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Al-Muzara'ah
ISSN : 23376333     EISSN : 26157659     DOI : 10.29244/jam
Core Subject : Economy, Education,
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
Strategi Pemasaran Program Wakaf Yayasan Hutan Wakaf Bogor Ismail Fakhri; Irfan Syauqi Beik; Endar Hasafah Nugrahani
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.11.2.177-186

Abstract

The high rate of deforestation makes the forest waqf program attractive to be developed as a support for the reforestation program. The research will identify variables that can influence waqf decision-making. Data collection used a research questionnaire with a sample of 100 people using Judgment Sampling. The analytical tool used in this research is Structural Equation Modeling (SEM) with Partial Least Square (PLS) approach. The results showed that registered buyers of forest waqf products at the Bogor Waqf Forest Foundation were dominated by millennials with single status and incomes between IDR 1,000,000 – IDR 2,000,000. Brand and customer trust affect the marketing effectiveness of trust in forest waqf products. The priorities for the marketing strategy for forest waqf products include strengthening brand image, increasing consumer confidence, conducting social activities, maintaining communication with consumers, and conducting regular data analysis and evaluation.
Analisis Impostor Syndrome dalam Aspek Religiositas terhadap Waqf Behavior Mahasiswa IPB dengan Pendekatan Ebbinghaus Forgetting Curve
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.11.2.187-199

Abstract

In the context of productive waqf development in Indonesia, especially at Bogor Agricultural University (IPB), this research is rooted in the high potential of waqf followed by the tendency of students to contribute. With the Indonesian Waqf Board (BWI) as the main mover and IPB as an educational institution that acts as a nazir, increasing waqf literacy has had an impact on people's anxiety about post-life in the world, motivating them to actively waqf. Furthermore, this study links the phenomenon of Impostor Syndrome with the Ebbinghaus Forgetting Curve, highlighting the psychological and cognitive role in the retention of waqf-related information. This research uses a mixed method, namely quantitative derived from the results of CIPS and STAI tests of respondents to identify impostor syndrome and power function decline to find the new ebbinghaus forgetting curve. The qualitative method carried out is derived from interviews with key persons. Through a focus on IPB students, this study aims to understand how Impostor Syndrome feelings can affect aspects of religiosity and student waqf contributions, with the hope that the results can form emotionally stable, sincere, and balanced waqf behavior in achieving life balance.
Sustainability Disclosures and Financial Performance of Islamic Banks in Indonesia
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.11.2.201-218

Abstract

Sustainability practices and disclosures of Islamic banking in Indonesia are still very low. Currently, the disclosure of sustainability reports has been required by the Financial Services Authority (OJK). This paper measures the level of sustainability disclosures (economic, social, and environmental) based on OJK Regulation No. 51/2017 and investigates its impact on the financial performance of Islamic banks in Indonesia. The study was conducted in Islamic banks during 2018-2020 with a total sample of 12 banks obtained through purposive sampling. The results show that there is no significant effect of the sustainability disclosure dimensions on ROA. On the other hand, there is a significant effect of the sustainability disclosure dimensions on ROE and EPS. These results encourage Islamic banks to consistently issue a sustainability report. In the long term, the sustainability disclosure is expected to have a positive impact on the growth of Islamic banks in Indonesia.
Strategi Pengembangan Hutan Wakaf Bogor Menggunakan Pendekatan ISM Aini, Rahma; Rahma Aini Nur; Mohammad Iqbal Irfany
AL-MUZARA'AH Vol. 12 No. 1 (2024): AL-MUZARA'AH (June 2024)
Publisher : Department of Islamic Economics, IPB University

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.29244/jam.12.1.1-25

Abstract

Forests will become extinct if they are not managed wisely and sustainably. One of the forestry problems that occur in Indonesia is deforestation or logging activities in forest areas. Waqf Forest is a waqf-based forest conservation innovation that can be a supporting instrument for forest conservation. The problem that is the main focus in the development of waqf forests is how to overcome disaster mitigation in the waqf forest area in terms of reforesting deforested areas, areas prone to landslides and providing access to economic empowerment to the community and problems related to the number of permanent employees in the Bogor Waqf Forest This study aims to describe the Bogor Waqf Forest program, identify key sub-elements of the waqf forest development strategy and analyze the Bogor Waqf Forest development strategy using the Interpretive Structural Model (ISM) approach. The results of the analysis show that the elements of needs and objectives have almost the same key sub-elements, which are related to the legal protection for waqf forests and the main obstacle is the problem of nazhir's professionalism which is the responsibility of the principal actors or institutions mentioned. The achievement of the elements of needs, constraints, and objectives can be fulfilled by the actors or institutions involved through the activities of the key sub-elements, namely the coordination of BWI, WaCIDS, the Ministry of Religion, BAZNAS, Bogor Waqf Forest Foundation, and Regional Governments and related institutions to encourage waqf forest projects.
Non-Bank Sharia Housing Purchasing Decision Segment: Is a Sustainable Halal Lifestyle Important as Moderation? Erike Anggraeni; Normasyhuri, Khavid; Siti Nurohmah
AL-MUZARA'AH Vol. 12 No. 1 (2024): AL-MUZARA'AH (June 2024)
Publisher : Department of Islamic Economics, IPB University

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.29244/jam.12.1.27-50

Abstract

Researchers focus on looking at the relationship between price and digital marketing and whether a sustainable halal lifestyle can strengthen or weaken non-bank sharia-based housing purchase decision making. Quantitative in this study using SmartPLS 3.0. Primary data was collected from respondents, namely consumers of non-bank Islamic housing by taking samples using purposive sampling and using 500 samples. Data is collected by accessing the Google form and the indicator measurement is the Likert scale. The results of the study provide the fact that price and digital marketing have a positive relationship with non-bank sharia housing purchase decisions. A sustainable halal lifestyle strengthens the relationship between price and digital marketing on purchasing decisions for non-bank sharia housing. This study is expected to be able to identify market opportunities and provide a reference for sharia housing developers to be able to develop housing concepts that are innovative and in line with market demands and understand and respond to the needs and preferences of buyers who live a halal lifestyle.
A Bibliometric Analysis of Sukuk using VOSviewer in Indonesia with Publish or Perish (PoP) Lukito, Shellvy; Firmansyah, Egi Arvian
AL-MUZARA'AH Vol. 12 No. 1 (2024): AL-MUZARA'AH (June 2024)
Publisher : Department of Islamic Economics, IPB University

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.29244/jam.12.1.51-65

Abstract

The subject matter of sukuk has elicited increasing attention from both academic researchers and professionals within the industry. The employment of sukuk financing is effectively facilitating the progression of economic growth. The primary objective of this research endeavor is to integrate mapping analysis techniques with the utilization of VOSviewer software to conduct a comprehensive bibliometric analysis of scholarly literature pertaining to sukuk. The acquisition of research data is facilitated through the utilization of the Publish or Perish (PoP) application. The data collected has been derived from an examination of search outcomes pertaining to the keyword "sukuk" obtained from scholarly journals indexed by Google Scholar. A total of 997 articles, spanning the period from 2018 to 2022, have been identified in the present study. Based on the research findings, it has been observed that there has been a consistent upward trend in the number of studies conducted over the period 2018 to 2022. Islamic bonds, commonly referred to as sukuk, play a pivotal role in facilitating and propelling this expansion. The present study showcases the significance of bibliometric analysis in furnishing analytical data about occurrences. This study provides guidelines and serve as a valuable resource for researchers engaged in the exploration and identification of research themes.
Does Islamic Finance Boost the Economic Growth? Evidence from Indonesia Azwar; Haliding, Safri; Majid, Jamaluddin
AL-MUZARA'AH Vol. 12 No. 1 (2024): AL-MUZARA'AH (June 2024)
Publisher : Department of Islamic Economics, IPB University

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.29244/jam.12.1.67-85

Abstract

Although the growth of the sharia financial industry continues to increase in Indonesia, there is a need to understand the impact of the development of Islamic finance, including sharia banking, sharia bonds (sukuk), sharia shares, and sharia mutual funds, on Indonesia's economic growth. Previous research has highlighted a positive relationship between financial sector development and economic growth in general, but there has been no specific research examining the impact of Islamic financial instruments specifically in the Indonesian economic context. This study aims to analyze the effect of Islamic finance development consisting of Islamic banking, Islamic bonds (sukuk), Islamic stocks, and Islamic mutual funds, both partially and simultaneously, on Indonesian economic growth during the period of 2003-2022. This study uses a quantitative approach with the Ordinary Least Square (OLS) technique. The results of the study show that the Islamic banking and Islamic bonds (sukuk) have a positive and significant influence on the economic growth in Indonesia, the Islamic stocks also was found to has a positive effect on economic growth but not significant, while the Islamic mutual funds was found to has a negative and not significant effect on the economic growth. It implies that government may continuously support to sukuk for sustainable economic growth and the policy for the development of Islamic finance should be improved to increase the income of government particularly for Islamic stock and Islamic mutual fund.
What Drive Islamic Financial Inclusion in Banda Aceh City? Putri Ghina Marla; Said Musnadi; M. Shabri Abd. Majid
AL-MUZARA'AH Vol. 12 No. 1 (2024): AL-MUZARA'AH (June 2024)
Publisher : Department of Islamic Economics, IPB University

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.29244/jam.12.1.87-106

Abstract

This empirical study explores the role of Islamic financial literacy in strengthening Islamic financial inclusion through financial technology, digital finance, and social capital. Analyzing 385 respondents using Structural Equation Modeling (SEM), the findings reveal significant direct effects of Islamic financial literacy on financial technology, digital finance, and social capital. Additionally, these factors collectively impact Islamic financial inclusion. Mediating effects demonstrate that financial technology, digital finance, and social capital mediate the influence of Islamic financial literacy on Islamic financial inclusion. Implications include the prioritization of Islamic finance education to enhance public understanding and the need for collaborative efforts to establish Shariah-compliant financial technology infrastructure. Fostering social capital is crucial, reducing resistance to change and increasing participation in Islamic financial services. The study underscores an integrated approach, combining education, technological innovation, and social capital development for robust Islamic financial inclusion, promoting sustainable economic growth.
Strategi Peningkatan Distribusi Zakat Profesi UPZ Al Hurriyyah di Sekitar Masyarakat Lingkar Kampus IPB Fenty Wurni Asih; Dika Nugraha; Arinda Gaby Trisila; Neneng Hasanah
AL-MUZARA'AH Vol. 12 No. 1 (2024): AL-MUZARA'AH (June 2024)
Publisher : Department of Islamic Economics, IPB University

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.29244/jam.12.1.107-121

Abstract

The distribution of professional zakat funds from the Al-Hurriyyah IPB Zakat Collection Unit (UPZ) focuses on the educational sector, namely in the form of scholarships for IPB students who meet the criteria. However, this shows that distribution at UPZ Al-Hurriyyah IPB has not been optimal because it only focuses on one area, namely the educational scholarship program for IPB students who need UKT assistance and living costs. There needs to be other programs, such as community economic empowerment programs, so that the distribution of professional zakat in UPZ al-Hurriyyah is more even in distribution. This research aims to determine strategies for increasing the distribution of professional zakat at UPZ Al-Hurriyyah. The method used in the research is qualitative with ANP-SWOT analysis. The data used is primary data from questionnaires distributed to five respondents. The results of the research show that the threat aspect is a priority that influences UPZ Al-Hurriyyah in distributing professional zakat funds. Weaknesses, opportunities and strengths are the next priority in the ANP-SWOT analysis. The strategy recommendations that can be given include strengthening branding through offline and online platforms.
Driving Factor of Indonesian Muslims' Intention in Household Food Waste Management: Generational Comparison Anggiana Diniary; Kenny Devita Indraswari; Tika Arundina
AL-MUZARA'AH Vol. 12 No. 1 (2024): AL-MUZARA'AH (June 2024)
Publisher : Department of Islamic Economics, IPB University

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.29244/jam.12.1.123-136

Abstract

Food waste in Indonesia is predicted to increase if the problems are not taken seriously. The role of food waste management is essential to reduce its effects on the environment, society, and economy. Studies on the driven factor of intention to manage household food waste between generations are still limited. We address this gap by developing a research model with the Theory of Interpersonal Behavior includes economic and religiosity factors to explain food waste management behavioral intention between generations. The result shows that anticipated guilt, sense of community, awareness of consequences, environmental knowledge, financial concern, and religiosity are positively associated with managing food waste in generations Y and Z. However, this study did not find a significant relationship between financial concern and recycling intention. Further, anticipated guilt did not have an impact on the reuse intention of Generation Y, financial concern factor did not significant on the reuse intention of Generation Z, and religiosity did not show an impactful effect on reducing, reusing, and recycling intentions of Generation Z. The findings provide implications for developing strategies to encourage food waste management in Indonesia household.