ACCOUNTING OF REFINANCING AND TAKE OVER FOR MURABAHAH CONTRACT

The development of community needs necessitates the dynamics of services at Islamic financial institutions, especially in contract schemes or transaction models. Besides being influenced by the financial capacity of the community, there is also a rational choice to get cheaper transaction options. So, in the practice of Islamic finance, refinancing and take over transaction schemes are also developing. This article was written with the aim of describing the accounting treatment of refinancing transactions and taking over for murabahah contracts and analyzing them based on sharia compliance (sharia compliance). The research approach used is the literature on fiqh laws as guidelines for sharia compliance which has been regulated in the DSN MUI fatwa. The findings that the author can convey in this article are that there are several rational reasons for the recognition and treatment of PSAK-based accounting which regulates refinancing and take over transactions with the obligation to recognize the existence of margins in both transactions. Meanwhile, in fiqh, there is actually a deviation from compliance with sharia.


INTRODUCTION
Accounting is a tool in providing the value of public trust in the activities of an organization or business entity, especially in the context of reviewing financial performance. In practice, the accounting profession is required to be professional, have ethics or morals and be able to prove fairness in every financial transaction. The application of ethics is expected to be able to direct accountants to act ethically, fulfill compliance with the accounting system and compliance with religion (Matnin, 2018). The variety of transactions needed to fulfill various needs in the financial sector is a challenge for accountants to create accounting treatments that can represent real transactions.
The contracts that are currently developing are in the form of multi-contract transactions, which previously were rare. The development of Islamic bank products in the context of multi-contracts is able to answer and solve the needs of the community, several products and which are developing are refinancing and take over. Both contracts are quite popular and in demand due to the situation and conditions in society which are increasingly inclined to be independent and choose practical values. The era of globalization as it is today, where technology has benefited to make transactions as quickly as possible, so that the world of Islamic banking is also required to provide relevant products and services. (Haryono, 2019). Therefore, product innovation or Islamic banking contracts are needed to facilitate transactions carried out and also as evidence of the superiority of the existence of Islamic banking in today's financial and economic activities. Furthermore, to create harmonization in the transaction scheme agreement, bankers must have accurate business communication techniques, so that they can be understood by debtors (Kunaifi & Syam, 2021).
One of the main contracts that are widely transacted is the murabahah contract (see table). This contract is considered very popular, so in fact various problems such as nonperformance funding (NPF) also occur in many murabahah contracts. Some of the solutions initiated by Islamic financial institutions to avoid default or bad credit, refinancing and take over services are provided, both of which basically apply multicontract or hybrid contracts. On this basis, it is necessary to discuss the two multi-contract products with the aim of providing a complete understanding so as not to confuse and doubt the public in applying the two. Helping the public in choosing the right product to achieve Accounting of Refinancing….. 110 falah is part of sharia marketing activities (Kunaifi, 2016). In addition, this paper will also discuss the accounting treatment of each of these contracts, namely murabahah, refinancing, and take over. and sharia business units (UUS). As in the same report, it is known that the number of BUS in Indonesia is 12 banks, and there are 20 UUS owned by conventional banks.

RESEARCH METHOD
To obtain valid data, the researchers obtained data through primary and secondary sources. Primary sources were obtained through informants at one of the Islamic commercial banks and non-Islamic financial institutions. While the secondary data sources are obtained through the website of Islamic financial institutions and the financial services authority (OJK). Data were collected for descriptive qualitative analysis. Informants in this study came from managers of Islamic financial institutions, namely managers of sharia cooperatives, managers of Islamic commercial banks, and sharia financial software consultants. The use of primary data sources in this article is similar to research on the monetary system in Islam (Aang , and field research on spiritual leadership (Rosyid, Kunaifi, & Asyari, 2021).  (Sam & Et.al, 2014).
The hallmark of a murabahah contract is the exchange of goods at a clear price, with the following conditions; both parties (the seller and the buyer know the first price/acquisition price), the buyer knows the amount of profit requested by the seller, the capital submitted is in the form of mitsliyat goods (of the same type and has the same use), the murabahah contract if it is carried out on usury goods then must avoid factors the occurrence of usury nasiah, and finally the transactions that preceded it should be carried out legally. Usually, the buyer's payment is made on credit or deferred (deferred payment) which in fiqh terms is called bay' bit taqsith. Permissibility of payment on credit based on the argument (Zuhayli (Az), 2011), as states Suhendi (Suhendi, 2008), and (Sam & Et.al, 2014):

al-Baqarah verses 282
"O you who believe! If you make a debt (non-cash transaction) for a specified time, you should write it down." "From 'Aisyah r.a said: "that Bariroh came to me saying: My lord has set (ransom for my release) as many as nine waq which every year I must pay one waq." (Bukhori dan Muslim).

an-Nisaa verses 29
Structurally, the murabaha contract implemented in Islamic financial institutions is described as follows:  Examples of cases that often occur in sharia cooperatives or BMTs, someone who has a need for religious activities actually needs money to buy many necessities. Then convey these needs to the cooperative through customer service. The cooperative provides suggestions for a tawarruq contract to avoid a qard contract, so to meet the needs of members/customers it is advisable to buy and sell murabahah with an installment payment system. The cooperative, which has a partnership with hanphone A counter, performs a salam contract for cellphone products that are required by counter A (a third party). The The explanation of the schematic above is as follows: a) Broker 1 sells goods to the Bank; b) Bank pays in cash for goods purchased from broker 1; c) Banks make sales with murabahah contracts to customers; c) Banks act as agents to sell goods (which have been purchased by customers) to brokers 2; d) Broker 2 makes payments to the bank's customers; e) Customers make payments in installments to the bank.

SHARIA REFINANCING
Refinancing is carried out to pay off loans by applying for new loans with lower interest rates and still at the same bank. This is done to ease the repayment of debts for both individuals and companies. In the practice of Islamic finance, refinancing products are often carried out as risk mitigation in completing non-performance financing (NPF).
Refinancing in sharia (sharia refinancing) can be realized for financing for prospective customers who already have full assets, it can also be done for financing for prospective The next step is the customer rents the asset to the LKS as the business manager. The rental income is a profit that will be divided according to the syirkah portion. Each period, the LKS capital is returned gradually by the customer, so that the ownership of the LKS syirkah mutanaqishah capital is reduced until it runs out, at that time the assets and overall capital return to the customer. (Mingka, 2016). A brief description of the contract in question is as shown in figure 3 below: Accounting of Refinancing….. 116

Figure 3 Refinancing Flow According to Agustianto Mingka
As for murabahah financing, which is in cases of loss or failure to pay by customers due to decreased ability to pay, refinancing is usually done in the form of rescheduling only. The LKS determines the residual value of the old receivables by purchasing the asset in question. Then the customer buys back the asset at the same price, but with an installment contract and a lighter tempo and in accordance with the ability of the customer.
The purpose of refinancing in the murabahah contract scheme is to reduce the NPF ratio as a form of risk mitigation (Matnin, 2021). In addition to rescheduling, LKS also conducts reconditioning, so that customers are also given a deterrent effect, for example by asking for additional guarantees and so on, the aim of which is to discipline customers. In other cases, refinancing in a murabahah contract is the transfer of the function of assets that were originally the object of the transaction to become collateral or guarantees for new nonmurabahah financing. (Eric, 2021). The standard accounting treatment carried out is (Rahman, 2021): Dr. Asset of murabahah xxx Cr. Account recievable of murabahah xxx Dr. Account recievable of murabahah (refinancing) xxx Cr. Asset of murabahah xxx

TAKE OVER
Take over is a transfer of debt in a certain contract scheme from one bank to another.
Usually, this is mostly done by customers who want to migrate, namely converting their transactions from conventional to sharia contracts. The transfer of debt itself in sharia is the actualization of the hiwalah contract, although in the take over there is not only a single hiwalah contract but also several accompanying contracts. So that take over is a form of hybrid contract.
One example of a take over contract case as occurred in Islamic banking is as follows: A customer who transacts asset purchases at Bank X with a murabahah contract is unable to continue the transaction due to a decreased ability to pay installments, and intends to apply for a take over through Bank Y with more periodic payments. light. Bank Y approved the customer's application with a new contract, namely ijarah muntahiya bittamlik (IMBT) or musyarakah mutanaqisah (MMQ). Note that the take over of a For this reason, sharia has regulated the hiwalah contract with the pillars that must be fulfilled, among others; parties who are in debt and at the same time have receivables (muhil), parties who only have receivables (muhal), people who have debts and are obliged to pay debts to muhil (muhal 'alaih), muhal debts to muhal (muhal bih), muhal 'alaih debts to muhil, and sighat (ijab qabul).
As for the accounting treatment of LKS recording, it depends on the contract scheme to be used, in accordance with the applicable MUI fatwa. Meanwhile, the provisions for taking margin for the LKS taking over are permitted provided that there is a legal transfer of ownership of the asset (Andreany, 2018). Based on the discussion above, refinancing accounting records are simpler than take over. However, as a technical issue it does not require confusing assessment and analysis for bankers. An important object that must be a concern for sharia bankers or sharia financial institutions is to determine the right contract scheme so that it is protected from elements that are prohibited in sharia.

CONCLUSION
Those are some of the contract provisions which are actually quite complex regarding financing and take over. The study of hybrid contracts is very urgent, in addition to solving muamalah problems for the common good, as well as avoiding misunderstandings over the similarities and differences in transactions or products between LKS and non-Islamic financial institutions.