRR methods are allowed (according Obaidullah, Prof. Shabir F.Ulgener, and Zarqa). The interest rate in the calculation only as a means of simplification and ease in the calculation. The use of a list of compound interest rate (compounded interest) is a tool to calculate the expected rate today and the future. It can be said that the Islamic finance uses a list of compound interest rate as a tool for simplify the calculation, just as a comparison level of opportunity cost in alternative investments. The level of interest in the calculation of these can be replaced with a comparator, such as: the return on the sukuk, the profit sharing ratio, and the return on investment or other real instruments in Islam.

Keywords

Capital budgeting decision, NPV, IRR, Opportunity Cost, Islamic Finance

Full Text:

PDF PDF

References

Abdullah, Boedi and Beni Ahmad Saebani. Metode Penelitian Ekonomi Islam Muamalah. Bandung: Pustaka Setia, 2014.

Brigham, Eugene F., et al. 2010. Fundamentals of Financial Management. Issue 11. Jakarta: Four Salemba.

Chong, Beng Soon., et al. 2008. Islamic Banking: Interest-Free or Interest-Based?. Nanyang Technology University, Singapore. Pasific-Basin Finance Journal 17 (2009) 125-144.

Hidayat, Mohamad. 2010. An Introduction to The Sharia Economic: Introduction of Islamic Economics. Jakarta: Zikrul Hakim.

Huda, Nurul, et al. 2009. Macroeconomic Islam: Theoretical Approaches, Jakarta: Kencana.

Husnan, Suad. 2005. Dasar-Dasar Teori Portofolio dan Analisis Sekuritas. Edisi Keempat. Yogyakarta: UPP STIM YKPN.

Karim, Mastura Abdul, et al. 2013. Capital Adequacy and Lending and Deposit Behaviors of Conventional and Islamic Banks. INCEIF Malaysia. Pacific-Basin Finance Journal.

Muhammad. 2004. Manajemen Dana Bank Syariah. Yogyakarta: EKONISIA.

Obaidullah, Mohammed. 2007. Teaching Corporate Finance: From an Islamic Perspective . Saudi Arabia: Islamic Economics Research Centre, King Abdulaziz University.

Setiawan, Johan dan Ajat Sudrajat. 2018. Pemikiran Postmodernisme dan Pandangannya terhadap Ilmu Pengetahuan. Jurnal Filsafat, Vol. 28, No. 1 (2018), pg 25-46. ISSN: 0853-1870.

Shubber, Kadom and Eid Alzafiri. 2008. Cost of Capital of Islamic Banking Institutions: An Empirical Study of A Special Case. Emerald Insight: International Journal of Islamic and Middle Eastern Finance and Management. Vol. 1 No. 1.

Sudarsono, Heri. 2008. Bank dan Lembaga Keuangan Syariah: Deskripsi dan Ilustrasi. Yogyakarta: EKONISIA.

Yuliati, Francine. 2011. Factors Affecting the Public Interest in Investing in Sukuk. Journal Walisongo Volume 19, Number 1, May 2011.

DOI: https://doi.org/10.18860/ed.v6i1.5748

Refbacks

There are currently no refbacks.

Editorial Office:
Megawati Soekarnoputri Building
Faculty of Economics
E-mail: eldinar@uin-malang.ac.id
Universitas Islam Negeri Maulana Malik Ibrahim Malang

E-ISSN 2622-0083

El Dinar under a CC BY SA 4.0 International License.