ANALISIS BIAYA MODAL (COST OF CAPITAL) DAN IMPLIKASINYA TERHADAP STRUKTUR SUMBER DANA LEMBAGA KEUANGAN SYARIAH
Keywords:
Cost of Capital, Funding Sources, Islamic Financial InstitutionsAbstract
Cost of capital is an important aspect in the financial management of Islamic financial institutions as it serves as a basis for making investment and financing decisions. Unlike conventional financial institutions that rely on interest-based systems, Islamic financial institutions apply Sharia principles that prohibit riba (usury), gharar (uncertainty), and maysir (gambling). This article aims to analyze the concept of cost of capital and its application to funding sources in Islamic financial institutions. The research employs a library research method by reviewing relevant books, scientific journals, and other literature sources. The findings indicate that the funding sources of Islamic financial institutions consist of owners' equity, third-party funds, and borrowed funds, all of which are managed in accordance with Sharia principles. The application of cost of capital is implemented through various Sharia contracts, including mudharabah, murabahah, musyarakah, and ijarah. These contracts serve as the foundation for fund management and profit distribution without involving interest-based transactions. Therefore, the application of cost of capital in Islamic financial institutions is not only aimed at achieving financial profitability but also at ensuring compliance with Islamic principles in financial activities.
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