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«ISLAMIC BENCHMARKING: AN ALTERNATIVE TO INTEREST RATE (Evidence from Home Financing in Malaysia) Ali Rama1 Wisnu Wardhana, Farid Kurnia Rahman, Ilham ...»

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Based on this finding then offered some practical recommendations that can be done by stakeholder of Islamic banking in order to enhance the performance of Islamic banking

products and innovations in the future. Recommendations are as follows:

1. To create a different rental rate based on the location and types of housing. The more strategic the location of a house the higher rental price.

2. To make a classification of house in Musharakah Mutanaqisah Partnership home financing, for example, one Single Story, Double Story, Double Semi-Detached and Condominium. The more luxurious type of home, the higher the rental price.

3. To establish an independent institution with authority to rating and updating the periodic rental rate for every area.

4. To use rental rate as calculation basis in MMP home financing. In determining the expected rate of return is not based on interest rate but rental rate. This system is more “Islamic” because it treats every customer differently, especially low income customers and customers with high income. Customers who receive financing with type of Single Story with Condominium and location of the homes closes to the city with a rural location will pay different on their monthly payment and total payment due to its each different rental rate.

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Ayub, Muhammad, (2008), “Understanding Islamic Finance”, John Wiley & Sons Ltd, England.

Cohen, J. (1988). “Statistical Power Analysis for the Behavior Science (2nd edition)”.

Hillsdale, NJ, Erlbaun Iqbal, Z. and Mirakhor, A. (2007). “An Introduction to Islamic Finance Theory and Practice”, John Wiley & Sons (Asia) Pte Ltd, Singapore.

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Kameeel, A. Meera. (2006), “Alternative for Islamic Home financing”.

http://ahamedkameel.com/MMP-EDGE.pdf Kameel, A. Meera. M and Abdul Razak, (2005). “Islamic Home Financing through Musharakah Mutanaqisah and Al-Bay’ Bithaman Ajil Contracts: Comparative Analysis”. Review of Islamic Economics, 9 (2).

Kameel, A. Meera. M and Abdul Razak, (2007). “The Musharakah Mutanaqisah Contracts:

Some Practical Issues”. Review of Islamic Economics.

Rosly, S. A. (2007). “Critical Issues on Islamic Banking and Financial Markets: Islamic economics, banking and finance, investments, takaful and financial planning”.

Dinamas Publishing 89, Kuala Lumpur Malaysia.

Usmani, T. (2006). “Islamic Finance - Musharakah & Mudarabah”. Karachi: Darul Uloom.

Jamia Darul Uloom Wisnu,W., Reza, F., and Faried. K. (2008). “Islamic Benchmarking: Is there any Alternative”. Class assignment for Money Banking and Capital Market, International Islamic University Malaysia,. Islamic Benchmarking: An Alternative to Interest Rate (Evidence from Housing Financing in Malaysia) is an improvement from Islamic Benchmarking: Is there any Alternative.

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n : Period of financing (month)

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