scholarly journals Impact of Time Value of Money Theory in Ijarah Sukuk Genuineness: the Case of Bahrain and Malaysia

2018 ◽  
Vol 11 (7) ◽  
pp. 56
Author(s):  
Abdul Rahman Ateeyah Sharif ◽  
Adam Abdullah
Keyword(s):  
Central Bank ◽  
Major Effect ◽  
The Other ◽  
Time Value Of Money ◽  
Time Value ◽  
Conventional Instruments ◽  
Library Research ◽  
The Impact ◽  
Value Of Money

This research is a case study of two Ijarah Sukuk issuances in two countries. One issued by central bank of Bahrain and matured in 2014 and the other was issued by the Malaysian company TSH Resources Bhd and matured in 2017. By adopting library research and document analaysis, this research examines the terms and conditions of both cases based on what has been disclosed in the prospectuses. Accordingly, this study presents the impact of the Time Value of Money (TVM) in these cases and how it differentiates between genuine Ijarah Sukuk and a duplicate-bond Sukuk. The study revealed that there were some Shari’ah non-compliance issues in the implementation of Sukuk concept in both cases in a way it emulates conventional instruments featured as guaranteed-return instruments, which take into account TVM as an essential compenent in calculating its returns. However, such practice has a major effect on the genuineness of Sukuk, in terms of Shari’ah-compliance risk.

A Time Dependent Order Level Inventory Model for Beta Deterioration in Two Warehouse Systems

2015 ◽  
Vol 6 (2) ◽  
pp. 53-69 ◽  
Author(s):  
Soumendra Kumar Patra ◽  
Tapan Kumar Lenka ◽  
Er. Purna Chandra Ratha
Keyword(s):  
The Other ◽  
Time Dependent ◽  
Inventory Problem ◽  
Time Value Of Money ◽  
Continuous Release ◽  
Time Value ◽  
Distribution Form ◽  
Deterioration Rate ◽  
Demand Rate ◽  
Value Of Money

An inventory problem for a deteriorating item having two separate warehouses is developed under time value of money, whereby one is an own warehouse (OW) of finite dimension(s) and the other is rented warehouse (RW) of infinite dimension(s). Deterioration rate of items in the two warehouses may be different, which is time dependent and deterioration is in the mean beta distribution form. In this study, shortages and complete backlogging have been considered as the other items, whereby the demand rate of items is linear with time in OW and the same is linear with price in case of RW. Also, the stocks of RW transported to OW in continuous release pattern.

Using the Time Value of Money Decision Tree to Calculate an Athlete’s Contract Offers

2017 ◽  
Vol 6 (1) ◽  
pp. 48-57
Author(s):  
B. David Tyler
Keyword(s):  
Critical Thinking ◽  
Decision Tree ◽  
Professional Sports ◽  
Cash Flows ◽  
Discount Rates ◽  
Deferred Compensation ◽  
Time Value Of Money ◽  
Time Value ◽  
The Impact ◽  
Value Of Money

Time Value of Money (TVM) is an essential concept within finance, yet its fundamentals confuse many students. This case offers the TVM Decision Tree to guide students to logical solutions through a step-by-step approach that requires critical thinking about cash flows. Students follow a sport agent as she reviews contract offers for her client. She received four offers with payments structured in wildly different ways, including single payments, growing annuities, and delayed annuities. She must use her knowledge of TVM and the TVM Decision Tree to determine which contract will provide her client with the largest contact in terms of PV. She will find that the contracts with the largest nominal values are not necessarily worth the most in terms of PV. She will also see the impact that different discount rates can have in making her decisions, as well as learn about deferred compensation within professional sports.

A Time Dependent Order Level Inventory Model for Beta Deterioration in Two Warehouse Systems

2018 ◽  
pp. 528-545
Author(s):  
Soumendra Kumar Patra ◽  
Tapan Kumar Lenka ◽  
Er. Purna Chandra Ratha
Keyword(s):  
The Other ◽  
Time Dependent ◽  
Inventory Problem ◽  
Time Value Of Money ◽  
Continuous Release ◽  
Time Value ◽  
Distribution Form ◽  
Deterioration Rate ◽  
Demand Rate ◽  
Value Of Money

An inventory problem for a deteriorating item having two separate warehouses is developed under time value of money, whereby one is an own warehouse (OW) of finite dimension(s) and the other is rented warehouse (RW) of infinite dimension(s). Deterioration rate of items in the two warehouses may be different, which is time dependent and deterioration is in the mean beta distribution form. In this study, shortages and complete backlogging have been considered as the other items, whereby the demand rate of items is linear with time in OW and the same is linear with price in case of RW. Also, the stocks of RW transported to OW in continuous release pattern.

scholarly journals Modified Malmquist Productivity Index Based on Present Time Value of Money

2013 ◽  
Vol 2013 ◽  
pp. 1-8 ◽  
Author(s):  
Farhad Hosseinzadeh Lotfi ◽  
Golamreza Jahanshahloo ◽  
Mohsen Vaez-Ghasemi ◽  
Zohreh Moghaddas
Keyword(s):  
Data Envelopment Analysis ◽  
Malmquist Productivity Index ◽  
Productivity Index ◽  
Data Envelopment ◽  
Time Value Of Money ◽  
Index Model ◽  
Time Value ◽  
Dea Models ◽  
Value Of Money

Data envelopment analysis (DEA) models can calculate the Malmquist Productivity Index (MPI). Classic Malmquist Productivity Index shows regress and progress of a DMU in different periods with efficiency and technology variations without considering the present value of money. This issue is of major importance since while a currency of in previous year is not equal to that of now this would yield bias results which can affect the correct interpretation. The index developed here is defined in terms of Modified Malmquist Productivity Index model, which can calculate progress and regress by using the factor of present time value of money. The incorporation of present time value of money is also calculated within the framework of data envelopment analysis. This factor is fundamental and should be considered in DEA Malmquist Productivity Index. Moreover, here, differences between presented models are compared to those of previous ones indeed, biased results will be shown in the case study in banks, and problem and solution have been investigated in the literature.

scholarly journals Konsep Nilai Waktu dari Uang dalam Sudut Pandang Ekonomi Islam

2019 ◽  
Vol 9 (2) ◽  
pp. 186-195
Author(s):  
Rahma Ulfa Maghfiroh
Keyword(s):  
Economic Value ◽  
Value Of Time ◽  
Time Value Of Money ◽  
Time Value ◽  
Library Research ◽  
Value Of Money

Kemajuan pemikiran dan peradaban manusia terus berkembang, begitu pula dengan perkembangan ekonomi yang semakin pesat. Perkembangan teori keuangan yang saat ini juga bermunculan sehingga menjadi masalah yang hangat diperdebatkan, salah satunya adalah konsep time value of money atau lebih dikenal dengan nilai waktu dari uang. Konsep nilai waktu dari uang ini menyebutkan bahwa nilai uang saat ini lebih berharga dari sejumlah nilai uang yang sama di masa mendatang. Agar uang tidak tergerus nilainya seiring dengan berjalannya waktu maka hal tersebut tidak terlepas dari yang namanya bunga. Menurut konsep ekonomi Islam menegaskan bahwa dalam al-Quran telah mengharamkan bunga atas uang, di mana hal tersebut disamakan dengan riba. Dalam berbagai pandangan yang dikaji dari sudut pandang Islam teori nilai waktu dari uang bertentangan dengan prinsip ekonomi Islam. Dalam ekonomi Islam, uang bukanlah-modal serta tidak memberikan kegunaan, namun fungsi uang tersebut yang memberikan kegunaan. Dalam  Islam memandang time value of money yang populer dengan nilai waktu uang kemudian digantikan dengan konsep economic value of time. Konsep tersebut menunjukkan bukan uang yang memiliki waktu, namun waktulah yang memiliki nilai ekonomis. Maka dalam tulisan ini, penulis akan mencoba menjawab bagaimana konsep nilai waktu dari uang dalam sudut pandang ekonomi Islam?, dengan metode kualitatif dan pendekatan library research didapat bahwa dalam ekomoni Islam tidak mengenal nilai waktu uang atau time value of money namun teori economic value of time lah yang dianggap benar dari pandangan ekonomi Islam. Artinya uang itu sendiri sebenarnya tidak memiliki nilai waktu, namun waktulah yang memiliki nilai ekonomis.

scholarly journals Konsep Uang Dalam Islam

2019 ◽  
Vol 6 (4) ◽  
pp. 377-390
Author(s):  
Choirunnisak Choirunnisak ◽  
Choiriyah Choiriyah ◽  
Sapridah Sapridah
Keyword(s):  
Public Goods ◽  
Qualitative Data ◽  
Economic Value ◽  
Value Of Time ◽  
Analysis Method ◽  
Private Goods ◽  
Time Value Of Money ◽  
Time Value ◽  
Library Research ◽  
Value Of Money

Abstract.This research discusses how the concept of money in Islam. This research is a type of library research that focuses on qualitative data management with data analysis methods using the description-analysis method. The results of this study stated that money is capital money, money is not identical with capital, money is public goods, capital is private goods, money is flow concept, capital is stock concept. Money is not a commodity, even money in the Islamic concept is not included in the utility function. In Islam there is no time value of money. Islam only knows the Economic Value of Time and money is a flow concept.Keywords: Concept, Money, Islam Abstrak.Penelitian ini membahas bagaimana konsep uang dalam Islam. Penelitian ini merupakan jenis penelitian pustaka (library research) yang menitikberatkan pada pengelolaan data secara kualitatif dengan metode analisis data menggunakan metode deskripsi-analisis. Hasil penelitian ini menyatakan bahwa Uang adalah uang capital, uang tidak identik dengan modal, uang adalah public goods, modal adalah private goods, uang adalah flow concept, modal adalah stock concept. Uang bukan suatu komoditi, bahkan uang dalam konsep Islam tidak termasuk dalam fungsi utility. Dalam Islam tidak mengenal adanya time value of money. Islam hanya mengenal Economic Value of Time dan uang adalah flow concept.Kata Kunci; Konsep, Uang, Islam

The Time Value of Money Concept in Islamic Finance

2006 ◽  
Vol 23 (1) ◽  
pp. 66-89
Author(s):  
Abu Umar Faruq Ahmad ◽  
M. Kabir Hassan
Keyword(s):  
Basic Element ◽  
Islamic Finance ◽  
Purchasing Power ◽  
Conventional Theory ◽  
Modus Operandi ◽  
Time Value Of Money ◽  
Time Value ◽  
Value Of Money ◽  
Future Date ◽  
Rule Out

The time value of money is a basic investment concept and a basic element in the conventional theory of finance. The Shari`ah does not rule out this consideration, for it does not prohibit any increment in a loan given to cover the price of a commodity in any sale contract to be paid at a future date. What is prohibited, however, is making money’s time value an element of any lending relationship that considers it to have a predetermined value. Here, the Shari`ah requires that a loan be due in the same currency in which it was given. The value (i.e., purchasing power) of paper currencies varies due to changes in many variables over which the two parties of a loan contract usually have no control. This study examines possible modus operandi of time valuation according to the Shari`ah’s precepts vis-à-vis the concept of money, and whether any value can be attributed to time while considering money’s value. For this purpose, it investigates the juristic views on such relevant issues as the permissibility of difference between a commodity’s cash and credit prices and an increase and reduction of the loan’s amount in return for early repayment.

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