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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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Analysis the Effect of Sharia Monetary Operations (OMS) on Inflation in Indonesia for the 2019-2021 Period Anggini, Karlita; Fitriyatustany, Fitriyatustany; Sari, Citra Atrina; Fitri, Resfa; Hasanah, Neneng
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.13.2.271-283

Abstract

Monetary policy is the government's effort to maintain, increase, or decrease the amount of money in circulation in order to sustain economic growth and combat inflation. Monetary policy in the form of Sharia Open Market Operations can be implemented by issuing Bank Indonesia Sharia Certificates (SBIS), Minimum Reserve Requirements (GWM), and Standing Facilities, such as Bank Indonesia Sharia Deposit Facilities (FASBIS). This study is novel because it uses comparative effectiveness analysis, different observation periods, and has undergone classical assumption testing. The purpose of this study is to describe and assess the effects of SBIS, FASBIS, and GWM on Indonesian inflation from 2019 to 2021. The research data is sourced from the Financial Services Authority (OJK) website. Multiple linear regression analysis was performed using the Eviews 10 software. The results showed that SBIS has no significant effect on inflation, FASBIS has a significant and negative effect on inflation, and GWM has a significant and positive effect on inflation. FASBIS and GWM can explain 79.7% of inflation, with other factors accounting for the remaining 20.3%. Islamic banking must improve its financial performance by utilizing FASBIS instruments more efficiently.
Management, Empowerment, and Islamic Welfare: Evidence from Livestock Productive Waqf at Al-Azhar Institution Indonesia Siti Zuraedah Rahmah; Wildan Munawar; Imam Abdul Aziz; Adi Rahmannur Ibnu
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.13.2.285-296

Abstract

Productive waqf has become a means to improve community welfare through various economic-based programs. This is inseparable from the role of waqf fund management by professional Nazir, accompanied by community empowerment. Al-Azhar Indonesia's livestock waqf program has shown good management and empowerment results, but it has not been clearly illustrated how much the influence of productive waqf management and empowerment on the welfare of mauquf 'alaih, especially measured in spiritual welfare or maqashid sharia. This study aims to prove that productive waqf management and empowerment affect the Islamic welfare through the livestock waqf program at the Al-Azhar Indonesia Institute. The research method uses descriptive quantitative methods with data collection methods through distributing questionnaires and interviews. The data analysis technique uses the Partial Least Square-Structural Equation Model (PLS-SEM) with Smart PLS software version 4. The results showed that the management and empowerment of productive waqf positively and significantly affected the Islamic welfare. The livestock waqf program run by the Al-Azhar Indonesia Institute can significantly improve material and spiritual welfare with the level of influence of management on the Islamic welfare of 0.333 or 33.3% while the level of influence of empowerment on the Islamic welfare is 0.617 or 61.7%. The level of welfare achieved during the livestock waqf program is seen in increasing income, worship, fulfilling primary needs, knowledge and skills, as well as health and education.
The Impact of Technology on Halal Certification Intentions of MSMEs: A Gender-Based Analysis Yan Putra Timur; Ririn Tri Ratnasari; Anwar Allah Pitchay; Usman Jamilu; Dyah Permata Sari; Firdan Thoriq Faza; Muhammad Rifqi
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.13.2.297-315

Abstract

This study aims to identify the main determinants influencing MSMEs in applying for halal certification through digital media, using a combination of the DeLone & McLean and UTAUT models, with a comparison between male and female MSME owners. The PLS-SEM Multi-Group Analysis (MGA) approach was employed as the evaluation method in this quantitative study, using SmartPLS 3.0. A total of 300 respondents met the required criteria. The findings show that service quality is not a major determinant for the male group. On the other hand, for the female group, system quality does not significantly influence intention to apply halal certificate. Several other constructs, such as performance expectancy, effort expectancy, social influence, and information quality, show similar results across both groups, while facilitating condition does not have a significant impact on either male or female groups. These findings provide practical implications, particularly for policymakers. The government should improve performance, ease of use and information clarity for MSMEs. For male MSMEs, focus on system quality and customer support, while for female MSMEs, extension officer assistance would be more effective in encouraging halal certificate applications.
The Role of Islamic Finance, Workers, and Added Value in the Agromaritime Sector on Economic Growth: A Study of Indonesia, Malaysia, and Brunei Darussalam Tajul 'Ula; Juli Dwina Puspita Sari; Putri Ulifas Sahira; Erne Suzila Kassim
AL-MUZARA'AH Vol. 14 No. 1 (2026): AL-MUZARA'AH (January 2026)
Publisher : Department of Islamic Economics, IPB University

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.29244/jam.14.1.1-15

Abstract

The agromaritime sector faces various problems that hinder its potential to contribute optimally to economic growth. This study aims to analyze the role of Islamic finance sharing in the agromaritime sector, agricultural sector labor, and the added value of the agromaritime sector on economic growth in Indonesia, Malaysia, and Brunei Darussalam from 2019Q1 to 2023Q4 using the Autoregressive-Distributed Lag (ARDL) panel data model. The results of the analysis revealed that all independent variables showed a significant impact on economic growth in the long and short term. Islamic finance is able to provide alternative financing to encourage the agromaritime sector that supports inclusive economic activities. In addition, labor in the agricultural sector also plays a negative significant role on economic growth, indicating that improving the quality and quantity of labor in this sector can accelerate economic growth. The added value of the agromaritime sector has proven to contribute positively to economic growth. These findings underscore the importance of integrating Islamic finance with the development of the agromaritime sector and improving the quality of labor to achieve sustainable economic growth.
Revitalizing Abandoned Coastal Ponds in Indonesia: A Waqf-Based Permaculture Solution for Sustainable Aquaculture Ahlis Fatoni; Mega T. R. Luik; Auwal Adam Sa'ad; Ferdi Zanuar Adzan
AL-MUZARA'AH Vol. 14 No. 1 (2026): AL-MUZARA'AH (January 2026)
Publisher : Department of Islamic Economics, IPB University

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.29244/jam.14.1.17-30

Abstract

This research proposes a sustainable model for revitalizing abandoned coastal ponds in Indonesia by integrating waqf and permaculture water design. Conventional industrial practices in coastal pond management, characterized by using artificial chemicals, have led to significant environmental degradation, contradicting Islamic principles. The study suggests utilizing cash waqf to fund permaculture pond — a method that collaborates with nature, avoiding artificial inputs and promoting ecological balance. By aligning with Islamic teachings on environmental stewardship, this model aims to restore land quality and productivity while benefiting coastal communities. Employing a qualitative methodology, the research utilizes secondary data from a range of sources to analyze the potential of this approach. The findings advocate for a waqf-based management system that ensures environmental sustainability and adheres to Islamic values, offering a viable alternative to harmful conventional practices.
Leveraging Bay' al-Salam Contracts for Agricultural Development in Indonesia: Challenges and Future Strategies Abrista Devi; Irman Firmansyah; Aam Slamet Rusydiana
AL-MUZARA'AH Vol. 14 No. 1 (2026): AL-MUZARA'AH (January 2026)
Publisher : Department of Islamic Economics, IPB University

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.29244/jam.14.1.31-50

Abstract

This study aims to investigate the challenge that Islamic Financial Institutions (IFIs) encounter while attempting to channel bay' al-salam contract financing for agricultural sector. Afterwards, the appropriate strategy will also be sought for. Using literature such as books, journals, and scientific papers, this research conducts its investigation using a qualitative methodology that incorporates content analysis techniques and in-depth interview to 12 (twelve) experts. This study's findings indicate several obstacles in providing bay' al-salam for the agricultural financing. The internal challenge factors are the absence of assistance from Islamic Financial Institutions, the lack of desire from human resources, and the challenges that originate from the salam finance model technique. A lack of literacy, a lack of supportive regulation, and several alternative financing options are among the external factors. The following are some of the strategies that should be implemented to maximize the effectiveness of the bay' al-salam contract for agricultural financing: enhancing sharia governance and compliance (including strengthening capital), strengthening agricultural infrastructure, leveraging technology, capacity building, and financial literacy, and developing innovative financial solutions (blended finance and flexible payment terms).
Determinants of BMT UGT Sidogiri Customer Loyalty: Does Cultural Factor Have an Essential Role? Aris Yajid Bustomi; Mohammad Bintang Pamuncak; Diva Azka Karimah
AL-MUZARA'AH Vol. 14 No. 1 (2026): AL-MUZARA'AH (January 2026)
Publisher : Department of Islamic Economics, IPB University

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.29244/jam.14.1.51-65

Abstract

This study attempts to investigate the determinants of BMT UGT Sidogiri’s customer loyalty. As one of the biggest BMT in Indonesia, BMT UGT Sidogiri has played an essential role in developing its community’s economy through its business program. Factors such as brand image, profit-sharing, service quality, and cultural organization are employed in this study. This is because, BMT UGT Sidogiri is not only the largest BMT in Indonesia but also it initiated by Pesantren Sidogiri, one of the most respected pesantren in Indonesia which has unique cultural organization. This study finds that brand image has a negative-nonsignificant relationship with customer loyalty. Meanwhile, other variables such as service quality, profit-sharing, and culture have positive-significant relationship with customer loyalty that bridges by customer satisfaction. This study utilizes the partial least square-structural equation model (PLS-SEM) as a method. The result of the study is expected to contribute to the development of body of knowledge as well as practical implication of customer loyalty’s determinants, particularly on cultural factors which can benefits other microfinance institution based pesantren such as Sidogiri.
Exploring Four Decades of Research Trends in Islamic Banking: Directions, Themes, and Emerging Issues Rachma Bhakti Utami; Rashid Ating; Afiqah Amin
AL-MUZARA'AH Vol. 14 No. 1 (2026): AL-MUZARA'AH (January 2026)
Publisher : Department of Islamic Economics, IPB University

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.29244/jam.14.1.67-89

Abstract

Islamic finance has grown significantly in recent decades, with Islamic banks and financial institutions operating not only in Muslim-majority countries but also in other regions. Conducting bibliometric studies to analyse trends in Islamic banking is crucial for addressing pressing global challenges, identifying knowledge gaps, guiding policy decisions, and fostering collaboration among scholars. This study aims to explore research patterns, collaboration networks, and thematic trends in publications on Islamic banking. Furthermore, this research seeks to see what further research can be conducted on Islamic banking. Examining 3115 papers published between 1983 and 2023 from the Scopus database using the Reporting Items for Systematic Reviews and Meta-Analysis (PRISMA) framework, this research utilizes R-Biblioshiny software for analysis. The study reveals a remarkable 66% increase in literature on Islamic banking. Notably, the International Islamic University Malaysia emerges as the most productive institution, while Malaysia, Indonesia, Pakistan, and the United Kingdom lead in productivity. Surprisingly, nations with non-Muslim-majority populations like the UK, USA, Australia, and the Netherlands garner the most citations. The extensive involvement of 88 countries in this literature underscores the global significance of Islamic banking, drawing interest from diverse authors worldwide. Moreover, the research categorizes four decades of Islamic banking studies into four thematic groups. This study reflects the transition of topics from traditional themes, such as riba, to the newest topics, such as corporate governance and financial technology. These findings offer valuable insights for understanding the evolving knowledge of Islamic banking research and identifying emerging research areas.
Waqf Literacy: A Systematic Literature Review Nashr Akbar; Salina Kassim; Fahd Mohammed Obad Al-Shaghdari; Irfan Syauqi Beik
AL-MUZARA'AH Vol. 14 No. 1 (2026): AL-MUZARA'AH (January 2026)
Publisher : Department of Islamic Economics, IPB University

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.29244/jam.14.1.91-101

Abstract

This paper aims to provide a systematic literature review of waqf literacy. The studies on the waqf literacy were initiated in 2015 and it showed growing trends in 2021 onward. The significant increase of scholars’ awareness toward waqf literacy issue could be triggered by publication of Indonesian waqf literacy index by Indonesian Waqf Board in 2020. There are 66 documents published between 2015 - May 2024 in total. The documents are extracted from the Dimension database and the Scopus database. The analysis found that most of documents discussed the contribution of waqf literacy toward waqf collection. Many empirical studies have proved the positive relationship between waqf literacy and waqf collection (at least at the level of intention). Those papers urge waqf stakeholders to collectively increase the level of waqf literacy. Several studies have attempted to elaborate further strategies that could be adopted by the stakeholders. To conclude, not many scholars have put their attentions toward waqf literacy. Despite of its important, attention to waqf literacy is still minimum compared to other area of waqf, zakat literacy and even to the Islamic financial literacy. More studies are needed. There are several topics in waqf literacy that could be addressed in the future, such as examining the determinants of waqf literacy, perfecting the measurement of waqf literacy index, and offering more ideas on how to increase waqf literacy. 
Prospects and Challenges of Musharakah and Musharakah Mutanaqisah Financing in Islamic Microfinance: Case Studies of Indonesia and Malaysia Norma Md Saad; Qurroh Ayuniyyah
AL-MUZARA'AH Vol. 14 No. 1 (2026): AL-MUZARA'AH (January 2026)
Publisher : Department of Islamic Economics, IPB University

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.29244/jam.14.1.103-119

Abstract

Musharakah, a unique Islamic mode of financing, involves joint contributions of capital and labor by both financier and entrepreneur. This profit and loss sharing (PLS) contract is considered one of the most ideal Islamic financing models, embodying the principles of cooperation and partnership. A specific application of this model is the diminishing partnership contract, known as Musharakah Mutanaqisah (MM). This study explores the implementation of musharakah and MM in Islamic microfinance through a qualitative comparative case study of two institutions: Bank Pembiayaan Rakyat Syariah (BPRS) Amanah Ummah Bogor, Indonesia, and Entrepreneurship Development Program (i-Taajir) under the Centre for Islamic Economics IIUM-CIMB Islamic Bank, Malaysia. Data were collected through interview, financial reports, institutional documents, and secondary sources, and analyzed thematically. The findings reveal that while both institutions apply musharakah-based financing to empower micro-entrepreneurs, they face challenges related to risk management, regulatory frameworks, and limited client understanding. Managerial implications suggest the need for better financial literacy programs, internal capacity building, and policy support to optimize musharakah implementation in microfinance settings. This study offers recommendations for enhancing the sustainability and operational effectiveness of equity-based Islamic financing models in the microfinance sector.

Page 18 of 19 | Total Record : 183

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