Performing sacrifice is something that is highly recommended for every wealthy Muslim. Allah has determined camels, oxen, goats and sheep as sacrificial animals. A goat or a sheep slaughtered on Eid al-Adha feast is sufficient for a family. A Camel or a cow can be sacrificed for the seven people in associate. Livestock prices increasing every year, influenced by market supply and demand, import policies, national food security enhancement programs, as well as inflation. According to 2013, a unit price of a live cow was Rp47 000 per kg, while in 2009 price only Rp30 000 per kg. In today’s rupiah, the price in 2009 is equal to Rp36 000. Purchase power of Rupiah to the livestock prices is decreasing.
Development of alternatives
The livestock for sacrificial animals is priced in Rupiah if purchased in Indonesia. But in order to have sufficient Rupiah, we can save some money in foreign currency such as US Dollar, or in Gold (either measured in grams or in Dinar. Gold Dinar is measured at 4,25 grams gold with a purity of 91,7%).
Development of prospective outcomes
From statistical data between 1980 and 2013 we can plot the price of cow per kg both in rupiah and USD. In addition, we also plot the price of cow per kg in Gold. Given the fact that inflation affects the purchasing power of money, and then the price is formulated into the purchasing power in 2013.
Picture 1. 1980-2013 historical price of cow per kg in IDR
Picture 2. 1980-2013 historical price of cow per kg in USD
For the use of analysis, 2000-2013 data price per kg in Rupiah and Dollar are converted to gold unit per kg. The plotted shown in Picture 3 and 4 as below.
Picture 3. Gold gram per kg of cow in Rupiah
Picture 4. Gold gram per kg of cow in US Dollar
Selection of the acceptable criteria.
Either purchasing gold in Rupiah or US Dollar which is gives the most purchasing power of cow saving for Eid al-Adha.
Analysis and comparison of alternatives.
Develop three projection curves for each correlation assumed as best case, worst case and most likely for of P90 level using Delphi Technique:
Table 1. Representative Gold gram per kg of cow in Rupiah
Table 2. Representative Gold gram per kg of cow in US Dollar
Using the value of P90 in Table 1 and Table 2, if we want to buy a 400 kg of cow in year 2014 will be worth of 37,02 grams of gold-Rupiah, and 37,50 grams of gold-Dollar. While in year 2018 will be worth of 85,96 grams of gold-Rupiah and 94,56 grams of gold-Dollar. The delta between gold-Rupiah and gold-Dollar shows that we provide less grams of gold to purchase the cow in Rupiah than in Dollar. This would indicate that the purchasing power of US Dollar is less than Rupiah.
Selection of the preferred alternative
Saving in gold for cow for the next Eid al-Adha is preferred as it is the only stable currency. Exchanging in Rupiah is preferred to provide enough gold as it has the most purchasing power than in US Dollar.
Performance monitoring and postevaluation of results
It is the fact that Rupiah and US Dollar have lost its purchasing power up to 200% in just 30 years. Saving in USD for short term have the same purchasing power as saving in Rupiah. But saving in gold is recommended to exchange for our needs in Rupiah than in US Dollar. However, the condition of world’s politics and the market supply and demand for gold, can also affect its sale price in various currencies.
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