Asset Finance

The acquisition of assets - particularly expensive capital equipment - is a major commitment for many businesses.
How that acquisition is funded requires careful planning.
Rather than pay for the asset outright using cash, it can often make sense for businesses to look for ways of
spreading the cost of acquiring an asset, to coincide with the timing of the revenue generated by the business.The
most common sources of medium term finance for investment in capital assets are Hire Purchase and Leasing.
Leasing and hire purchase are financial facilities which allow a business to use an asset over a fixed period, in return
for regular payments. The business customer chooses the equipment it requires and the finance company buys it on
behalf of the business.
Many kinds of business asset are suitable for financing using hire purchase or leasing, including:
- Plant and machinery
- Business cars
- Commercial vehicles
- Agricultural equipment
- Hotel equipment
- Medical and dental equipment
- Computers, including software packages
-Office equipment
Hire purchase
With a hire purchase agreement, after all the payments have been made, the business customer becomes the owner
of the equipment. This ownership transfer either automatically or on payment of an option to purchase fee.
For tax purposes, from the beginning of the agreement the business customer is treated as the owner of the
equipment and so can claim capital allowances. Capital allowances can be a significant tax incentive for businesses
to invest in new plant and machinery or to upgrade information systems.
Under a hire purchase agreement, the business customer is normally responsible for maintenance of the equipment.
Leasing
The fundamental characteristic of a lease is that ownership never passes to the business customer.
Instead, the leasing company claims the capital allowances and passes some of the benefit on to the business
customer, by way of reduced rental charges.
The business customer can generally deduct the full cost of lease rentals from taxable income, as a trading expense.
As with hire purchase, the business customer will normally be responsible for maintenance of the equipment.
There are a variety of types of leasing arrangement:
Finance Leasing

The finance lease or 'full payout lease' is closest to the hire purchase alternative. The leasing company recovers the
full cost of the equipment, plus charges, over the period of the lease.
Although the business customer does not own the equipment, they have most of the 'risks and rewards' associated
with ownership. They are responsible for maintaining and insuring the asset and must show the leased asset on their
balance sheet as a capital item.
When the lease period ends, the leasing company will usually agree to a secondary lease period at significantly
reduced payments. Alternatively, if the business wishes to stop using the equipment, it may be sold second-hand to
an unrelated third party. The business arranges the sale on behalf of the leasing company and obtains the bulk of the
sale proceeds.
Operating Leasing
If a business needs a piece of equipment for a shorter time, then operating leasing may be the answer. The leasing
company will lease the equipment, expecting to sell it secondhand at the end of the lease, or to lease it again to
someone else. It will, therefore, not need to recover the full cost of the equipment through the lease rentals.
This type of leasing is common for equipment where there is a well-established secondhand market (e.g. cars
and construction equipment). The lease period will usually be for two to three years, although it may be much longer,
but is always less than the working life of the machine.
Assets financed under operating leases are not shown as assets on the balance sheet. Instead, the entire operating
lease cost is treated as a cost in the profit and loss account.
Contract Hire
Contract hire is a form of operating lease and it is often used for vehicles.
The leasing company undertakes some responsibility for the management and maintenance of the vehicles. Services
can include regular maintenance and repair costs, replacement of tyres and batteries, providing replacement
vehicles, roadside assistance and recovery services and payment of the vehicle licences.

A lease transaction is a commercial arrangement whereby an equipment owner or Manufacturer conveys to the
equipment user the right to use the equipment in return for a rental. In other words, lease is a contract between the
owner of an asset (the lessor) and its user (the lessee) for the right to use the asset during a specified period in return
for a mutually agreed periodic payment (the lease rentals). The important feature of a lease contract is separation of
the ownership of the asset from its usage. Lease financing is based on the observation made by Donald B. Grant:
"Why own a cow when the milk is so cheap? All you really need is milk and not the cow."
Hire purchase is a type of instalment credit under which the hire purchaser, called the hirer, agrees to take the goods
on hire at a stated rental, which is inclusive of the repayment of principal as well as interest, with an option to
purchase. Under this transaction, the hire purchaser acquires the property (goods) immediately on signing the hire
purchase agreement but the ownership or title of the same is transferred only when the last instalment is paid. The
hire purchase system is regulated by the Hire Purchase Act 1972. This Act defines a hire purchase as "an agreement
under which goods are let on hire and under which the hirer has an option to purchase them in accordance with the
terms of the agreement and includes an agreement under which:
1) The owner delivers possession of goods thereof to a person on condition that such person pays the agreed
amount in periodic instalments
2) The property in the goods is to pass to such person on the payment of the last of such instalments, and

3) Such person has a right to terminate the agreement at any time before the property so passes".
Hire purchase should be distinguished from instalment sale wherein property passes to the purchaser with the
payment of the first instalment. But in case of HP (ownership remains with the seller until the last instalment is paid)
buyer gets ownership after paying the last instalment. HP also differs form leasing.
Meaning A lease transaction is a commercial arrangement, whereby an equipment owner or manufacturer conveys to
the equipment user the right to use the equipment in return for a rental. while Hire purchase is a type of instalment
credit under which the hire purchaser agrees to take the goods on hire at a stated rental, which is inclusive of the
repayment of principal as well as interest, with an option to purchase. In lease financing no option is provided to the
lessee (user) to purchase the goods. Where by in Hire purchase option is provided to the hirer (user). Lease rentals
paid by the lessee are entirely revenue expenditure of the lessee. While in case of higher purchase only interest
element included in the HP instalments is revenue expenditure by nature. Components Lease rentals comprise of 2
elements (1) finance charge and (2) capital recovery. HP instalments comprise of 3 elements (1) normal trading profit
(2) finance charge and (3) recovery of cost of goods/assets.

Read more: http://wiki.answers.com/Q/What_is_the_Difference_between_hire_purchase_and_lease#ixzz1A29iog9T

Financial Leasing

(Sale) Financial Lease (back)

With a Leasing product, we buy and own the asset the customer requires. The customer then hires it from ING,
paying rental over a pre-determined period. With a Financial Lease, this rental is structured to the customers needs
and covers the full cost of the equipment. We can also provide maintenance inclusive rentals on certain types of
equipment.
Features of Financial Leasing

economic ownership with lessee

legal ownership with lessor

fully amortising during tenor

first preferred title to assets involved

price quoted as a spread over the benchmark

annuity payment schedule

Benefits of leasing for your client

pay as you earn

fixed costs, fixed tenor facilitates budget process

object related financing:

100% of capital expenditure

non house bank related

full ownership at maturity

deal driven rather than relationship driven

Operational Leasing

An Operational Lease works in the same way as a Financial Lease, but allows for more flexibility in tailoring the
facility to customer needs.
Because the rental amount is designed to reflect the depreciation for the asset rather than the full cost, this type of
lease provides significant cashflow advantages in particular where the assets have a longer life than the lease and
where the residual value is more apparent.
There can also be accounting benefits as many Operational Leases are classified by auditors as Off Balance Sheet.
Features of Operational Leasing

legal and economical title with lessor

amortising down to residual value

service components may be included

price quoted as a spread over the benchmark + fees

annuity payment schedule

options possible to purchase object

Benefits of leasing for your client

availability of assets without the burden of ownership

allows asset play

lower payments as residual is not amortised

includes full service at risk for lessor

off balance sheet treatment

fixed price, fixed tenor

Sale and Lease back

In the case of a Sale and Leaseback, you are able to sell your owned assets to ING who immediately lease them

back to you. This arrangement allows you to make full use of the assets without tying up capital, and improve your
immediate liquidity.
Hire Purchase

A Hire Purchase agreement usually requires the customer to pay an initial deposit, with the remainder of the balance,
plus interest, paid over an agreed period of time. ING will purchase the asset on behalf of the customer and own the
asset until the final instalment is paid.

http://sewabeli.info/sewa-beli
Sewa Beli
Sewa Beli atau Hire Purchase bagaimana nasibmu kini,mungkin anda sudah lama tidak pernah mendengar lagi
tentang Sewa Beli atau Hire Purchase Indonesia ?jika kita coba telaah dan mencari padanan Sewa Beli atau Hire
Purchase akan sulit untuk kita dapatkan rujukannya baik itu dikamus bahasa Indonesia ataupun kamus internet
Wikipedia,mari kita mencoba menterjemahkannya dalam konteks aturan pemerintah yang sempat di munculkan
puluhan tahun yang lalu tentang arti sewa beli atau hire purchase yang dikaitkan dengan aturan usaha.
Radius Prawiro menteri Perdagangan dan koperasi pada waktu itu mengeluarkan suatu keputusan aturan tentang
Sewa Beli yang ber nomor:34/KP/II/80,yang dimaksud keputusan pemerintah tersebut adalah tentang arti serta
aturan sewa beli atau hire purchase dimata pemerintah seperti yang tercantum pada Bab I pasal 1 (ketentuan umum)
:
a.Sewa beli (Hire Purchase) adalah jual beli barang dimana penjual melaksanakan penjualan barang dengan cara
memperhitungkan setiap pembayaran yang dilakukan oleh pembeli dengan pelunasan atas harga barang yang telah
disepakati bersama dan yang diikat dalam suatu perjanjian, serta hak milik atas barang tersebut baru beralih dari
penjual kepada pembeli setelah jumlah harganya dibayar lunas oleh pembeli kepada penjual;
b.Jual beli dengan angsuran adalah jual beli barang dimana penjual melaksanakan penjualan barang dengan cara
menerima pelunasan pembayaran yang dilakukan oleh pembeli dalam beberapa kali angsuran atas harga barang
yang telah disepakati bersama dan yang diikat dalam suatu perjanjian, serta hak milik atas barang tersebut beralih
dari penjual kepada pembeli pada saat barangnya diserahkan oleh penjual kepada pembeli;
c.Sewa (renting) adalah kegiatan dagang di bidang sewa menyewa atas barang, dimana hak milik atas barang yang
disewakan tetap berada pada pemilik barang;
Dari Keputusan pemerintah (KP} tersebut diatas telah jelas didiskripsikan arti sewa beli atau hire purchase
sesungguhnya hingga pengertian sebenarnya menjadi terang terutama bagi para pelaku usaha dan pelanggannya
didalam menjalankan model transaksi pinjaman ini,dengan demikian kalo akhirnya para pembaca mencari ataupun
mendengar akan apa dan bagaimana tentang sewa beli maka mungkin aturan atau KP ini yang menjadi titik acuan
utamanya dalam penterjemahannya.
Jika kita mencoba mencari & mentelaah lagi lebih dalam atas aturan pemerintah tentang sewa beli atau hire
purchase di Indonesia maka akan didapatkan bahwa sebenarnya model transaksi sewa beli(hire purchase)
seandainnya dijalankan dengan lebih banyak para usahawan maka model transaksi ini akan lebih popular
dibandingkan model transaksi lainnya,apalagi seandainnya industri perbankan mendukung dan memberikan skim
pinjaman bagi pelaku atau pengusaha sewa beli dalam menjalankan usahannya maka bisa dibayangkan kekuatan ini
didalam peran sertanya memperdayakan perekonomian nasional.

Dengan demikian pengertian sesungguhnya Sewa beli atau hire purchase diatas adalah alternative model transaksi
pembelian barang atau produk yang dapat dijalankan antara pihak penjual kepada pihak pembeli dengan cara
pembayaran pihak pembeli mengangsur barangnya dengan tempo atau waktu yang disepakati,transaksi model sewa
beli ini biasanya berhasil dijalankan jikalau pihak penjual telah mensurvay si pembeli sesuai dari persyaratan data
pribadi pembeli (KTP & KK)lalu bagaimana dengan hak si pembeli?Kepemilikan atas nama barang tersebut selama
masih dalam masa mengangsur belum menjadi milik pembeli dengan demikian selama masa tersebut barang atau
produk tidak boleh diperjualkan kembali.
Jika kita mau menganalisa proses alternative transaksi model sewa beli ini akan sangat terlihat bahwa sebenarnya
sewa beli telah banyak memangkas birokrasi keputusan dan persyaratan yang diajukan oleh bank ataupun lembaga
non bank lainnya dalam konteks kredit umum ,selain itu pembeli juga di permudah dan dimanjakan dalam pemilihan
produk karena para usahawan sewa beli ini sebenarnya adalah pengusaha retail produk yang mempunyai toko
dengan ragam macam barang pilihan.Tak heran akan selalu dijumpai jika usahawan tersebut membuka toko baru
animo dari masyarakat sangat antusias bahkan terlihat banyak orang mengantri.
Lalu bagaimana dengan peran pemerintah dalam membantu pengelolaan pengembangan industri sewa beli atau hire
purchase sebagai salah satu industry lembaga keuangan non bank?sejak dikeluarkan peraturan pemerintah
no.34/KP/II/80 pemerintah tidak pernah lagi merevisi ataupun mengevaluasi aturan tersebut bahkan belakangan ini
KP sewa beli(hire purchase) telah dihilangkan atau dihapuskan.Entah langkah pemerintah kala itu didalam
keputusannya menghapus aturan yang jelas tentang sewa beli atau hire purchase,mungkin saja pemerintah
memandang perkembangan industri sewa beli di Indonesia tidak berkembang dengan baik, kenyataannya
pertumbuhan market industri sewa beli ini semakin bertumbuh dari tahun ke tahun (Red.prediksi 3 triliun/thn 2007
dibagi 4 perusahaan berbanding dengan omset multifinance 94 triliun dibagi 140an perusahaaan) belum lagi serapan
sumber daya manusia yang bisa mencapai 25 ribu orang.
Kebutuhan hakiki setiap manusia adalah sama dengan ingin memberikan kualitas hidup yang baik buat diri dan
keluarganya termasuk juga ketidaktertinggalan alat kebutuhan yang semakin berkembang tapi mengingat untuk
pemenuhan langsung dengan cara pembayaran tunai tidak memungkinkan dilakukan mengingat semua menjadi
mahal serta tidak sebanding lagi dengan pendapatan,alternative lain pun dilakukan yaitu dengan cara
mengangsur,tetapi kebanyakan orang di Indonesia untuk mendapatkan fasilitas kredit tidak gampang dan berbelitbelit.,akhirnya sewa beli bisa menjadi alternative lain yang lebih sempurna mengingat hanya bermodal KTP dan KK
barangpun didapat.

http://student-research.umm.ac.id/research/download/umm_student_research_abstract_6584.pdf
PEMBATALAN SEPIHAK PADA PERJANJIAN SEWA BELI DALAM TINJAUAN HUKUM KONTRAK DAN HUKUM
PERIKATAN ISLAM
Oleh:
NURKHOLIS NURKHOLIS
Abstract
Penelitian Tugas Akhir ini dimaksudkan untuk mengkaji lebih jauh perihal konsep perjanjian sewa beli yang diatur
dalam Kitab Undang-Undang Hukum Perdata (KUH Perdata) serta Keputusan Menteri Perdagangan dan Koperasi
Nomor : 34/KP/II/80 Tentang Perizinan Kegiatan Usaha Sewa Beli (Hire Purchase) Jual Beli dengan Angsuran, dan
Sewa (Renting).
Sebagaimana diketahui, bahwa perjanjian sewa beli merupakan hukum perjanjian innominat yang tidak diatur secara
khusus dalam Buku III KUH Perdata. Oleh karena itu, hukum kontrak yang berlaku dalam perjanjian ini adalah
mengikuti ketentuan yang berlaku apada perjanjian jual beli maupun perjanjian sewa menyewa. Dalam praktek
biasanya masyarakat sering kali melakukan transaksi dengan konsep perjanjian jual beli secara mengangsur, akan
tetapi yang berlaku ternyata adalah perjanjian sewa beli. Dalam perjanjian sewa beli ini, dimana konsep yang
terbentuk adalah sebelum menyelesaikan pembayaran yang terakhir kedudukan pembeli dianggap sebagai
penyewa, sehingga apabila pembeli tidak sanggup untuk melunasi angsuran, maka uang muka serta uang angsuran
yang telah dibayarkan dianggap sebagai uang sewa yang habis karena pembeli telah memakai barang tersebut.

Dalam perspektif lain, penelitian ini juga diarahkan untuk mengkaji keabsahan perjanjian sewa beli ini dalam tinjauan
hukum perikatan Islam. Dalam literatur klasik konsep perjanjian sewa beli tidak dikenal. Akan tetapi, dalam
perkembangannya dalam hukum perikatan Islam dikenal perjanjian sewa menyewa yang berakhir dengan
pemindahan kepemilikan (ijarah al muntahiyah bittamlik) sebagaimana yang diatur Undang Undang Nomor 10 tahun
1998 tentang Perbankan, Fatwa Dewan Syari'ah Nasional NO: 27/DSN-MUI/III/2002 Tentang al-Ijarah al-Muntahiyah
Bi al-Tamlik, serta Peraturan Ketua Badan Pengawas Pasar Modal dan Lembaga Keuangan Nomor: Per-04/BL/2007
Tentang Akad-Akad yang Digunakan dalam Kegiatan Perusahaan Pembiayaan Berdasarkan Prinsip Syariah.
Berangkat dari permasahan di atas, maka dalam penelitian ini, penulis merumuskan masalah kedalam (1).
Bagaimanakah konsep sewa beli ditinjau dari hukum kontrak dan hukum perikatan Islam, (2). Bagaimanakah akibat
hukum pembatalan sepihak pada perjanjian sewa beli ditinjau dari hukum kontrak dan hukum perikatan Islam.
Sedangkan tujuan yang ingin dicapai dari penulisan tugas akhir ini adalah untuk mengetahui bagaimanakah konsep
sewa beli ditinjau dari hukum kontrak dan hukum perikatan Islam, dan untuk mengetahui bagaimanakah akibat
hukum pembatalan sepihak pada perjanjian sewa beli ditinjau dari hukum kontrak dan hukum perikatan Islam.
Dalam penulisan tugas akhir ini, penulis menggunakan jenis penelitian hukum normatif atau kepustakaan (library
research), yaitu penelitian hukum yang dilakukan dengan cara meneliti bahan pustaka atau data skunder. Pada
penelitian hukum normatif atau kepustakaan dalam penelitian ini mencakup penelitian terhadap asas-asas hukum
dan perbandingan hukum. Sedangkan analisis data yang digunakan penulis adalah dengan teknik analisis isi
(content analisys) yang bertujuan untuk menganalisis isi literatur-literatur yang berkaitan dengan tema pembahasan
secara mendalam. Selanjutnya hasil analisis tersebut akan dibandingkan antara satu sumber yang satu dengan
lainnya dengan menggunakan teknik data perbandingan (comparatif analisys).
Dari hasil penulisan tugas ini dapat diketahui bahwa walaupun dalam perjanjian sewa beli dikenal tiga teori, yaitu
teori akumulasi, teori absorbsi, dan teori sui generis yang masing-masing dapat digunakan untuk menentukan hukum
mana yang berlaku dalam perjanjian sewa beli, namun ketiga teori tersebut belum mampu untuk menjawab secara
jelas, apakah yang berlaku perjanjian sewa-menyewa, jual beli, atau kedua-duanya dengan tujuan terwujudnya
kepastian hukum dan keadilan.
Sedangkan dalam perspektif hukum perikatan Islam, sewa beli merupakan salah satu bentuk perjanjian yang
dilarang karena mengandung (2) dua akad sekaligus yaitu akad jual-beli dan akad sewa-menyewa. Sehingga dengan
adanya (2) dua akad dalam satu transaksi ini memicu terjadinya ketidakpastian (gharar) mengenai akad mana yang
harus digunakan (berlaku).
Pada akhir penulisan tugas akhir ini, terdapat beberapa saran yang dapat dijadikan bahan pertimbangan bagi
peneliti-peneliti, para praktisi, para akademisi, masyarakat perbankan, pelaku usaha maupun masyarakat umum
untuk tidak melakukan transaksi dengan menggunakan sewa beli. Penulis menawarkan solusi yang tepat dalam
bertransaksi yang sesuai syari?ah, yaitu untuk melakukan transaksi jual beli secara mengangsur dapat
menggunakan prinsip murabahah, sedangkan untuk sewa menyewa yang berakhir dengan kepemindahan
kepemilikan dapat menggunakan ijarah al muntahiyah bittamlik.
This scrips research be meaned to more understand about agreement of hire purchase concept be arranged in Civil
Code and Decision Minister of Trade and Cooperation Number: 34/KP/II/80 about permission activity effort hire
purchase, trade with credit and hire.
Generally, that agreement of hire purchase is innomination agreement not be arranged specially in book three civil
code. Because that, law contract which conduct agreement follow regulation that conduct to trade agreement or hire
agreement. In practice, society usually every time to do transaction with concept of buy and sell agreement by credit,
but that conduct really hire purchase agreement. With this agreement of hire purchase, were concept be shaped
before finishing last payment position of the costumer be considered as hire, whatever if hire is unable to close the
credit, and so down payment with instalment which be payed be considered as hire and payment be end because
costumer used goods things.
In other perspective, this research also be arranged to undertand legality of hire purchase be observated Islamic
contract law. In classic literature concept of hire purchase unkown. But, in its development in Islamic contract law be
recognized hire agreement that finish with movement property (ijarah al muntahiyah bittamlik) whatever be regulated
Decree of Indonesia Republic Number 10/1998 About Banking, Instruction of National Syariah Council Number:
27/DSN-MUI/III/2002 about al-Ijarah al-Muntahiyah Bi al-Tamlik, and Regulation of Money Market Supervisor
Committee Chairman and Monetary Institution Number: Per-04/BL/2007 About Contracts Be Used in Financing
Activity Base Syariah Principle.

From the problem above, in this research writer formulation questions in to (1). How is the hire purchase concept be
obervated by contract law and Islamic contract law, (2). How is consequence of individual cancellation agreement of
hire purchase be obervated by contract law and Islamic contract law.
While the purpose that desire to achieve from writing this research to know how is the hire purchase concept be
obervated by contract law and Islamic contract law, and to know how is consequence of individual cancellation
agreement of hire purchase be obervated by contract law and Islamic contract law.
In writing this scrips, writer use research kind of normative law or library research, that is law research which be done
with explore books or secondary data. In research of normative law or library in this research arrest research toward
law principles and law comparation. While data analysis be used by writer in content analysis in order to analyse
content of literatures which related which study theme penetrate. Furthermore result of analysis mentioned will be
compared among one data with other with comparative analysis.
From result this scrips can be kown that althought agreement of hire purchase be known three theory, threre are
accumulation theory, absorption theory, sui generic theory that each can be used for establish which the contract that
conduct, but of the three theory mentioned not able to answer certainty, which conduct hire contract, trade, or both of
them with purpose materialized certainty and justice.
While in perspective of Islamic contract law, hire purchase is one kinds of contract that be forbided because contain
two contract in one that are trade contract and hire contract. So, with two contract in one transaction influence to
occur uncertainty about which the contract must be used (conduct).
In the last pages of this research, there are some suggestion can to become opinions for researchers, practicioners,
academics, society of banking, entrepreneurs or the public to don?t carry out transaction with use hire purchase.
Writer offer the best solution in the transaction that suitable syariah, that is for transactions trade by credit can to use
murabahah principle, while for hire that finish with movement property can to use ijarah al muntahiyah bittamlik.