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Journal : Al-Muzara'ah

Analisis Perbandingan Excess Return Jakarta Islamic Index dan Indeks Harga Saham Gabungan Galishia Putry; Iman Sugema; Deni Lubis
AL-MUZARA'AH Vol. 2 No. 2 (2014): AL-MUZARA'AH (December 2014)
Publisher : Department of Islamic Economics, IPB University

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (541.774 KB) | DOI: 10.29244/jam.2.2.121-134

Abstract

Indonesia Stock Exchange statistics show that Islamic stock trading reached a value of around 59 trillion rupiahs. The excalation index of JII (Jakarta Islamic Index) is not follow by an increase in market capitalization of stocks listed on the JII. This is the question for investor who want to know how it compares to the performance of Jakarta Composite Index (JCI). This study analyzes the excess return that represents the return expected by an investor after investing in certain assets using descriptive analysis and Ordinary least square (OLS) regression of Capital Asset Pricing Model (CAPM). The descriptive analysis showed that in the same risk-free rate, investors who invest in stocks listed in JII can expect a higher return than the return JCI, while regression analysis shows investors do not expect the JII’s excess return to be different from JCI’s. This suggests that the selection criteria used by Bapepam LK (now OJK) and Indonesia Stock exchange does not affect the performance of return JII.
Analisis Faktor-Faktor Yang Memengaruhi Muzaki Dalam Memilih Organisasi Pengelola Zakat (OPZ): Studi Kasus di Badan Amil Zakat Nasional Kota Bogor Nadilla Ambarfauziah Rulian; Lukytawati Anggraeni; Deni Lubis
AL-MUZARA'AH Vol. 3 No. 1 (2015): AL-MUZARA'AH (June 2015)
Publisher : Department of Islamic Economics, IPB University

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (414.7 KB) | DOI: 10.29244/jam.3.1.20-33

Abstract

The main purpose of management of zakat in Act No 23/2011 is to achieve public welfare and poverty alleviation. However, until now, zakat has not been sufficient to attain both these goals since zakat fund collected in Indonesia is only about 1% of its national potential that reaches Rp 217 trillion. This indicates that there are many muslims who are not motivated to pay zakat nor trust Zakat Management Organization. This study analyzes the factors that influence muzakki in choosing Zakat Management Organization and the performance of BAZNAS Kota Bogor from muzakki’s perception. Logistic regression is used to analyze the factors that affect muzakki in choosing the Zakat Management Organization. Descriptive analysis is used to analyze the perceptions of the BAZNAS Kota Bogor. This research was conducted during the month of February 2014 with 30 respondents BAZNAS Kota Bogor’s muzakki and 30 respondents muzakki whose paying zakat directly to mustahiq. The results of logistic regression show that the factors that affect muzakki in choosing Zakat Management Organization are income, the level of reliability, and institution’s image. The muzakki’s perception of the performance of BAZNAS Kota Bogor can be concluded as good, particulary in reliability, responsiveness, and tangible.
Analisis Pengaruh Instrumen Moneter Syariah dan Konvensional terhadap Penyaluran Dana ke Sektor Pertanian di Indonesia Dendy Septindo; Tanti Novianti; Deni Lubis
AL-MUZARA'AH Vol. 4 No. 1 (2016): AL-MUZARA'AH (June 2016)
Publisher : Department of Islamic Economics, IPB University

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (657.867 KB) | DOI: 10.29244/jam.4.1.1-18

Abstract

This study aimed to analyze the effect of sharia and conventional monetary instruments to the distribution of agricultural sector funds from 2009 to 2014 and using VAR / VECM which analysed through Impulse response Function (IRF) and the Forecast Error Variance Decomposition (FEVD). Results of research on the conventional models, shows that the SBI interest rate and lending interest rates (SBK) significantly negative effect and interbank rates (PUAB) have a significant positive effect on agricultural credit. In addition, the results of research on the sharia model indicates that the SBIS and ERP significant negative effect on agricultural financing and PUAS significant negative effect on agricultural finance. Based on the FEVD results , SBI has a considerable effect on the agricultural credit compared with SBK and interbank rates (PUAB) on the conventional models whereas the models of sharia, SBIS have a smaller effect than the ERP and PUAS. 
Analisis Faktor-Faktor yang Memengaruhi Penghimpunan Wakaf Uang di Indonesia (Pendekatan Analytical Network Process) Khadijah Hasim; Deni Lubis; Khalifah Muhammad Ali
AL-MUZARA'AH Vol. 4 No. 2 (2016): AL-MUZARA'AH (December 2016)
Publisher : Department of Islamic Economics, IPB University

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (670.254 KB) | DOI: 10.29244/jam.4.2.127-141

Abstract

Indonesia is a country with the largest Muslim population in the world. The potential of Islamic financial instruments grows among the society, and one of them is cash waqf. Cash waqf already have a complete law and legal institutions, but there is a gap between the potency and the real data of cash waqf raising. The aim of this research is to analyze the condition of cash waqf raising and the factors affecting the level of cash waqf raising in Indonesia. Using Analytical Network Process (ANP), the factors that affect the level of cash waqf raising are divided into three aspects namely institutional, society, and government. The results show that the institutional aspect has the biggest impact affecting the level of cash waqf raising and the three most influential factors are the focus of nazhir institutions, the understanding of society about cash waqf, and completeness of the cash waqf law.
Penyusunan Anggaran Belanja Daerah Dengan Pendekatan Ad-Daruriyyat Al-Khams/Maqasid As-Syariah: Studi Kasus APBD Kabupaten Bogor Tahun 2011 Deni Lubis
AL-MUZARA'AH Vol. 1 No. 2 (2013): AL-MUZARA'AH (December 2013)
Publisher : Department of Islamic Economics, IPB University

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (604.511 KB) | DOI: 10.29244/jam.1.2.119-138

Abstract

The welfare of people in a certain area can be observed from the income and budget allocation. If the income of the local government will be high then the local community is prosperous citizens and vice versa. Budget allocation should be considered its effectiveness whether or not it is allocated for the welfare of the local citizens. According to As-Syatibi, human being have five besic needs or called as ad- daruriyyat al – khams. They are to keep or maintan the faith (religion), to maintan life, intellect, descent, and property. The concept of five basic needs is taken from the purpose of shariah revelation ar called as Maqasid As- Shari'ah. From these five basic needs it has to be observed whether a needs is included dharuriyat (primary), hajiyyat (secondary), or tahsiniyyat (luxuries). In the budget process, the budget allocation for maintenance of religion should be the highest priority, followed by life needs, maintenance of life, maintenance of descent, and the property maintenance. Consecutively this is consistent with the Government’s vision, which is to realize Bogor as pios self dependent and culture, rich city. This vision must be reflected Bogor district budget allocation. In general, Bogor district budget has been allocated to the five basic needs, but in terms of allocation still not in line with the concept of ad- daruriyyat al – khams. It is because some of the budget posts have been covered by central government, such as religious activity post by Ministry of Religious Affairs, law enforcement post by Ministry of Law and Human Rights, and security post by police and army.
Analisis Pengaruh Pembiayaan Syariah terhadap Perkembangan Usaha Mikro Kecil Menengah di Kota Depok Aldesta Perwitasari Tunas; Lukytawati Anggraeni; Deni Lubis
AL-MUZARA'AH Vol. 2 No. 1 (2014): AL-MUZARA'AH (June 2014)
Publisher : Department of Islamic Economics, IPB University

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (190.849 KB) | DOI: 10.29244/jam.2.1.1-16

Abstract

Micro, Small and Medium Enterprises (MSMEs) have an important role to economic growth. Most of MSMEs faced common problem, i.e lack of capital. Baitul Maal wat Tamwil (BMT) as a micro finance institution exists as an institution conducting the provision of financial services to micro and small entrepreneurs. This study analyzed MSMEs access to BMT and its impact on business development by using logistic regression and OLS (Ordinary Least Square). The analysis shows the factors that affect the access of MSMEs to Islamic micro finance of BMT are the business period, business turnover, total assets, and the amount of savings. The number of Islamic micro financing has a positive influence on the development of MSME business. Factors that affect the value of turnover are the frequency of the financing, the period of business, and the amount of financing.
Pengaruh Variabel Makroekonomi terhadap Pertumbuhan Sukuk Korporasi di Indonesia Ivan Hannoeriadi Ardiansyah; Deni Lubis
AL-MUZARA'AH Vol. 5 No. 1 (2017): AL-MUZARA'AH (June 2017)
Publisher : Department of Islamic Economics, IPB University

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (552.025 KB) | DOI: 10.29244/jam.5.1.51-68

Abstract

The development of the Islamic financial industry in Indonesia has increased from year to year. This is made possible due to the emergence of varied investment instruments, and corporate sukuk is one good example. Emergence corporate sukuk is expected encourage growth of the national economy. The growth of a good national economy is reflected by good macroecomic variables conditions. Therefore, the government and Bank Indonesia need to maintain inflation stability, money supply, exchange rate and output so that Indonesia can become the largest market center of corporate sukuk issuance. This research aims to analyze the effect of macroeconomic variables towards the growth of corporate sukuk in Indonesia. This research used Ordinary Least Square (OLS) with monthly time series data from January 2013 to December 2015. The results of this research indicate that the money supply, industrial production index, and inflation variables has positive effect (significantly) on the growth of corporate sukuk while exchange rate, oil price, and mudaraba deposit profit-sharing variables have negative effect (significantly).
Faktor-faktor yang Memengaruhi Keberhasilan Usaha Mustahik pada Program Zakat Produktif di LAZ An-Nuur Hardinata Muhammad; Deni Lubis; Dedi Budiman Hakim
AL-MUZARA'AH Vol. 6 No. 1 (2018): AL-MUZARA'AH (June 2018)
Publisher : Department of Islamic Economics, IPB University

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (522.973 KB) | DOI: 10.29244/jam.6.1.1-14

Abstract

The high level of poverty in Indonesia becomes one of the problems that have not been successfully overcame by the government. Bogor Regency is the district with the poorest population in West Java Province in 2016. Many programs have been undertaken to overcome these problems by government of Bogor Regency. One of them is by optimizing the utilization of productive zakat conducted by Lembaga Amil Zakat (LAZ). LAZ An-Nuur established mustahik empowerment program by providing productive zakat in the form of financing for entrepreneurship. This study aims to analyze the factors that influence the success of a mustahik’s business in utilizing the productive zakat given by LAZ An-Nuur. The method used in this research is descriptive analysis and logistic regression analysis. Respondents in this study consisted of 48 beneficiaries of productive zakat funds. The results show that the factors that proved to influence the success of LAZ An-Nuur mustahik’s business are the age, length of business, business profits, and the frequency of financing.
Pengungkapan Islamic Social Reporting pada Perusahaan di Jakarta Islamic Index Khaerun Nissa Rizfani; Deni Lubis
AL-MUZARA'AH Vol. 6 No. 2 (2018): AL-MUZARA'AH (December 2018)
Publisher : Department of Islamic Economics, IPB University

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (400.33 KB) | DOI: 10.29244/jam.6.2.103-116

Abstract

Islamic Social Reporting (ISR) is a benchmark for reporting Islamic-based social performance to companies. However, the development of ISR is currently not growing rapidly in Indonesia because there are no regulations that regulate sharia social responsibility reporting standards. Increased disclosure of Islamic social performance is expected to influence the decisions of muslim investors in choosing sharia shares in companies listed in the Jakarta Islamic Index. This study aims to analyze corporate social responsibility (CSR) disclosures in sharia and the factors that influence them. The data used are annual reports of companies registered in JII from 2012 to 2015, 14 of which were selected from 30 companies. The method used in this study is panel data regression with the fixed effect model (FEM) approach. The results of the analysis show that of the five variables that allegedly influence the level of ISR disclosure, three variables, namely company size have a positive effect, firm age and leverage have a significant negative effect on ISR disclosure. The other two variables, namely the number of board of commissioners and profitability have no effect on ISR disclosure.
Analisis Keterkaitan Inklusi Keuangan Syariah dengan Pembangunan di Negara Anggota OKI Deni Lubis; Muhammad Giffari Ramadhoni
AL-MUZARA'AH Vol. 7 No. 2 (2019): AL-MUZARA'AH (December 2019)
Publisher : Department of Islamic Economics, IPB University

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (757.689 KB) | DOI: 10.29244/jam.7.2.1-16

Abstract

Financial inclusion is one of the main issue on Islamic banking in providing access to financial services to the community. However there are many people who have not access to financial services, especially Islamic banking. This study aims to measure the level of Islamic financial inclusion in several OIC countries (Islamic Cooperation Organization) based on the classification of state income and to analyze the relationship of inclusion of Islamic finance with development. The calculation of the Islamic financial inclusion index used the Index of Syariah Financial Inclusion (ISFI) method. The response variable used in this study is ISFI and the predictor variable is GDP per capita, unemployment rate, number of cellular telephone users, and the population of the village. The method used is descriptive analysis and tobit regression analysis. This study used secondary data from 10 OIC member countries based on the level of state income in 2013-2016. Based on the results of data analysis, high income countries have a high average inclusion rate compared to middle income countries. While GDP per capita and the number of cellular telephone users has a positive effect to the development, meanwhile the unemployment rate has a negative effect.
Co-Authors Aditya Hadad Riyadi Ahmad Rodoni Ajeng Nurul Fadillah Aldesta Perwitasari Tunas Alla Asmara Anggini, Karlita Aramadhea Latifah Wahyu Putri Avicenna Lukman Alfajri Awiwin Awiwin Az Zahra, Anisa Damrah, Selena Suardi Danendra, Daffa Ibra Dedi Budiman Hakim Dendy Septindo Dinda Emmy Gusti Sofhia Dini Arsyi Anjani Dita Puspitasari Elisabeth Kurniasari Marcela Uskono Euis Amalia Firmannudin, Yusup Galishia Putry Hana Khairunnisa Hardinata Muhammad Ichsan Prasetyo Wardhani IRA ROCH INDRAWATI IRA ROCH INDRAWATI, IRA ROCH Ivan Hannoeriadi Ardiansyah Jeanne Natasia Jaya Jessica Mayrissa Veronica Jihan Qonitah Dzakirah Juli Wicaksono Khadijah Hasim Khaerun Nissa Rizfani Khalifah Muhamad Ali Khalifah Muhammad Ali Kurnia Tri Wahyuni Lilis Nurhasanah Lukytawati Anggraeni Mahanani, Yekti Marhamah Muthohharoh Marhamah Muthohharoh Maulana, Roby Maya Silvana Mayzya Titania Pramesti Putri Muhamad Ihsan Fardiansyah Muhammad Giffari Ramadhoni Muhammad Shulthoni Nadilla Ambarfauziah Rulian NADIRAH, TAMI Nidya Putri Zulia Kusuma Wardani Novia Cristiyani Nur Shabrina Khairun Nisa Nursyamsiah , Tita Nurul Izzah Ramadhani Olga Aulia Pranayutantri Puspita, Amelia Tri Putra Dwi Prasetyo PUTRI, YUNITA HERMAWATI Qoriatul Hasanah Qoriatul Hasanah Qoriatul Hasanah Rafidah Herawati Retno Tri Rahayu Ningtyas Salma Nabilah Salma Shalihah Savira, Salsabila Sekar Ayu Dwi Lestari Sibuea, Teguh Imani Siti Maryam Siti Nurhasanah Siti Nurhasanah Sugema, Iman Syifa Izzati Anzania Putri TAMI NADIRAH Tanti Novianti Tita Nursyamsiah Tita Nursyamsiah Wahyu Viariani Yekti Mahanani Yekti Mahanani Yeti Lis Purnamadewi YUNITA HERMAWATI PUTRI Zulkifli, Fadhley M Zulkifli, Fadhley Muhammad