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In the case of capital, Islam has the following provisions:
1. Capital must be known
If the unknown number of capital, then it is merely speculative. This makes the legality of the
transaction. Capital must be known as the capital will become the reference when business
alliance disbanded. This may not be possible without knowing the amount of capital which
included the parties.
2. The real form of capital
Investment to be present at discounted rates occurred. Because with the existence of the capital
and the alliance can be done, so that its existence is required, if when discounted rates no then
the transaction is considered to cancel.
3. Not a capital debt
This is done to prevent usury. Usury is something prohibited by Islam.


In the language of the financial management, in general working capital can be described as
Gross working capital usually refers to the current assets, which usually include cash receivables
and supplies. Net Working Capital is usually defined as current assets reduced debt smoothly. The
operational Net Working Capital is usually defined as current assets reduced operational current
debt. Usually the operational current assets include cash debt, receivables and supplies. While the
operational current debt debt includes trademarks and debt accrual (e.g. salary debt and tax debt).
"Why the company has a working capital?" The answer is due to market imperfections.
Imperfections is forcing the company to have a working capital. If there is no transaction cost, all
the activities can be expected with clear (the condition of certainty), there is no bankruptcy costs
and working capital is not required. The following is some conditions and imperfections that make
decisions working capital become important:
a. Transaction cost
b. The delay/incompatibility activity
c. The possibility of bankruptcy / payment difficulties


The factors that affect the current assets
Several factors influence total current assets relative to total assets. Following these factors.
a. Business characteristics
b. The size of the Company
c. Company activities
d. The stability of the sale of the company

The factors that affect the current debt

a. External Factors
b. Internal Factors management policy


1. Current Asset Strategy

In general, current assets have less profit than fixed assets. If the company has a higher current
asset then the company can reduce the risk, but the consequence the company will gain lower
profitability as well.
2. Funding Strategy
There are three approach in short-term funding:
a. Matching or hedging
b. Aggressive
c. Conservative

These three strategies relate to the risk and profitability of short-term debt versus long-term
debt. As in other sections, there is a trade-off between risk and return, the higher the profit rate
will be followed by the high risk as well. The opposite is true for long-term funding. Long-
term funding generally has a higher rate of return. But the risk of long-term funding in terms
of funding is smaller with short-term funding.
The matching approach tries to balance the funding side with the side of the funded asset. In
the funding, long-term assets and current assets are permanently funded by long-term funding,
while current assets are financed by short-term funding.


1. Understanding Of Cash Conversion Cycle

The cash cycle is the "journey" of cash, from the cash issued to the cash back again.
2. Using A Balance Sheet To Calculate The Cash Cycle


1. Calculate Working Capital By Asset Turnover Method

2. Methods of Fund Adjustment
Methods the fund's engagement calculates how long and how much "bound" funds are the
needs of working capital. When viewed from the production process of goods, when we issue
cash to buy raw materials, process them into finished goods, then the funds have been declared
bound. When the item is purchased and paid the money will be free. Thus the amount of
working capital depends on two things, namely:
1. Related period of funds
2. Average daily cash outlay


After performing working capital planning, financial managers need to monitor the condition of
the company's working capital continuously. The worsening working capital condition indicates
the company is experiencing liquidity difficulties which has several indicators to monitor it:

1. Debt repayment period is slowing down.

2. Operating cash inflows are declining
3. Inventories are increasingly accumulate
4. The current ratio is getting smaller
5. Once the problem is detected, the financial manager can do some steps like the following
6. Controlling inventory levels
7. Controlling investment in receivables
8. Curbing low cash outflows is a priority

To increase the flexibility of companies handling liquidity problems that may arise suddenly,
financial managers can do several things, such as:

1. Open a special agreement with the bank

2. Opening the line of financing with the bank
3. Finance managers open access to financial markets
4. Financial managers can hold a liquid short-term securities


Sharia Working Capital Financing is short-term financing given to companies to finance their
working capital needs based on Sharia principles.

Sharia Capital Financing Facility may be provided to all prospective sectors / sub-sectors of the
economy, not contrary to Islamic Shari’s and is not prohibited by applicable law and saturated by
Bank Indonesia.

The things that must be considered in performing analysis of financing include:

1. Type of business
2. Business scale
3. The level of business difficulty that is executed
4. Character of transactions in the business sector to be financed

In the case of the provision of working capital financing, banks should also have a strong analytical
power of the source of repayment, i.e. the source of project income to be financed. This can be
known by way of classifying the project into:

1. Project by contract
2. Project without a contract

Based on the contracts used in Sharia financing products, the type of working capital financing
can be divided into 5 kinds, namely:
1. PMK Mudharabah
2. PMK Istishna '
3. PMK Salam
4. PMK Murabahah
5. PMK Ijarah

In determining the syariah working capital financing contract, the process of analysis performed
is as follows:

1. The type of project to be financed is whether to have a contract or not

2. If the product has a contract value, the next actor to be observed is the project for construction
financing or procurement. If for construction financing, the proper financing is istishna
'financing. However, if it is not for construction financing, but for the procurement of goods,
then the financing that should be given is mudharabah financing.
3. If the project is not for construction financing or procurement, the bank is not eligible to provide

In case the project does not have a contract, then the next factor that should be seen by the bank is
whether the project is for the purchase of goods or leasing of goods.

1. If for the purchase of goods, the next thing to look at is whether the goods are ready stock or
goods in process.

If for the rental of goods, then the financing pro