AL-MUZARA´AH
ISSN : 23376333     EISSN : 23554363
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.
Articles 60 Documents
Analisis Risiko Pembiayaan Syariah Pada Sektor Pertanian

Tsabita, Khonsa ( International Islamic University Malaysia )

AL-MUZARAAH Vol 2, No 2 (2014)
Publisher : Faculty of Economics and Management, Bogor Agricultural University

Show Abstract | Original Source | Check in Google Scholar | | DOI: 10.29244/jam.2.2.88-120

Abstract

One of the main problems of agricultural sector in Indonesia is the lack of financial support. There are many financing programs which available to overcome this problem, but this problem still persist. Thus, the alternative financing scheme such as Islamic financing that concern on risk sharing concept rather than profit, is a feasible solution. Moreover, the increase of Islamic financing on agricultural sector requires many studies. One of them is about financing risk analysis as well as risk management instruments and systems. This research is applied at BPRS (Islamic Rural Bank) Amanah Ummah, Leuwiliang, Bogor, Indonesia, which provides financing for agricultural business. Thus, this research is focused on analyzing Islamic financing risk and measuring potential loss. In addition, this Islamic financing risk is analyzed with Enterprise Risk Management (ERM) framework method and the potential loss is measured with creditrisk+ method. Overall, this research contributes to literatures on Islamic financing in agricultural sector and provides ground-study related to  financing risk analysis on Islamic microfinance institutions.

Analisis Faktor-Faktor Preferensi Etnis Tionghoa Terhadap Bank Syariah di Indonesia

Sari, Yurita ( Institut Pertanian Bogor ) , Sumarwan, Ujang ( Institut Pertanian Bogor ) , Hosen, M Nadratuzzaman ( Institut Pertanian Bogor )

AL-MUZARAAH Vol 3, No 1 (2015)
Publisher : Faculty of Economics and Management, Bogor Agricultural University

Show Abstract | Original Source | Check in Google Scholar | | DOI: 10.29244/jam.3.1.1-19

Abstract

The research aimed to develop and to test the consistency of the relationship between preference factrs of Chinese Ethnic towards Islamic Banks in Indonesia. According to previous research, customer’s internal and external factors as well as marketing strategy of the Islamic Banks are the main reason behind their decisions to become Islamic Banks’ customers. However, some of the previous researches have also shown inconsistent result in which it is stated that the religious factor is the main reason for Chinese Ethnic to choose Islamic Banks, whereas some other research concluded that religion has nothing to do with the decision to become customer in Islamic Banks.In line with the purpose of the research is to analyze how far the factors mentioned above could influence the preference of people with Chinese Ethnicity towards Islamic Banks. The approach used in this research is survey method. Sumarwan (2011) explains that survey is a design of a research which collects data from some respondents that are selected from a population. The sample of this research is Indonesian Chinese Ethnics,  including the Muslim ones and also include those who are already a customer in Islamic Banks as well as those who are not. This study specifically  analyzes perception attribute variable such as location, higher return, quality service, Islamic bank’s reputation and image, product features, marketing, and teknology; and also environment variable, personal variable, culture variable, and lastly preference variable of the Chinese ethnics towards Islamic Banks in Indonesia by using AIDA (awareness, interest, desire)  model approach. The data is analyzed by using SEM (structural equation model) technique.An interesting phenomenon of the research is that Islamic Banks use Islamic principles which prohibited the act of Riba’, while the Chinese Ethnic customers and the prospective customers also considering the same thing. Most of Chinese Ethnics are Buddhist, Christian, and Catholic which prohibited interests in banking system.The result of this study concluded that the level of knowledge of Chinese Ethnics that are not yet a customer towards Islamic Banks is lower than the knowledge level of Muslim Chinese Ethnics who are already a customer in Islamic Banks. With AIDA model, it is found that environment variable which consists of social and culture has significant influence towards atribute perception and also towards other AIDA variables such as Awareness, interest and desire.

Pengaruh Zakat Terhadap Indeks Pembangunan Manusia dan Tingkat Kemiskinan Mustahik : Studi Kasus Pendayagunaan BAZNAS Kota Bogor

Murniati, Rina ( IMZ Researcher ) , Beik, Irfan Syauqi ( Center of Islamic Business and Economic Studies )

AL-MUZARAAH Vol 2, No 2 (2014)
Publisher : Faculty of Economics and Management, Bogor Agricultural University

Show Abstract | Original Source | Check in Google Scholar | | DOI: 10.29244/jam.2.2.135-149

Abstract

This research aims at analyzing zakat distribution program of BAZNAS of Bogor City and its impact towards mustahik life based on the income changes after zakat and the values of post-zakat Human Development Index (HDI) and poverty reduction. By utilizing t-statistics, individual HDI, and poverty indicators, this study concludes that zakat has positive impact in increasing human development of mustahik in Bogor city. T-statistics result shows that theres is significant impact of zakat on the mustahik income. HDI value indicates that there is an increase from 47 to 49 in the presence of zakat. As for poverty indicators, all indices used portray significant reduction in the poverty level of mustahik. This could be observed from the reduction in the values of headcount ratio index (H), poverty gap index (P1), income gap indeks (I), and Sen indeks of poverty (P2), respectively.

Analisis Faktor-Faktor Yang Memengaruhi Muzaki Dalam Memilih Organisasi Pengelola Zakat (OPZ): Studi Kasus di Badan Amil Zakat Nasional Kota Bogor

Rulian, Nadilla Ambarfauziah ( Institut Pertanian Bogor ) , Anggraeni, Lukytawati ( Institut Pertanian Bogor ) , Lubis, Deni ( Institut Pertanian Bogor )

AL-MUZARAAH Vol 3, No 1 (2015)
Publisher : Faculty of Economics and Management, Bogor Agricultural University

Show Abstract | Original Source | Check in Google Scholar | | DOI: 10.29244/jam.3.1.20-33

Abstract

The main purpose of management of zakat in Act No 23/2011 is to achieve public welfare and poverty alleviation. However, until now, zakat has not been sufficient to attain both these goals since zakat fund collected in Indonesia is only about 1% of its national potential that reaches Rp 217 trillion. This indicates that there are many muslims who are not motivated to pay zakat nor trust Zakat Management Organization. This study analyzes the factors that influence muzakki in choosing Zakat Management Organization and the performance of BAZNAS Kota Bogor from muzakki’s perception. Logistic regression is used to analyze the factors that affect muzakki in choosing the Zakat Management Organization. Descriptive analysis is used to analyze the perceptions of the BAZNAS Kota Bogor. This research was conducted during the month of February 2014 with 30 respondents BAZNAS Kota Bogor’s muzakki and 30 respondents muzakki whose paying zakat directly to mustahiq. The results of logistic regression show that the factors that affect muzakki in choosing Zakat Management Organization are income, the level of reliability, and institution’s image. The muzakki’s perception of the performance of BAZNAS Kota Bogor can be concluded as good, particulary in reliability, responsiveness, and tangible.

Analisis Pembiayaan Sektor Perdagangan Hotel dan Restoran pada Perbankan Syariah di Indonesia

Suryadi, Geri ( Institut Pertanian Bogor ) , Priyarsono, Dominicus Savio ( Institut Pertanian Bogor ) , Arsyianti, Laily Dwi ( Institut Pertanian Bogor )

AL-MUZARAAH Vol 2, No 2 (2014)
Publisher : Faculty of Economics and Management, Bogor Agricultural University

Show Abstract | Original Source | Check in Google Scholar | | DOI: 10.29244/jam.2.2.150-178

Abstract

Islamic banking is an alternative for entrepreneurs in trade, hotel, and restaurants (THR) to obtain capital relief that can push the pace of economic. The purpose of this study was to analyze the response of  Islamic banking financing ratios on THR sector in the event of shocks to the banking performance factors, monetary instruments, macroeconomic conditions and the rate of return and analyze the contribution of each variable in explaining the diversity of Islamic financing ratios in THR sector. The analytical method used is Vector Error Correction Model (VECM) with variables that describe the performance of banking, macroeconomic conditions, monetary instruments, and financial returns. The results showed that, shocks to the variables Industrial Production Index (IPI), lending rates (SBK) and equivalent rate financing (ERP) will be responded positively by Islamic financing ratio of THR sector. While shocks to the variables of Third Party Funds (TPF), troubled financing (NPF), a bonus SBI Sharia (BSBIS), inflation (INF) and the placement of funds in the money market with Sharia principles (PUAS) will be responded negatively by Islamic financing ratio of THR sector. Based on this research, Islamic banking should be more focus on financing for the PHR sector because it will provide a great benefit to the development of the real sector.

Program Pembiayaan Lembaga Keuangan Mikro Syariah (LKMS) dalam Peningkatan Kesejahteraan Pelaku Usaha Mikro (Studi Kasus BMT Baitul Karim Bekasi)

Gina, Widya ( Institut Pertanian Bogor ) , Effendi, Jaenal ( Institut Pertanian Bogor )

AL-MUZARAAH Vol 3, No 1 (2015)
Publisher : Faculty of Economics and Management, Bogor Agricultural University

Show Abstract | Original Source | Check in Google Scholar | | DOI: 10.29244/jam.3.1.34-43

Abstract

The role of micro business enterprises in employment is quite large, namely 99.9% of the total workforce in Indonesia. This suggests that micro businesses have a great opportunity in economic development and increased prosperity. This is not in accordance with the improvement of social welfare of the poor because of the high of the poor up to 10.96% of the total population. The limited capital on micro businesses is an obstacle that is difficult to be avoided. In this case, the financing provided by the BMT is crucial for micro enterprises in accessing capital. The purpose of this study is to analyze the effect of the financing program in increasing income and welfare of micro businesses. The method used in this research is the method of Ordinary Least Square (OLS and logistics method. Significant variables that positively affect the revenue are captured financing of respondents, the number of family members whose income, education, and ethical and moral variables. The variables that positively and significantly affect the welfare are  the length of time member, meal expenses, average income, and financing that are taken by respondents.

Analisis Pengaruh Variabel EPS dan Makroekonomi terhadap Return Saham Jakarta Islamic Index Sektor Pertanian

Apriyani, Nurrahmah ( Institut Pertanian Bogor ) , Rindayati, Wiwiek ( Institut Pertanian Bogor ) , Wiliasih, Ranti ( Institut Pertanian Bogor )

AL-MUZARAAH Vol 3, No 1 (2015)
Publisher : Faculty of Economics and Management, Bogor Agricultural University

Show Abstract | Original Source | Check in Google Scholar | | DOI: 10.29244/jam.3.1.44-61

Abstract

The agricultural sector of islamic stock has a downward trend of return and often gives negative return, thereby it reduces the interest of investors to buy similar stocks. This study aims to examine the effect of Earning Per Share (EPS), exchange rate, money supply, SBI interest rate and world gold prices toward stock return of PT Astra Agro Lestari Tbk (AALI) and stock return of PT PP London Sumatra Indonesia Tbk (LSIP) as representatives of agricultural stock. The method used is the Vector Error Correction Model (VECM) with monthly time series data from August 2011 to December 2014. In the long term, the results showed that the EPS significantly positive  effect on the return of AALI and LSIP , exchange rates significantly positive effect on the return of LSIP, money supply significantly negative effect on the return of AALI and LSIP, SBI interest rate significantly negative effect on the return of LSIP and world gold prices significantly negative effect on the return of AALI. Money supply predominantly contribute toward the changes of the return of AALI and LSIP.

Dampak Branchless Banking Terhadap Kinerja Keuangan PT Bank Muamalat Indonesia Tbk

Sarah, Hidayati ( Institut Pertanian Bogor )

AL-MUZARAAH Vol 3, No 2 (2015)
Publisher : Faculty of Economics and Management, Bogor Agricultural University

Show Abstract | Original Source | Check in Google Scholar | | DOI: 10.29244/jam.3.2.136-157

Abstract

Branchless Banking is part of the financial inclusion program, which provides financial services performed outside bank branches using information and communication technology as well as non-bank retail agents. Branchless Banking was already done by Bank Muamalat Indonesia in cooperation with PT Pos Indonesia as an agent since 2004. This study aims to analyze the performance of Bank Muamalat Indonesia before and after Branchless Banking and formulate alternative strategies for Bank Muamalat Indonesia to improve their financial performance. This study uses the financial ratio such as Capital Adequacy Ratio (CAR), Financing to Deposit Ratio (FDR), Return on Assets (ROA), and Operating Expenses Operating Income (BOPO) with paired samples t-test method to obtain the level of significance. This study finds that the financial ratio in the form of CAR, ROA and ROA before and after Branchless Banking significantly different, while the FDR doesn’t differ significantly. 

Analisis Pengelolaan Wakaf Uang pada Koperasi Jasa Keuangan Syariah (Pendekatan Analytical Network Process)

Haura, Arie ( Institut Pertanian Bogor ) , Baga, Lukman M ( Institut Pertanian Bogor ) , Tanjung, Hendri ( Institut Pertanian Bogor )

AL-MUZARAAH Vol 3, No 2 (2015)
Publisher : Faculty of Economics and Management, Bogor Agricultural University

Show Abstract | Original Source | Check in Google Scholar | | DOI: 10.29244/jam.3.2.89-105

Abstract

This study describes the process of Sharia Financial Service Cooperation (KJKS) becoming nazhir waqf, analyzing the priorities of internal and external factors which related with cash waqf. This research uses descriptive quantitative and qualitative approach based on study literature, observation, and quetionaire using analytical network process (ANP) method. The internal factors and external factors devided into 8 cluster. 2 General Cluster and 6 Detailed Cluster: cluster of Internal Aspect, cluster of External Aspect, cluster of SDM KJKS, cluster of Accountability, cluster of Product, cluster of Regulation, cluster of Demography, and cluster of Civil Sociaty. The calculations showed that the highest score which is greatly affect the cash waqf management in KJKS from Internal Aspect such as: Cluster of Accountability (36%), Cluster of Product (33%), and Cluster of SDM KJKS (31%). External Aspect such as: Cluster of Regulation (38%), cluster of Civil Sociaty (37%), and cluster of Demography (25%). Furthermore, the important priority from detailed cluster are Asset Accumulation element (22,8%) and Requirement of Sharia Principle (22,9%).

Faktor-Faktor yang Memengaruhi Besaran Pembiayaan Perbankan Syariah di Indonesia

Adzimatinur, Fauziyah ( Institut Pertanian Bogor ) , Hartoyo, Sri ( Institut Pertanian Bogor ) , Wiliasih, Ranti ( Institut Pertanian Bogor )

AL-MUZARAAH Vol 3, No 2 (2015)
Publisher : Faculty of Economics and Management, Bogor Agricultural University

Show Abstract | Original Source | Check in Google Scholar | | DOI: 10.29244/jam.3.2.106-121

Abstract

Development of Financing of Islamic banking in Indonesia has increased. However, the amount of financing is only 3-5% when compared to conventional bank loans. This study aims to analyze the factors affecting the amount of financing provided by Islamic banking in Indonesia. This study uses a Vector Error Correction Model (VECM) to see the long-term effect and response to shock that occur in the studied variables. The result shows that in the long run, the percentage of profit and loss sharing, third party funds, and FDR give a positive and significant effect on the financing, while NPF has negative and significant effect. ROA and BOPO have no significant effect on the financing. Shocks that occur in the financing, NPF, and ROA positively responded by financing and will be stable in the long term. While the shocks that occur in the percentage of profit and loss sharing, third party funds, FDR, and BOPO responded negatively by financing and will be stable in the long term.