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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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Mythologies of Usury in Finance: Analyzing Denotation, Connotation, and Cultural Myth using Roland Barthes' Framework Bayu Tri Cahya; Nor Aishah Mohd Ali; Dwi Putri Restuti; Dian Nilam Sari; Muslim Marpaung; Rahmat Ilyas
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.14.1.121-133

Abstract

This study explores the reality of usury through a semiotic analysis based on Roland Barthes' postmodern study. The research employs a qualitative approach with a postmodernist perspective and includes in-depth interviews with academics and economic practitioners. The study was conducted both in Java and outside Java, Indonesia, involving seven participants, including practitioners and academics. The analysis reveals that usury, as postulated in Barthes' postmodern framework, can be interpreted through denotation, connotation, and myth. Denotatively, usury is seen as an additional charge on a debt at the time of repayment, exploiting debt transactions, adding monetary charges, and imposing burdensome loans on borrowers. Connotatively, usury is viewed as exploitation of borrowers, services that offer loans with high-interest rates, and unfair interest rates that favor financiers. Mythically, usury is interpreted as a revolving loan, the exchange of goods with varying qualities, pawning, and brokerage in projects. The reality of usury, as hidden behind these interpretations, suggests that usury is a form of injustice, an iceberg phenomenon, a dependency, and involves shirkah (partnership) in usury bondage.
Feasibility Study of a Proposed Sharia Cooperative in a Village Creative Economy: Evidence from Kampung Batik Cibuluh, Bogor Fuad Haryanti; Resfa Fitri; Mohammad Iqbal Irfany; Daffa Aqomal Haq; Prima Gandhi
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.14.1.135-159

Abstract

This study examines the feasibility of establishing a Sharia-based Savings, Loan, and Financing Cooperative (KSPPS) to support the development of the creative economy in Kampung Batik Cibuluh, Bogor. Micro-enterprise actors in the area face limited access to sharia-compliant savings and financing services. Data were collected through surveys and in-depth interviews with community members and micro-business operators, which formed the basis for the willingness-to-pay analysis and a comprehensive feasibility assessment to evaluate interest in Islamic financial services. The findings indicate that 78.9% of respondents expressed interest in joining a sharia cooperative. Respondents were willing to contribute IDR 31,998 for principal savings and IDR 15,442 for mandatory savings, with a financing service margin of 29.5%. The financial analysis produced an NPV of IDR 675,985,915, an IRR of 16.2%, and a payback period of seven years, indicating that the KSPPS initiative is financially viable. The non-financial assessment suggests that the initiative can be implemented by considering community acceptance and social factors. Overall, the establishment of a sharia cooperative in Kampung Batik Cibuluh is considered feasible both financially and non-financially, and the study provides insights into the application of sharia-based financial services in a Muslim-friendly tourism village while highlighting their relevance for similar community-based economic contexts.
Waqf-Based Forests: A Sustainable Solution for Agromaritime Development through Islamic Social Finance Khalifah Muhamad Ali; Miftahul Jannah; Mu'minah Mustaqimah; Romzie Rosman
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.14.1.161-175

Abstract

Deforestation remains a critical issue globally, significantly impacting Indonesia's agromaritime regions. This study explores the innovative concept of waqf-based forests as a sustainable solution for forest conservation and agromaritime development through Islamic social finance. Despite increasing research, a comprehensive analysis of their potential remains limited. This research addresses this gap by drawing on Islamic literature, Indonesian regulations, in-depth interviews, and observing several waqf-based forest practices in Indonesia. Using a descriptive analysis approach, the study finds that waqf-based forests, established on waqf land, serve as a unique form of land waqf for forest preservation and sustainable land use in agromaritime areas. This concept, with historical roots in the Utsmaniyyah Caliphate, aligns with Islamic principles and Indonesian laws that protect waqf assets. Currently, waqf-based forests are expanding across Indonesian provinces, presenting a model for sustainable forest and agromaritime development. This practice integrates religious, social, and financial instruments, positioning Waqf as a vital contributor to forest preservation and agromaritime sustainability. The study advocates for promoting waqf-based forests as a comprehensive solution to deforestation and a catalyst for agromaritime development, urging active engagement from government bodies, companies, and communities to support this sustainable conservation effort through Islamic social finance.

Page 19 of 19 | Total Record : 183

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