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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.

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Articles 183 Documents

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Pengaruh Variabel Makroekonomi terhadap Pertumbuhan Sukuk Korporasi di Indonesia Ivan Hannoeriadi Ardiansyah; Deni Lubis
AL-MUZARA'AH Vol. 5 No. 1 (2017): AL-MUZARA'AH (June 2017)
Publisher : Department of Islamic Economics, IPB University

The development of the Islamic financial industry in Indonesia has increased from year to year. This is made possible due to the emergence of varied investment instruments, and corporate sukuk is one good example. Emergence corporate sukuk is expected encourage growth of the national economy. The growth of a good national economy is reflected by good macroecomic variables conditions. Therefore, the government and Bank Indonesia need to maintain inflation stability, money supply, exchange rate and output so that Indonesia can become the largest market center of corporate sukuk issuance. This research aims to analyze the effect of macroeconomic variables towards the growth of corporate sukuk in Indonesia. This research used Ordinary Least Square (OLS) with monthly time series data from January 2013 to December 2015. The results of this research indicate that the money supply, industrial production index, and inflation variables has positive effect (significantly) on the growth of corporate sukuk while exchange rate, oil price, and mudaraba deposit profit-sharing variables have negative effect (significantly).

Efisiensi Asuransi Syariah di Indonesia dengan pendekatan Data Envelopment Analysis Mustica Bintang Sabiti; Jaenal Effendi; Tanti Novianti
AL-MUZARA'AH Vol. 5 No. 1 (2017): AL-MUZARA'AH (June 2017)
Publisher : Department of Islamic Economics, IPB University

The purpose of this study is to estimate the efficiency level of Islamic insurance companies in Indonesia. The data used are taken from each financial report of 14 Islamic life insurance companies and 12 Islamic general insurance in the period 2013-2015. Efficiency score estimation is done by using Data Envelopment Analysis (DEA) method. There are three input variables, namely asset, load, claim payment and two output variables, namely income and tabarru’ funds obtained. The results show that islamic life insurance and islamic general insurance companies in Indonesia have not been operating efficiently.

Analisis Pengaruh Kinerja BPRS dan Kondisi Makroekonomi terhadap Penyaluran Pembiayaan Modal Kerja dan Investasi BPRS di Indonesia (Periode: 2011-2015) Arno Nugroho; Muhammad Findi Alexandi; . Widyastutik
AL-MUZARA'AH Vol. 5 No. 2 (2017): AL-MUZARA'AH (December 2017)
Publisher : Department of Islamic Economics, IPB University

Sharia banking operational activities to encourage the real sector is to provide financing. The Islamic Rural Bank (IRB) conducts financing for working capital and investment as it can increase economic growth in Indonesia. The purpose of this study is to analyze and compare the effect of performance IRB and macroeconomic conditions on the distribution of IRB working capital and investment financing in Indonesia from 2011 to 2015 using Vector Error Correction Model (VECM) research method with monthly data from 2011 to 2015. From the results of VECM estimates, it will be seen the response of working capital and investment financing to shocks arising from the performance IRB and macroeconomic conditions and also the contribution of each of each variable used in the study. The results of this study indicate that the effect of performance IRB and macroeconomic conditions on the working capital financing of IRB in Indonesia, have positive and significant effect on DPK, FDR, ERDPK, inflation and IPI variables have negative and significant effect on ROA, NPF, BOPO, and BI rate, and no significant effect on CAR and ERP variables. The financing of BPRS investment in Indonesia, which has positive and significant effect on the DPK, CAR, ROA, FDR, BI rate, and IPI variables, has a negative and significant effect on NPF, BOPO, ERP, ERDPK, and inflation variables.

Analisis Faktor-faktor yang Memengaruhi Tingkat Kepatuhan Membayar Zakat: Studi Kasus Kabupaten Bogor Ahmad Mukhlis; Irfan Syauqi Beik
AL-MUZARA'AH Vol. 1 No. 1 (2013): AL-MUZARA'AH (June 2013)
Publisher : Department of Islamic Economics, IPB University

Poverty is one of major problems faced by Indonesia. The economic crisis occured within the country and around the world has lengthened the poverty disaster attacking Indonesia. To overcome these problems, zakat is likely to be an alternative solution that can be utilized by government. Zakat is a means legalized by Islam in capital formation. Capital formation is not solely based on utilization and development of natural resources, but also from obligatory contributions of the rich. Zakat is also playing significant role in improving the quality of human resources and the provision of facilities and infrastructure of production. The potential zakat of Indonesia exceeds Rp 217 trillion, but in reality the absorption of zakat funds reached Rp 1.5 trillion in 2010. The huge gap between the potential and the actual collection of zakat indicates that there are some Muslims who are less motivated to pay zakat. The purpose of this study is to identify factors that affect compliance level of paying zakat, and to identify the dominant factors, in order to more easily create optimal policy. Results from this study are expected to help increase acceptance of zakat, both at central and regional levels. Data is collected through a survey of 100 respondents in Bogor regency. The analytical method used is factor analysis. The program used to analyze the data is SPSS Statistics 17 for Windows. From these results, it is known that factors affecting willingness to pay the zakat are: religious factors, such as faith, religious understanding, and rewards; and other factors such as social awareness, self-satisfaction, and organizations. This also gives guidance that in order to increase zakat revenue, emphasis not only on religious aspect, but also on social, self-satisfaction, and organization aspects is very important. Among the variables that affect compliance level of paying zakat is the role of amil organization (OPZ). OPZ professionalism can strengthen regularity of zakat payer to pay zakat at OPZ. Improving the quality of OPZ in terms of transparency, socialization, and administration, will significantly affect the preferences of zakat payers to fufill their obligation at the amil institutions.

Dampak Zakat terhadap Kemiskinan dan Kesejahteraan Mustahik (Kasus : BAZNAS Provinsi Jawa Tengah) Isro'iyatul Mubarokah; Irfan Syauqi Beik; Tony Irawan
AL-MUZARA'AH Vol. 5 No. 1 (2017): AL-MUZARA'AH (June 2017)
Publisher : Department of Islamic Economics, IPB University

Poverty is one of Indonesia's problems. One of the instruments used to reduce poverty is zakat. This study aims to analyze the impact of zakat on poverty and welfare of mustahik. The method used in this research is the interview with the questionnaire. The method of the sampling used purposive. The analysis tool used CIBEST model. The results show that the index value of Islamic poverty without and with zakat has not changed.

Faktor-Faktor yang Memengaruhi Pemilihan Pinjaman dengan Sistem Rente di Desa Studi Kasus : Desa Panulisan Timur Kecamatan Dayeuhulur Kabupaten Cilacap (Periode Tahun 2013-2014) Prawito Hudoro; Muhammad Findi A; Salahuddin El Ayyubi
AL-MUZARA'AH Vol. 2 No. 2 (2014): AL-MUZARA'AH (December 2014)
Publisher : Department of Islamic Economics, IPB University

Rente loan system is a loan scheme that is based on interest. This loan system is widely used by the Micro and Small Medium Enterprises (SME) notably in particular rural communities. The purpose of this study is to analyze the development process and system received rents in the Panulisan Timur District of Dayeuhluhur Regency of Cilacap, and analyze the factors that affect the selection of loan seeking system. The method used in this study is a qualitative method with a case study approach. The data used is primary data obtained through observation and interviews to the villagers of the Panulisan Timur District of Dayeuhluhur Regency of Cilacap uses rente system. The study was conducted during the period December 2013 to April 2014. Number of key informants in this study were 5 people and the number of respondents 30 people. The results showed that the loan scheme growing rents in the Panulisan Timur District of Dayeuhluhur Regency of Cilacap consists of the active and passive processes. The existence of internal factors such as the need for cash is urgent and external factors in the form of an easy loan terms, the availability of funds every day, disbursement fast and easy access makes the transaction rents to survive and be accepted by society.

Pengaruh Bank Syariah terhadap Pertumbuhan Ekonomi di Indonesia Salahuddin El Ayyubi; Lukytawati Anggraeni; Almira Dyah Mahiswari
AL-MUZARA'AH Vol. 5 No. 2 (2017): AL-MUZARA'AH (December 2017)
Publisher : Department of Islamic Economics, IPB University

Financial sector have important role to develop economic growth in the country. Aim of this study are to analyze the causality between Islamic Banking towards economic growth in Indonesia, the response of economic growth in Indonesia during the shock of Islamic banking and the contribution from Islamic banking towards economic growth in Indonesia. The data used in this study is monthly report during 2010 – 2016. Analysis of the data used Vector Error Corection Model (VECM). The results are significant effect and bidirectional causality appears between financing and Gross Dosmetic Product (GDP). Impulse Resonse Function (IRF) analysis shows that response of economic growth is different between the shock on Islamic financing and Third Party Funds (DPK). Based on Forecast Error Variance Decomposition (FEVD), financing have greatest contribution towards the effect of economic growth but DPK have less contribution. In conclusion Islamic banking should have more efficient during the allocation of DPK to financing.

Manajemen Risiko pada Badan Amil Zakat Nasional (BAZNAS) Nina Triyani; Irfan Syauqi Beik; Lukman M Baga
AL-MUZARA'AH Vol. 5 No. 2 (2017): AL-MUZARA'AH (December 2017)
Publisher : Department of Islamic Economics, IPB University

Risk occurs at any organization or business activity. It also does not close the possiblility of risk occurs at amil institutions. Types of risk are likely to happen often at amil institutions, namely risk on zakat fund collection, risk on zakat fund management, and risk on zakat fund distribution. Basically, zakat distribution must comply with the 8 ashnaf as written in the QS. At-Taubah: 60. This research was conducted on BAZNAS. The aim of this research is to help amil institutions in managing the possibility of risk, analyze the factors that effect the risks, do the risks mapping on zakat fund collection, zakat fund management, and zakat fund distribution, and also make mitigation to minimize the occurrence of the risks. The data was collected by using the survey method in internal BAZNAS and using ERM method for analysis.

Analisis Investasi dan Sensitivitas Unit Usaha Pembiayaan Syariah menuju Spin Off (Studi Kasus: Adira Finance) Lita Wulandari; Hermanto Siregar; Hendri Tanjung
AL-MUZARA'AH Vol. 5 No. 2 (2017): AL-MUZARA'AH (December 2017)
Publisher : Department of Islamic Economics, IPB University

The purpose of this study to determine the level of investment feasibility and sensitivity level of sharia financing business unit in the process towards spin off. The investment feasibility analysis is carried out in two schemes: the funding scheme is fully borne by the sharia unit of Adira Finance and the joint financing scheme of funding of units to be financed. Sensitivity analysis is calculated by the scenario of decreasing the number of units financed and the scenario of increasing the financing composition of joint financing. Parameters to be measured in these two analyzes are: Net Present Value (NPV), Benefit Cost Ratio (B/C ratio), Internal Rate of Return (IRR) and Break Even Point (BEP). Based on the calculation of investment analysis, the sharia business unit is not eligible to be separated into sharia unit business if all funding is charged to sharia business unit. While the results of sensitivity analysis calculations obtained that motor finance products more vulnerable to changes in scenarios than car finance products.

Analisis Pembentukan Portofolio Berbasis Risk dan Return (Studi Kasus Saham di Jakarta Islamic Index Periode Juni 2011 – Mei 2016) Fitria Yuliani; Noer Azam Achsani
AL-MUZARA'AH Vol. 5 No. 2 (2017): AL-MUZARA'AH (December 2017)
Publisher : Department of Islamic Economics, IPB University

This research goals are to analyze risk and return level of stocks in JII using Markowitz model and single index model, to construct an optimal portfolio, determine the fund proportion, to analyze risk and return generated by optimal portfolio, to formulate managerial implications. The sample are 9 stocks that are listed consistently and did not stock split or reverse stock and the number of observation in 300 stocks during the period June 2011 to May 2016. Construct an optimal portfololio using Markowitz model and single index model. The result shows that the Single Index Model construct 1 portfolio consists of : UNVR (64.2%), LPKR (14.7%), ASRI (9.4%), LSIP (1.4%), INTP (5.8%) and SMGR (4.2%), whereas the Markowitz Model construct 2 portfolio consists of: ASRI (4.52% dan 4.3%), INTP (9.4% dan 8.62%), LSIP (11.64% dan 11.359%), SMGR (25.31% dan 24.059%), and UNVR (49.1% dan 51.649%). This study evidence that construct an optimal portfolio using Single Index Model more efficient than Markowitz Model. Empirical result of this study have implication for investor and the development of the theory an optimal portfolio on JII.

Page 5 of 19 | Total Record : 183

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