Penulis : Irfan Soleh

We need ‘operating capital’ to support our daily life.  In the case of firm, fund must be raised to acquire that operating capital. It is usually a combination between equity and debt.  We can interpret equity as something we have and debt as something we should do or obligation.  The mixture of debt and equity is called capital structure. We have to make ‘capital structure decision’ for our life in order to maximize our life’s value.

Allah mentioned in verse 282 of al-Baqarah that we have to write down our obligation. It means we have to concern with our debt or our obligation. make a list of your ‘obligations’ to family, friend, mankind, God, society, and the ummah then enjoy fulfilling them. Sometimes Fulfilling obligation can be a pleasure, instead of onerous responsibility. With this note, I’m trying to write down what I should fulfil. May Allah gives Rahmah and Barokah.

For me, dreams are a ‘debt’ to myself. Dreams are something that I should fulfil. If we treat dreams as a debt, how much should I ‘borrow’? how much debt-ratio should I use? How high dreams should I achieve? Several factors influence our life’s capital structure. One of them is managerial conservatism or aggressiveness. If we are conservative, we tend to be a risk averse while aggressive person wants to take a risk. 

The trade-off theory of capital structure recognizes that target debt ratio may vary from firm to firm. Dreams are also like that. It may vary among people. Some said that a high debt ratio raises the threat of bankruptcy which carries a cost but which also forces us to be more careful and less wasteful with that ‘money’. Let’s ask our self. Is it ok if we create a target of high dream? Does that makes us more spirit and less wasteful of our time or not?

An alternative theory of capital structure relates to the signals by a decision to use a debt in positive, or at least neutral, signals.  As a result, we have to know the signals whether positive or negative to use debt. We have to see the prospects are positive or negative. That signals can be seen as our considerations to achieve our dreams. The more we aware the more possible we reach our dream.

What I want to be? What is my ‘debt’?  to be honest, I really wanna be a rich Muslim that gives benefit not only to myself and my family but also to the society and the Ummah. I hope that the MBA knowledge I got can give a right direction to my destination. I also want to be academician who shares knowledge to other and finally Islamic scholars or we call it as Kiai in Indonesia is another dream that I want to achieve. I define Kiai as someone who always serve the society sincerely . Businessman, academician and also Kiai can be seen as mission to be the best man who gives benefit to other people. Khoirunnas anfauhum linnas.

Talking about ‘my debt’, Is it to high? Is it achievable? Is it measurable? La Takhof wa la tahzan innalloha ma’ana . don’t be fear and don’t be sad. To be sure, Allah is with us. To answer those question. I believe that as long as Allah with me nothing impossible. Related to capital structure theory, is there a theory of optimal capital structure? The answer is NO. No one theory can capture everything that drives thousands of corporations’ debt vs equity choices. It depends on each particular corporation’s assets, operations and circumstance. 
In the case of dream, it also depends on us. The wise word said that if we think we can, we can!. Let’s do our best to achieve our dreams. Let’s work the hardest we can to pay our debt. Today 7 November 2012 in my birthday. I’m with more than 25 orphans in Gombak Kuala Lumpur praying to Allah to seek His help.  

I hope that Allah hears our dreams and accepts all those things as worshipping Him or ‘Ibadah. All praise is for Allah and all power is His. He is our Lord and to Him the end of all journeys. Wallohu ‘alam bisshawab.

 Rabu, 07 November 2012

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