Monthly Archives: May, 2016

Employee and Wage: From Islamic Perspective (part 3 – finished)

Employee and Wage

Author: Prof. Muhammad
(Chairman of Sekolah Tinggi Ekonomi Islam (STEI)Yogyakarta)

Minimum Standard of Wage >_ Nishob of Zakat

In practical level, although the minimum wage has been measured thoroughly by taking into measure components of food, clothes, and housing as stated in a letter issued by Minister of Employment and Transmigration No. 889 HK. 01.32.2002, it is still short to cover the basic needs of employee, particularly in developing countries. The provincial minimum wage (Upah Minimum Provinsi or UMP) of DKI Jakarta in year 2000 was IDR 972.604,00 monthly (or equal to 71 euro), increase by 8% from the 2007 UMP of IDR 900.560,00. Compare it to the employee’s wage in Europe in 2004; In belgium, 1.210 euro, France 1.280 euro, and Netherlands 1.264 euro. The minimum wage in these three countries in 2004 was 17 times higher than the minimum wage of employee in Jakarta in 2008.
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Ruling of Bank Deposit

Ruling of Bank Deposit

Definition of Bank Deposit

Author: Ustadz Said Yai Ardiansyah, MA

One of the products issued by bank is deposit. Deposit is a kind of saving that can not be withdrawn until the certain period of time agreed ends, with the benefit of obtaining percentage of profit from the deposited money. If it is drawn before the its due time, then the bank will charge the owner with some fines.

The example is as follows:

Joko wanted to save his money in deposit account. He deposited IDR 50 millions of his money in 3 months period. The interest rate of deposit is 5% per year, thus, in each month, he received = IDR  50 millions x 5 % : 12 months =IDR 208.333,33. Next, the sum is charged with income tax of 20%, hence, in three months, Joko received IDR 208.333,33 x 3 months = IDR 625.000,00 before taxed.

Joko needn’t to worry about the money he deposited, since it certainly yields profit albeit small. Even though the bank goes bankrupt, or suffers from losses, it still has to pay the profit/interest of his money.
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