INTERCONNECTION OF CONTRACTS: A STUDY ON THE SALE AND MAINTENANCE OF SACRIFICIAL COWS IN NAGARI SUMANI, SOLOK REGENCY (CASE STUDY OF MAK UJANG'S SACRIFICIAL COW MARKET)

Authors

  • Muhammad Latif Taftazani Universitas Islam Negeri Mahmud Yunus Batusangkar
  • Zainuddin Zainuddin Universitas Islam Negeri Mahmud Yunus Batusangkar

DOI:

https://doi.org/10.31958/alushuliy.v3i1.12117

Keywords:

buying and selling (bai), leasing (ijarah), custody (wadiah), sacrificial cow

Abstract

The aim of this research is to determine the form of buying and selling (bai), the form of ijarah, and the form of wadiah that occurs in the practice of buying and selling and caring for sacrificial cows carried out by the sacrificial cow seller "Mak Ujang," whose address is at Jorong Simpang AA, Nagari Sumani, X Koto Singkarak District, Solok Regency. The main problem in this research is why the seller is burdened with the obligation to care for the sacrificial cow after the sale and purchase until the time of slaughter. It also explores whether there are other contracts, such as ijarah and wadi'ah, accompanying the sale and purchase agreement (bai contract) in this case, and if so, whether it is justified to interconnect (combine three transactions simultaneously) in one contract. This research is field research with a qualitative approach. Data was collected using interview and documentation techniques. As a result of the research that has been carried out, the researchers found: 1) The form of buying and selling (bai) between the seller of the sacrificial cow, "Mak Ujang," and buyers who come from mosque/mushalla sacrificial committees and private community groups. 2) The form of wadi'ah (custody) of the sacrificial cow after the sale and purchase at the "Mak Ujang" sacrificial cow business until the day the sacrificial animal is slaughtered. 3) The form of ijarah in the transaction of caring for sacrificial cows after the sale and purchase at the "Mak Ujang" sacrificial cow business. From the discussion of the research findings, the researcher concluded that the interconnection of muamalah contracts in one transaction for buying and selling and caring for sacrificial cowsÔÇönamely ba'i, ijarah, and wadi'ahÔÇödoes not conflict with or violate Shari'a rules and is included in the 'uruf shahih' category. Therefore, it is justified according to the perspective of Islamic law.

References

Brigham, E.F., Houston, J.F., 2007. Fundamentals of financial management, 11. ed. ed. Thomson, South-Western, Mason, Ohio.

Chen, Y., Hasan, I., Saffar, W., Zolotoy, L., 2021. Executive Equity Risk-Taking Incentives and Firms’ Choice of Debt Structure. J. Bank. Finance 133, 106274. https://doi.org/10.1016/j.jbankfin.2021.106274

D’Augusta, C., Grossetti, F., 2023. How did Covid-19 affect investors’ interpretation of earnings news? The role of accounting conservatism. Finance Res. Lett. 52, 103504. https://doi.org/10.1016/j.frl.2022.103504

Dempsey, S.J., Sheng, H., 2023. Dividend change announcements, ROE, and the cost of equity capital. Int. Rev. Financ. Anal. 86, 102506. https://doi.org/10.1016/j.irfa.2023.102506

Gibson, C.H., 2013. Financial reporting & analysis, 13e ed. South-Western/Cengage Learning, Mason, OH.

Hayashi, F., 1982. Tobin’s Marginal q and Average q: A Neoclassical Interpretation. Econometrica 50, 213. https://doi.org/10.2307/1912538

Ho, K.-C., Lee, S.-C., Chen, J.-L., 2022. Book-to-market equity and asset correlations—An international study. Int. Rev. Econ. Finance 79, 258–274. https://doi.org/10.1016/j.iref.2022.02.014

Jankensgård, H., Moursli, R.M., 2020. Derivative cash flows and corporate investment. J. Bank. Finance 119, 105916. https://doi.org/10.1016/j.jbankfin.2020.105916

Karolyi, G.A., Kim, D., Liao, R., 2020. The Theory and Practice of Investor Relations: A Global Perspective. Manag. Sci. 66, 4746–4771. https://doi.org/10.1287/mnsc.2019.3405

Lambert, R.A., Larcker, D.F., 1987. An Analysis of the use of Accounting and Market Measures of Performance in Executive Compensation Contracts. J. Account. Res. 25, 85. https://doi.org/10.2307/2491081

Leonardo, M.-P., Carlos Eduardo, C.-M., Ana María, T.-H., José Luis, T.-G., Campo Elias, L.-R., 2022. Formalization of a new stock trend prediction methodology based on the sector price book value for the Colombian market. Heliyon 8, e09210. https://doi.org/10.1016/j.heliyon.2022.e09210

Neukirchen, D., Engelhardt, N., Krause, M., Posch, P.N., 2023. The value of (private) investor relations during the COVID-19 crisis. J. Bank. Finance 147, 106450. https://doi.org/10.1016/j.jbankfin.2022.106450

Pan, H., Long, M., 2021. Intelligent Portfolio Theory and Application in Stock Investment with Multi-Factor Models and Trend Following Trading Strategies. Procedia Comput. Sci. 187, 414–419. https://doi.org/10.1016/j.procs.2021.04.116

Pollock, S., Switzer, L.N., Wang, J., 2023. The dynamics of CEO equity vs. inside debt and firm performance. Res. Int. Bus. Finance 64, 101891. https://doi.org/10.1016/j.ribaf.2023.101891

Rahman, M.L., Shamsuddin, A., 2019. Investor sentiment and the price-earnings ratio in the G7 stock markets. Pac.-Basin Finance J. 55, 46–62. https://doi.org/10.1016/j.pacfin.2019.03.003

Sakawa, H., Watanabel, N., Yamauchi, S., Liu, R., 2023. The effect of Tobin’s q on investment in a bank-based financial system: Evidence from Japan. Pac.-Basin Finance J. 77, 101880. https://doi.org/10.1016/j.pacfin.2022.101880

Smith, G.P., 2022. Predicting the debt-equity decision. Finance Res. Lett. 48, 102859. https://doi.org/10.1016/j.frl.2022.102859

Tobin, J., 1969. A General Equilibrium Approach To Monetary Theory. J. Money Credit Bank. 1, 15. https://doi.org/10.2307/1991374

Vuong, N.B., 2022. Investor sentiment, corporate social responsibility, and financial performance: Evidence from Japanese companies. Borsa Istanb. Rev. 22, 911–924. https://doi.org/10.1016/j.bir.2022.06.010

Wu, T., He, L., Zhang, F., 2021. Endogenous discounting, investment and Tobin’s q. North Am. J. Econ. Finance 55, 101315. https://doi.org/10.1016/j.najef.2020.101315

Yang, B., Gan, L., 2021. Contingent capital, Tobin’s q and corporate capital structure. North Am. J. Econ. Finance 55, 101305. https://doi.org/10.1016/j.najef.2020.101305

Downloads

Published

2024-06-30

How to Cite

Taftazani, M. L., & Zainuddin, Z. (2024). INTERCONNECTION OF CONTRACTS: A STUDY ON THE SALE AND MAINTENANCE OF SACRIFICIAL COWS IN NAGARI SUMANI, SOLOK REGENCY (CASE STUDY OF MAK UJANG’S SACRIFICIAL COW MARKET). Al Ushuliy: Jurnal Mahasiswa Syariah Dan Hukum, 3(1), 55–64. https://doi.org/10.31958/alushuliy.v3i1.12117

Issue

Section

Articles