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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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The Problem of Murabaha Financing of Islamic Microfinance Institution and The Handling Strategies in Indonesia: A Literature Review Azhar Alam; Ririn Tri Ratnasari; Nida’ Al-Karimah Makkawi; Aminudin Ma’ruf
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.11.1.17-30

Abstract

Indonesia is a country with the largest Muslim population in the world and has extraordinary potential in the amount and assets of Islamic microfinance and can be a reference for the application of Islamic Microfinance in other countries. The purpose of this study was to review the problems in murabaha financing at Islamic Microfinance Institution (IMFI) and the treatments. The approach used was a qualitative analysis of Indonesian literature studies about the specific type of murabaha financing with content analysis and thematic analysis techniques. This study found that internal and external factors caused problematic murabaha financing in BMT. Internal factors include the inaccuracy of BMT in 5C (Character, Capacity, Capital, Collateral, and Condition), lack of supervision, procedures violations, facilities and infrastructure, and lack of human resources (HR). Meanwhile, external factors include bad customers, unexpected circumstances of customers, lack of customer income, inflation, and government policies. The actions done by the BMTs to overcome problematic murabaha financing were by implementing BMT guidelines for prospective customers, preventing and repressive supervising, applying a democratic leadership style, applying fines, rescheduling, restructuring and reconditioning write off, auction of collateral, and legal actions. This study recommends strengthening financing selection by improving human resource skills and also variations in handling murabaha financing with a humanist approach.
Domestic and International Macroeconomic Variables on Indonesian Sharia Stock Index with Vector Error Correction Model Approach Nofrianto; Faqih Muhammad Arif
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.11.1.31-46

Abstract

The fluctuating movement of the Indonesian Sharia Stock Index (ISSI) is thought to be caused by domestic and international macroeconomic factors. Previous research revealed inconsistent results regarding the factors that influence ISSI price movements with the research time horizon generally in the short to medium term. This study aims to analyze and see the magnitude of the influence of domestic and international macroeconomic variables on ISSI. This study uses the Vector Error Correction Model (VECM) method with monthly time series data from May 2011 to July 2022. The results of the study show that in the long-term, inflation, amount of money supply, world oil price, and Dow Jones Islamic Market US have a significant effect on ISSI. In the short term, only world gold price has a significant effect on ISSI. BI repo rate and exchange rate did not significantly affect ISSI in the short and long term. The Indonesian Sharia Stock Index reaches stability the fastest when it responds to shocks in gold prices. This study recommends the promotion of ISSI and Islamic finance, careful consideration in investment decisions by companies and investors, and the need for an early warning system in the Islamic capital market to anticipate the financial crisis.
Strategi Pengembangan Bank Pembiayaan Rakyat Syariah di Indonesia Anisa Dwi Utami; Lukman M Baga; Rahmat Yanuar; Tita Nursyamsiah; Busaid; Yekti Mahanani
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.11.1.47-61

Abstract

The business growth of Islamic rural Bank (BPRS) in Indonesia is higher than conventional rural bank, meanwhile it has the lower market share. One of the reasons could be the intense competition faced by Islamic rural banks with another islamic finance institution such as baitul maal wat tamwil (BMT) and islamic commercial banks which have also penetrated into the MSME segment. It makes islamic rural banks are often called having middle child syndrome, which have no speciality in facing the markets. This study aims to identify the strategy to develop and deep the market of islamic rural banks in Indonesia. This study was conducted using primary data through interview and focus group discussion (FGD) and SWOT. The methods used are business model canvass (BMC) and SWOT. The results of this study identified five key factors that play an important role in the development of the BPRS industry, namely 1) capital factor, 2) human resource (HR) factor, 3) information technology infrastructure factor, 4) business model, and 5) regulatory aspect.
Peran Zakat terhadap Proses Perubahan Sosial melalui Pemberdayaan Masyarakat: Studi Narrative dan Bibliometrics Salahuddin El Ayyubi; Ekawati Wahyuni; Pudji Muljono; Irfan Syauqi Beik
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.11.1.63-85

Abstract

This paper presents an analysis of the development of literature on community empowerment through zakat and its relation to social change. A total of 29 documents published between 2016 and 2023 were analyzed using a narrative review approach and bibliometric analysis with the assistance of the RStudio application. Concept mapping and visualization of publications were conducted to identify elements of knowledge, dynamics, relationships, and interactions among publications. The analysis results show that research during the 2016-2023 period generally focuses on the economic aspect of zakat in social change. However, further research is needed to cover other dimensions of social change, such as politics, culture, technology, and environment. Consequently, the study of the impact of zakat on social change needs to be expanded to provide a more comprehensive understanding of the role of zakat in promoting inclusive and sustainable social change within society.
Strategy for Developing the Concept of Halal Beach Tourism in Gunung Kidul Regency, Yogyakarta Resfa Fitri; Muhammad Wildan Syakuro; Mohammad Iqbal Irfany
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.11.1.87-101

Abstract

One sector that is currently being featured in Indonesia is the development of tourism including halal tourism. The concept of halal is trending ranging from culinary, fashion, cosmetics and even the tourism sector. Gunung Kidul Regency of Yogyakarta has the largest beach tourism area and has the potential to be developed into halal beach tourism. However, appropriate strategy for the development of halal beach tourism in Gunung Kidul Regency is still lacking. Study on the topic on the halal beach tourism is also still limited. This study aims to analyze the strategy for developing the potential of halal beach tourism in Gunung Kidul Regency using the Analytic Hierarchy Process (AHP) method and the Strengths, Weaknesses, Opportunities, and Threats (SWOT) approach. The results of this study show that strength is a top priority in developing halal beach tourism in Gunung Kidul Regency. The strategy priorities are: a) improvement of facilities such as prayer facilities and supporting facilities with the concept of halal beach tourism, b) expanding cooperation with various parties and synergies between beaches, c) improving the quality of human resources through training activities and introducing the concept of halal beach tourism, d) designing an integrated promotion and marketing strategy, and e) improvement of services and providing tour guides for tourists. This research implicates for the establishment of a halal certification policy for entrepreneurs as well as promoting clear regulations on halal beach tourism, especially in Gunung Kidul Regency.
Is Islamic Economy as that Green? Budhi Fatanza Wiratama; Zasya Safitri
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.11.1.103-118

Abstract

Economic growth is widely associated with degradation of environmental quality. Green economy is a term that later emerged to save the environment. In Islamic point of view, the environment and the economy are two things that must support each other. This study discusses Islamic economics that should be associated with sustainability, as in line with the teachings of Islam to coexist with the environment. The method used are correlation analysis and panel data regression to find out the association between Islamic economics and green growth in major Islamic economic countries. The results show that the Global Islamic Economy Indicator (GIEI) is positively correlated to the Green Growth Index (GGI). Based on the panel data regression model, Muslim Modest Fashion sector significantly has a positive effect on GGI. Unfortunately, in general, the GGI achievements of the OIC countries are still very lacking compared to non-OIC countries. It is the government's duty to start implementing environmentally oriented policies in all sectors of the Islamic economy inclusively.
Marketing Mix Strategy in Waqf Online Fundraising Platform: An Importance-Performance Analysis Vitriara Ahsana Nadya; Asep Nurhalim; Mohammad Iqbal Irfany
AL-MUZARA'AH Vol. 11 No. 2 (2023): AL-MUZARA'AH (December 2023)
Publisher : Department of Islamic Economics, IPB University

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.29244/jam.11.2.119-132

Abstract

As an Islamic social finance practice, waqf has a considerable potential to develop community following maqashid sharia and SDGs. At IPB University, one of few universities with authority as a nazir, the implementation of waqf from ‘civa to civa’ on campus has huge benefits for the development of their surrounding without having to rely on government funding. This study, using Islamic Economics students as its respondent, tries to formulate a marketing strategy for waqf online fundraising platform employing an Importance Performance Analysis. Results show that there is still a noticeable gap between the potential and realized the value of waqf in this platform and demography, indicating that the performance has yet to reach the select value from respondents. Three attributes of the marketing mix in IPB’s online waqf platform that needed the most attention: social media promotion, mass media promotion, and integration with other fundraising platforms.
Determinan Pola Konsumsi Dharuriyyah, Hajiyyah dan Tahsiniyyah (Studi Kasus Pengguna Marketplace di Kota Malang) Nanda Islachul Muslimah; Vietha Devia SS
AL-MUZARA'AH Vol. 11 No. 2 (2023): AL-MUZARA'AH (December 2023)
Publisher : Department of Islamic Economics, IPB University

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.29244/jam.11.2.133-154

Abstract

The advancement of technology in the era of digitalization offers convenience to consumers for quick and easy shopping through digital platforms such as marketplaces. Marketplaces provide various products and services, ranging from basic needs to luxury items. This convenience creates new opportunities and challenges in understanding consumer behavior, especially in terms of how a consumer's consumption patterns correspond with Islamic values in the context of meeting their needs. This research aims to analyze the determinants or factors influencing the consumption patterns of a Muslim consumer in meeting various levels of needs, such as financial literacy, hedonic motivation, technological proficiency, and price discounts. A case study was conducted on marketplace users in Malang City using a quantitative method and multiple linear regression analysis. The research results indicate that a consumer's financial literacy and technological proficiency, as well as the presence of price discounts, have an effect on their consumption patterns at the dharuriyyah, hajiyyah, and tahsiniyyah levels of need. However, hedonic motivation does not affect consumption patterns at all levels of needs. By understanding the effect of these factors on consumption patterns, this research offers valuable insights into how consumers perceive and prioritize their various needs in the ever-evolving digital environment.
Contribution of Zubair Hasan to Islamic Economics Qurroh Ayuniyyah; Hambari; Hilman Hakiem
AL-MUZARA'AH Vol. 11 No. 2 (2023): AL-MUZARA'AH (December 2023)
Publisher : Department of Islamic Economics, IPB University

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.29244/jam.11.2.155-165

Abstract

Islamic economics has been growing immensely for almost four decades since the First International Conference on Islamic economics held in Makkah in February 1976. Many improvements on developing Islamic economics as an independent discipline have been done by many scholars. One of the most prominent contemporary scholars who have made some significant work in building Islamic economics by combining the existing modern economics with Islamic teaching is Zubair Hasan. Therefore, the main objective of the study is to provide a summary and analysis of Hasan’s economic thought on Islamic economics. The study is based on secondary data, taken from some books, articles, and journal that Hasan has produced. This study uses a descriptive analysis and employs an inductive approach in tracking and collecting materials and references written by Zubair Hasan from 1975 to 2014. The analytical approach was used to identify Hasan’s thought on several topics in the area of Islamic economics. The study suggests Hasan views on Islamic economics are comprehensive and cover almost all aspects that Islamic economics needs to explain. This includes underlying assumptions, scope of objectives, the role of state and individual, institutional frameworks, distribution, and profit in Islam. His analysis is basically a critical integration between modern economics with Islamic heritage.
Influential Factors in the Development of Halal Food Consumption Behavior: Gunadarma University Students Sutan Emir Hidayat; Kanzani Makhfiyyani; Siti Nabila Dadin; Asyabrina Ramadanti; Meidyna Syafa Maura
AL-MUZARA'AH Vol. 11 No. 2 (2023): AL-MUZARA'AH (December 2023)
Publisher : Department of Islamic Economics, IPB University

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.29244/jam.11.2.167-176

Abstract

The purpose of this study was to determine the factors that influence the behavior of halal food consumption. The approach used in this study is a quantitative approach. The population in this study was Gunadarma students while the sample of this study was 100 people. The data collection technique in this study used questionnaire techniques. Data analysis techniques in this study use validity tests, reliability tests, descriptive analysis, and multiple linear regression tests. The linear regression test includes significance tests (F statistical tests), partial significance tests (statistical t tests) and certainty tests (R2 tests). The results of this study, partially attitudes and religiosity have a significant positive effect on halal food consumption behavior, while subjective norms/intentions and brand beliefs have an insignificant effect on halal food consumption behavior. Simultaneously the variables of attitude (X1), religiosity (X2), subjective norms/intentions (X3) and brand trust (X4) simultaneously have a significant effect on halal food consumption behavior.

Page 13 of 19 | Total Record : 183

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