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INDONESIA
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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Volatility Dynamics of Islamic and Conventional Equity Portfolios During COVID-19: Evidence from Fama-French and GARCH Models Haikal, Muhammad Barry; Triandhari, Risna; Parianom, Raden
AL-MUZARA'AH Vol. 13 No. 1 (2025): AL-MUZARA'AH (June 2025)
Publisher : Department of Islamic Economics, IPB University

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.29244/jam.13.1.109-126

Abstract

This paper examines the performance and volatility of Islamic equity portfolios in contrast to their conventional counterparts during the pre-pandemic, COVID-19 pandemic, and post-pandemic periods. Using daily data gathered from February 2019 to December 2023, this study employs the Fama-French factor models alongside GARCH-type models to evaluate risk-adjusted returns and volatility of portfolios. Furthermore, shariah screening rules, particularly those related to debt ratios, are integrated into the portfolio construction process to assess their influence on performance. The results show that while Islamic equity portfolios generally deliver lower returns, they demonstrate significantly lower volatility. This relation implicitly suggests a trade-off between risk and return, which are amplified further during periods of market stress. These findings contribute to the growing literature on Islamic finance by demonstrating the stability provided by shariah-compliant equity portfolios. Future research may explore sector-specific performance or extend the framework to other economies.
Analysis of the Effect of Outreach on Cooperative Sustainability: The Mediating Role of Capital Deepening Wahyudiono, Bambang; Tanjung, Hendri
AL-MUZARA'AH Vol. 13 No. 1 (2025): AL-MUZARA'AH (June 2025)
Publisher : Department of Islamic Economics, IPB University

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.29244/jam.13.1.127-140

Abstract

Indonesia is experiencing a serious inactivity of cooperatives, initially the number of active cooperatives was 209,448 units (2014) but has decreased to 130,119 units (2023) or a decrease of 79,328 units. This research aims to defined the effect of cooperative outreach on the sustainability of sharia saving and loan cooperatives (SLC). SLCs endeavor to elevate support provision to members. Mutually beneficial will be reached if financial and non-financial services (NFS) provided in a balanced manner. Utilizing data via questionnaires from 11 provinces in Indonesia or 32.3% of the total provinces, linear regression, mediation and moderation analysis were carried out. The analysis technique uses Structural Equation Model Partial Least Square (SEM PLS). The findings show a negative relationship between outreach and sustainability. Meanwhile, capital deepening has a positive effect and has a mediating effect on sustainability. However, NFS were found to have no moderating effect on this relationship. This research concludes that SLCs have to take a look at the capitals strength to maintain outreach, and should be wise regarding non-financial services. As a recommendation, the delivery of NFS needs a carefully consideration because apart from adding costs it also does not support the sustainability of the institution.
Designing the Business Scheme Model of Direct Investment of Indonesian Hajj Funds to The Saudi Food Industry Majid, Rifaldi
AL-MUZARA'AH Vol. 13 No. 1 (2025): AL-MUZARA'AH (June 2025)
Publisher : Department of Islamic Economics, IPB University

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.29244/jam.13.1.141-154

Abstract

Diversification of investment in hajj funds is also needed in the real sector to optimize the portfolio and sustainable development of hajj finance. This study analyzes the potential for direct investment in the supply of raw materials to meet the needs of catering and processed food by the Indonesian Hajj Fund Management Agency in Saudi Arabia’s food industry. This research utilized a qualitative approach and used data and regulations from authorities and regulators in Indonesia and Saudi Arabia. All available data is used to design direct investment models using contracts complying with ethical and fair investment principles. The results depicted two alternative investment schemes: executing a joint venture or establishing a subsidiary. Murabaha and parallel salam can carry out the business contract schemes. Using the murabaha scheme, the risk of fluctuations in exchange rates and commodities can be controlled by setting the margins. Meanwhile, salam contracts are explicitly made for orders obtained from local suppliers to avoid the risk of exchange rate fluctuations. This research is limited to the condition of hajj financial management in Indonesia and Saudi Arabia. However, this research is expected to improve the literature on the management of hajj finance and provide an alternative way for innovative and sustainable direct investment performed by the Indonesian Hajj Financial Management Agency.
Comparative Analysis on Sharia Governance in Islamic Non-Profit Organizations across Indonesia, Malaysia and Brunei Darussalam Laily Dwi Arsyianti; Irfan Syauqi Beik; Nur Laili Ab Ghani; Muhamad Abduh; Adora Aurahma; Arifia Marsila Hayati
AL-MUZARA'AH Vol. 13 No. 2 (2025): AL-MUZARA'AH (December 2025)
Publisher : Department of Islamic Economics, IPB University

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.29244/jam.13.2.155-171

Abstract

This study examines the governance practices of Islamic non-profit organizations in Indonesia, Malaysia, and Brunei Darussalam. The thorough examination is conducted through a framework developed based on the standards set by the Islamic Financial Services Board (IFSB), Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI), as well as the core principles of zakat and waqf. A qualitative approach was carried out using content analysis methods from literature reviews, and then NVivo was used to collect, classify, map reports and analyse further about the topics. This study found that sharia NPO governance practices in Indonesia, Malaysia and Brunei Darussalam still need to be explained in detail, as well as several indicators. This study addresses previously unexplored issues, particularly regarding sharia-compliant Non-Profit Organizations (NPOs). In this regard, it pioneers research that examines and compares the governance frameworks of NPOs in Indonesia, Malaysia and Brunei Darussalam. The scope of this research focuses on regional areas with a global Muslim majority, namely Indonesia, Malaysia and Brunei Darussalam. Practitioners in the field of sharia-compliant NPOs can utilise this research as a reference and policy foundation. This action can help in advancing social initiatives cross-country level and can be a reference for establishing governance framework standards in sharia-based NPOs with practitioners and experts in the field.
Strategy to Strengthen the Halal Slaughterhouse Industry in Indonesia Sri Mulatsih; Supratikno Supratikno; Ach Firman Wahyudi
AL-MUZARA'AH Vol. 13 No. 2 (2025): AL-MUZARA'AH (December 2025)
Publisher : Department of Islamic Economics, IPB University

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.29244/jam.13.2.173-188

Abstract

There are three types of slaughterhouse management in Indonesia, namely: by the government, individuals and the private sector, each with different management standards. This research aims to analyze strategies for strengthening halal slaughterhouses. The analysis method uses Analytical Hierarchy Process (AHP) and Important Performance Analysis (IPA) from expert judgment data representing bureaucrats, academics and practitioner. The results of the AHP show that the priority strategy for strengthening the halal slaughterhouse industry is certification for slaughterhouses and meat retailers as well as training for halal slaughterhouses and human resources. Halal performance attributes that are prioritized be improved by the three slaughterhouse managements are hygienic carcass cutting process and the presence of halal supervisors.  
Readiness of Road Project Contractors to Use Musharakah: Evidence from Jakarta (Qualitative Study) Buana, Mohamad Torik Langlang; Dali, Nuradli Ridzwan Shah Mohd; Amrizal, Amrizal; Saratian, Eko Tama Putra
AL-MUZARA'AH Vol. 13 No. 2 (2025): AL-MUZARA'AH (December 2025)
Publisher : Department of Islamic Economics, IPB University

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.29244/jam.13.2.189-199

Abstract

The Islamic banking industry in Indonesia has received full support from the government, manifested in comprehensive policies, e.g., Islamic Banking Roadmap, Islamic Finance Architecture and other programs. The government is also focusing on infrastructure development, including roads. The success of this program is determined mainly by construction services companies or contractors. During the last 10 years, on average there have been more than 200,000 contractors in Indonesia. Musharakah is suitable for construction companies because its characteristics are similar to their work model, namely cooperation. This study aims to determine the readiness of contractors to use musharakah financing. It employed the qualitative method. The sample was private infrastructure contractors in Jakarta working on national road projects. Data was collected through interviews. The study revealed that many private contractors were not familiar with musharakah financing because of their low awareness of Islamic banks. The study suggests that Islamic banks should make initiatives to serve the corporate segment. By combining information from different entities, the results offer valuable insights into how the contractors are a potential segment for Islamic banks, a segment that is currently the government's priority.
Muslim Intention to Visit Halal Tourism Destination in West Java: Halal Literacy Mediation Effect Lu'liyatul Mutmainah; Listia Andani; Nuryanti Taufik; Iffah Hafizah
AL-MUZARA'AH Vol. 13 No. 2 (2025): AL-MUZARA'AH (December 2025)
Publisher : Department of Islamic Economics, IPB University

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.29244/jam.13.2.201-219

Abstract

Tourism serves as a gateway to several industrial sectors that are vital to the country's economy. This study aims to investigate the variables influencing the Muslim intention to travel to West Java's halal tourism destination. The Theory of Planned Behaviour (TPB), which is composed of Perceived Behavioural Control (PBC), Attitude towards Behaviour (ATB), and Subjective Norms (SN), is used in this study. In addition, electronic word-of-mouth (e-WOM) and an intervening variable called Halal Literacy (HL) were included in this study. The Partial Least Square Structural Equation Modelling (PLS-SEM) analytical method will be applied in this study with 210 respondents. The study's findings demonstrate that HL and PBC influence the Muslim intention to travel to West Java's halal tourism destinations. In addition, PBC and SN significantly influence HL. However, ATB, e-WOM and SN do not influence to Muslim intention. Additionally, PBC and SN significantly impact to Muslim intention indirectly through halal literacy. Muslim populations should increase halal literacy including halal tourism. Internet media can provide valuable information about reviews of current halal tourist attractions. The synergy between the government, industry players and other stakeholders to support the halal tourism ecosystem in West Java needs to be carried out.
Amidst Global Uncertainty: Does Islamic Banking Increase Indonesia’s Economic Growth? Maddani Akhsa Nulyani; Julia Noermawati Eka Satyarini; Muhammad Ady Mahfuzh; Nurfitri Harkunti Kemala Hayati; Mochamad Rizki
AL-MUZARA'AH Vol. 13 No. 2 (2025): AL-MUZARA'AH (December 2025)
Publisher : Department of Islamic Economics, IPB University

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.29244/jam.13.2.221-238

Abstract

Global economic uncertainty has caused shocks in various economic sectors in Indonesia. The establishment of Islamic banking in Indonesia is projected to address and mitigate the challenges posed by global economic uncertainty. Our study aims to to evaluate the financial performance of Islamic banking institutions by employing the RGEC methodology, encompassing variables such as risk profile, Good Corporate Governance (GCG), earning ratios, and capital ratios. The proposed hypotheses were assessed through panel data regression employing the Random Effect Model (REM) approach. The findings reveal that, partially, GCG, NOM, and CAR exhibit a significant negative influence on economic growth, while ROA demonstrates a significant positive impact on Indonesia's economic expansion. Conversely, NPF, and BOPO do not exhibit significant effects, but overall, the robust financial performance of Islamic banks is a pivotal factor in accelerating Indonesia's economic growth. This study emphasizes on Islamic banks in Indonesia, drawing data from twelve Islamic commercial banks, thus establishing a solid empirical basis for addressing global economic uncertainty and facilitating more valid generalizations pertinent to the Indonesian Islamic banking sector. It is imperative for the government and relevant entities to consistently ensure that Islamic banks effectively fulfill their intermediary role and expand their market share, thereby enhancing economic growth in Indonesia.
Optimizing Mosque Waqf Management in Supporting the Achievement of Sustainable Development Goals (SDGs) Budiman, Mochammad Arif; Muhammad, Aliyu Dahiru; Sadewa, Manik Mutiara; Andriani, Andriani; Rizqina, Nabila Fatiha; Rifqi, Muhammad Mumtaza
AL-MUZARA'AH Vol. 13 No. 2 (2025): AL-MUZARA'AH (December 2025)
Publisher : Department of Islamic Economics, IPB University

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.29244/jam.13.2.239-252

Abstract

This paper examines how optimizing the management of mosque waqf (Islamic endowments) can support the achievement of the United Nations Sustainable Development Goals (SDGs). It explores the conceptual linkages between mosque waqf and sustainable development, analyzes the diverse roles of mosque waqf in addressing SDG targets, and proposes strategies for enhancing the efficiency and impact of mosque waqf management. The article discusses the potential of mosque waqf to contribute to poverty reduction, promotion of health and well-being, quality education, and environmental sustainability. It highlights the need for modernizing waqf management practices, drawing on principles of good governance, financial management, and social impact, to unlock the full potential of mosque waqf in supporting sustainable development initiatives.
Islamic Modes for Agricultural Financing: Which is the Most Suitable? Napitupulu, Rodame Monitorir; Rusydiana, Aam Slamet; Pratomo, Wahyu Ario
AL-MUZARA'AH Vol. 13 No. 2 (2025): AL-MUZARA'AH (December 2025)
Publisher : Department of Islamic Economics, IPB University

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.29244/jam.13.2.253-270

Abstract

The agricultural sector is a primary sector in a country, contributing to GDP, providing raw materials for industry, and ensuring food and nutritional security. Additionally, the agricultural sector often proves to be a stabilizing force for the national economy during economic crises. One financing model suitable for this sector is the sharia-compliant financing scheme. This study employs a bibliometric analysis to explore the extent of research on Islamic financing models for the agricultural sector, analyzing 41 Scopus-indexed journal articles. Six main themes emerge: conceptualizing Islamic agricultural financing, waqf technology for SDGs in agribusiness, risk management in Islamic agricultural credit, Islamic finance for agricultural projects, economic growth through Islamic agricultural finance, and Islamic Microfinance Institutions (IMFIs) in agricultural finance. The analysis identifies the most suitable Islamic financing modes as integrated salam contracts with IMFIs, Waqf Trustee-Anchor Company models for agribusiness on waqf land and crowdfunding models with salam contracts and muzaraah waqf. Additionally, qard-al-hasan, muzaraah, and aPLS (agricultural Production and Loss Sharing) scheme with ujrah principles are recommended for unproductive land development. Policymakers in the agricultural sector can leverage these findings to enhance the role of Islamic finance in fostering agricultural development, particularly in countries with a majority Muslim population.

Page 17 of 19 | Total Record : 183

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