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Al-Muzara'ah
Published by Institut Pertanian Bogor
ISSN : 23376333     EISSN : 26157659     DOI : 10.29244/jam
Core Subject : Economy, Education,
Economics, Econometrics & Finance Other
Al-Muzara'ah –Journal of Islamic Economics and Finance, is a collaborative journal of the Department of Islamic Economics, Bogor Agricultural University with the Indonesian Association of Islamic Economist (IAEI). The aim of the journal is to communicate and as the media of academic socialization by providing a platform for publication of research in the fields of Islamic economics, finance, microfinance, banking, insurance, halal industry, social finance and poverty alleviation, law and sharia issues in economics and finance, capital market, and other topics related to this area.
Arjuna Subject : -
Articles 183 Documents
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Investigating the Determinants of Shariah-Compliant Firms Profitability in Indonesia: Does COVID-19 Play an Essential Role? Mohammad Bintang Pamuncak; Arland Pratama Wijaya
AL-MUZARA'AH AL-MUZARA'AH Special Issue 2022
Publisher : Department of Islamic Economics, IPB University

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.29244/jam.specialissue2022.31-41

Abstract

This study aims to seek the determinants of sharia-compliant firm profitability in Indonesian JII listed companies. This study employed Data Panel regression analysis using the 12 most consistent companies who listed in the JII during the period of Q1 2015 to Q4 2020 where in total, there are 282 number of observation. The study found that both firm-internal and firm-external variabels are significant in determining firm profitability on at least one model of data panel regression. COVID-19 and GDP used to measure the impact of firm-external variables, while working capital, debt to equity ratio, and quick ratio used to determine firm-internal variable. Further studies are required to observe the longer period of COVID-19 impact on sharia-compliant firm profitability.
Analysis of Sukuk Research in Indonesia Bibliometric Approach Lina Nugraha Rani; Nisful Laila; Dian Filianti; Dwi Wulan Ramadani
AL-MUZARA'AH AL-MUZARA'AH Special Issue 2022
Publisher : Department of Islamic Economics, IPB University

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.29244/jam.specialissue2022.43-56

Abstract

The concept of sharia-based finance is currently growing rapidly in Indonesia. One form of sharia financial instrument that has been issued by both corporations and the state is the sukuk. Sukuk is one of the most innovative forms of product in the development of the contemporary sharia financial system. It can be concluded that sukuk is an alternative source of funding, especially for the government and corporate companies. The growth of sukuk in Indonesia has increased sharply compared to other Islamic financial instruments, the growth reaching 84% ​​per year if analyzed from 2001 to 2007. Thus, sukuk has developed into one of the most important mechanisms in increasing finance in the international capital market through an Islamically acceptable structure. This study aims to determine the development of research trends in sukuk in Indonesia published by leading journals on Islamic financial economics. The data analyzed consisted of 47 papers that Scopusindexed research publications. The data is then processed and analyzed using the VOSviewer application to find out the bibliometric map of the development of sukuk research in Indonesia.
Assessing the Islamic Bank Financing During Economic Recession: The Role of Stimulus Regulation POJK Number 11/POJK.03/2020 Ririn Riani; Ries Wulandari
AL-MUZARA'AH AL-MUZARA'AH Special Issue 2022
Publisher : Department of Islamic Economics, IPB University

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.29244/jam.specialissue2022.57-75

Abstract

This study examines the role of the POJK stimulus policy No. 11/POJK.03/2020 on the decision of financing in Indonesia Islamic banking. Furthermore, the study aims to be able to assess the financing behavior of Islamic banks. Accordingly, we design a quantitative approach with panel data analysis method. With case studies on 12 Islamic Commercial Banks with a time period from quarter 1-2017 to quarter 4-2020. We found that the total financing of Islamic banks experience significant changes after the period of economic recession that hit Indonesia. Then, the study found that the role of stimulus regulation has a positive and significant effect on the distribution of total bank financing. This shows that the stimulus regulation through financing relaxation or financing restructuring does not prevent banks from continuing to channel financing to the public. This study also found that Islamic banks do not behave pro-cyclicality behavior towards the business cycle.
Islamic Financial Literacy Amongst Muslim Students in Indonesia: A Multidimensional Approach Muhammad Raihan Aulia Firdausi; Rahmatina Awaliah Kasri
AL-MUZARA'AH AL-MUZARA'AH Special Issue 2022
Publisher : Department of Islamic Economics, IPB University

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.29244/jam.specialissue2022.77-94

Abstract

Although Indonesia is the largest Muslim country in the world, the level of Islamic financial literacy in Indonesia is still very low. The Islamic financial literacy index in Indonesia is at 8.93%, much lower than the conventional financial literacy index which reached 37.72% in 2019. Therefore, this study aims to analyze the determinants of Islamic financial literacy in Indonesia amongst university students which is a group prioritized by government policies in improving Islamic financial literacy. To achieve this goal, this study develops a multidimensional Islamic financial literacy instrument that includes aspects of knowledge, attitudes and behavior and measures the multidimensional Islamic financial literacy amongst university students. The study collected primary data from 439 students from University of Indonesia and analyzed them using logistic regression method with Islamic financial literacy scores as the dependent variable and socio-demographic factors as the independent variables. The results of this study found that the majority of students (50.1%) had moderate levels of Islamic financial literacy, while 43.5% and 6.4% had high and low levels of Islamic financial literacy respectively. In addition, this study found a positive influence on the field of study, income, and Islamic bank account ownership on the level of Islamic financial literacy. In particular, students who come from the faculty of economics and business, have higher incomes, and have Islamic bank accounts tend to have higher Islamic financial literacy than other students. Based on these findings, relevant stakeholders in Indonesia are expected to continue improving Islamic financial literacy through various strategies and massive educational programs, especially for the groups which have low and moderate Islamic financial literacy. The results of this study are also expected to enrich the literature on Islamic financial literacy in Muslim countries.
Cash Waqf Model for Social Enterprise to Achieve Sustainable Development Goals in Indonesia Najim Nur Fauziah; Salina Kassim
AL-MUZARA'AH AL-MUZARA'AH Special Issue 2022
Publisher : Department of Islamic Economics, IPB University

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.29244/jam.specialissue2022.95-105

Abstract

Social enterprises are expected to bring significant positive impact on Indonesia's economy and may help to meet the Sustainable Development Goals (SDGs). Social enterprises empower minorities by providing more opportunities for a sustainable means of livelihood, especially for low-income and disadvantaged groups. However, despite its potential, financial issues remain a significant barrier for the viability of social enterprises in Indonesia. Cash waqf is one of the Islamic social finance vehicles that can be used to invest and manage funds to address a variety of social issues related to the SDGs. Hence, this study aims to propose cash waqf model for social enterprise in achieving the SDGs in Indonesia and to assesses the potentials and opportunities of developing the proposed model in Indonesia. This study employs a qualitative research approach, with primary data gathered from interviews of relevant stakeholders. This study finds that, the cash waqf can solve a multitude of financial issues faced by many social enterprises in Indonesia by enlarging their pool of financing support. The possibilities and opportunities of developing the cash waqf model for social enterprise include alternative funding for social enterprise, alternative waqf for waqif, an increase in nazhir, and more effective contribution to the SDGs.
Analisis Rencana Elektronifikasi Keuangan Daerah dalam Memperluas Kontribusi Zakat dengan Pendekatan Fishbone Diagram Analysis Oktoviana Banda Saputri; Nurul Huda; Mulawarman Hannase
AL-MUZARA'AH Vol. 10 No. 1 (2022): AL-MUZARA'AH (June 2022)
Publisher : Department of Islamic Economics, IPB University

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.29244/jam.10.1.1-17

Abstract

This study aims to identify the root cause in planning of the implementation digital transformation of local government financial transactions to expand the role of zakat. This study modify the element of zakat as an instrument in regional fiscal financial policy. Government policies that impose restrictions on social interaction among the spread of the Covid-19 outbreak have convinced people to switch to the trend of digital transactions. The electronification activity for each transaction is one of the government's strategies in achieving the financial inclusion level target in 2024 of 90%. This study used a qualitative descriptive analysis using the Fishbone Diagram Analysis method with the 4M approach, there are Method, Manpower, Material, and Machine. Based on the analysis and mapping of the problems, it is concluded that there are still areas that need to be strengthened the plan of the regional government financial transaction electronification program in expanding the contribution of zakat, there are in the areas of government’s policy and regulation, human resources, infrastructure as well as synergy and coordination.
The Influence of Religiosity and Transparency on Production Factors of Sharecrops and Sharecropping Contract in East Java Suyoto Arief; Adib Susilo; Achmad Fajaruddin
AL-MUZARA'AH Vol. 10 No. 1 (2022): AL-MUZARA'AH (June 2022)
Publisher : Department of Islamic Economics, IPB University

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.29244/jam.10.1.19-32

Abstract

This paper seeks the relations between the religiosity and the transparency to the production factors usage in the land crops cultivation as well as the effect of production factor to the sharecropping contract in East Java. The method employs in this study is Structural Equation Modelling (SEM) with the respondent of the research is 400 farmers from the 8 counties in East Java. The result shows that religiosity and transparency have positives and significant effect to the production factors usage in the cultivation of the land crops in East Java with the p-value respectively 0.008 for religiosity to production factors and 0.001 for transparency to production factors. Meanwhile, the influence of production factors to the sharecropping contract is positive and significant with p-value about 0.001. Furthermore, the R-square of production factors is about 0.907 which mean 90.7% of production factors variable is explained by religiosity and transparency variables while the rest of it is explained by other variables out of this research. Meanwhile, the sharecropping contracts R-square is about 0.629 which means 62.9% of sharecropping contracts variable is explained by production factors variable while the rest of it about 37.1% is explained by other variables out of this research.
Analisis Faktor-Faktor yang Memengaruhi Ketahanan UMKM Makanan dan Minuman Bersertifikat Halal saat Pandemi COVID-19 di Kota Banda Aceh Wahyu Viariani; Deni Lubis; Marhamah Muthohharoh
AL-MUZARA'AH Vol. 10 No. 1 (2022): AL-MUZARA'AH (June 2022)
Publisher : Department of Islamic Economics, IPB University

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.29244/jam.10.1.33-45

Abstract

The existence of the COVID-19 pandemic has implications for the global economic sector, including in Indonesia. The decline in economic performance is not only felt by large multinational and national companies, but also by MSME players. This research aims to examine the factors of resilience of MSMEs during the COVID-19 pandemic, so that the results of this research can be a survival strategy for MSMEs, especially during the pandemic. The research data was collected through an interview process with 100 food and beverage MSME actors who have halal certification and who do not have halal certification in Banda Aceh City. After that, MSMEs will be grouped into MSMEs that have resilience and do not have resilience for further analysis. The analysis method used in this research is descriptive analysis and logistic regression analysis. Based on the research results, the factors that positively and significantly affect the resilience of MSMEs during the COVID-19 pandemic are the characteristics of entrepreneurship and government support.
How National Zakat Board of Republic Indonesia (BAZNAS) Could Raise Zakat Funds: Riau Province Evidence Ika Febriana; Idqan Fahmi; Moch. Hadi Santoso
AL-MUZARA'AH Vol. 10 No. 1 (2022): AL-MUZARA'AH (June 2022)
Publisher : Department of Islamic Economics, IPB University

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.29244/jam.10.1.47-57

Abstract

As a province in Indonesia with a majority Muslim population of 87.58%, Riau has a very large potential, reaching Rp 8.4 trillion but the highest realization that was collected by National Zakat Board (BAZNAS) of Riau Province was only Rp 12.15 billion in 2019. This zakat management organization (ZMO) has made various efforts in order to increase the zakat funds. This study analyzed the performance of this institution according to muzakki and recommended strategies to increase the number of muzakki and zakat funds. Using the Structural Equation Modeling (SEM) method, according to muzakki, BAZNAS of Riau Province has good transparency, accountability, socialization, and service quality. However, muzakki prefer to pay zakat in mosques and directly to mustahik. Therefore, this study recommended to increase collaboration with mosque administrators, increase numbers of Zakat Collecting Unit (ZCU) as fund collectors and also distributors, update websites regularly, and increase socialization with materials on procedures for paying zakat and the benefits of paying zakat through ZMO.
Hal-Hal yang Memengaruhi Keputusan Wakif untuk Berwakaf Uang di Kabupaten Purworejo Meilinia Rositanti; Neneng Hasanah
AL-MUZARA'AH Vol. 10 No. 1 (2022): AL-MUZARA'AH (June 2022)
Publisher : Department of Islamic Economics, IPB University

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.29244/jam.10.1.59-78

Abstract

Cash waqf is a form of waqf innovation that is more flexible in management because it can be invested into the real and financial sectors. Cash waqf has an important role as a multiplier effect in the economy. Potential of cash waqf in Purworejo Districtis is very large. However, this potential has yet to be realized. The low accumulation of cash waqf that has not yet reached the potential is influenced by the community, especially waqif. Therefore, this study aims to analyze the factors affecting waqif’s decision to donate cash waqf at Purworejo District. Data collection is done by the questionnaires given to 60 waqif at Purworejo District. Descriptive analysis and logistic regression are used as research method in this study. The result shows that waqif’s decision to donate cash waqf is affected by their income and knowledge on cash waqf and the age of the waqif has a significant negative effect on the waqif's decision to cash waqf.

Page 11 of 19 | Total Record : 183

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