Thursday, October 9, 2014

PASCA: Manajemen Harta (7) Rangkuman Materi UTS

Bagaimana pandangan Islam mengenai HARTA dan pengelolaannya? Prinsip-prinsip apa saja yang mendasarinya? Misperception: Islam discourages wealth accumulation because: (1) the repeated warnings of Allah and the prophet Muhammad that wealth could weaken a muslim’s faith in Allah (2) the warnings that many of the wealthy people may not enter jannah Truth: Islam encourages muslims to acquire wealth, under conditions: (1) wealth must be accumulated in an absolutely honest manner, (2) wealth must be managed in a highly responsible manner to benefit not only its owner and family, but also the community as a whole, (3) wealth does not in any way distract muslims from their strong faith in Allah. Those who fear wealth because it may weaken their faith in Allah fail to realize three things: (1) they can better defend Islam if they have wealth, (2) wealth honestly earned and responsibly managed could actually strengthen their faith in Allah as they have sufficient financial resources to acquire more religious and other useful knowledge, (3) wealth also brings them security and, therefore, more peace of mind to perform their spiritual obligations to Allah. WEALTH IN ISLAM IS NOT AN END IN ITSELF, BUT A MEANS TO HIGHER VALUES. Wealth is considered as an endowment or a gift from Allah and human beings are considered as trustees on Allah’s resources on earth. Wealth in all its possible forms is a thing created by Allah, and is, in principle “His property”. Allah delegates the right of property over a thing, which accrues to man, to Him. (QS al Nur: 33) Man has the right of property over the things but the right is not absolute, it has limitations and restrictions. All man can do is to invest his labour into the process of production but Allah alone can cause this endeavour to be fruitful and then productive. (QS Al Waqiah:63) (1) All wealth that a man possess has been received from Allah (2) Man has to use it in such a way that his ultimate goals should be the Hereafter (3) As wealth has been received from Allah, its exploitation by man must necessarily be subject to the commandments of Allah that has taken 2 forms: (a) Allah may command man to part a specified production of “wealth” to another man He may command you to do good to others. (b) He may forbid you to use this “wealth” in a specified way because He cannot allow you to use “wealth” in a way which is likely to produce collective ills or to spread disorder on the earth. Islam regulates the acquisition and accumulation of wealth but also the management of wealth. Islam covers the extremes of zuhud (abstinence) and bakhil (avarice), Islam encourages reasonableness and moderation in life. A MUSLIM SHOULD CONTROL HIS WEALTH, NOT BEING CONTROLLED BY WEALTH. Wealth should make a muslim more generous, if it makes him greedier he should abstain from wealth. Major elements of Islamic management of wealth: (1) Internal self-regulation a. Use wealth to obtain the blessings of Allah b. Ensure that wealth strengthens faith in Allah c. Cleanse oneself from any element of greed (2) Responsibility towards family a. Generous but prudent in spending b. Provide as much education and guidance as possible to their children (3) Mandatory social obligations a. Honestly and regularly paying tithes b. Pay government taxes in full (4) Productive role a. Spend as much as possible for productive purposes to stimulate and enhance economic growth b. Improve productivity and efficiency of production c. Increase spending on research and development (5) Voluntary social responsibility a. Donate generously for charity b. Try to distribute wealth as much as possible c. Eradicate poverty and ignorance d. Contribute for society’s educational development (6) Leadership role a. Disseminate and protect Islam b. Fight against injustice and exploitation c. Improve morality among businessman and professionals d. Improve market economy and free competition Bagaimana seharusnya seorang Muslim merencanakan keuangannya? Jelaskan dengan menyebutkan prinsip, proses, serta komponennya! Slide show pak Ino Islamic Financial Planning is the creation, developing and delivery of unique customer satisfying competitive products and services at a profit to organization and customer in the lights of Islamic values and principles  In Islam, financial planning is not just merely a process of acquisition and accumulating wealth but it has a broad definition which relates to the concept of vicegerent (khalifa).  As the khalifah or vicegerent of God on earth, man is gifted with certain powers, which other creatures of God do not possess. For example, he possesses (within limits of course) intellectual faculties.  We also read that God created all things on earth for man.  The duty of man as God’s khalifah is to make use of all the blessings of God on earth to his own benefit.  For this, man is given freedom, that is, freedom of choice and action (also within limits). It is because of man’s special faculties and his freedom that he becomes the best of God’s creatures.  Financial Planning is basically a discipline of wealth management that applies to the unique needs and concerns of respective individual.  As a Muslim even though a person does not possesses any form of wealth, he still has to commit with financial planning process because either he would leaves debt or children to the trusted one.  Financial Planning quantifies and manages individual’s success in four financial pillars;  wealth protection,  wealth accumulation,  wealth preservation and  wealth distribution.  Each of these different components is meant to play a different role in addressing unique issues and the objective must in line with the Islamic Syariah principle.  The concept of Allah’s bounty is considered very important in Islam as a good Muslim is required to have a proper balanced between the fulfillment of his spiritual and worldly obligations. ◦ ‘A Muslim should prepare himself for the next world as if he is going to die tomorrow, but at the same time work hard to improve all his worldly comforts as if he is going to live forever., (Narrated by Al-Dailami • Islam covers the extremes of zuhd (abstinence) and bulk (avarice). • A Muslim should not forego wealth. Neither should he be avaricious in the pursuit of wealth. • Zuhd is not amounting to rejection of pleasure but rather leading a pious life by his ability to life moderate and within his mean. This is why Islam encourages reasonableness and moderation.  In Islamic financial planning, an individual must understand the discipline of how: ◦ TO PROTECT, (Wealth protection is the wealth management pillar that identifies and manages various sources of current and future income. Involves: cash flow planning, tax planning, family security planning, disability income planning and critical illness income planning. Basis of Co-operation, Basis of Responsibility, Basis of Mutual Protection ) ◦ TO ACCUMULATE, Wealth accumulation pillar of wealth management seeks to achieve reasonable capital growth with the primary objective of preserving accumulated wealth. (Wealth accumulation involves asset allocation strategies, investment policy statement drafting, financial freedom planning and children’s tertiary education planning.) ◦ TO PRESERVE (Wealth preservation component aims to protect the accumulated wealth against every conceivable financial risks and threats.) ◦ And TO DISTRIBUTE (Wealth distribution seeks to make proper planning so that your accumulated wealth can be managed and distributed according to your wishes with minimum hassles.) the wealth according to the Islamic Syariah.  These are the COMPONENTS of financial planning that need to be address in achieving financial goal. Financial Planning PROCESS Financial Planning is a scientific methodology to manage wealth with a holistic viewpoint. It involves developing coordinating and implementing a comprehensive range of strategies to address the wealth management challenges. Financial Planning is a process that encompasses the following six steps:  Establish financial goal: Goal setting is critical to create a successful wealth management plan. The whole financial planning process starts with establishing and prioritizing realistic financial goals and objectives. Appropriate time frame and risk tolerance level must be clearly spelt out as well. It is important that the goals must be quantifiable so that their attainment can be measured  Gather relevant data: After identifying your financial objectives, you need to gather as much as possible the relevant information. This information must be accurate, up-to-date and relevant to the financial objectives. The more complex your situation and the more varied the number of your goals the more challenging the information gathering risk. This step requires significant amount of time and patience.  Analyze the data: Analyzing and evaluating the data can be started when we have enough information. The objective of this step is to establish where you are now in comparison to the financial goals that were established in step one. This is the step that you determine the strengths and weaknesses of the present financial position.  Develop a plan for achieving goal: Normally there will more than one way for a financial objective can be achieved and multiple alternatives should be explored and considered. The plan should be specific in nature, detailing who is to do what, when and what resources. In order to increase the commitment to the plan the report describing the plan should be in writing.  Implement the plan: A financial plan is useful only if it is put into action. The success of a financial plan very much depends on someone’s commitment to implementing the plan. For example implementation of plan is by writing or updating a will restructure current asset allocation; reduce debts and mortgages and etc.  Monitor the plan: The financial planning process is dynamic and requires constant monitoring and reviewing. The plan should be reviewed at least once a year or more frequently if changing circumstances warrant it. The review process should involve tracking the progress and performance of plan implementation. Dari buku Major components of Islamic financial planning 1. Cash flow and liability management 2. Islamic risk management and takaful planning 3. Islamic investment planning 4. Zakat administration and tax planning 5. Islamic retirement planning 6. Islamic estate and waqf planning Bagaimana prinsip-prinsip investasi yang seharusnya dilakukan seorang Muslim? Apa yang membedakan dengan prinsip investasi konvensional dan apa pula persamaannya? Slideshow pak Ino Islamic Investment  Investment should follow Islamic principles  Islam encourages the Muslims to seek for wealth (62:10) Apabila telah ditunaikan shalat, maka bertebaranlah kamu di muka bumi; dan carilah karunia Allah dan ingatlah Allah banyak-banyak supaya kamu beruntung.  Remember! Allah is the true owner of wealth. Man is only a trustee (28:77) Dan carilah pada apa yang telah dianugerahkan Allah kepadamu (kebahagiaan) negeri akhirat, dan janganlah kamu melupakan bahagianmu dari (kenikmatan) duniawi dan berbuat baiklah (kepada orang lain) sebagaimana Allah telah berbuat baik kepadamu, dan janganlah kamu berbuat kerusakan di (muka) bumi. Sesungguhnya Allah tidak menyukai orang-orang yang berbuat kerusakan.  Man is vicegerent of Allah in this World (2:30) Dan Ingatlah ketika Tuhanmu berfirman kepada para malaikat: "Sesungguhnya Aku hendak menjadikan seorang khalifah di muka bumi". Mereka berkata: "Mengapa Engkau hendak menjadikan (khalifah) di bumi itu orang yang akan membuat kerusakan padanya dan menumpahkan darah, padahal kami senantiasa bertasbih dengan memuji Engkau dan menyucikan Engkau?" Tuhan berfirman: "Sesungguhnya Aku mengetahui apa yang tidak kamu ketahui". Time Value of Money – Economic Value of Time  TVM – Ribawy  Money does not grow on its own by time  Money has no intrinsic value  To make money from money is strictly forbidden.  Wealth can only be generated through legitimate trade and investment in assets  Money bust be used in productive way  Shared profit and loss (risk)  Economic and financial activities are linked to real economic sector Dari catatan Siklus (persamaan): Islamic and Non Islamic Wealth Planning -Generation -Accumulation -Protection or Preservation (termasuk purification dalam Islamic wealth planning) -Enhancement -Distribution -Aims: a good life during retirement Terdiri dari poin2 yang sama sedangkan dimulai dari tahap yang berbeda Perbedaan Islamic and Non Islamic Wealth Planning * Islamic and Non Islamic Wealth Planning -Vision: to get falah -Mission: to realize maslahah -Need to do cleansing -Don’t contravene sharia * Islamic and Non Islamic Wealth Planning -Vision: to get a better life -Mission: to realize financial freedom -Not need to do cleansing -Don’t contravene ethics Tambahan dari Vina Prinsip-prinsip investasi yang dilakukan oleh seorang muslim sejatinya harus sesuai dengan prinsip syariah . Dalam menjalankan aktivitas beinvestasi yang dilakukan oleh seorang muslim haruslah melihat aturan dari halal atau haramnya. Investasi secara syariah mengacu pada hukum Islam yaitu Al Qur’an dan Sunnah, jadi pada kesimpulannya investasi syariah adalah kegiatan penempatan dana pada satu atau lebih jenis asset yang terhindar dari maysir (al maidah 5:90), gharar, dan riba (Al Baqarah 2:275) serta peraturan –peraturan lain yang telah ditetapkan oleh fiqih Islam tentang muamalah. Apabila seorang Muslim dihadapkan oleh pilihan investasi di Saham, Real Estate, dan Emas, faktor-faktor apa saja yang perlu dipertimbangkannya? Hal-hal apa saja yang akan membuat seseorang akan memilih salah satu jenis investasi tersebut dibandingkan dengan bentuk investasi lainnya? Dari slideshow pak Ino Establishing Investment Goals 1. How much money do you need to satisfy your investment goals? 2. How will you obtain the money? 3. How long will it take you to obtain the money? 4. How much risk are you willing to assume in an investment program? 5. What possible economic or personal conditions could alter our investment goals? 6. Are you willing to make the sacrifices necessary to ensure that you meet your investment goals? 7. What will be the consequences be if you don’t reach your investment goals? 8. Considering your economic circumstances, are your investment goals reasonable? Factors Affecting the Choice of Investments  Safety and Risk  The Risk and Return Trade-Off  Components of the Risk Factor  Investment Income  Investment growth  Investment Liquidity