Accounting, Auditing and Governance Standards for Islamic Financial

Institution
Financial Accounting Standards No.4
Musharaka Financing
The Accounting and Auditing Organization for Islamic Financial Institutions
(AAOFI) formerl kno!n as Financial Accounting Organization for Islamic
"anks and Financial Institution# !as esta$lish in accordance !ith the
Agreement of Association !hich !as signed $ Islamic Financial
Institutions on % Safar# %4%&' corres(onding to )* Fe$ruar# %++& in
Algiers. AAOFI !as registered on %% ,amadhan %4%%' corres(onding to )-
March# %++% in the State of "ahrain as an International autonomus non.
(ro/t making cor(orate $od.
The o$0ecti1es of AAOIFI are2
To de1elo( accounting and auditing thoughts rele1ant to Islamic
/nancial institutions3
To disseminate accounting and auditing thoughts rele1ant to Islamic
/nancial institutions and its a((lications through training# seminars#
(u$lication of (eriodical ne!sletters# carring out and
commissioning of research and other means3
To (re(are# (romulgate and inter(ret accounting and auditing
standards for Islamic Financial Institutions3 and
To re1ie! and amend accounting and auditing standards for Islamic
Financial Institutions.
AAOIFI carries out these o$0ecti1es in accordance !ith the (rece(ts of
Islamic Shari4a !hich re(resent a com(rehensi1e sstem for all as(ects of
life# in conformit !ith the en1ironment in !hich Islamic Financial
institutions ha1e de1elo(ed. This acti1it is intended $oth to enchance the
con/dence of users of the /nancial statements of Islamic Financial
Institutions in the information that is (roduced a$out these institutions#
and to encourage these users to in1est or de(osit their funds in Islamic
Financial Institution.
FAS No. 4 Musharaka Financing
Statement of the Standard
The Scope of the standard
This standard shall a((l to Musharaka /nancing transactions carried out
$ Islamic "anks !hether $ means of a constant Musharaka (short 5or long.
term) or a diminishing musharaka (one !hich ends in transferring o!nershi( to
one (art). This shall a((l !hether the Islamic $ank /nances its share in
Musharaka ca(ital e6clusi1el from its o!n funds# from the (ool commingled
funds com(rising the Islamic $ank4s o!n funds and unrestricted in1estment
accounts or from restricted in1estment accounts. The standard shall also a((l
to the transactions (ertaining to the Islamic $ank4s share in Musharaka (ro/ts or
losses.
Should the re7uirements of this standard contradict the Islamic $ank4s charter or
the la!s and regulations of the countr in !hich it o(erates# a disclosure should
$e made of the contradiction. ((ara %)
This standard does not include the follo!ing2
A. Mudara$a
". 8artici(ations
9. :akah on Musharaka funds
;. Accounting treatment of Musharaka transactions in the (artner4s (client4s)
$ooks and the Musharaka records. ((ara ))
Accounting treatment of Musharaka fnancing
2/ !ecognition of the Islamic "ank#s share in Musharaka capital
at the time of contracting
The Islamic $ank4s share in Musharaka ca(ital (cash or kind) shall
$e recognized !hen it is (aid to (artner or made a1aila$le to him on account of
the Musharaka. This share shall $e (resented in the Islamic $ank4s $ooks under a
Musharaka /nancing account !ith (name of client) and it shall $e included in the
/nancial statements under the heading <Musharaka /nancing=. ((ara >)
2/2 Measurement of the Islamic "ank#s share in Musharaka capital
at the time of contracting
)?)?% The Islamic $ank4s share in the Musharaka ca(ital (ro1ided in
cash shall $e measured $ the amount (aid or made a1aila$le to
the (artner on account of the Musharaka. ((ara 4)
)?)?) The Islamic $ank4s share in Musharaka ca(ital (ro1ided in kind
(trading assets or non.monetar assets for use in the 1enture) shall
$e measured at the fair 1alue of the assets (the alue agreed
$et!een the (artners)# and if the 1aluation of the assets results in a
di@erence $et!een fair 1alue and $ook 1alue# such di@erence shall
$e recognized as (ro/t or loss to the Islamic $ank itself. ((ara A)
)?)?> B6(enses of the contracting (rocedures incurred $ one or
$oth (arties (e.g.# e6(enses of feasi$ilt studies and other similar
e6(enses) shall not $e considered as (art of the Musharaka ca(ital
unless other!ies agreed $ $oth (arties. ((ara *)
2/$ Measurement of the Islamic "ank#s share in Musharaka capital
after contracting at the end of a fnancial period
)?>?%? The Islamic $ank4s share in the constant Musharaka ca(ital
shall $e measured at the end of the /nancial (eriod at historical
cost (the amount !hich !as (aid or at !hich the asset !as 1alued
at the time of contracting). ((ara -)
)?>?) The Islamic $ank4s share in the diminishing Musharaka shall
$e measured at the end of the /nancial (eriod at historical cost
after deducting the historical cost of an share transferred to the
(artner (such transfer $eing $ means of a sale at fair 1alue). The
di@erence $et!een historical cost and fair 1alue shall $e recognized
as (ro/t or loss in the Islamic $ank4s income statement. ((ara C)
)?>?> If the diminishing Musharaka is li7uidated $efore com(lete
transfer is made to the (artner# the amount reco1ered in res(ect of
the Islamic $ank4s share shall $e credited to the Islamic $ank4s
Musharaka /nancing account and an resulting (ro/t or loss#
namel di@erence $et!een the $ook 1alue and the reco1ered
amount# shall $e recognized in the Islamic $ank4s income
statement. ((ara +)
)?>?4 If the Musharaka is terminated or li7uidated and the
Islamic $ank4s due share of the Musharaka ca(ital (taking
account of an (ro/ts or losses) remains un(aid !hen a
settlement of account is made# the Islamic $ank4s share shall
$e recognized as a recei1a$le due from the (artner. ((ara %&)
)?4 ,ecognition of the Islamic $ank4s share in Musharaka (ro/ts or losses
)?4?% 8ro/t or losses in res(ect of the Islamic $ank4s share in
Musharaka /nancng transactions that commence and end
during a /nancial (eriod shall $e recognized in the Islamic
$ank4s accounts at the time of li7uidation. ((ara %%)
)?4?) In the case of a constant Musharaka that continues for
more than one /nancial (eriod# the Islamic $ank4s share of
(ro/ts for an (eriod# resulting from (artial or /nal
settlement $et!een the Islamic $ank and the (artner# shall
$e recognized in its accounts for that (eriod to the e6tent
that the (ro/ts are $eing distri$uted3 the Islamic $ank4s share
of losses for an (eriod shall $e recognized in its accounts for
that (eriod to the e6tent that such losses are $eing deducted
from its share of the Musharaka ca(ital. ((ara %))
Item )?4?) shall a((l to a diminishing Musharaka !hich
continues for more than one /nancial (eriod# after taking into
consideration the decline in the Islamic $ank4s share in
Musharaka ca(ital and its (ro/ts or losses.((ara %>)
)?4?4 As im(lied $ item )?>?4 a$o1e# if the (artner does not
(a the Islamic $ank its due share of (ro/ts after li7uidation
or settlement of account is made# the due share of (ro/ts
shall $e recognized as a recei1a$le due from the (artner.
((ara %4)
)?4?A If losses are incurred in Musharaka due to the (artner4s
misconduct or negligence# the (artner shall $ear the Islamic
$ank4s share of such losses. Such losses shall $e recognized
as a recei1a$le due from the (artner. ((ara %A)
)?4?* The Islamic $ank4s un(aid share of the (roceeds as
mentioned a$o1e in items )?>?4 and )?4?4 shall $e recorded
in Musharaka recei1a$le account. A (ro1ision shall $e made
for these recei1a$les if the are dou$tful. ((ara %*)
2/% &isclosure re'uirements
)?A?% ;isclosure should $e made in the notes to the /nancial
statements for a /nancial re(orting (eriod if the Islami $ank
has made during that (eriod a (ro1ision for a loss of its
ca(ital in Musharaka /nancing transactions. ((ara %-)
)?A?) The disclosure re7uirements stated in Financial
Accounting Standard
2/% &isclosure re'uirements
)?A?% ;isclosure should $e made in the notes to the /nancial
statements for a /nancial re(orting (eriod if the Islami $ank
has made during that (eriod a (ro1ision for a loss of its
ca(ital in Musharaka /nancing transactions. ((ara %-)
)?A?) The disclosure re7uirements stated in Financial
Accounting Standard No. %2 Deneral 8resentation and
;isclosure in the Financial Statements of Islamic "anks and
Financial Institutions should $e o$ser1ed. ((ara %C)
>. B@ecti1e ;ate
This standard shall $e e@ecti1e for /nancial statements for /scal (eriods
$eginning % Muharram %4%C' or % Eanuar %++C. ((ara %+)
Adoption of the standard
The standard of Musharaka /nancing !as ado(ted $ the "oard in its
meeting No. %& held on %4 5 %* ,amadhan# %4%*' corres(onding to > .A
fe$ruar# %++*.
A((endi6 "2 Euristic rules for Musharaka /nancing transactions
%. ;e/nition of Musharaka in Fi7h (0uris(rudence)
It is the commingling of funds for the (ur(ose of sharing in (ro/t.
%?% 9ategories of Musharaka
8artnershi(s are of t!o t(es2 holding (artnershi( and contract (artnershi(.
A holding (artnershi( is created $ means of inheritance or !ills or other
circumtances resulting in the holding $ t!o or more (ersons of an asset in
common. In a holding (artnershi( t!o or more (ersons share in a real asset and
in the returns arising thereform.
A contract (artnershi( is created $ means of an agreement !here$ t!o or
more (ersons agree that each of them contri$utes to the ca(ital of the
(artnershi( and shares in its (ro/t or loss ()).
9ontract (artnershi(s are de1ided into2 mu!afada# alanan# a4maal and al.
!o0ooh. Fu7aha (0urists) ha1e di@ered on !hether Mudara$a is a (artnershi( in
this sense or not. Some fu7aha consider Mudarana to $e such a (artnershi(
$ecause in general it ful/ls the elements and terms of a (artnershi( contract.
Others# ho!e1er# do not consider Mudara$a to $e one of the t(es of contract
(artnershi(.
Follo!ing is a $rief de/nition of each of the a$o1e t(es in light of !hat is
re(orted in Fi7h te6ts.
%?%?% FInan (artnershi(
It is a contract $et!een t!o or more (ersons. Bach of the (arties contri$utes a
(ortion of the o1erall fund and (artici(ates in !ork. "oth (arties share in (ro/t or
loss as agreed $et!een them# $ut e7ualit is not re7uired either in the
contri$ution to the fund or in !ork or in sharing of (ro/t (these $eing su$0ect to
agreement $et!een the (arties). This t(e of (artnershi( is a((ro1ed $ all
fu7aha.
'ana/s and 'an$alis allo! an of the follo!ings. 8ro/ts of the t!o (arties to $e
de1ided e7uall $ut contri$uted funds ma $e di@erent3 and (ro/ts ma $e
une7uall di1ided# $ut contri$uted funds are e7ual. I$nu Gudamah said2
<(reference in (ro/t is (ermissi$le !ith the e6istence of !ork# as one of them
ma $e more kno!ledgea$le in trade than the other and he ma $e stronger
than the other in doing the !ork# and thus he is allo!ed to make an inrease in
his (ro/t share a ondition of his !ork=. Malikis and Sha/s make acce(tance of
this t(e of (artnershi( conditional on (ro/ts and losses $eing (ro(ortionate to
the size of contri$ution to the o1erall fund $eause (according to them) (ro/t in
this t(e of (artnersho( is considered to $e return on ca(ital (>)
%?%?) Mu!afada (artnershi(
It is a contract $et!een t!o or more (ersons. Bach of the t!o (arties contri$utes
a (ortion of the o1erall fund and (artici(ates in !ork. "oth (arties e7uall di1ide
(ro/t or liss. It is a ondition of this t(e of (artnershi( that contri$uted funds#
!ork# mutual res(onsi$ilit and lia$ilit for de$ts $e e7uall shared $ the
(arties. "oth hana/s and Malikis ha1e (ermitted this t(e of (artnershi( $ut
ha1e sti(ulated man restrictions for it (4)
%?%?> A4mal (artnershi(
It is a contract $et!een t!o (ersons !ho agree to acce(t !ork 0ointl and to
share the (ro/t from such !ork. For e6am(le# t!o (ersons of the same
(rofession or craft ma agree to !ork together and to di1ide the (ro/t arising
from such !ork on agreed $asis. It is sometimes called a$dan or sanaie4
(artnershi(.
An a4maal (artnershi( is considered (ermissi$le $ 'ana/s# Malikis# 'an$alis (A).
It is considered 1alid !ithin the same (rofession or other!ise. Its (ermissi$ilit is
$ased on much e1idences including e6(licit a((ro1al thereon $ the 8ro(het#
(raers and (eace $e u(on him. In addition# it is $ased on agenc !hich is
(ermissi$le. This t(e of (artnershi( has $een used throughout !ithout $eing
him. In addition# it is $ased on agenc !hich is (ermissi$le. This t(e of
(artnershi( has $een used throughout !ithout $eing disa((ro1ed of (*)
%?%?4 Al.Hu0ooh (artnershi(
It is a contract $et!een t!o or more (ersons !ho ha1e good re(utation and
(restige and !ho are e6(ert in trading. 8arties to the contract (urchase goods on
credit from /rms# de(ending for that on their re(utation# and sell the goods from
cash. The share (ro/t or loss according to the guarantee to su((liers (ro1oded
$ each (artner. Accordingl# this t(e of (artnershi( does not re7uire ca(ital
since it $ased on credit $acked $ guarantee. 'ence# it is sometimes called a
<recei1a$les (artnershi(=.
A !o0ooh (artnershi( is considered (ermissi$le $ 'ana/s and 'an$alis. Those
!ho su((ort its (ermissi$ilit argue that it includes an agenc guarantee !hich
is also acce(ta$le. It has $een used throughout !ithout $eing disa((ro1ed of (-)
%?) Musharaka elements and conditions
%?)?%? Musharaka elements
The elements of Musharaka are2 !ording (o@er and acce(tance)# contract (arties
(the t!o contracting (arties) and the su$0ect matter of the agreement (funding
and !ork).
%?)?) Terms of Musharaka
%?)?)?% Hording
There is no s(eci/ed form of Musharaka contract. It ma $e formed $ an
utterance e6(ressing the (ur(ose. 9ontracting is considered to $e 1alid if made
1er$all or in !riting. The musharaka contract is notarised in !riting and
!itnessed.
%?)?)?) 9ontracting (arties
It is a re7uirement that the (artner should $e com(etent to gi1e or $e gi1en
(o!er of attorne.
%?)?)?> Su$0ect matter of the contract (funding and !ork)
There are the follo!ing re7uirements2
(a) Funding
- 9a(ital contri$uted shall $e in cash# gold# sil1er or their e7ui1alent in
1alue. There is no di@erence among Fu7aha in this res(ect.
- 9a(ital ma consist of trading assets such as goods# (ro(ert# and
e7ui(ment# etc. It ma also $e in the form of intangi$le rights# such as
liens# (atents and suchlike. It is considered (ermissi$le $ some Fu7aha
that the ca(ital of a com(an can $e contri$uted in the form of these
t(es of assets (ro1ided the are 1alued at their cash e7ui1alent
according to !hat the (artners agree u(on.
- Sha/s and Malikis re7uire funds (ro1ided $ (artners should $e
commingled in order that no (ri1ilege $e gi1en to the share of either of
them. 'o!e1er# 'ana/s do not sti(ulate this condition (ro1ided the ca(ital
!as in cash# !hile the 'an$alis do not re7uire commingling of funds (C)

($) Hork
8artici(ation of (artners in the !ork of a Musharaka is a $asic rule and it is not
(ermissi$le for one of the (artners ti sti(ulate the non.(artici(ation of the other
(artner. 'o!e1er# e7ualit of !ork is not a re7uirement. It is (ermissi$le that one
of the (artners e6err more !ork than the other# and in that case he ma re7uire
an additional share of (ro/t for himself.
%?> Musharaka rules
%?>?% ,ules of ca(ital
Follo!ing are the most signi/cant rules !hich control the o(eration of ca(ital and
its maintenance2
(a) 8o!er of attorne and dis(osition of funds
An (artner has the right to dis(ose of the (artnershi(4s assets in the normal
course of $usiness. A (artnershi( !ith a contri$ured ca(ital (e.g. alanan)
constitutes an entit and once the ca(ital has $een contri$uted it com(rises a
single fund. Bach (artner em(o!ers his other (artner(s) to dis(ose of the assets
and he is thus considered to $e authorised to em(lo them in the acti1it of the
Musharaka (ro1ided he does so !ith due care to the interests of his (artner(s)
and !ithout misconduct or negligence. A (artner is not allo!ed to dis$urse or
in1est the funds for his (ersonal (ur(oses.
($) Non.guarantee of ca(ital
Neither (artner can guarantee the other (artner4s ca(ital# $ecause Musharaka is
$ased on the (rinci(le of al ghurm $il ghunm (the entitlement to return is related
to the e6(osure to risk). 'o!e1er# a (artner ma re7uest another (artner to
(ro1ide guarantees against the latter4s negligence or misconduct.
(c) It is not (ermissi$le to agree in a Musharaka contract that the transfer of the
Islamic $ank4s (ortion to the other (artner or 1ice 1ersa should $e at historical
cost. Normall# the tranfer should take (lace on the $asis of fair 1alue at the time
of transfer.
%?>?) Hork rules
In a (artnershi( !ith a contri$uted ca(ital# the (artners shall (ro1ide $oth funds
and !ork and each (artner shall undertake !ork as an agent of the (artnershi(
su$0ect to the (artnershi( contract. This is regulated $ a num$er of 0uristic
rules# the most signi/cant of !hich are2
a. Agenc in the !ork
Bach (artner carries out !ork in the (artnershi( on $ehalf on himself and as an
agent for his (artner. This is gi1erned $ the general rules of agenc contract in
Islamic 0uris(rudence. Some of these rules are related to the (rinci(al and others
are related to the agent and some are related to the things !hich are the su$0ect
of agenc. All these matters should $e made clear in the Musharaka contract (+)
$. Sco(e of the !ork
This relates to the s(eci/cation of the sco(e of each (artner4s !ork in the
(artnershi( in relation to the latter4s o$0ecti1es and acti1ities. The (artner should
(erform the agreed !ork !ithout negligence or misconduct. 8artnershi( !ork
includes ma$agement of the $usiness (e.g. 8lanning# (olic making#
de1elo(ment of e6ecuti1es (rograms# follo!.u(# su(er1ision# (erformance
a((raisal and decision.making). A (artner !ho undertakes !ork outside his
agreed sco(e of duties is entitled to em(lo !orkers to (erform the said !ork#
and if he (erforms such !ork himself# he shall $e entitled to recei1e
remuneration similar to that (aid for similar !ork. 'o!e1er# it is considered
(ermissi$le $ some Fu7aha that one (artner ma delegate full authorit to
another to carr out the $usiness of the (artnershi( if this is the most
satisfactor arrangement for the (artnershi(.
c. A((ointment of !orkers
The (artners ma a((oint !orkers to (erform the tasks !hich are not !ithin the
sco(e of their indi1idual !ork# and the cost of such !ork !ill $e $orne $ the
(artnershi(. 'o!e1er# if a (artner em(los a !orker to do some of the tasks
!hich !ere originall assigned to him# the resulting costs !ill $e $orne $ him
since the (artnershi( contract is $ased on $oth funds and !ork# and the earned
(ro/ts are the outcome of $oth these elements (%&). A((ointment of !orkers is
conditional u(on a genuine re7uirement for their ser1ices and that the should
recei1e remuneration in accordance !ith this.
d. "orro!ing# lending# grants and charita$le donations
The (artner ma not $orro! mone on account of the (artnershi( or lend mone
to a third (artu from the funds of the (artnershi(# donaten or grant mone (%%)
e6ce(t after securing the agreement of other (artners.
%?>?> ,ules of (ro/t
(a) Deneral rules of (ro/t (%))
%. 8ro/t should $e 7uanti/a$le. If it is not# this !ill undermine the contractual
$asis of the (artnershi( trough leading to di@erences and dis(utes at the
time of (ro/t allocation or li7uidation of the (artnershi(. If the (artners
sa that the <(ro/t !ill $e $et!een us=# (ro/t !ill in this case $e allocated
according to the share of each of them in theh ca(ital.
). Bach (artner4s (ro/t must $e a (ro(ortionate share of !hole (artnershi(
(ro/t. No (redetermined amount ma $e assigned to one of the (artners#
as in this case (ro/t sharing !ill not take (lace and the legal $asis of the
(artnershi( !ill $e undermined.
It is (ermissi$le for one of the (artners to (ro(ose that if (ro/ts ec6eed a
certain amount# such e6cess or a (ercentage of it !ill $e credited to him. It is
stated in Al."ahr Al.:ukhar Al.Dami lemathahi$ Ilamma4 Al.A$sar that <if one of
them ((artners) sas that I !ill ha1e ten if !e gain more than that then !ill $e
1alid and the condition !ill $e $inding as there is no e6igenc of re1ocation= (%>)
($) ,ules of allocating (ro/ts among (artners
Fua7aha di@er on the issue of allocating (ro/ts among the (artners. 'ereunder is
a $rief outline of their o(inions2
First o(inion
8ro/t should $e di1ided among the (artners in (ro(ortion to their contri$uted
ca(ital# !hether the amount of !ork done $ the (artners is e7ual or not. This is
the o(inion of Malikis and Sha/s and their argument is $ased on the grounds that
(ro/t is the return of ca(ital# hence it must $e (ro(ortional thereto. 8referential
treatment in (ro/t sharing com$ined !ith e7ualit of ca(ital contri$ution leads to
a return on an amount that has not $een cmmitted.
Second o(inion
8ro/t ma 1ar $et!een the (artners if the make this a condition of the
contract. This is the o(inion of 'ana/s and 'an$alis# and their argument is $ased
on the (ro(osition that (ro/t is the fruit of the interaction of funds and !ork. This
is $ecause one of the (artners ma $e more e6(erienced# tactful and discrete
than the other# and hence it is (ermissi$le for him to re7uire himself an
additional share of (ro/t in return for his e6tra !ork contri$ution. The 'ana/s
and 'an$alis su((ort this argument $ follo!ing the saing of Ali $in A$i Thali$
(ma Allah $e (leased !ith him)2 <8ro/t should $e according to !hat the
((artners) sti(ulated# and the loss should $e (ro(ortionate to $oth funds.= This
o(inion assissts in considering the role of e6(erience# tactfulness# courtes and
eJcienc in achie1ing (ro/t= (%4)
"ased on the second o(inion the net realozed (ro/ts ca$ $e di1ided into t!o
(arts2
a. 8ro/t is to $e allocated according to the e@orts of (artners in doing the
!ork.
$. 8ro/t is it is to $e allocated according to the share of each (artner in the
ca(ital.
It is also (ermissi$le to allocate a common share of (ro/t to a third (art
!hene1er the (artners agree to that# e.g. A share for the (oor and the need or
to charita$le organizations. It is also (ermissi$le to allocate (art of (ro/ts as a
reser1e to su((ort the future (osition of the (artnershi(.
%?>?4 ,ules of loss
Fu7aha agree that loss should $e di1ided $et!een the (artners in (ro(ortion to
their res(ecti1e shares in the ca(ital. Fu7aha call this <!ahdee4ah= (loss). The
su((ort this o(inion $ the follo!ing saing of Ali $in A$i Tali$ (ma Allah $e
(leased !ith him)2 <8ro/t shoulld $e according to !hat the ((artners) sti(ulated#
and the loss should $e (ro(ortionate to $oth funds=. I$n Gudamah sas <!e
kno! not of an di@erence in this matter among the scholars= (%A). In the case of
ongoinh comcerns# it is (ermissi$le to defer the allocation of loss in order ro $e
com(ensated $ the (ro/ts of su$se7uent (eriods.
%?>?A ,ules of Musharaka termination
In general# the (artnershi( shall $e terminated if one of the (artners terminaters
the contract or dies if his legal com(etenc ceases or if the (artnershi( ca(ital is
lost.
The ma0orit of Fu7aha# e6ce(ts for Malikis# are of the o(inion that as (artnershi(
is one of the (ermissi$le forms of contract# each of the (artners is entitled to
terminate it !hene1er he !ishes# as is the case !ith agenc contracts.
The (artnershi( is $ased on agenc anc (ro$it. Bach of the (artners is a (ro6
for the others and a (rinci(al at the same time.
'e acts in res(ect of his share as a (rinci(al and in res(ect of his (artners4
shares are a (ro6# i.e. As an agent. In (rinci(le# agenc is one of the
unanimousl (ermissi$le contracts and no one (artu is forced to (roceed !ith it
against his !ill. This (artnershi(# too# should start !ith an agenc relationshi(
$et!een the (artners# and this relationshi( (ro1ides the $asis for its continuit. If
the agenc relationshi( (ro1ides the $asis for its continuit. If the agenc
relationshi( is se1ered $ termination on the (art of one of the (artners# the
legal $asis u(on !hich the acted in res(ect of each other4s fund !ill $e
eliminated (%*).
In the case of death# one of the heirs# if he is of sound mind# ma re(lace the
deceased (ro1ided that the other heirs and the other (afrtners agree to that.
This shall also $e a((lica$le in case one of the (artners loses com(etenc.
A((endi6 ;2 "asis for 9onclusions
The former B6ecuti1e 9ommittee for 8lanning and Follo!.u( and the (resent
Accounting Standards 9ommittee ha1e re1ie!ed in their meetings a num$er of
alternati1es and in (articular the (ro(osed alternati1es in the (reliminar stud
(%-) to $e ado(ted in the accounting treatments of Musharaka /nancing. The
Accounting Standards 9ommittee recommended the ado(tion of the alternati1es
!hich !ere found to $e in com(liance !ith the (ro1isions of the Statement of
O$0ecti1es and the Statement of 9once(ts
,ecognition and measurement of the Islamic $ank4s share in Musharaka ca(ital
at the time of contracting2
The Musharaka ca(ital is go1erned $ a grou( of (rinci(les# the most signi/cant
of !hich are2 the share of each (artner should ne kno!n# s(eci/ed and agreed as
to its amount at the time of contracting. The share of ca(ital of each (artner
should $e a1aila$le at the time of contracting. This cannot $e in the form of a
de$t on account on order to a1oid dece(tion or misunderstanding and ina$ilit to
make use of the ca(ital. If the ca(ital is in the form or real or intangi$le assetes#
Shari4a (rinci(les re7uire the 1aluation of the intangi$le assetes $ agreement of
the (artners# and the Islamic $ank4s share in the Musharaka shall $e measured
at fair 1alue at the time of contracting. The 1aluation can $e conducted $
e6(erts or $ the (artners as agreed $ the t!o (arties.
There are t!o reasons for not using hisctorical cost to measure non.monetar
assets !hich re(resent the Islamic $ank4s share in the Musharaka. These are2
First2 the use of the 1alue agreed u(on (fair 1alue) $ the t!o (arties achie1es
one of the /nancial accounting o$0ecti1es (ro1ided for in the Statement of
O$0ecti1es ((ara >*)
Second2 the use of the fair 1alue leads to the a((lication of the re(resentational
faithfulness conce(t (ro1ided for in the Statement of 9once(ts ((ara %%))
Measurement of the Islamic $ank4s share in Musharaka ca(ital after contracting#
at the end of the /nancial (eriod
The Islamic $ank4s share after contracting is measured at its historical cost
$ecause Shari4a rules of Musharaka re7uires the determination of ca(ital and its
maintenance u( to the time of /nal settlement in order to determine (ro/t. The
latter is de/ned as the amount earned in e6cess of the initial Musharaka ca(ital.
This conforms !ith the accounting measurement attri$ute !hich is (ro1ided for
in the Statements of 9once(ts ((ara +C)
,ecognition of the Islamic $ank4s share in the (ro/t or loss of Musharaka
The standard distinguished $et!een Musharaka /nancing transactions (constant
on diminshing o!nershi() !hich end during a /nancial (eriod# and those !hich
continue for more than one /nancial (eriod. In the /rst case# the (ro/ts or losses
are recognized after li7uidation. This is in conformit !ith the Shari4a (rinci(le
!hich states that2 no (ro/t shall $e deemed due e6ce(t after maintaining the
ca(ital i.e.# after li7uidation !hich re1eals an e6cess ((ro/t) o1er the initial
ca(ital or shortage (loss) therefrom.
In the second case# if the Musharaka /nancing transactions continue for more
than one /nancial (eriod# the Islamic $ank4s share or (ro/ts for a /nancial (eriod
resulting from (artial or /nal settlement shall $e recognized to the e6tent for an
(eriod is made to the e6tent that such losses are $eing deducted from its share
of the Musharaka ca(ital. This is in conformit !ith the (eriodicit conce(t
(Statement of 9once(ts# (ara -4) !hich ena$les the (re(aration of /nancial
re(orts in such a !a as to achie1e the o$0ecti1e set out in the Statement of
O$0ecti$es ((ara >>)2 determining the rights and o$ligations of all concerned
(arties.
A((endi6 B2 ;e/nitions
Musharaka
A form of (artnershi( $et!een the Islamic $ank and its client !here$ each (art
contri$utes to the ca(ital of (artnershi( in e7ual or 1aring degrees to esta$lish
a n!e (ro0ect or share in an e6isting one# and !here$ each of the (arties
$ecomes an o!ner of the ca(ital on a (ermanent or declining $asis and shall
ha1e his due share of (ro/ts. 'o!e1er# losses are shared in (ro(ortion to the
contri$uted ca(ital. It is not (ermissi$le to sti(ulate other!ise.
9onstant Musharaka
It is a Musharaka in !hich the (artners4 shares in the ca(ital remain constant
troughout the (eriod as s(eci/ed in the contract
;iminishing Musharaka
It is a Musharaka in !hich the Islamic $ank agrees to transfer graduall to the
other (artner its (the Islamic $ank4s) share in the Musharaka# so that the Islamic
$ank4s share declines and the other (artner3s share increases until the latter
$ecomes the sole (ro(rietor of the 1enture.
8artici(ation
It is a Musharaka in !hich the Islamic $ank o!ns shares or units re(resenting an
e7uit stake in another /rm4s ca(ital.
TB,EBMA'
Akuntansi # Auditing dan 8emerintahan Standar untuk Kem$aga Leuangan Islam
Standar Akuntansi Leuangan No.4
Musarakah 8em$iaaan
M Akuntansi dan Auditing Organization for Islamic Financial Institutions ( AAOFI )
se$elumna dikenal se$agai Organisasi Akuntansi Leuangan untuk "ank Islam
dan Kem$aga Leuangan # sedang mem$angun sesuai dengan 8er0an0ian Asosiasi
ang ditandatangani oleh Kem$aga Leuangan Islam (ada % Safar # %4%&' sesuai
dengan )* Fe$ruari# %++& di Algiers . AAOFI telah didaftarkan (ada %% ,amadhan
%4%% ' sesuai dengan )- Maret %++% di Negara "agian "ahrain se$agai
autonomus internasional non .(ro/t mem$uat $adan hukum .
M Tu0uan dari AAOIFI adalah 2
. Intuk mengem$angkan (emikiran akuntansi dan audit ang rele1an dengan
lem$aga keuangan Islam 3
. Intuk mene$arluaskan (emikiran akuntansi dan audit ang rele1an dengan
lem$aga keuangan Islam dan a(likasi melalui (elatihan # seminar # (u$likasi
ne!sletter $erkala # melaksanakan dan commissioning (enelitian dan cara lain 3
. Intuk mem(ersia(kan # mene$arluaskan dan menafsirkan standar akuntansi
dan auditing untuk Kem$aga Leuangan Islam 3 dan
. Intuk menin0au dan mem(er$aiki standar akuntansi dan auditing untuk
Kem$aga Leuangan Islam .
M AAOIFI melaksanakan tu0uan terse$ut sesuai dengan a0aran sariat Islam ang
meru(akan sistem ang kom(rehensif untuk semua as(ek kehidu(an # sesuai
dengan lingkungan di mana lem$aga.lem$aga keuangan Islam telah
dikem$angkan . Legiatan ini dimaksudkan $aik untuk enchance ke(ercaaan
(engguna la(oran keuangan Kem$aga Leuangan Islam dalam informasi ang
dihasilkan tentang lem$aga.lem$aga ini # dan untuk mendorong (ara (engguna
untuk $erin1estasi atau menim(an dana mereka di Kem$aga Leuangan Islam.
FAS No 4 Musarakah 8em$iaaan
8ernataan Standar
Kingku( standar
Standar ini $erlaku untuk transaksi (em$iaaan musarakah dilakukan oleh "ank
Islam a(akah dengan cara musarakah konstan ( 0angka (endek mau(un
(an0ang ) atau musarakah $erkurang (satu ang $erakhir dalam mentransfer
ke(emilikan salah satu (ihak ) . 'al ini $erlaku a(akah $ank sariah mem$iaai
sahamna di i$ukota musarakah secara eksklusif dari dana sendiri # dana dari
kolam $ercam(ur ang terdiri dari dana $ank sariah sendiri dan rekening
in1estasi ter$atas atau dari rekening in1estasi ter$atas . Standar ini 0uga $erlaku
untuk transaksi ang $erkaitan dengan share $ank sariah dalam keuntungan
atau kerugian musarakah .
'aruskah (ersaratan standar ini $ertentangan dengan (iagam $ank sariah
atau hukum dan (eraturan negara di mana ia $ero(erasi # (engungka(an harus
di$uat dari kontradiksi . ( aat % )
Standar ini tidak mencaku( hal.hal $erikut 2
A. Mudhara$ah
". 8artisi(asi
9. :akat dana musarakah
8engo$atan ;. Akuntansi transaksi musarakah dalam $uku.$uku ( klien ) mitra
dan catatan musarakah . ( aat ) )
8erlakuan akuntansi (em$iaaan musarakah
M )?% 8engakuan saham $ank Islam di i$ukota musarakah (ada saat kontrak
Share $ank sariah di i$ukota musarakah ( uang atau lainna) harus diakui $ila
di$aarkan ke(ada mitra atau di$uat tersedia $agina (ada rekening
musarakah . Saham ini akan disa0ikan dalam $uku $ank Islam di $a!ah account
(em$iaaan musarakah dengan ( nama client ) dan itu harus dimasukkan
dalam la(oran keuangan di $a!ah 0udul N (em$iaaan musarakah N . ( aat > )
M )?) 8engukuran saham $ank Islam di i$ukota musarakah (ada saat kontrak
M )?)?% saham "ank Islam di i$ukota musarakah di$erikan dalam $entuk tunai
harus diukur dengan 0umlah ang di$aarkan atau disediakan untuk mitra (ada
rekening musarakah . ( (aragraf 4 )
M )?)?) saham "ank Islam di i$ukota musarakah di$erikan dalam $entuk $arang
( aset (erdagangan atau aset non . moneter untuk digunakan dalam usaha )
harus diukur (ada nilai !a0ar aset ( alue ang dise(akati antara mitra ) # dan 0ika
1aluasi aset menghasilkan (er$edaan antara nilai !a0ar dan nilai $uku #
(er$edaan terse$ut harus diakui se$agai la$a atau rugi ke $ank Islam itu
sendiri . ( aat A )
M )?)?> "e$an (rosedur kontrak ang dikeluarkan oleh satu atau kedua $elah
(ihak ( misalna # $iaa studi kemungkinan (engem$anganna dan $iaa lain
ang seru(a ) tidak diangga( se$agai $agian dari modal musarakah kecuali
other!ies dise(akati oleh kedua $elah (ihak . ( (aragraf * )
M )?> 8engukuran saham $ank Islam di i$ukota musarakah setelah tertular (ada
akhir (eriode keuangan
M )?>?% ? share $ank sariah di i$ukota musarakah konstan harus diukur (ada
akhir (eriode keuangan (ada $iaa historis ( 0umlah ang di$aarkan atau di
mana aset senilai !aktu kontrak ) . ( (ara - )
M )?>?) saham "ank Islam di musarakah menurun harus diukur (ada akhir
(eriode keuangan (ada $iaa (erolehan setelah dikurangi $iaa historis saham
setia( ditransfer ke mitra ( transfer terse$ut men0adi melalui (en0ualan di
(ameran 1alue ) . 8er$edaan antara nilai historis dan nilai !a0ar harus diakui
se$agai la$a atau rugi dalam la(oran la$a rugi $ank Islam . ( (aragraf C )
M )?>?> Eika musarakah mengurangi dilikuidasi se$elum transfer selesai di$uat
untuk (asangan # 0umlah (ulih sehu$ungan saham $ank Islam akan dikreditkan
ke rekening (em$iaaan musarakah $ank Islam dan ang dihasilkan la$a atau
rugi # aitu (er$edaan antara nilai $uku dan 0umlah (ulih # harus diakui dalam
la(oran la$a rugi $ank Islam . ( (aragraf + )
M )?>?4 Eika musarakah diakhiri atau dilikuidasi dan saham karena $ank Islam
dari modal musarakah ( mem(erhitungkan setia( keuntungan atau kerugian )
$elum di$aar saat (enelesaian rekening di$uat # (angsa $ank Islam diakui
se$agai (iutang karena dari mitra. ( (aragraf %& )
)?4 8engakuan share $ank sariah dalam keuntungan atau kerugian Musarakah
M )?4?% Ka$a atau rugi sehu$ungan share $ank sariah dalam transaksi
musarakah /nancng ang dimulai dan $erakhir dalam (eriode harus diakui
dalam rekening $ank Islam (ada saat likuidasi . ( (ara %% )
M )?4?) ;alam kasus musarakah konstan ang $erlangsung selama le$ih dari
satu (eriode keuangan # saham $ank Islam dari keuntungan untuk setia( (eriode
# hasil dari (enelesaian se$agian atau /nal antara $ank sariah dan mitra #
harus diakui dalam account untuk (eriode se0auh $ah!a keuntungan terse$ut
didistri$usikan 3 saham $ank Islam kerugian untuk setia( (eriode harus diakui
dalam rekening untuk (eriode se0auh $ah!a kerugian terse$ut dikurangi dari
(angsa modal musarakah . ( (ara %) )
M "arang )?4?) $erlaku untuk musarakah menurun ang $erlan0ut selama le$ih
dari satu (eriode keuangan # setelah mem(ertim$angkan (enurunan saham
$ank Islam di i$ukota musarakah dan keuntungan atau kerugian . ( Aat %> )
M )?4?4 Se(erti ang ditun0ukkan oleh $arang )?>?4 di atas # 0ika (asangan tidak
mem$aar $ank sariah saham karena atas la$a setelah likuidasi atau
(enelesaian rekening di$uat# saham karena keuntungan harus diakui se$agai
(iutang karena dari mitra. ( (ara %4 )
M )?4?A Eika kerugian ter0adi dalam musarakah karena kesalahan (asangan atau
kelalaian # mitra harus menanggung share $ank sariah terhada( kerugian
terse$ut . Lerugian terse$ut diakui se$agai (iutang 0atuh tem(o dari mitra.
( (ara %A )
M )?4?* saham ang $elum di$aar "ank Islam dari hasil se(erti ang dise$utkan
di atas dalam item )?>?4 )?4?4 dan dicatat dalam akun (iutang musarakah .
9adangan harus di$uat untuk (iutang ini 0ika mereka ragu.ragu . ( $utir %* )
)?A (ersaratan 8engungka(an
M )?A?% 8engungka(an harus di$uat dalam catatan atas la(oran keuangan untuk
(eriode (ela(oran keuangan 0ika $ank Islami telah di$uat selama (eriode
(enisihan kerugian modal dalam transaksi (em$iaaan musarakah . ( (ara
%- )
M )?A?) 8ersaratan (engungka(an dinatakan dalam Standar Akuntansi
Leuangan
)?A (ersaratan 8engungka(an
M )?A?% 8engungka(an harus di$uat dalam catatan atas la(oran keuangan untuk
(eriode (ela(oran keuangan 0ika $ank Islami telah di$uat selama (eriode
(enisihan kerugian modal dalam transaksi (em$iaaan musarakah . ( (ara
%- )
M )?A?) 8ersaratan (engungka(an dinatakan dalam Standar Akuntansi
Leuangan No % 2 8ena0ian dan 8engungka(an Imum dalam Ka(oran Leuangan
"ank Islam dan Kem$aga Leuangan harus diamati . ( (ara %C )
> . Tanggal Bfektif
Standar ini $erlaku efektif untuk la(oran keuangan untuk (eriode /skal ang
dimulai % Muharram %4%C' atau % Eanuari %++C. ( Aat %+ )
Ado(si standar
Standar (em$iaaan musarakah diado(si oleh ;e!an dalam (ertemuan Nomor
%& diselenggarakan (ada %4 . %* ,amadhan # %4%*' sesuai dengan > .A Fe$ruari
%++* .
Kam(iran " 2 aturan /kih untuk transaksi (em$iaaan musarakah
% . ;e/nisi Musarakah di Fi7h ( uris(rudensi )
Ini adalah (ercam(uran dana untuk tu0uan $er$agi keuntungan .
%?% Lategori Musarakah
Lemitraan terdiri dari dua 0enis 2 memegang kemitraan dan kemitraan kontrak .
A memegang kemitraan di$uat dengan cara !arisan atau !asiat atau
circumtances lain ang dihasilkan dalam memegang oleh dua orang atau le$ih
dari aset ang sama . ;alam holding kemitraan dua orang atau le$ih $er$agi
dalam aset ang nata dan dalam (engem$alian tim$ul thereform .
Se$uah kemitraan kontrak di$uat dengan cara kese(akatan dimana dua orang
atau le$ih setu0u $ah!a masing.masing mem$erikan kontri$usi ke i$ukota
kemitraan dan saham dalam la(oran la$a rugi ( ) ) na .
Lontrak kemitraan ang di$agi men0adi 2 mu!afada # alanan # aOmaal dan al.
!o0ooh . Fu7aha ( ahli hukum ) telah $er$eda (ada a(akah Mudhara$ah adalah
kemitraan dalam (engertian ini atau tidak . "e$era(a fu7aha mengangga(
Mudarana men0adi kemitraan terse$ut karena secara umum memenuhi unsur.
unsur dan sarat.sarat kontrak kemitraan . Namun# ang lainna tidak
mengangga( Mudhara$ah men0adi salah satu 0enis kemitraan kontrak .
"erikut adalah de/nisi singkat dari masing.masing 0enis di atas dalam terang a(a
ang dila(orkan dalam teks.teks Fi7h .

M kemitraan %?%?% O Inan
Ini adalah kontrak antara dua orang atau le$ih . Masing.masing (ihak
mem$erikan kontri$usi se$agian dari dana keseluruhan dan $er(artisi(asi dalam
(eker0aan . Ledua $elah (ihak $er$agi dalam la(oran la$a rugi ang telah
dise(akati di antara mereka # teta(i kesetaraan tidak di(erlukan $aik dalam
kontri$usi dana atau dalam (eker0aan atau dalam (em$agian keuntungan ( ini
tunduk ke(ada kese(akatan antara (ara (ihak ) . Eenis kemitraan disetu0ui oleh
semua fu7aha .
'ana/ dan 'an$ali memungkinkan salah satu dari $erikut . Leuntungan dari
kedua $elah (ihak ang akan di$agi dana sama ta(i kontri$usi mungkin
$er$eda 3 dan keuntungan da(at merata di$agi # teta(i dana kontri$usi sama .
I$nu Gudamah $erkata 2 N (referensi la$a di(er$olehkan dengan adana ker0a #
se$agai salah satu dari mereka mungkin le$ih luas dalam (erdagangan dari(ada
ang lain dan dia mungkin le$ih kuat dari ang lain dalam melakukan (eker0aan #
dan dengan demikian ia di(er$olehkan untuk mem$uat inrease dalam
(em$agian keuntungan na ondition karana N . Maliki dan Sha/s mem$uat
(enerimaan dari 0enis kemitraan tergantung (ada keuntungan dan kerugian ang
(ro(orsional dengan ukuran kontri$usi untuk dana keseluruhan $eause
( menurut mereka ) keuntungan dalam 0enis (artnersho( diangga(
(engem$alian modal ( > )
%?%?) Mu!afada kemitraan
Ini adalah kontrak antara dua orang atau le$ih . Masing.masing dari kedua $elah
(ihak mem$erikan kontri$usi se$agian dari dana keseluruhan dan $er(artisi(asi
dalam (eker0aan . Ledua $elah (ihak sama.sama mem$agi keuntungan atau
liss . Ini adalah ondition dari 0enis kemitraan ang mem$erikan kontri$usi dana #
ker0a # tanggung 0a!a$ $ersama dan ke!a0i$an utang akan ditanggung $ersama
oleh (ara (ihak . Ledua 'ana/ dan Maliki telah diizinkan 0enis kemitraan teta(i
telah diteta(kan $anak (em$atasan untuk itu ( 4 )
%?%?> AOmal kemitraan
Ini adalah kontrak antara dua orang ang setu0u untuk menerima (eker0aan
secara $ersama.sama dan $er$agi keuntungan dari (eker0aan terse$ut . Se$agai
contoh# dua orang dari (rofesi atau kera0inan ang sama mungkin setu0u untuk
$eker0a sama dan mem$agi keuntungan ang tim$ul dari (eker0aan terse$ut
secara dise(akati . 'al ini kadang.kadang dise$ut A$dan atau sanaie O
kemitraan .
Se$uah kemitraan aOmaal diangga( diizinkan oleh 'ana/ # Maliki # 'an$ali ( A ) .
'al ini diangga( sah dalam (rofesi ang sama atau se$alikna . Le$olehan ang
didasarkan (ada $anak $ukti termasuk eks(lisit (ersetu0uan atasna oleh Na$i #
doa dan sa! . Selain itu # hal ini didasarkan (ada $adan ang di(er$olehkan .
Eenis kemitraan telah digunakan di seluruh tan(a dia. Selain itu # hal ini
didasarkan (ada $adan ang di(er$olehkan . Eenis kemitraan telah digunakan di
seluruh tan(a menetu0ui ( * )
%?%?4 Al . Hu0ooh kemitraan
Ini adalah kontrak antara dua orang atau le$ih ang memiliki re(utasi $aik dan
(restise dan ang ahli dalam (erdagangan . 8ihak $arang kontrak (em$elian
secara kredit dari (erusahaan # untuk itu tergantung (ada re(utasi mereka # dan
men0ual $arang.$arang dari kas . Mereka $er$agi keuntungan atau kerugian
sesuai dengan 0aminan ke(ada (emasok (ro1oded oleh masing.masing
(asangan . ;engan demikian # 0enis kemitraan tidak memerlukan modal karena
$erdasarkan kredit ang didukung oleh 0aminan . Oleh karena itu# kadang.kadang
dise$ut N kemitraan (iutang N .
Se$uah kemitraan !o0ooh diangga( diizinkan oleh 'ana/ dan 'an$ali . Mereka
ang mendukung hal mengizinkan $er(enda(at $ah!a hal itu mencaku( 0aminan
lem$aga ang 0uga da(at diterima . Telah digunakan di seluruh tan(a setu0u ( - )

%?) elemen dan kondisi Musarakah
Blemen %?)?% ? Musarakah
Insur.unsur musarakah adalah 2 kata.kata ( (ena!aran dan (enerimaan ) #
(ihak kontrak ( dua (ihak kontraktor ) dan su$ek (er0an0ian ( (endanaan dan
ker0a ) .
%?)?) Sarat Musarakah
Lalimat %?)?)?%
Tidak ada $entuk tertentu kontrak musarakah . Ini da(at di$entuk oleh uca(an
mengeks(resikan tu0uan . 8ersetu0uan diangga( sah 0ika dilakukan secara lisan
atau tertulis. Lontrak musarakah dinotarisasi secara tertulis dan disaksikan .
%?)?)?) (ihak 8ersetu0uan
Ini adalah (ersaratan $ah!a (asangan harus kom(eten untuk mem$erikan atau
men0adi kekuasaan ang di$erikan (engacara .
%?)?)?> Su$0ek soal kontrak ( (endanaan dan ker0a )
Ada (ersaratan se$agai $erikut 2
( a) 8endanaan
. Modal kontri$usi harus dalam $entuk tunai # emas # (erak atau setara mereka
nilai . Tidak ada (er$edaan antara Fu7aha dalam hal ini .
. Modal da(at terdiri dari aset (erdagangan se(erti $arang # (ro(erti # dan
(eralatan# dll Ini 0uga mungkin dalam $entuk hak $er!u0ud # se(erti hak gadai #
hak (aten dan se0enisna . 'al ini diangga( di(er$olehkan oleh $e$era(a Fu7aha
$ah!a modal suatu (erusahaan da(at disum$angkan dalam $entuk 0enis aset
asalkan mereka senilai setara kas mereka sesuai dengan a(a ang mitra
disetu0ui .
. Sha/s dan Maliki mem$utuhkan dana ang disediakan oleh mitra harus
$ercam(ur agar tidak ada hak istime!a di$erikan ke(ada (angsa salah satu dari
mereka . Namun# 'ana/ tidak meneta(kan kondisi ini menediakan modal itu
dalam $entuk tunai # sedangkan 'an$ali tidak memerlukan (ergaulan dana ( C )

( $ ) Ler0a
8artisi(asi mitra dalam kara seorang musarakah adalah aturan dasar dan tidak
di(er$olehkan $agi salah satu mitra ti meneta(kan non . (artisi(asi mitra lainna
. Namun# kesetaraan (eker0aan adalah $ukan keharusan . 'al ini di$olehkan
$ah!a salah satu mitra e6err le$ih $anak (eker0aan dari(ada ang lain # dan
dalam hal $ah!a ia mungkin memerlukan (angsa tam$ahan keuntungan $agi
dirina sendiri .
%?> aturan Musarakah
%?>?% Aturan modal
"erikut ini adalah aturan ang (aling (enting ang mengendalikan o(erasi modal
dan (emeliharaan 2
( a) Surat kuasa dan dis(osisi dari dana
Setia( (asangan memiliki hak untuk mem$uang aset kemitraan dalam kegiatan
usahana . Se$uah kemitraan dengan modal contri$ured ( misalna alanan )
meru(akan suatu entitas dan sekali modal telah mem$erikan kontri$usi itu
terdiri dari dana tunggal . Setia( (asangan mem$erdaakan mitra ang lain ( s )
untuk mem$uang aset dan ia dengan demikian diangga( $er!enang untuk
mem(eker0akan mereka dalam akti1itas musarakah asalkan ia melakukanna
dengan hati.hati karena ke(entingan (asanganna ( s ) dan tan(a kesalahan
atau kelalaian . Seorang mitra tidak diizinkan untuk mencairkan atau
mengin1estasikan dana untuk ke(erluan (ri$adina .
( $ ) Non . 0aminan modal
8asangan tidak da(at men0amin modal mitra lainna # karena Musarakah
didasarkan (ada (rinsi( al ghurm $il ghunm ( dengan hak untuk kem$ali adalah
terkait dengan eks(osur risiko ) . Namun# mitra da(at meminta mitra lain untuk
mem$erikan 0aminan terhada( kelalaian ang terakhir atau kesalahan .
( c ) 'al ini tidak di(er$olehkan untuk setu0u dalam kontrak musarakah $ah!a
transfer (orsi $ank Islam untuk (asangan lain atau se$alikna harus se$esar
harga (erolehan. "iasana # tranfer harus mengam$il tem(at atas dasar nilai
!a0ar (ada saat transfer.
%?>?) aturan ker0a
;alam kemitraan dengan kontri$usi modal # mitra harus menediakan dana dan
$eker0a dan masing.masing (asangan harus melakukan (eker0aan se$agai agen
su$0ek kemitraan dengan kontrak kemitraan . 'al ini diatur oleh se0umlah aturan
hukum # ang (aling signi/kan di antarana adalah 2
a . "adan dalam (eker0aan
Setia( (asangan melakukan (eker0aan dalam kemitraan atas nama dirina
sendiri dan se$agai agen $agi (asanganna . 'al ini gi1erned oleh aturan umum
kontrak agen dalam hukum Islam . "e$era(a aturan ini terkait dengan ke(ala
sekolah dan lain.lain ang $erhu$ungan dengan agen dan ada (ula ang terkait
dengan hal.hal ang meru(akan su$0ek dari $adan . Semua hal ini harus di$uat
0elas dalam kontrak musarakah ( + )
$ . Kingku( (eker0aan
'al ini $erkaitan dengan s(esi/kasi dari lingku( ker0a masing.masing (asangan
dalam kemitraan dalam kaitanna dengan tu0uan dan kegiatan ang terakhir .
Mitra harus melakukan ker0a ang dise(akati tan(a kelalaian atau kesalahan .
Ler0a Lemitraan meli(uti ma$agement $isnis ( misalna 8erencanaan #
(em$uatan ke$i0akan # (engem$angan (rogram eksekutif # tindak lan0ut #
(enga!asan # (enilaian kiner0a dan (engam$ilan ke(utusan ) . 8asangan ang
melakukan (eker0aan di luar lingku( dise(akati tentang tugas $erhak untuk
mem(eker0akan (eker0a untuk melakukan (eker0aan terse$ut # dan 0ika ia
melakukan (eker0aan terse$ut sendiri # dia $erhak untuk menerima im$alan
se0enis dengan ang di$aar untuk (eker0aan ang sama . Namun# itu diangga(
di(er$olehkan oleh $e$era(a Fu7aha $ah!a salah satu (asangan da(at
mendelegasikan ke!enangan (enuh untuk lain untuk melaksanakan usaha
kemitraan 0ika ini adalah (engaturan ang (aling memuaskan untuk kemitraan .
c . 8engangkatan (eker0a
8ara mitra da(at menun0uk (eker0a untuk melakukan tugas.tugas ang tidak
dalam lingku( ker0a masing.masing # dan $iaa (eker0aan terse$ut akan
ditanggung oleh kemitraan . Namun# 0ika (asangan mem(eker0akan (eker0a
untuk melakukan $e$era(a tugas ang a!alna ditugaskan ke(adana # $iaa
ang dihasilkan akan ditanggung oleh dia se0ak kontrak kemitraan didasarkan
(ada kedua dana dan ker0a# dan keuntungan ang di(eroleh adalah hasil dari
kedua elemen.elemen ini ( %& ) . 8engangkatan (eker0a $ersifat kondisional
setelah (ersaratan ang tulus untuk laanan mereka dan $ah!a mereka harus
menerima ga0i sesuai dengan ini.
d . 8in0aman # (in0aman # hi$ah dan sum$angan amal
Mitra mungkin tidak memin0am uang (ada rekening kemitraan atau
memin0amkan uang ke (artu ketiga dari dana kemitraan # donaten atau
mem$erikan uang ( %% ) kecuali setelah menda(at (ersetu0uan dari mitra lainna
.

%?>?> Aturan keuntungan
( a) Letentuan umum la$a ( %) )
% . 8ro/t harus terukur. Eika tidak # ini akan melemahkan dasar kontrak dari
(alung kemitraan ang mengarah ke (er$edaan dan (erselisihan (ada saat
alokasi keuntungan atau likuidasi kemitraan . Eika mitra mengatakan $ah!a N
keuntungan akan $erada di antara kita N # keuntungan akan dalam hal ini
dialokasikan sesuai dengan (ro(orsi masing.masing di i$ukota theh .
) . Setia( keuntungan mitra harus (ro(orsional dari seluruh keuntungan
kemitraan . Tidak ada 0umlah ang telah diteta(kan da(at di$erikan ke(ada
salah satu mitra # se(erti dalam kasus ini $agi hasil tidak akan ter0adi dan dasar
hukum dari kemitraan ini akan dirusak .
'al ini di$olehkan $agi salah satu mitra untuk mengusulkan $ah!a 0ika
keuntungan ec6eed 0umlah tertentu # kele$ihan terse$ut atau (ersentase itu
akan di(erhitungkan ke(adana . 'al ini dinatakan dalam Al . "ahr Al . :ukhar
Al . Dami lemathahi$ Ilamma O Al . A$sar $ah!a N0ika salah satu dari mereka
( mitra ) mengatakan $ah!a saa akan memiliki se(uluh 0ika kita menda(atkan
le$ih dari itu maka akan $erlaku dan kondisi akan mengikat karena tidak ada
urgensi (enca$utan N ( %> )
( $ ) Aturan mengalokasikan keuntungan antara mitra
Fua7aha $er$eda (ada isu mengalokasikan keuntungan di antara (ara mitra . ;i
$a!ah ini adalah keterangan singkat dari (enda(at mereka 2
(enda(at (ertama
8ro/t harus di$agi di antara (ara mitra secara (ro(orsional dengan kontri$usi
modal mereka # a(akah 0umlah ker0a ang dilakukan oleh (ara mitra sama atau
tidak . Ini adalah (enda(at Maliki dan Sha/s dan argumen mereka didasarkan
(ada alasan $ah!a la$a adalah (engem$alian modal # maka itu harus hal
terse$ut (ro(orsional . 8erlakuan istime!a dalam (em$agian keuntungan
dikom$inasikan dengan kesetaraan kontri$usi modal mene$a$kan la$a atas
0umlah ang $elum cmmitted .

second o(inion
Ka$a da(at $er1ariasi antara mitra 0ika mereka mem$uat ini kondisi kontrak . Ini
adalah o(ini dari 'ana/ dan 'an$ali # dan argumen mereka didasarkan (ada
(ro(osisi $ah!a keuntungan adalah $uah dari interaksi dana dan $eker0a . 'al ini
karena salah satu mitra mungkin le$ih $er(engalaman # $i0aksana dan diskrit
dari(ada ang lain # dan karena itu di(er$olehkan $agina untuk meminta
dirina (angsa tam$ahan keuntungan se$agai im$alan atas kontri$usi ker0a
ekstra na . Madzha$ 'ana/ dan 'an$ali mendukung argumen ini dengan
mengikuti (erkataan Ali $in A$i Thali$ ( ra dengan dia ) 2 N 8ro/t harus sesuai
dengan a(a ang mereka ( mitra ) ang diteta(kan # dan kerugian harus
(ro(orsional dengan $aik dana . N Ini assissts (enda(at dalam
mem(ertim$angkan (eran (engalaman # tactfulness # so(an dan e/siensi dalam
menca(ai keuntungan N ( %4 )
"erdasarkan (enda(at kedua $ersih keuntungan realozed taksi di$agi men0adi
dua $agian 2
a . 8ro/t ang akan dialokasikan sesuai dengan u(aa mitra dalam melakukan
(eker0aan .
$ . Ka$a adalah itu harus dialokasikan sesuai dengan (ro(orsi masing.masing
(asangan di i$ukota .
'al ini 0uga di(er$olehkan untuk mengalokasikan saham $iasa keuntungan
ke(ada (ihak ketiga setia( kali mitra setu0u untuk itu # misalna Se$uah saham
untuk miskin dan ang mem$utuhkan atau untuk organisasi amal . 'al ini 0uga
di(er$olehkan untuk mengalokasikan se$agian keuntungan se$agai cadangan
untuk mendukung (osisi masa de(an kemitraan .
%?>?4 Aturan kerugian
Fu7aha se(akat $ah!a kerugian harus di$agi antara (ara mitra secara
(ro(orsional dengan saham masing.masing di i$ukota . Fu7aha mene$utna N
!ahdeeOah N (rugi ) . Mereka mendukung (enda(at ini dengan (erkataan $erikut
Ali $in A$i Thali$ ( ra dengan dia ) 2 N 8ro/t shoulld akan sesuai dengan a(a ang
mereka ( mitra ) ang diteta(kan # dan kerugian harus (ro(orsional dengan $aik
dana N . I$nu Gudamah mengatakan Nkami tidak tahu a(akah ada (er$edaan
dalam hal ini antara ulama N ( %A ) . ;alam kasus comcerns ongoinh #
di(er$olehkan untuk menunda alokasi kerugian dalam rangka ro dikom(ensasi
oleh keuntungan dari (eriode $erikutna .
%?>?A Aturan Musarakah (emutusan
Secara umum# kemitraan harus dihentikan 0ika salah satu mitra terminaters
kontrak atau mati 0ika kom(etensi hukumna $erhenti atau 0ika modal kemitraan
hilang .
Maoritas Fu7aha # e6ce(ts untuk Maliki # $er(enda(at $ah!a kemitraan adalah
salah satu $entuk di(er$olehkan kontrak # masing.masing mitra $erhak untuk
menghentikan setia( kali dia ingin # se(erti halna dengan kontrak keagenan.
Lemitraan ini didasarkan (ada lem$aga anc ke0u0uran . Setia( mitra adalah (ro6
untuk ang lain dan seorang ke(ala (ada saat ang sama .
;ia $ertindak sehu$ungan $agianna se$agai (elaku dan dalam hal saham
mitrana O adalah (ro6# aitu Se$agai agen . 8ada (rinsi(na # lem$aga adalah
salah satu kontrak $ulat di(er$olehkan dan tidak ada satu (artu di(aksa untuk
melan0utkan dengan mela!an kehendak.Na . Lemitraan ini 0uga harus dimulai
dengan hu$ungan keagenan antara (ara mitra # dan hu$ungan ini mem$erikan
dasar untuk ke$erlangsunganna. Eika hu$ungan keagenan mem$erikan dasar
$agi ke$erlangsunganna. Eika hu$ungan $adan ter(utus oleh (emutusan (ada
$agian dari salah satu mitra # dasar hukum atas mana mereka $ertindak
sehu$ungan dengan dana masing.masing akan dihilangkan ( %* ) .
;alam kasus kematian # salah satu ahli !aris # 0ika ia sehat 0asmani # da(at
menggantikan almarhum ketentuan $ah!a ahli !aris lain dan (afrtners lainna
setu0u untuk itu . Ini 0uga $erlaku dalam kasus salah satu mitra kehilangan
kom(etensi .

Kam(iran ; 2 ;asar Lesim(ulan
Mantan Lomite Bksekutif untuk 8erencanaan dan Tindak Kan0ut dan Lomite
Standar Akuntansi sekarang ini telah ditin0au dalam (ertemuan mereka se0umlah
alternatif dan khususna alternatif ang diusulkan dalam studi (endahuluan
( %- ) ang akan diado(si dalam (erlakuan akuntansi (em$iaaan musarakah .
Lomite Standar Akuntansi merekomendasikan ado(si dari alternatif ang
ditemukan sesuai dengan ketentuan 8ernataan Tu0uan dan 8ernataan Lonse(
8engakuan dan (engukuran saham $ank Islam di i$ukota musarakah (ada saat
kontrak 2
The Musarakah modal diatur oleh sekelom(ok (rinsi( # ang (aling signi/kan di
antarana adalah 2 $agian dari masing.masing (asangan harus ne diketahui #
ditentukan dan dise(akati untuk 0umlahna (ada saat kontrak . 8angsa modal
dari masing.masing (asangan harus tersedia (ada saat kontrak . Ini tidak $isa
dalam $entuk utang (ada account (ada untuk menghindari (eni(uan atau
kesalah(ahaman dan ketidakmam(uan untuk memanfaatkan modal . Eika modal
adalah dalam $entuk atau assetes nata atau tidak $er!u0ud # (rinsi(.(rinsi(
sariat memerlukan (enilaian dari assetes $er!u0ud oleh kese(akatan (ara mitra
# dan share $ank sariah dalam musarakah harus diukur (ada nilai !a0ar (ada
saat kontrak . 8enilaian da(at dilakukan oleh (ara ahli atau oleh (ara mitra ang
telah dise(akati oleh kedua $elah (ihak .
Ada dua alasan untuk tidak menggunakan $iaa hisctorical untuk mengukur aset
non . moneter ang me!akili (angsa $ank sariah dalam musarakah . Ini
adalah 2
8ertama 2 (enggunaan nilai ang dise(akati ( nilai !a0ar ) oleh kedua $elah (ihak
menca(ai salah satu tu0uan akuntansi keuangan diatur dalam 8ernataan Tu0uan
( aat >* )
Ledua 2 (enggunaan nilai !a0ar mengarah (ada (enera(an konse( kesetiaan
re(resentasional diatur dalam 8ernataan Lonse( ( aat %%) )
8engukuran saham $ank Islam di i$ukota musarakah setelah tertular # (ada
akhir (eriode la(oran keuangan
Share $ank sariah setelah kontrak diukur (ada $iaa historisna karena aturan
sariat musarakah memerlukan (enentuan modal dan (emeliharaan sam(ai
dengan saat (enelesaian akhir untuk menentukan keuntungan. Pang terakhir ini
dide/nisikan se$agai 0umlah ang diterima le$ih dari modal musarakah a!al.
'al ini sesuai dengan atri$ut (engukuran akuntansi ang diatur dalam
8ernataan Lonse( ( aat +C )
8engakuan share $ank sariah dalam la$a atau rugi Musarakah
Standar di$edakan antara transaksi (em$iaaan musarakah ( konstan (ada
diminshing ke(emilikan ) ang akhir dalam (eriode # dan orang.orang ang terus
$erlan0ut selama le$ih dari satu (eriode keuangan . ;alam kasus (ertama #
keuntungan atau kerugian diakui setelah likuidasi . 'al ini sesuai dengan (rinsi(
Sariah ang menatakan $ah!a 2 tidak ada keuntungan diangga( karena
kecuali setelah mem(ertahankan aitu modal# setelah likuidasi ang
mengungka(kan kele$ihan ( keuntungan ) atas modal atau kekurangan a!al
( rugi) dari (adana.
;alam kasus kedua # 0ika transaksi (em$iaaan musarakah terus $erlan0ut
selama le$ih dari satu (eriode keuangan # (angsa $ank sariah atau keuntungan
untuk (eriode keuangan ang dihasilkan dari (enelesaian se$agian atau /nal
diakui se0auh untuk setia( (eriode di$uat se0auh $ah!a se(erti kerugian
dikurangi dari (angsa modal musarakah . 'al ini sesuai dengan konse(
(eriodisitas ( 8ernataan Lonse( # (ara -4 ) ang memungkinkan (enusunan
la(oran keuangan sedemikian ru(a untuk menca(ai tu0uan ang diteta(kan
dalam 8ernataan O$0ecti$es ( aat >> ) 2 menentukan hak dan ke!a0i$an semua
(ihak ang $erke(entingan .
Kam(iran B 2 ;e/nisi
Musarakah
Suatu $entuk kemitraan antara $ank sariah dan nasa$ahna dimana masing.
masing (ihak mem$erikan kontri$usi ke i$ukota kemitraan dalam dera0at ang
sama atau $er$eda.$eda untuk mem$angun (roek n!e atau $er$agi dalam
ang sudah ada # dan dimana masing.masing (ihak men0adi (emilik modal (ada
dasar dan (ermanen atau menurun akan memiliki saham karena na keuntungan
. Namun# kerugian di$agi secara (ro(orsional dengan kontri$usi modal . 'al ini
tidak di(er$olehkan untuk meneta(kan se$alikna.
konstan Musarakah
Ini adalah musarakah di mana saham mitra di i$ukota teta( konstan Se(an0ang
!aktu se$agaimana ditentukan dalam kontrak
$erkurangna Musarakah
Ini adalah Musarakah dimana $ank sariah setu0u untuk mentransfer secara
$ertaha( ke(ada mitra lainna share ( $ank Islam ) dalam musarakah #
sehingga (enurunan saham $ank sariah dan mitra lainna3 s share meningkat
sam(ai ang terakhir men0adi (emilik tunggal dari usaha itu .
(artisi(asi
Ini adalah Musarakah dimana $ank sariah memiliki saham atau unit ang
me!akili ke(emilikan saham di i$ukota lain (erusahaan .