What transaction principles were used in the transaction

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Reference no: EM132771391

Ibu Susi pawned her gold ring for a while and believes that the gold ring can be redeemed when her husband receives the bonus. Ibu Susi went to Bank Syariah Indonesia to convey her aims and objectives.

The 15 carat gold ring weighing 10.3 grams is valued by a sharia bank officer for IDR 500,000 and Bank Syariah Indonesia is willing to provide a loan worth IDR 400,000 with a gold ring guarantee, with Tempo for 3 months with a storage fee of 3 months of IDR 15,000 and insurance costs IDR 8,000.
If until the due date Mrs. Susi does not extend her loan and cannot pay off her loan, then with Mrs. Susi's permission, the Islamic bank will sell the item.

Problem 1: In your opinion, what transaction principles were used in the above transaction? Furthermore, you are asked to journal the transactions carried out by Islamic Banks!

Reference no: EM132771391

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