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Al-Muzara'ah

jalmuzaraah
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Published by Institut Pertanian Bogor

ISSN : 23376333 EISSN : 26157659 DOI : 10.29244/jam

Core Subject : Economy, Education,

Economics, Econometrics & Finance Other

Al-Muzara'ah â€“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 163 Documents

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Formulasi Strategi Penghimpunan Zakat oleh Badan Amil Zakat Nasional (BAZNAS) Ita Aulia Coryna; Hendri Tanjung
AL-MUZARA'AH Vol. 3 No. 2 (2015): AL-MUZARA'AH (December 2015)
Publisher : Department of Islamic Economics, IPB University

As the most populous Muslim nation in the world Indonesia has the largest zakat potential, yet its’ zakat collection on national level only reached 1% of the whole potential. This matter has become the greatest challenge for all zakat institutions in Indonesia, especially the National Amil Institution (BAZNAS). Recently the government made a new regulation; Inpres No.3/2014, that could help the institution to minimize the discrepancy between zakat potential and zakat realization. The main objective of the paper is to formulate a strategy for BAZNAS to optimized its zakat fund’s collection in regards to the new regulation, where BAZNAS is specifically asked to coordinate and to collect zakat from all of government’s institutions. Data is collected using a survey questionnaire on both internal and external representatives of BAZNAS, and is analyzed using SWOT matrix.

Analisis Pengaruh Instrumen Moneter Syariah dan Konvensional terhadap Penyaluran Dana ke Sektor Pertanian di Indonesia Dendy Septindo; Tanti Novianti; Deni Lubis
AL-MUZARA'AH Vol. 4 No. 1 (2016): AL-MUZARA'AH (June 2016)
Publisher : Department of Islamic Economics, IPB University

This study aimed to analyze the effect of sharia and conventional monetary instruments to the distribution of agricultural sector funds from 2009 to 2014 and using VAR / VECM which analysed through Impulse response Function (IRF) and the Forecast Error Variance Decomposition (FEVD). Results of research on the conventional models, shows that the SBI interest rate and lending interest rates (SBK) significantly negative effect and interbank rates (PUAB) have a significant positive effect on agricultural credit. In addition, the results of research on the sharia model indicates that the SBIS and ERP significant negative effect on agricultural financing and PUAS significant negative effect on agricultural finance. Based on the FEVD results , SBI has a considerable effect on the agricultural credit compared with SBK and interbank rates (PUAB) on the conventional models whereas the models of sharia, SBIS have a smaller effect than the ERP and PUAS.

Perbandingan Zakat Produktif dan Zakat Konsumtif dalam Meningkatkan Kesejahteraan Mustahik Khalifah Muhamad Ali; Nydia Novira Amalia; Salahuddin El Ayyubi
AL-MUZARA'AH Vol. 4 No. 1 (2016): AL-MUZARA'AH (June 2016)
Publisher : Department of Islamic Economics, IPB University

This study aims to compare the effectiveness of productive and consumptive zakat distribution in poverty alleviation. This study uses a CIBEST (Center of Islamic Business and Economics Studies) model which measures not only the material aspect of the poverty, but also the spiritual aspect of the respondents. The results proves that both zakat distribution types can increase welfare as well as reduce poverty of mustahik. Productive zakat can alleviate poverty more than consumtive zakat.

Kajian Efisiensi Bank Umum Syariah di Indonesia Siti Karimah; Tanti Novianti; Jaenal Effendi
AL-MUZARA'AH Vol. 4 No. 1 (2016): AL-MUZARA'AH (June 2016)
Publisher : Department of Islamic Economics, IPB University

The aim of this study is to measure the efficiency of Islamic Bank in Indonesia and to analyze the factors that affect the level of efficiency. The objects of this study are ten Islamic Bank (BUS) in Indonesia which analyzes from the second quarter of 2012 until the first quarter of 2016. There are three method which are used in this study, two in first stage, namely non parametric method of Data Envelopment Analysis (DEA) and parametric method of Stochastic Frontier Approach (SFA) then the second stage is Tobit estimaton. Overall, the results showed that the efficiency level of Islamic banks in Indonesia during the time period in this study have not reached the optimum level of efficiency yet. Tobit estimation showed that total financing, total wadiah funds, CAR, ROE, total overhead cost significantly affect the Islamic bank`s efficiency in Indonesia.

Pengaruh Indeks Harga Saham Regional ASEAN dan Variabel Makroekonomi terhadap Indeks Harga Saham Syariah Indonesia (ISSI) Aurora Nur Firdausi; Idqan Fahmi; Imam T Saptono
AL-MUZARA'AH Vol. 4 No. 2 (2016): AL-MUZARA'AH (December 2016)
Publisher : Department of Islamic Economics, IPB University

Investment in Indonesia is currently undergoing a good development. It is characterized by the good performance of the composite stock price index (IHSG), LQ45, Jakarta Islamic Index (JII), and Indonesia Sharia Stock Index (ISSI), which represents the actual conditions of the national Sharia capital market. The market share of the stock of Sharia has reached 58,89% of all issuers of stocks with the highest market capitalization of Rp 2,946 trillion, or of 56,37% of total market capitalization. The presence of Islamic capital market is expected to boost the performance of the national economy. Entering the ASEAN economic community 2015, the economy of Indonesia need more stable to be able to compete with the global economy. Stability macroeconomic factors of a country as well as the absorption of investment from domestic and foreign investors will be important in the face of ASEAN economic community. This research attempts to examine the impact of ASEAN stock market and macroeconomic variables towards Indonesia Sharia Stock Index (ISSI). By using Vector Error Correction Model (VECM) as the method, this research utilizes time series monthly data from May 2011 to June 2015.

Harga Properti Residensial & Pembiayaan Pemilikan Rumah Perbankan Syariah dan Konvensional Christine Ullyana; Heny K Daryanto; Imam T Saptono
AL-MUZARA'AH Vol. 4 No. 2 (2016): AL-MUZARA'AH (December 2016)
Publisher : Department of Islamic Economics, IPB University

. This study investigates the dynamic relationship between macroeconomic variables and housing financing provided by convensional and islamic banking in Indonesia. Utilizing quarterly data from 2007 to 2016, this study employs Vector Error Correction Model (VECM), Impulse Response Function (IRF) and Forecast Error Variance Decomposition (FEVD). It finds that macroeconomics variables and housing price have distinct long relationship with housing financing provided by both. Our study reveal that policy intervention to stimulate or dampen housing financing provided by islamic and conventional bank can focus on GDP, house prices and monetary policy however it should be implemented to right segment. In addition, this study documents evidence that Islamic housing financing in Indonesia really dependent on interest rate. Therefore the findings suggest that Islamic Banking could apply alternative rate, possibly IHPR to manage to live up to their ideals in achieving the objectives of Shari’ah

Debt Financing dan Dampaknya terhadap Perkembangan Usaha Mikro di Bogor Jaenal Effendi; Ditta Wardhani
AL-MUZARA'AH Vol. 4 No. 2 (2016): AL-MUZARA'AH (December 2016)
Publisher : Department of Islamic Economics, IPB University

Micro and small enterprises (MSEs) have an important role in supporting the national economy. Nevertheless, MSEs still have a major problem in its development, called limited capital. The presence of BPRS which is part of sharia financial institutions is expected to provide financing assistance for MSEs. The financing provided by BPRS is not only given in the form of equity financing but also in the form of debt financing. This study analyzes the effect of debt financing on MSEs development and also the factors influenceing the income and profit of MSEs after getting debt financing. The method used in this research is paired sample t test and Ordinary Least Square (OLS). The result of paired sample t test showed that the variable of earnings and profit of MSEs have significant change after getting financing. Furthermore, the result of analysis with OLS method showed that labor variable, amount of financing, profit rate, gender dummy, and education dummy have a significant effect to earnings and profit of MSEs

Faktor-Faktor yang Memengaruhi Non Performing Financing pada Bank Umum Syariah Indonesia Periode 2010-2014 Yulya Aryani; Lukytawati Anggraeni; Ranti Wiliasih
AL-MUZARA'AH Vol. 4 No. 1 (2016): AL-MUZARA'AH (June 2016)
Publisher : Department of Islamic Economics, IPB University

The objective of this study is to determine the internal and external factors affected non-performing financing in Islamic Banks Indonesia, 2010-2014. The samples used were 11 Islamic Banks in Indonesia 2010-2014. This study used panel data with annual data obtained from the bank's 2010 to 2014 annual reports of banks. The results showed that the Capital Adequacy Ratio (CAR), Bank size, overhead cost and SBIS rate have a significant negative effect on Non Performing Financing, while the FDR, NIM, KAP and BI rate have a significant positive effect on Non-Performing Financing. Commercial Bank needs to monitor the level of Capital Adequacy Ratio (CAR), Bank size and improve the quality of operational management on overhead cost. In addition, Islamic Banks should be more sensitive to macroeconomic conditions, especially the level of BI rate and yield rate of SBIS so it can determine precisely the financing policy in order to control the level of NPF at a reasonable level.

Analisis Faktor-Faktor Penentu Pembiayaan Perbankan Syariah pada Sektor Pengangkutan dan Komunikasi di Indonesia Yozar Putra Jaya; Wiwiek Rindayati; Khalifah Muhammad Ali
AL-MUZARA'AH Vol. 3 No. 1 (2015): AL-MUZARA'AH (June 2015)
Publisher : Department of Islamic Economics, IPB University

The Transportation and communications sector acts as liaison between economy of islands in Indonesia, it’s required helping through the distribution of Islamic Banking funding. This study aims to analyze the influence, shock response, and variety contribute of some factors as banking performance, macroeconomic condition, rate of return, and monetary instruments towards trasportation, warehousing, and communication (TWC) financing in Islamic banking. This study uses Vector Error Correction Model. The results of this study, first, in the short term DPK variabel is affected significantly towards ratio of financing TWC sectors. In the long term NPF, INF, ERP, PUAS, SBK variabels are giving significantly negative effect towards ratio of financing TWC sectors, whereas IPI and BSBIS variabels are giving significantly positif effect. Second, the ratio of TWCsectors responds negatively to the shock of NPF, PUAS, ERP, and INF variabels, whereas the shock of DPK, BSBIS, and SBK variabels is responded positively by the ratio of TWC sectors. Third, BSBIS variable gives the largest contribution to the diversity of financial ratios TWC, then proceed ERP, NPF, and IPI

Debt Service of Low-Income Households in Indonesia Laily Dwi Arsyianti; Irfan Syauqi Beik
AL-MUZARA'AH Vol. 3 No. 1 (2015): AL-MUZARA'AH (June 2015)
Publisher : Department of Islamic Economics, IPB University

External source of fund is one way to get funds, but when it reaches 50 percent and above of disposable income, it becomes an issue. This paper attempts to elaborate determinants influencing low-income household in having 50 percent or more debt service ratio. By utilizing logistic regression approach to extract the data collected in the Greater Jakarta Indonesia, this study finds that when household head’s age is 45 years old and above, having 5 dependents or more, and is a home owner, the household is the most likely to have 50 percent and above debt service. While the least likely is when household head originally from Jakarta, no worry about future domestic economy condition, and have more than USD80 income per month. Variances of education level, marital status, occupation, financing institution, charity per income are not proved statistically significantly give effect to the variance of debt service in this study

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