THE DIFFERENCES BETWEEN MURABAHAH AND MUSHARAKAH MUATANAQISAH CONTRACT PAYMENTS USING THE TIME VALUE OF MONEY METHOD (STUDY CASE: PT SARANA PERUMAHAN MANDIRI)

• Main Author: Arief Wibawa, Adam
• Format: Theses
• Language: Indonesia
• Subjects: Manajemen umum
• Online Access: https://digilib.itb.ac.id/gdl/view/75426
• Institution: Institut Teknologi Bandung

The Million Homes Program aims to create a sustainable environment that will shape the nation's future. However, not all families have the means to purchase homes, leading to the use of Islamic bank mortgages as a solution. Islamic banks in Indonesia offer various mortgage financing contracts, including Murabahah, Musharakah, and Ijarah. These contracts involve different equivalent rates and conditions, complicating the decision-making process for developers and potential buyers. To determine the most suitable contract, the Time Value of Money technique is employed to calculate the cost difference between Murabaha and Musharakah contracts from multiple banks. The study's findings reveal that customers may prefer Bank Syariah B or Bank Syariah A due to their lower and more stable equivalent rates. Bank Syariah B offers a Musharakah contract with an equivalent rate of 7.5% for the first thirteen years, increasing to 10.1% on the fourteenth year, and then returning to 10.1% on the fifteenth year, resulting in a margin of 67.79%. Meanwhile, Bank Syariah A offers a used Murabahah contract with an equivalent rate of 8%, leading to a margin of 45.59%. By providing insights into the advantages and costs associated with each type of mortgage in islamic financing, this study seeks to assist developers in advising clients on choosing the appropriate Islamic bank mortgage for subsidized home purchases. Ultimately, this research aims to contribute to the resolution of Indonesia's housing affordability issue and promote economic growth in the nation. Key Words: Islamic Finance, Time Value of Money, Murabahah, Musharakah