Anti Krisis?

Banyak orang berkata, tapi belum bisa terbuktikan, bahwa bank syariah pasti selamat dari krisis finansial global yang dimulai dari Amerika. Yang kita tahu, bank syariah berdiri di sebuah negara dan karenanya terkait dengan kondisi ekonomi negara itu. Artinya suatu masalah terjadi pada ekonomi negara itu, pasti bank syariahnya akan terbawa juga.

Faktor lain yang diperkirakan mendekatkan bank syariah ke pusaran krisis adalah karena produk-produknya tidak lain produk perbankan biasa. Ia hanya mengubah nama produk dan beberapa kondisi dalam perjanjian. Jika para ulama membela bank syariah dengan menyatakan bahwa kondisi yang ada dalam negara ini belum mengizinkan penerapan bank syariah secara ideal, saya kira itu soal lain. Yang kita lihat hari ini, bank syariah tidak lebih dari sebuah bank biasa, dengan batasan-batasan yang lebih banyak dari Bank Indonesia.

Jika pada krisis tahun 1998 bank syariah selamat, itu karena bank itu tidak diizinkan bermain di valas, dan modalnya kuat. Toh akhirnya dia nyaris kolaps juga. Jika tidak ada dana masuk dari IDB pada tahun 1999, dia juga mungkin masuk program rekap seperti bank konvensional.

Tidak ada pretensi apapun dari tulisan ini kecuali bahwa jika klaim bank syariah bertahan dari krisis itu benar, pertanyaannya, bank syariah yang seperti apa? Apakah seperti yang dipraktekkan di Indonesia, atau lain?
Wallahu A'lam

Unanimous

Menghasilkan uang dari rumah dengan Forex

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Candlestick line reversal patterns part 2

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Candlestick line reversal patterns

Pada candlestick, ada beberapa macam pola yang bisa kita jadikan acuan untuk memperkuat analisa teknikal lain yang telah kita lakukan.Disini kita akan membahas sedikit mengenai single-line candle reversal patternsOh ya, untuk lebih memudahkan, ingat, bullish (trend naik), bearish (trend turun), selanjutnya kita memakai istilah bullish & bearish saja. Long untuk menandakan kita membeli saham,

Time Value of Money

People continually face important financial decisions that require an understanding of the time value of money. Should we buy or lease car? How much and how soon do we need to save for our children's education? What size house can we afford? Should we refinance our home mortgage? How much must we save in order to retire comfortably? The answer to these question are often complicated, and they depend on a number of factors, such as housing and education costs, interest rates, inflation, expected family income, and stock market returns.

In case Mr. Jones, who earns $85,000, retires in 2000, expects to live for another 20 years after retirement, and needs 80 percent of her pre-retirement income, she would require $68,000 during 2000. However, if inflation amounts to 5 percent per year, her income requirement would increase to $110,765 in 10 years and to $180,424 in 20 years. If inflation were 7 percent, her year 20 requirement would jump to $263,139! How much wealth would Ms. Jones need at retirement to maintain her standard of living, and how much would she have had to save during each working year to accumulate that wealth?

The answer depends on a number of factors, including the rate she could earn on saving, the inflation rate, and when her saving program began. Also the answer would depend on how much she will get from her corporate retirement plan, if she has.

For this above sample cases, we have to understanding the concept of the time value of money. It will help us a lot too, to calculate another personal financial planning.

Future Value

A dollar in hand today is worth more than a dollar in the future because, if you had it now, you could invest it, earn interest, and end up with more than one dollar in the future. Future value (FV_s) is the amount to which a cash flow or series of cash flow will grow over a given period of time when compounded at a given interest rate.

Suppose you deposit $100 in a bank that pays 5 percent interest each year. How much would you have at the end of five years?

Equation 1:

FV_n = PV (1+i)ⁿ

Where

FVn = future value or ending amount, of your account at the end of n years.

PV = present value, or beginning amount, in your account.

i = interest rate the bank pays on the account per year

n = number of periods involved in the analysis.

Spreadsheet solution

You could find the FV by clicking the function wizard, then financial, then scrolling down to FV, and then clicking OK to bring up the FV dialog box. Then enter 0.05 for Rate, 5 for Nper, 0 or leave blank for Pmt because there are no periodic payment, -100 for PV, and 0 or leave blank for type to indicate that payment occur at the end of the period. Then, when you click OK, you get the future value, $127.63

Present Value

The present value of a cash flow due n years in the future is the amount which, if it were on hand today, would grow to equal the future amount. So the present value (PV) is the value today of a future cash flow or series of cash flows. Since $100 would grow to $127.63 in five years at a 5 percent interest rate, $100 is the percent value 0f $127.63 due in five years when the opportunity cost rate is 5 percent.

Equation 2:

PV = FV_n / (1+i)ⁿ

Spreadsheet Solution

In Excel, click the function wizard, indicate that you want a Financial function, scroll down, and double click PV. Then, in the dialog box, enter 0.05 for Rate, 5 for Nper, 0 for Pmt (because there are annual payments), -127.63 for FV,and 0 (or leave blank) for type because the cash flow occurs at the end of the year. Then press OK to get the answer, PV=$100.00.

Future Value of an Annuity

An annuity is a series of equal payments made at fixed intervals for a specified number of periods. If the payments occur at the end of each period, as they typically do, the annuity is called an ordinary or deferred annuity.

Equation 3

FVA_n = PMT (FVIFA_i,n)

Where

FVA_n = The future value of an annuity over n periods

PMT = The payments at the end of each period

FVIFA_i,n = Future value interest factor for a annuity

If you deposit $100 at the end of each year for three years in a savings account that pay 5 percent interest per year, how much will you have at the end of three years?

Spreadsheet Solution

In Excel, click the function wizard, Financial, FV, and OK to get the FV dialog box. Then, we would enter 0.05 for Rate, 3 for Nper, and -100 for Pmt (the payment is entered as a negative number to show that it is a cash outflow). We would leave PV blank because there is no initial payment, and we would leave Type blank to signify that payments come at the end of the periods. Then, we clicked OK, we would get the FV of the annuity, $315.25.

If payments are made at the beginning of each period, the annuity is an annuity due.

Equation 4

FVA_n (Annuity due) = PMT (FVIFA_i,n)(1+i)

For the annuity due, proceed just as for the ordinary annuity except enter 1 for Type to indicate that we now have an annuity due. Then, when you click OK, the answer $331.01 will appear.

Present Value of an Annuity

If the payments come at the end of each year, then the annuity is an ordinary annuity.

Equation 5

PVA_n = PMT (PVIFA_i,n)

Where

PVA_n = The present value of an annuity of n periods

PMT = The payments at the end of each period

PVIFA_i,n = Present value interest factor for a annuity

Suppose you were offered the following alternatives: (1) a three-year annuity with payments of $100 or (2) a lump sum payment today. You have no need for the money during the next three years, so if you accept the annuity, you would deposit the payments in a bank account that pays 5 percent interest per year. Similarly, the lump sum payment would be deposit into a bank account. How large must the lump sum payment today be to make it equivalent to the annuity?

Spreadsheet Solution

In Excel, click the function wizard, Financial, PV, and OK. Then enter 0.05 for Rate, 3 for Nper, -100 for Pmt, leave blank for FV, and 0 or leave blank for Type. Then, when you click OK, you get the answer, $272,32.

Had the three $100 payments in the preceding example been made at the beginning of each year, the annuity would have been an annuity due

Equation 6

PVA_n (Annuity due) = PMT (PVIFA_i,n)(1+i)

For an annuity due, proceed exactly as for regular annuity except enter 1 rather than 0 for Type to indicate that we now have an annuity due.

Source: Eugene F. Brigham, Joel F. Houston, Fundamentals of Financial Management, Harcourt, Inc, 2001.