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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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Analisis Perbandingan Excess Return Jakarta Islamic Index dan Indeks Harga Saham Gabungan Galishia Putry; Iman Sugema; Deni Lubis
AL-MUZARA'AH Vol. 2 No. 2 (2014): AL-MUZARA'AH (December 2014)
Publisher : Department of Islamic Economics, IPB University

Indonesia Stock Exchange statistics show that Islamic stock trading reached a value of around 59 trillion rupiahs. The excalation index of JII (Jakarta Islamic Index) is not follow by an increase in market capitalization of stocks listed on the JII. This is the question for investor who want to know how it compares to the performance of Jakarta Composite Index (JCI). This study analyzes the excess return that represents the return expected by an investor after investing in certain assets using descriptive analysis and Ordinary least square (OLS) regression of Capital Asset Pricing Model (CAPM). The descriptive analysis showed that in the same risk-free rate, investors who invest in stocks listed in JII can expect a higher return than the return JCI, while regression analysis shows investors do not expect the JII’s excess return to be different from JCI’s. This suggests that the selection criteria used by Bapepam LK (now OJK) and Indonesia Stock exchange does not affect the performance of return JII.

Kontribusi Pembiayaan Bank Syariah untuk Sektor Pertanian di Indonesia Minhatul Mughits; Ries Wulandari
AL-MUZARA'AH Vol. 4 No. 1 (2016): AL-MUZARA'AH (June 2016)
Publisher : Department of Islamic Economics, IPB University

Based on Islamic Banking Law Article 1 paragraph 2 funding was the main activity for Islamic banking in its function as a financial intermediary and drived real sector. This study was aim to determine how much the influences of SBIS, amount of DPK, Non Performing Financing and the exchange rate of dollar against the Islamic banking financing as well as the contribution of Islamic bank financing for the agricultural sector in Indonesia by using VAR/VECM approach. VECM results indicated variables that affected agricultural financing in the short term was variable LNER and SBIS. While in the long term variable lnDPK and lnNPF statistically significant against to agricultural financing. The results of IRF showed that lnDPK, lnNPF and LNER responded positively influencing the contribution of financing on Islamic bank for the agricultural sector in Indonesia. As for The contribution of financing on Islamic bank for the agricultural sector in Indonesia, LNER gave the largest contribution to the Islamic bank financing for the agricultural sector in Indonesia, followed by the variable SBIS, lnDPK, and lnNPF. The higher value of rupiah would increase the financing by the islamic banking for Agricultural sector, as would as the lower of rate SBIS would increase the financing of islamic banking.

Pengaruh Faktor Sikap, Norma Subjektif, Demografi, Sosioekonomi serta Literasi Keuangan Syariah dan Konvensional terhadap Minat Berwirausaha pada Mahasiswa Fajar Adi; Ujang Sumarwan; Idqan Fahmi
AL-MUZARA'AH Vol. 5 No. 1 (2017): AL-MUZARA'AH (June 2017)
Publisher : Department of Islamic Economics, IPB University

This cross sectional study aimed to analyse influence of attitude, subjective norm, demography, sosioeconomic and shariah and conventional financial literacy toward entrepreneurship intention among college students. Refers to the model of Theory of Reasoned Action developed by Fishbein dan Ajzen, behavioral intentions are a function of attitude toward behavior and the subjective norm (Sumarwan 2011). Respondents were 100 college students selected by convenience sampling methods. Data collection was purposively conducted at public universities located in Jakarta, Bogor, Depok and Tangerang on February 2016 until August 2016. Interview was conducted using reliable and valid questionnaire as a tool. Descriptive analysis on attitude toward entrepreneurship showed that respondents strongly agreed with the attitude statement and subjective norm indicates that they disagree with recommendation from nearest person to start a business. In addition, analysis of the entrepreneurship intention showed that respondents have an interest to become entrepreneur. Regression analysis with dummy variable showed that entrepreneurship intention was significantly affected by variables of attitude toward entrepreneurship and conventional financial literacy (p value <0.05), gender (women tend to be more interested in entrepreneurship as compared to men), experience of taking entrepreneurship class and experience of being entrepreneur (p value <0.10). To increase student’s entrepreneurship intention, it needs efforts from various parties, especially from academics to build attitude toward entrepreneurship and to increase financial literacy among students.

Analisis Faktor-Faktor yang Mempengaruhi Persepsi Jurnalis Televisi terhadap Perkembangan Bank Syariah Di Indonesia Rizki Amelia; Didin Hafidhuddin; Hendri Tanjung
AL-MUZARA'AH Vol. 2 No. 2 (2014): AL-MUZARA'AH (December 2014)
Publisher : Department of Islamic Economics, IPB University

Indonesia is the largest Moslem population in Southeast Asia (CIA, 2013), but Islamic banking market share in Indonesia is still low (BI,2014). This condition happened because Islamic banking information was not well accepted in the society. Television journalist has important role in spreading this information. The purpose of this study was to analyze perception and factors that build television journalist perception in Islamic banking news making. This study used theory of planned behavior (TPB) and structured equation modeling (SEM) to assess television journalist perception in Indonesia’s Islamic banking development. The assessment evaluated intention and ability to explain their intention in subjectivenorm (SN), attitude toward behavior (ATB), and perceived behavior control (PBC). The result showed that SN, ATB, and PBC were positively influence television journalist perception on Islamic banking development in Indonesia. SN and PBC were positively influence journalist intention to make Islamic banking news.

Analisis Dampak Pemberdayaan Perempuan terhadap Kesejahteraan Keluarga Muhammad Muhyiddin Robani; Marlina Ekawaty
AL-MUZARA'AH Vol. 7 No. 1 (2019): AL-MUZARA'AH (June 2019)
Publisher : Department of Islamic Economics, IPB University

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.29244/jam.7.1.1-18

This research was conducted to analyze: (1) the form of empowerment carried out by KJKS Ukhuwah Pro-IBU; and (2) the impact of empowerment carried out by KJKS Ukhuwah Pro-IBU. Mix methods with sequential exploratory model was used on this research. The results of the study through interview, observation, and documentaion shows that KJKS Ukhuwah Pro-IBU conducted empowerment through loans and financing with sharia contract, weekly meetings, and training for women groups that were formed. This results shows that the form of empowerment of KJKS Ukhuwah Pro-IBU can be classified as Economic Empowerment and Sharia Grameen. Based on multiple linier regression test, it is known that material welfare of KJKS Ukhuwah Pro-IBU members is positively influenced by financing, length of business, education and negatively by number of family members and age. On the other hand, other factors namely attendance at weekly meetings, Islamic business ethics, has no significant influence. As for the results of Pearson corellation test, it is known that non-material welfare has a relationship with other variables, namely a positive relationship with a moderate degree of closeness with variables of material welfare, financing, Islamic business ethics. This results shows that material or non material welfare improvement one of them can be achieved with women empowerment that using forms of economic empowerment and Sharia Grameen.

Faktor-faktor yang Memengaruhi Tingkat Non Performing Financing dan Non Performing Loan pada Dual Banking System di Indonesia Fathyah Isnaini; Sahara Sahara; Tita Nursyamsiah
AL-MUZARA'AH Vol. 7 No. 1 (2019): AL-MUZARA'AH (June 2019)
Publisher : Department of Islamic Economics, IPB University

The value of non-performing financing Islamic banks in Indonesia based on OJK data on 2017 at 4.76%, which is greater than the percentage of non-performing loans in conventional banks at 2.59%, then that’s make a question why the percentage of Islamic banks is greater and what factors influence it. Data retrieval research is sourced from quarterly financial reports in the first quarter of 2012 to the third quarter of 2017 as many as 10 Islamic banks and 10 conventional commercial banks. This study aims to analyze the factors that affect the level of non-performing finance (NPF) and non-performing loans (NPL) in dual banking system Indonesia. Variable independent in this research are the growth of gross domestic product (GDP), inflation, BI rate, return on assets (ROA), financing to deposit ratio (FDR)/loan to deposit ratio (LDR), capital adequacy ratio (CAR), operating expenses on operating income (BOPO), and total assets while the dependent variable is NPF and NPL. The analytical method used to test the hypothesis is by panel regression analysis. The results of this study indicate that the sharia commercial banks have a significant influence on NPF including GDP, inflation, CAR, ROA, FDR, and BOPO. In conventional commercial banks significant factors include GDP, inflation, BI rate, CAR, LDR, BOPO, and total assets.

Non-Muslim Customer Preferences towards Islamic Banks in Semarang Nur Baethi Hariyana; Laily Dwi Arsyianti
AL-MUZARA'AH Vol. 7 No. 1 (2019): AL-MUZARA'AH (June 2019)
Publisher : Department of Islamic Economics, IPB University

The prohibition of riba is applied by all religions. Islamic banking has a potential to attract non-Muslim customers. Semarang, both the regency and the city, has the largest non-Muslim population in Central Java. Currently, the number customers using Islamic banks has reached 22 million in 2017. This nominal can be escalated by elaborating non-Muslim preference towards Islamic banks. Therefore, this study aims to determine the factors that influence the preferences of non-Muslim customers towards Islamic banks in Semarang regency and the city. There are 120 respondents who have been interviewed, consisting of 60 respondents are Islamic bank customers and 60 respondents are conventional bank customers. They are selected based on non-probability sampling technique. Logistic regression method is employed to analyze the data. Results show the preferences of non-Muslim customers using Islamic banks are knowledge, profit sharing, religions, administrative profit, and income. Islamic banks can target non-Muslim customers through actively involved in disseminating Islamic financial products.

Faktor-faktor yang Memengaruhi Persepsi Wakif terhadap Wakaf Uang di Kota Bogor Syifa Fauziah; Salahuddin El Ayyubi
AL-MUZARA'AH Vol. 7 No. 1 (2019): AL-MUZARA'AH (June 2019)
Publisher : Department of Islamic Economics, IPB University

Waqf has a potential in developing a social and economic aspect of society. The development of waqf instrument in the attempt of social and economic growth is able to be obtained through the new concept of waqf, that is cash waqf. However, the realization of cash waqf collection was not met its potential. Based on the previous studies, one of the factors that caused the low quantity of cash waqf collection was the people that had less awareness and comprehension towards cash waqf. Even several people that already gave their waqf had only known the waqf in the form of immovable asset. This study aims to describe respondents’ characteristics and analyze the possible factors that affect wakifs’ perception towards cash waqf in Bogor City. The method used in this study was descriptive analysis and logistic regression analysis. This study was done in Bogor City and involved 50 respondents. Based on the data analysis results, wakifs’ perception was known to be affected by their comprehension towards cash waqf and their social motivation.

Pengaruh Keuangan Syariah terhadap Pertumbuhan Ekonomi dan Indeks Pembangunan Manusia di Indonesia Rika Yulita Amalia; Syifa Fauziah; Indah Wahyuningsih
AL-MUZARA'AH Vol. 7 No. 1 (2019): AL-MUZARA'AH (June 2019)
Publisher : Department of Islamic Economics, IPB University

One of variable to calculate the Human Development Index (HDI) is a decent standard of living derived from the Gross Domestic Product (GDP) figure. Therefore, the increase in HDI could be influenced by GDP. Furthermore, as a Muslim-majority country and adopting a dual banking system, Indonesia's GDP is certainly also influenced by the Islāmic financial sector, such as zakat and Islāmic bank financing. In this case, zakat plays role as a wealth distribution instrument. Then Islamic bank financing could be a funding capital for the community and the country. So, this study analyzes the direct and indirect relationship between the variables of zakat, Islamic bank financing and GDP to the HDI. The method used is path analysis which aims to look at the hypothesis of causal relationships. The results obtained are the direct relationship of Islamic bank financing and GDP significantly positive effect on HDI. Zakat and Islamic bank financing variables have a positive effect on GDP. The greatest coefficient value between direct relationships is the coefficient of Islamic bank financing on GDP, which is equal to 81.7%. But the direct relationship of zakat to the HDI cannot be known. While the indirect relationship shows that there is an influence between the variables of zakat on the HDI through GDP and there is an influence between the variables of Islamic bank financing on the HDI through GDP.

Analisis Keterkaitan Inklusi Keuangan Syariah dengan Pembangunan di Negara Anggota OKI Deni Lubis; Muhammad Giffari Ramadhoni
AL-MUZARA'AH Vol. 7 No. 2 (2019): AL-MUZARA'AH (December 2019)
Publisher : Department of Islamic Economics, IPB University

Financial inclusion is one of the main issue on Islamic banking in providing access to financial services to the community. However there are many people who have not access to financial services, especially Islamic banking. This study aims to measure the level of Islamic financial inclusion in several OIC countries (Islamic Cooperation Organization) based on the classification of state income and to analyze the relationship of inclusion of Islamic finance with development. The calculation of the Islamic financial inclusion index used the Index of Syariah Financial Inclusion (ISFI) method. The response variable used in this study is ISFI and the predictor variable is GDP per capita, unemployment rate, number of cellular telephone users, and the population of the village. The method used is descriptive analysis and tobit regression analysis. This study used secondary data from 10 OIC member countries based on the level of state income in 2013-2016. Based on the results of data analysis, high income countries have a high average inclusion rate compared to middle income countries. While GDP per capita and the number of cellular telephone users has a positive effect to the development, meanwhile the unemployment rate has a negative effect.

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