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ICDX Komoditi Syariah | ICDX Sharia Commodity Market
SHARIA (ICDX Sharia Commodity Market)


About Sharia Commodity

Sharia Commodity is a commodity trading activity according to sharia principles carried out on the Commodity Exchange. Commodities traded must be of a known sort, quality, and amount, and permissible by laws and regulations.

In practice, commodity trading on the Exchange is based on sharia principles in the form of purchase and sale commodity between Commodity Traders Participants and Islamic financial institution (Commercial Participants), and between Islamic financial institution (Commercial Participants) and Islamic financial institution customers (Commodity Consumers); and in the following sales, buying and selling are carried out between Islamic financial institution customers (Commodity Consumers) and Commodity Trader Participants.

Currently, sharia commodity transactions on the ICDX commodity exchange serve liquidity needs for Islamic financial institutions and financing facilities for their customers. 

History of Sharia Commodity

Sharia Commodity, widely known as Commodity Murabahah, were first practiced by a local Islamic bank in Saudi Arabia and subsequently followed by several Islamic financial institutions. Then, in October 2000, Saudi British Banks pioneered the practice of Commodity Murabahah banking and it was followed by Al-Jazeera bank at the end of 2002. In Saudi Arabia, The National Commercial Bank (NCB) was the first bank to issue financing products using Commodity Murabahah namely Taysir in 2000. Subsequently, Abu Dhabi Islamic Bank (ADIB) launched Al-Khair, an innovative sharia-compliant financial product based on Commodity Murabahah concept. Commodity Murabahah transactions carried out by Islamic banks in the Middle East usually use the London Metal Exchange (LME) as a trading platform for commodities.

Meanwhile, in Malaysia, Bank Negara Malaysia (BNM) issued the Commodity Murabahah Program (CMP) to facilitate investment and liquidity management in March 2007. Furthermore, on 17 August 2009, Bursa Malaysia launched the commodity trading platform “Bursa Suq al-Sila' (BSAS) to facilitate liquidity management and financing in Islamic banking. In Indonesia, Sharia Commodity referring to the DSN MUI No: 82/DSN-MUI/VIII/2011 concerning on Commodity Trading based on Sharia Principles in Commodity Exchanges by fulfilling the provisions stipulated in the fatwa.

Our Purpose

To facilitate Islamic financial institutions in utilizing Islamic commodity instruments for liquidity management


Benefits of Sharia Commodity
Improving product competitiveness on Islamic banking
As a liquidity management instrument in Islamic banking
Product diversification and development in Islamic banking
Provide fixed returns on Islamic banking
ICDX : Organizing Sharia Commodity Murabahah Market

ICDX as a Futures Exchange has obtained permission from the Commodity Futures Trading Supervisory Agency (CoFTRA) - Ministry of Trade to organize a sharia commodity murabahah market.

Descriptions:

  1. Sharia banking client applies for the financing of (e.g. : 1 billion) & sharia bank approves the application after conducting an assessment of the client. 
  2. Sharia banking should transfer the payments to Indonesia Clearing House (ICH) in the amount of (e.g. :1 billion) prior to purchasing commodity through the Indonesia Commodity and Derivative Exchange (ICDX)
  3. Sharia banking purchases commodity owned by commodity trader participants through the ICDX trading system in the amount of (e.g. : 1 billion).
  4. Sharia banking sells the commodity at (e.g. : 1 billion plus 100 million) as a margin 
  5. Sharia banking client might select whether to sell the commodity through the ICDX trading system for (e.g. : 1 billion) to get cash financing or to take the physical delivery.
  6. If the client selects to sell the commodity, ICH should transfer the cash payment to the client at (e.g. : 1 billion).
  7. In the end, the client should pay the principal plus the margin to the Sharia banking on a deferred basis according to the agreement.


Sharia Commodity Fatwa
DSN MUI Fatwa No: 82/DSN-MUI/VIII/2011 concerning on Commodity Trading based on Sharia Principles in Commodity Exchanges
Read more
DSN MUI Fatwa No: 90/DSN-MUI/XII/2013 concerning on the Transfer of Murabahah Financing Between Sharia Financial Institutions.
Read More
DSN MUI Fatwa No: 96/DSN-MUI/IV/2015 concerning Islamic Hedging Transactions (Al-Tahawwuth Al-Islami/Islamic Hedging) on ​​Exchange Rates.
Read more
DSN MUI Fatwa No: 104/DSN-MUI/X/2016 concerning Subrogation based on sharia principles.
Read more
Sharia News & Insights
Wednesday, 14 September 2022
Publication
Secara garis besar, industri keuangan syariah terbagi menjadi beberapa sektor diantaranya (a) sektor perbankan syariah, (b) pasar modal syariah, (c) industri keuangan non-bank syariah yang termasuk didalamnya industri asuransi, dana pensiun, lembaga pembiayaan, dan lembaga jasa keuangan lainnya, yang dalam pelaksanaannya tidak bertentangan dengan prinsip-prinsip syariah. Selanjutnya Islamic Financial Services Industry Stability Report 2021 total aset perbankan syariah secara global telah mencapai 68.2% pada akhir periode 2020 jauh lebih tinggi dibandingkan dengan asuransi syariah yang hanya mencapai 0.9%. Sedangkan pasar modal syariah mencapai setengah dari persentase perbankan syariah sebanyak 30.9%.
Subrogasi merupakan penggantian kedudukan kreditur oleh pihak ketiga. Penggantian oleh pihak ketiga yang dimaksud bukan untuk membebaskan hutang dan kewajiban debitur namun, menggantikan kedudukan kreditur lama menjadi kreditur baru.
Friday, 22 July 2022
Publication
Komoditi syariah atau yang biasa disebut Komoditi Murabahah pertama kali dipraktekkan oleh sebuah bank syariah lokal di Arab Saudi dan selanjutnya diikuti oleh beberapa lembaga keuangan syariah lainnya.
Sejak pertama kali diluncurkan sekitar tiga puluh tahun yang lalu, komoditi syariah atau komoditi murabahah telah mendapatkan popularitas hingga saat ini sebagai instrumen manajemen likuiditas.
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