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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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Comparative Analysis of Murabahah and Mudharabah Financing Risk from Islamic Microfinance Institutions Perspective Azhar Alam; Raditya Sukmana; Bayu Arie Fianto; Azzam Izzuddin
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.10.1.79-92

Abstract

The most frequently used financing contracts in Islamic financial institutions are murabahah and mudharabah. This study aims to reveal the phenomenon in the field about the description of the risk comparison between murabahah financing and mudharabah financing from the BMT side. This study uses descriptive qualitative research methods through data collection methods with in-depth interviews with nine respondents who have experience handling the risks of murabahah financing and mudharabah financing at BMT. This study shows that the risk of mudharabah financing is greater than the risk of murabahah financing. In practice, mudharabah financing tends to be relatively high due to asymmetric information and moral hazard. The inherent risk in murabahah financing is the risk of member default due to default or member negligence in returning installments. This study also identifies risk factors such as trust risk and sharia legal risk for murabahah financing with wakalah contracts. This study shows that BMT applies the precautionary principle and is appropriate to maintain the institution's health to minimize the risks that occur. This research is expected to be a reference in managing the risk of murabahah financing and mudharabah financing with innovative strategies. The BMT Islamic Microfinance Institution needs to stimulate and educate to reduce the risk of mudharabah financing so that it can become a top priority for financing.
Analisis Return, Risk dan VaR Portofolio Saham JII dengan Metode SIM, MAD dan DD Rohiman Atja; Indupurnahayu; Renea Shinta Aminda
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.10.1.93-110

Abstract

Before pandemic, Islamic stocks performance (ISSI, JII70, JII) contracted. During pandemic, outperformed JCI and LQ45. JII prospect is good this year, increase 5.81% early 2021, exceeded JCI (4.66%) and LQ45 (4.75%) ytd. This study uses 4 investment scenarios aimed at analyzing and exploring the Return and Risk of the selected JII Portfolio using SIM, MAD, and DD Methods; perform calculations and analyze VaR of the selected JII Portfolio; calculate and analyze the relationship between Return and Risk of the selected JII Portfolio using SIM, MAD, and DD Methods; calculate and analyze the differences in Return and Risk of the selected JII Portfolio using the SIM, MAD, and DD Methods. The research methods are SIM, MAD, DD, VaR, Correlation-Test and Difference-Test. The results of the study of the highest return of each method resulted in scenario 2, the highest risk of each method resulted in a scenario of 33.3% investment proportion, the highest VaR resulted in scenario 2. Test-correlation method in calculating returns: there is no significant relationship between the SIM-MAD and DD-MAD methods, there is a significant positive relationship between the SIM-DD method.
Pengaruh Kualitas Pelaksanaan Islamic Corporate Governance dan Kompleksitas terhadap Frekuensi Terjadinya Fraud pada Perbankan Syariah di Indonesia Suharto; Dominicus Savio Priyarsono; Trias Andati
AL-MUZARA'AH Vol. 10 No. 2 (2022): AL-MUZARA'AH (December 2022)
Publisher : Department of Islamic Economics, IPB University

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.29244/jam.10.2.111-122

Abstract

This study is explore the quality of ICG in sharia banking in Indonesia during the period of 2011 – 2020, analyze the effect of the quality of ICG implementation and complexity on the frequency of fraud in sharia banking in Indonesia. This study uses a descriptive method with a quantitative approach. The data analysis method used panel data regression. The results that the quality of ICG implementation at BUS during 2011-2020 on average was in the predicate of “very good”, “good” and “good enough”. The implementation of ICG in BUS BUKU III is better than BUS BUKU II and BUKU I. The results also show that the quality of ICG implementation has a significant effect on fraud, if the ICG value increases (the quality of ICG implementation decreases) by 1 unit, then fraud will increase by 1.3251 unit. Then, the complexity has no effect on the frequency of fraud, meaning that the complexity of banks reflected in the category of BUKU 1 banks has the same level of fraud as BUKU II and III.
Pembiayaan Investasi Bank Syariah dan Pertumbuhan Produksi Usaha Kecil dan Menengah: Bukti Data Panel Indonesia Kawasan Barat Khairul Amri; Cut Dian Fitri; Muhammad Adnan; Muhammad Zulhilmi; Zaki Fuad
AL-MUZARA'AH Vol. 10 No. 2 (2022): AL-MUZARA'AH (December 2022)
Publisher : Department of Islamic Economics, IPB University

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.29244/jam.10.2.123-138

Abstract

This study aims to examine and analyze the effect of Islamic bank investment financing on the production growth of small and medium enterprises (SMEs). Using panel data from 8 provinces in western Indonesia from 2014.Q3 to 2019.Q3, the analytical model used is the cointegration test, vector error correction model, and Granger causality test. The study found a long-term and short-term relationship between the two variables. In the long term, investment financing will positively and significantly increase SMEs' production growth. Furthermore, in the short run, the relationship between the two variables is negative. Granger causality test results indicate a two-way causality between investment financing and production index growth. Production responses to changes in investment financing and vice versa, the investment financing is also a response to changes in SMEs' production growth.
The Determinants of Muslim Millennials' Intention Towards Savings Sukuk Rajut Prasetya; Syifa Fauziah; Arief Bowo Prayoga Kasmo
AL-MUZARA'AH Vol. 10 No. 2 (2022): AL-MUZARA'AH (December 2022)
Publisher : Department of Islamic Economics, IPB University

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.29244/jam.10.2.139-153

Abstract

Savings Sukuk is one of the sharia investment products issued by the Indonesian Government. Investors from the millennials generation always dominate Savings Sukuk sales, although it is a new investment instrument in Indonesia. Therefore, we interest in examining the intention towards Savings Sukuk more deeply. In particular, this study analyzes the effect of religiosity, product knowledge, and pricing on Muslim millennials' intention toward Savings Sukuk in Indonesia. This study used a quantitative approach, and the data collected was analyzed by Partial Least Square – Structural Equation Modeling (PLS-SEM). Purposive sampling was used to get the required sample. Respondents in this study were Muslim millennials in Indonesia and were not limited by region. There are at least 138 respondents who participated in the survey. The results showed that product knowledge and pricing influenced Muslim millennials' intention toward Savings Sukuk. In contrast, religiosity does not affect Muslim millennials' intention toward Savings Sukuk in Indonesia.
Faktor-Faktor yang Memengaruhi Minat Masyarakat Berwakaf Uang/Melalui Uang dalam Mendukung Pembangunan Berkelanjutan Kota Bogor Hilman Hakiem; Irfan Syauqi Beik; Idqan Fahmi
AL-MUZARA'AH Vol. 10 No. 2 (2022): AL-MUZARA'AH (December 2022)
Publisher : Department of Islamic Economics, IPB University

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.29244/jam.10.2.155-168

Abstract

Sustainable Development Goals (SDGs) has been interesting issue in this era. One of the ways to support these goals is by empowering cash waqf. The purpose of this research is to identify people perception on cash waqf to support sustainable development in Bogor City, to analyze the factors affecting people interest in cash waqf to support sustainable development in Bogor City, and to create formulas in order to increase the collection of cash waqf to support sustainable development in Bogor City. This research uses descriptive analysis, median analysis, Partial Least Square-Structural Equation Modelling (PLS-SEM) analysis, and strategic analysis. It is found that the most dominant indicator goes to “spending money for the needy can increase the spirit of religion, to support sustainable development”. It is also found that 64.86% indicators are included as good perception. Awareness, knowledge, attitude, and religiosity have positive and significant effect on people interest in cash waqf to support sustainable development in Bogor City, while promotion and socialization have positive effect but not significant. Improving on awareness, knowledge, attitude, and maintain religiosity should be taken as the main strategy to increase the collection of cash waqf to support sustainable development in Bogor City.
Analisis Nilai Kontribusi Bantuan Kemanusiaan Palestina Badan Amil Zakat Nasional (BAZNAS) Tahun 2018-2021 Muhammad Abdi Ridha; Ibdalsyah; Qurroh Ayuniyyah
AL-MUZARA'AH Vol. 10 No. 2 (2022): AL-MUZARA'AH (December 2022)
Publisher : Department of Islamic Economics, IPB University

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.29244/jam.10.2.169-184

Abstract

Since the Jews declared the establishment of the state of Israel in the Palestinian territories in 1948, Indonesia has been part of the party opposing the Israeli occupation and supporting the Palestinian people's efforts to gain their right to independence. In terms of humanitarian assistance, zakat, infaq and alms management institutions are increasingly promoting various humanitarian aids, one of which is the Indonesia’s National Zakat Agency (BAZNAS). This study aims to analyze the value of the contribution of zakat, infaq and alms funds by BAZNAS for humanitarian aid in Palestine. The sampling method used in this research is purposive sampling. Data is described using descriptive analysis. The results of this study indicate that the value of the contribution to the distribution of ZIS funds for Palestinian humanitarian assistance carried out by BAZNAS in 2018-2021 is volatile. The largest distribution of zakat funds for Palestinian humanitarian aid occurred in 2018 which was 2,531,430,175.00. While the largest infaq and alms funds occurred in 2021, which amounted to 597,268,865.00. The factor that causes this fluctuation in the level of distribution is because the value of distributing Palestinian humanitarian aid depends on the pattern of cooperation built by BAZNAS with other humanitarian institutions.
Pengaruh Zakat dan Islamic Human Development Index terhadap Kemiskinan di Jawa Tengah Tahun 2017–2020 Asep Nurhalim; Lelly Mawarni; Resfa Fitri
AL-MUZARA'AH Vol. 10 No. 2 (2022): AL-MUZARA'AH (December 2022)
Publisher : Department of Islamic Economics, IPB University

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.29244/jam.10.2.185-196

Abstract

Human development and zakat funds are one of the efforts to minimize poverty. Human development can be measured using the Islamic Human Development Index (IHDI) indicator for countries or regions with a majority Muslim population. However, there is not much literature on IHDI and its application in Indonesia. This study aims to analyze the effect of zakat and IHDI on poverty in 35 districts/cities of Central Java in 2017–2020. The method used is panel data regression with random effect model estimation. The regression results show that zakat has a negative and significant effect on the poverty level in Central Java in 2017–2020, while IHDI has a negative but not significant effect. Simultaneously, zakat and IHDI have an influence on the poverty rate in Central Java in 2017–2020. One of the policy implications that can be done by the Central Java government to minimize the level of poverty is to increase the realization of the collection and distribution of zakat funds and cooperation from all related parties is also very necessary, including the government, zakat management institutions, banks, and the community.
A Qualitative Review on Islamic Sustainable Finance Silma Lafifa Sunarya; Aam Slamet Rusydiana
AL-MUZARA'AH Vol. 10 No. 2 (2022): AL-MUZARA'AH (December 2022)
Publisher : Department of Islamic Economics, IPB University

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.29244/jam.10.2.197-212

Abstract

The current paradigm of Islamic economics and finance leads to comprehensive human development by taking into account the objectives of Islamic sharia (maqasid sharia). This study aims to determine the development and mapping of Islamic Sustainable Finance from research published by reputable journals with the theme of Islamic economics and finance. This study uses a qualitative method with data collection in the form of journal publications from various Scopus-indexed journals with the theme of Islamic Sustainable Finance. There are 154 journal publications with the theme of Islamic Sustainable Finance for the period 1994-2022. The data were processed with Microsoft Excel and analyzed using Nvivo 12 Plus software. The results show a fairly fluctuating increase in journal publications with the theme of Islamic Sustainable Finance. Of the 154 published journals indexed by Scopus, the words that appear the most are Islamic, finance, financial, sustainable, development, social, banking, financing, waqf, and economic with the percentage of each word being 3.22%, 1.55%, 1.50 %, 0.95%, 0.84%, 0.78%, 0.68%, 0.54%, 0.49%, and 0.48%. That is, most states that the development of Islamic finance is sustainable, in terms of banks, social financing, waqf, economics, and so on. This research is expected to add to academic studies related to Islamic finance to achieve a sustainable future for Islamic finance.
Farmers’ Intention to Pay Zakat (Determinants of Agricultural Zakat in the Special Region of Yogyakarta) Muhammad Zulfikar Yusuf; Ibi Satibi
AL-MUZARA'AH Vol. 11 No. 1 (2023): AL-MUZARA'AH (June 2023)
Publisher : Department of Islamic Economics, IPB University

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.29244/jam.11.1.1-16

Abstract

DI Yogyakarta is one of the provinces with an agricultural sector that contributes to the GRDP of the province. This is certainly in line with the potential for agricultural zakat, which is quite large. However, on the other hand, DI Yogyakarta is one of the provinces with problems related to poverty and the Gini ratio index, which is quite unequal. One of the reasons this problem later arose was that the potential for zakat was not fully realized. This study aims to determine the effect of religiosity, knowledge, income, environment, and belief on farmers’ intention to pay agricultural zakat. This research is quantitative research with a survey technique. This study sample was Muslim farmers living in the Special Region of Yogyakarta. The sampling technique used was purposive sampling with a total sample of 60 samples. The data analysis technique used is Structural Equation Modeling and Partial Least Square (SEM-PLS) with analysis tools using Smart-PLS 3.0. The results of this study indicate that religiosity, income, and environment significantly positively affect farmers’ intention to pay agricultural zakat. At the same time, knowledge and trust do not affect farmers’ intention to pay agricultural zakat.

Page 12 of 19 | Total Record : 183

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