AL-MUZARA'AH
type: channel
description: AL-MUZARA'AH – Journal of Islamic Economics, is a collaborative journal of the Department of Islamic Economics, IPB 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, Islamic finance, Islamic microfinance, Islamic banking, Islamic insurance, Islamic management, Islamic agriculture and environment, halal industry, Islamic social finance and poverty alleviation, Islamic law and sharia issues in economics and finance, Islamic securitization and sukuk, Islamic capital market, Islamic accounting, Islamic development economics, and other topics related to this area. AL-MUZARA'AH has been Accredited SINTA Rank 2 by Directorate General of Research and Development Strengthening, Ministry of Higher Education, Science and Technology of the Republic of Indonesia (Kemendiktisaintek RI) No 295/C/C3/KPT/2026 which is valid for 5 (five) years since enacted on 3 February 2026. AL-MUZARA'AH has been registered in Google Scholar, Crossref, Garda Rujukan Digital (Garuda), Dimensions, and <a href="https://research.ebsco.com/c/ylm4lv/search/results?q=AL-MUZARA%27AH%20-%20Journal%20of%20Islamic%20Economics%20%26%20Finance&autocorrect=y&expanders=fullText&expanders=concept&facetFilter=sourceTypes%3AMTYwTU4%3D&limiters=RV%3AY&qm=W3sidmFsdWUiOiJBTC1NVVpBUkEnQUggLSBKb3VybmFsIG9mIElzbGFtaWMgRWNvbm9taWNzICYgRmluYW5jZSIsInR5cGUiOiJ0ZXh0In1d&resetPageNumber=true&searchMode=all&searchSegment=all-results&skipResultsFetch=true">EBSCO. <a href="https://research.ebsco.com/c/ylm4lv/search/results?q=AL-MUZARA%27AH%20-%20Journal%20of%20Islamic%20Economics%20%26%20Finance&autocorrect=y&expanders=fullText&expanders=concept&facetFilter=sourceTypes%3AMTYwTU4%3D&limiters=RV%3AY&qm=W3sidmFsdWUiOiJBTC1NVVpBUkEnQUggLSBKb3VybmFsIG9mIElzbGFtaWMgRWNvbm9taWNzICYgRmluYW5jZSIsInR5cGUiOiJ0ZXh0In1d&resetPageNumber=true&searchMode=…
publisher: Department of Islamic Economics, IPB University
language: en
publication name: AL-MUZARA'AH
issn: 2337-6333
copyright: Author(s) who published in this journal agree to following terms: Authors understand and agree that copyright of manuscripts published are held by Al-Muzara'ah. The statement to release the copyright to Al-Muzara'ah is stated in Copyright Transfer Agreement (CTA) form. Copyright encompass exclusive rights to reproduce, to distribute, and to sell any part of the journal articles in all form and media. This work is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License (CC BY-SA) where Authors and Readers can copy and redistribute the material in any medium or format, as well as remix, transform, and build upon the material for any purpose, but they must give appropriate credit (cite to the article or content), provide a link to the license, and indicate if changes were made. If you remix, transform, or build upon the material, you must distribute your contributions under the same license as the original.
items: Comparative Analysis on Sharia Governance in Islamic Non-Profit Organizations across Indonesia, Malaysia and Brunei Darussalam
items: Waqf-Based Forests: A Sustainable Solution for Agromaritime Development through Islamic Social Finance
items: Mythologies of Usury in Finance: Analyzing Denotation, Connotation, and Cultural Myth using Roland Barthes' Framework
items: Feasibility Study of a Proposed Sharia Cooperative in a Village Creative Economy: Evidence from Kampung Batik Cibuluh, Bogor
items: Waqf Literacy: A Systematic Literature Review
items: Leveraging Bay' al-Salam Contracts for Agricultural Development in Indonesia: Challenges and Future Strategies
items: Prospects and Challenges of Musharakah and Musharakah Mutanaqisah Financing in Islamic Microfinance: Case Studies of Indonesia and Malaysia
items: Exploring Four Decades of Research Trends in Islamic Banking: Directions, Themes, and Emerging Issues
items: Determinants of BMT UGT Sidogiri Customer Loyalty: Does Cultural Factor Have an Essential Role?
items: Revitalizing Abandoned Coastal Ponds in Indonesia: A Waqf-Based Permaculture Solution for Sustainable Aquaculture
items: The Role of Islamic Finance, Workers, and Added Value in the Agromaritime Sector on Economic Growth: A Study of Indonesia, Malaysia, and Brunei Darussalam
items: The Impact of Technology on Halal Certification Intentions of MSMEs: A Gender-Based Analysis
items: Management, Empowerment, and Islamic Welfare: Evidence from Livestock Productive Waqf at Al-Azhar Institution Indonesia
items: Analysis the Effect of Sharia Monetary Operations (OMS) on Inflation in Indonesia for the 2019-2021 Period
items: Islamic Modes for Agricultural Financing: Which is the Most Suitable?
items: Optimizing Mosque Waqf Management in Supporting the Achievement of Sustainable Development Goals (SDGs)
items: Amidst Global Uncertainty: Does Islamic Banking Increase Indonesia’s Economic Growth?
items: Muslim Intention to Visit Halal Tourism Destination in West Java: Halal Literacy Mediation Effect
items: Readiness of Road Project Contractors to Use Musharakah: Evidence from Jakarta (Qualitative Study)
items: Strategy to Strengthen the Halal Slaughterhouse Industry in Indonesia
items: The Nexus Between Income Inequality and Environmental Degradation in ASEAN-6 Countries During 1992 – 2015 from Islamic Perspective
items: Profit Increase of Microentrepreneurs through Islamic Microfinance Institution Financing Program (Case Study of BPRS Amanah Ummah)
items: The Impact of Socioeconomic and Behavioral Factors on Health Indicators in OIC Countries
items: Sharia Supervisory Board Characteristics and Anti-Corruption Disclosure: Study of Islamic Banks in Indonesia and Malaysia
items: Mapping Research Landscape on Ijarah Accounting: A Bibliometric Study Based on PSAK 107 Literature
items: Halal Marketing Approaches: A Systematic Review of Strategies, Challenges, and Social Implication
items: The Negative Influence of Viral Marketing and Brand Awareness on Customer Trust and Purchase Decisions of Pro-Israel Products in Banten Province
items: The Analysis of Crowdfunding Implementation as an Alternative Financing for Islamic Microfinance Institution
items: Volatility Dynamics of Islamic and Conventional Equity Portfolios During COVID-19: Evidence from Fama-French and GARCH Models
items: Analysis of the Effect of Outreach on Cooperative Sustainability: The Mediating Role of Capital Deepening

Comparative Analysis on Sharia Governance in Islamic Non-Profit Organizations across Indonesia, Malaysia and Brunei Darussalam
type: item
description: This study examines the governance practices of Islamic non-profit organizations in Indonesia, Malaysia, and Brunei Darussalam. The thorough examination is conducted through a framework developed based on the standards set by the Islamic Financial Services Board (IFSB), Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI), as well as the core principles of zakat and waqf. A qualitative approach was carried out using content analysis methods from literature reviews, and then NVivo was used to collect, classify, map reports and analyse further about the topics. This study found that sharia NPO governance practices in Indonesia, Malaysia and Brunei Darussalam still need to be explained in detail, as well as several indicators. This study addresses previously unexplored issues, particularly regarding sharia-compliant Non-Profit Organizations (NPOs). In this regard, it pioneers research that examines and compares the governance frameworks of NPOs in Indonesia, Malaysia and Brunei Darussalam. The scope of this research focuses on regional areas with a global Muslim majority, namely Indonesia, Malaysia and Brunei Darussalam. Practitioners in the field of sharia-compliant NPOs can utilise this research as a reference and policy foundation. This action can help in advancing social initiatives cross-country level and can be a reference for establishing governance framework standards in sharia-based NPOs with practitioners and experts in the field.
subject: Articles
  topic: section
subject: Content analysis
  topic: keywords
subject: cross-country comparison
  topic: keywords
subject: Islamic non-profit organizations
  topic: keywords
subject: sharia compliance
  topic: keywords
subject: sharia governance
  topic: keywords
creator: Laily Dwi Arsyianti
creator: Irfan Syauqi Beik
creator: Nur Laili Ab Ghani
creator: Muhamad Abduh
creator: Adora Aurahma
creator: Arifia Marsila Hayati
rights: Copyright (c) 2025 AL-MUZARA'AH http://creativecommons.org/licenses/by-sa/4.0
date: 2025-12-24
publication date: 2025-12-24
starting page: 155
ending page: 171
doi: 10.29244/jam.13.2.155-171

Waqf-Based Forests: A Sustainable Solution for Agromaritime Development through Islamic Social Finance
type: item
description: 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.
subject: Articles
  topic: section
subject: Agromaritime
  topic: keywords
subject: deforestation
  topic: keywords
subject: forest conservation
  topic: keywords
subject: sustainability
  topic: keywords
subject: waqf-based forest
  topic: keywords
creator: Khalifah Muhamad Ali
creator: Miftahul Jannah
creator: Mu'minah Mustaqimah
creator: Romzie Rosman
rights: Copyright (c) 2026 AL-MUZARA'AH http://creativecommons.org/licenses/by-sa/4.0
date: 2026-01-26
publication date: 2026-01-26
starting page: 161
ending page: 175
doi: 10.29244/jam.14.1.161-175

Mythologies of Usury in Finance: Analyzing Denotation, Connotation, and Cultural Myth using Roland Barthes' Framework
type: item
description: 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.
subject: Articles
  topic: section
subject: Debt transaction
  topic: keywords
subject: postmodernist perspective
  topic: keywords
subject: Roland Barthes semiotics
  topic: keywords
subject: semiotics
  topic: keywords
subject: usury
  topic: keywords
creator: Bayu Tri Cahya
creator: Nor Aishah Mohd Ali
creator: Dwi Putri Restuti
creator: Dian Nilam Sari
creator: Muslim Marpaung
creator: Rahmat Ilyas
rights: Copyright (c) 2026 AL-MUZARA'AH http://creativecommons.org/licenses/by-sa/4.0
date: 2026-01-26
publication date: 2026-01-26
starting page: 121
ending page: 133
doi: 10.29244/jam.14.1.121-133

Feasibility Study of a Proposed Sharia Cooperative in a Village Creative Economy: Evidence from Kampung Batik Cibuluh, Bogor
type: item
description: 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.
subject: Articles
  topic: section
subject: Feasibility study
  topic: keywords
subject: Kampung Batik
  topic: keywords
subject: sharia cooperatives
  topic: keywords
subject: village creative economy
  topic: keywords
subject: willingness to pay
  topic: keywords
creator: Fuad Haryanti
creator: Resfa Fitri
creator: Mohammad Iqbal Irfany
creator: Daffa Aqomal Haq
creator: Prima Gandhi
rights: Copyright (c) 2026 AL-MUZARA'AH http://creativecommons.org/licenses/by-sa/4.0
date: 2026-01-26
publication date: 2026-01-26
starting page: 135
ending page: 159
doi: 10.29244/jam.14.1.135-159

Waqf Literacy: A Systematic Literature Review
type: item
description: This paper aims to provide a systematic literature review of waqf literacy. The studies on the waqf literacy were initiated in 2015 and it showed growing trends in 2021 onward. The significant increase of scholars’ awareness toward waqf literacy issue could be triggered by publication of Indonesian waqf literacy index by Indonesian Waqf Board in 2020. There are 66 documents published between 2015 - May 2024 in total. The documents are extracted from the Dimension database and the Scopus database. The analysis found that most of documents discussed the contribution of waqf literacy toward waqf collection. Many empirical studies have proved the positive relationship between waqf literacy and waqf collection (at least at the level of intention). Those papers urge waqf stakeholders to collectively increase the level of waqf literacy. Several studies have attempted to elaborate further strategies that could be adopted by the stakeholders. To conclude, not many scholars have put their attentions toward waqf literacy. Despite of its important, attention to waqf literacy is still minimum compared to other area of waqf, zakat literacy and even to the Islamic financial literacy. More studies are needed. There are several topics in waqf literacy that could be addressed in the future, such as examining the determinants of waqf literacy, perfecting the measurement of waqf literacy index, and offering more ideas on how to increase waqf literacy.
subject: Articles
  topic: section
subject: Systematic literature review
  topic: keywords
subject: waqf awareness
  topic: keywords
subject: waqf collection
  topic: keywords
subject: waqf literacy
  topic: keywords
creator: Nashr Akbar
creator: Salina Kassim
creator: Fahd Mohammed Obad Al-Shaghdari
creator: Irfan Syauqi Beik
rights: Copyright (c) 2026 AL-MUZARA'AH http://creativecommons.org/licenses/by-sa/4.0
date: 2026-01-26
publication date: 2026-01-26
starting page: 91
ending page: 101
doi: 10.29244/jam.14.1.91-101

Leveraging Bay' al-Salam Contracts for Agricultural Development in Indonesia: Challenges and Future Strategies
type: item
description: This study aims to investigate the challenge that Islamic Financial Institutions (IFIs) encounter while attempting to channel bay' al-salam contract financing for agricultural sector. Afterwards, the appropriate strategy will also be sought for. Using literature such as books, journals, and scientific papers, this research conducts its investigation using a qualitative methodology that incorporates content analysis techniques and in-depth interview to 12 (twelve) experts. This study's findings indicate several obstacles in providing bay' al-salam for the agricultural financing. The internal challenge factors are the absence of assistance from Islamic Financial Institutions, the lack of desire from human resources, and the challenges that originate from the salam finance model technique. A lack of literacy, a lack of supportive regulation, and several alternative financing options are among the external factors. The following are some of the strategies that should be implemented to maximize the effectiveness of the bay' al-salam contract for agricultural financing: enhancing sharia governance and compliance (including strengthening capital), strengthening agricultural infrastructure, leveraging technology, capacity building, and financial literacy, and developing innovative financial solutions (blended finance and flexible payment terms).
subject: Articles
  topic: section
subject: Agricultural sector
  topic: keywords
subject: bay’ al-salam
  topic: keywords
subject: farmers
  topic: keywords
subject: Islamic Financial Institution
  topic: keywords
creator: Abrista Devi
creator: Irman Firmansyah
creator: Aam Slamet Rusydiana
rights: Copyright (c) 2026 AL-MUZARA'AH http://creativecommons.org/licenses/by-sa/4.0
date: 2026-01-26
publication date: 2026-01-26
starting page: 31
ending page: 50
doi: 10.29244/jam.14.1.31-50

Prospects and Challenges of Musharakah and Musharakah Mutanaqisah Financing in Islamic Microfinance: Case Studies of Indonesia and Malaysia
type: item
description: Musharakah, a unique Islamic mode of financing, involves joint contributions of capital and labor by both financier and entrepreneur. This profit and loss sharing (PLS) contract is considered one of the most ideal Islamic financing models, embodying the principles of cooperation and partnership. A specific application of this model is the diminishing partnership contract, known as Musharakah Mutanaqisah (MM). This study explores the implementation of musharakah and MM in Islamic microfinance through a qualitative comparative case study of two institutions: Bank Pembiayaan Rakyat Syariah (BPRS) Amanah Ummah Bogor, Indonesia, and Entrepreneurship Development Program (i-Taajir) under the Centre for Islamic Economics IIUM-CIMB Islamic Bank, Malaysia. Data were collected through interview, financial reports, institutional documents, and secondary sources, and analyzed thematically. The findings reveal that while both institutions apply musharakah-based financing to empower micro-entrepreneurs, they face challenges related to risk management, regulatory frameworks, and limited client understanding. Managerial implications suggest the need for better financial literacy programs, internal capacity building, and policy support to optimize musharakah implementation in microfinance settings. This study offers recommendations for enhancing the sustainability and operational effectiveness of equity-based Islamic financing models in the microfinance sector.
subject: Articles
  topic: section
subject: Islamic microfinance
  topic: keywords
subject: musharakah
  topic: keywords
subject: musharakah mutanaqisah
  topic: keywords
subject: partnership financing
  topic: keywords
subject: profit and loss sharing
  topic: keywords
creator: Norma Md Saad
creator: Qurroh Ayuniyyah
rights: Copyright (c) 2026 AL-MUZARA'AH http://creativecommons.org/licenses/by-sa/4.0
date: 2026-01-26
publication date: 2026-01-26
starting page: 103
ending page: 119
doi: 10.29244/jam.14.1.103-119

Exploring Four Decades of Research Trends in Islamic Banking: Directions, Themes, and Emerging Issues
type: item
description: Islamic finance has grown significantly in recent decades, with Islamic banks and financial institutions operating not only in Muslim-majority countries but also in other regions. Conducting bibliometric studies to analyse trends in Islamic banking is crucial for addressing pressing global challenges, identifying knowledge gaps, guiding policy decisions, and fostering collaboration among scholars. This study aims to explore research patterns, collaboration networks, and thematic trends in publications on Islamic banking. Furthermore, this research seeks to see what further research can be conducted on Islamic banking. Examining 3115 papers published between 1983 and 2023 from the Scopus database using the Reporting Items for Systematic Reviews and Meta-Analysis (PRISMA) framework, this research utilizes R-Biblioshiny software for analysis. The study reveals a remarkable 66% increase in literature on Islamic banking. Notably, the International Islamic University Malaysia emerges as the most productive institution, while Malaysia, Indonesia, Pakistan, and the United Kingdom lead in productivity. Surprisingly, nations with non-Muslim-majority populations like the UK, USA, Australia, and the Netherlands garner the most citations. The extensive involvement of 88 countries in this literature underscores the global significance of Islamic banking, drawing interest from diverse authors worldwide. Moreover, the research categorizes four decades of Islamic banking studies into four thematic groups. This study reflects the transition of topics from traditional themes, such as riba, to the newest topics, such as corporate governance and financial technology. These findings offer valuable insights for understanding the evolving knowledge of Islamic banking research and identifying emerging research areas.
subject: Articles
  topic: section
subject: Bibliometric study
  topic: keywords
subject: Islamic banking
  topic: keywords
subject: Islamic finance
  topic: keywords
subject: PRISMA
  topic: keywords
subject: R-Biblioshiny
  topic: keywords
creator: Rachma Bhakti Utami
creator: Rashid Ating
creator: Afiqah Amin
rights: Copyright (c) 2026 AL-MUZARA'AH http://creativecommons.org/licenses/by-sa/4.0
date: 2026-01-26
publication date: 2026-01-26
starting page: 67
ending page: 89
doi: 10.29244/jam.14.1.67-89

Determinants of BMT UGT Sidogiri Customer Loyalty: Does Cultural Factor Have an Essential Role?
type: item
description: This study attempts to investigate the determinants of BMT UGT Sidogiri’s customer loyalty. As one of the biggest BMT in Indonesia, BMT UGT Sidogiri has played an essential role in developing its community’s economy through its business program. Factors such as brand image, profit-sharing, service quality, and cultural organization are employed in this study. This is because, BMT UGT Sidogiri is not only the largest BMT in Indonesia but also it initiated by Pesantren Sidogiri, one of the most respected pesantren in Indonesia which has unique cultural organization. This study finds that brand image has a negative-nonsignificant relationship with customer loyalty. Meanwhile, other variables such as service quality, profit-sharing, and culture have positive-significant relationship with customer loyalty that bridges by customer satisfaction. This study utilizes the partial least square-structural equation model (PLS-SEM) as a method. The result of the study is expected to contribute to the development of body of knowledge as well as practical implication of customer loyalty’s determinants, particularly on cultural factors which can benefits other microfinance institution based pesantren such as Sidogiri.
subject: Articles
  topic: section
subject: Cultural
  topic: keywords
subject: customer loyalty
  topic: keywords
subject: customer satisfaction
  topic: keywords
subject: pesantren
  topic: keywords
creator: Aris Yajid Bustomi
creator: Mohammad Bintang Pamuncak
creator: Diva Azka Karimah
rights: Copyright (c) 2026 AL-MUZARA'AH http://creativecommons.org/licenses/by-sa/4.0
date: 2026-01-26
publication date: 2026-01-26
starting page: 51
ending page: 65
doi: 10.29244/jam.14.1.51-65

Revitalizing Abandoned Coastal Ponds in Indonesia: A Waqf-Based Permaculture Solution for Sustainable Aquaculture
type: item
description: This research proposes a sustainable model for revitalizing abandoned coastal ponds in Indonesia by integrating waqf and permaculture water design. Conventional industrial practices in coastal pond management, characterized by using artificial chemicals, have led to significant environmental degradation, contradicting Islamic principles. The study suggests utilizing cash waqf to fund permaculture pond — a method that collaborates with nature, avoiding artificial inputs and promoting ecological balance. By aligning with Islamic teachings on environmental stewardship, this model aims to restore land quality and productivity while benefiting coastal communities. Employing a qualitative methodology, the research utilizes secondary data from a range of sources to analyze the potential of this approach. The findings advocate for a waqf-based management system that ensures environmental sustainability and adheres to Islamic values, offering a viable alternative to harmful conventional practices.
subject: Articles
  topic: section
subject: Aquaculture
  topic: keywords
subject: coastal pond
  topic: keywords
subject: environment
  topic: keywords
subject: permaculture
  topic: keywords
subject: waqf
  topic: keywords
creator: Ahlis Fatoni
creator: Mega T. R. Luik
creator: Auwal Adam Sa'ad
creator: Ferdi Zanuar Adzan
rights: Copyright (c) 2026 AL-MUZARA'AH http://creativecommons.org/licenses/by-sa/4.0
date: 2026-01-26
publication date: 2026-01-26
starting page: 17
ending page: 30
doi: 10.29244/jam.14.1.17-30

The Role of Islamic Finance, Workers, and Added Value in the Agromaritime Sector on Economic Growth: A Study of Indonesia, Malaysia, and Brunei Darussalam
type: item
description: The agromaritime sector faces various problems that hinder its potential to contribute optimally to economic growth. This study aims to analyze the role of Islamic finance sharing in the agromaritime sector, agricultural sector labor, and the added value of the agromaritime sector on economic growth in Indonesia, Malaysia, and Brunei Darussalam from 2019Q1 to 2023Q4 using the Autoregressive-Distributed Lag (ARDL) panel data model. The results of the analysis revealed that all independent variables showed a significant impact on economic growth in the long and short term. Islamic finance is able to provide alternative financing to encourage the agromaritime sector that supports inclusive economic activities. In addition, labor in the agricultural sector also plays a negative significant role on economic growth, indicating that improving the quality and quantity of labor in this sector can accelerate economic growth. The added value of the agromaritime sector has proven to contribute positively to economic growth. These findings underscore the importance of integrating Islamic finance with the development of the agromaritime sector and improving the quality of labor to achieve sustainable economic growth.
subject: Articles
  topic: section
subject: Added value
  topic: keywords
subject: agromaritime sector
  topic: keywords
subject: economic growth
  topic: keywords
subject: Islamic finance
  topic: keywords
subject: labor
  topic: keywords
creator: Tajul 'Ula
creator: Juli Dwina Puspita Sari
creator: Putri Ulifas Sahira
creator: Erne Suzila Kassim
rights: Copyright (c) 2026 AL-MUZARA'AH http://creativecommons.org/licenses/by-sa/4.0
date: 2026-01-26
publication date: 2026-01-26
starting page: 1
ending page: 15
doi: 10.29244/jam.14.1.1-15

The Impact of Technology on Halal Certification Intentions of MSMEs: A Gender-Based Analysis
type: item
description: This study aims to identify the main determinants influencing MSMEs in applying for halal certification through digital media, using a combination of the DeLone & McLean and UTAUT models, with a comparison between male and female MSME owners. The PLS-SEM Multi-Group Analysis (MGA) approach was employed as the evaluation method in this quantitative study, using SmartPLS 3.0. A total of 300 respondents met the required criteria. The findings show that service quality is not a major determinant for the male group. On the other hand, for the female group, system quality does not significantly influence intention to apply halal certificate. Several other constructs, such as performance expectancy, effort expectancy, social influence, and information quality, show similar results across both groups, while facilitating condition does not have a significant impact on either male or female groups. These findings provide practical implications, particularly for policymakers. The government should improve performance, ease of use and information clarity for MSMEs. For male MSMEs, focus on system quality and customer support, while for female MSMEs, extension officer assistance would be more effective in encouraging halal certificate applications.
subject: Articles
  topic: section
subject: Gender
  topic: keywords
subject: halal certification
  topic: keywords
subject: MSME
  topic: keywords
subject: multi group analysis
  topic: keywords
subject: technology
  topic: keywords
creator: Yan Putra Timur
creator: Ririn Tri Ratnasari
creator: Anwar Allah Pitchay
creator: Usman Jamilu
creator: Dyah Permata Sari
creator: Firdan Thoriq Faza
creator: Muhammad Rifqi
rights: Copyright (c) 2025 AL-MUZARA'AH http://creativecommons.org/licenses/by-sa/4.0
date: 2025-12-24
publication date: 2025-12-24
starting page: 297
ending page: 315
doi: 10.29244/jam.13.2.297-315

Management, Empowerment, and Islamic Welfare: Evidence from Livestock Productive Waqf at Al-Azhar Institution Indonesia
type: item
description: Productive waqf has become a means to improve community welfare through various economic-based programs. This is inseparable from the role of waqf fund management by professional Nazir, accompanied by community empowerment. Al-Azhar Indonesia's livestock waqf program has shown good management and empowerment results, but it has not been clearly illustrated how much the influence of productive waqf management and empowerment on the welfare of mauquf 'alaih, especially measured in spiritual welfare or maqashid sharia. This study aims to prove that productive waqf management and empowerment affect the Islamic welfare through the livestock waqf program at the Al-Azhar Indonesia Institute. The research method uses descriptive quantitative methods with data collection methods through distributing questionnaires and interviews. The data analysis technique uses the Partial Least Square-Structural Equation Model (PLS-SEM) with Smart PLS software version 4. The results showed that the management and empowerment of productive waqf positively and significantly affected the Islamic welfare. The livestock waqf program run by the Al-Azhar Indonesia Institute can significantly improve material and spiritual welfare with the level of influence of management on the Islamic welfare of 0.333 or 33.3% while the level of influence of empowerment on the Islamic welfare is 0.617 or 61.7%. The level of welfare achieved during the livestock waqf program is seen in increasing income, worship, fulfilling primary needs, knowledge and skills, as well as health and education.
subject: Articles
  topic: section
subject: Empowerment
  topic: keywords
subject: Islamic welfare
  topic: keywords
subject: livestock
  topic: keywords
subject: management
  topic: keywords
subject: mauquf 'alaih
  topic: keywords
creator: Siti Zuraedah Rahmah
creator: Wildan Munawar
creator: Imam Abdul Aziz
creator: Adi Rahmannur Ibnu
rights: Copyright (c) 2025 AL-MUZARA'AH http://creativecommons.org/licenses/by-sa/4.0
date: 2025-12-24
publication date: 2025-12-24
starting page: 285
ending page: 296
doi: 10.29244/jam.13.2.285-296

Analysis the Effect of Sharia Monetary Operations (OMS) on Inflation in Indonesia for the 2019-2021 Period
type: item
description: Monetary policy is the government's effort to maintain, increase, or decrease the amount of money in circulation in order to sustain economic growth and combat inflation. Monetary policy in the form of Sharia Open Market Operations can be implemented by issuing Bank Indonesia Sharia Certificates (SBIS), Minimum Reserve Requirements (GWM), and Standing Facilities, such as Bank Indonesia Sharia Deposit Facilities (FASBIS). This study is novel because it uses comparative effectiveness analysis, different observation periods, and has undergone classical assumption testing. The purpose of this study is to describe and assess the effects of SBIS, FASBIS, and GWM on Indonesian inflation from 2019 to 2021. The research data is sourced from the Financial Services Authority (OJK) website. Multiple linear regression analysis was performed using the Eviews 10 software. The results showed that SBIS has no significant effect on inflation, FASBIS has a significant and negative effect on inflation, and GWM has a significant and positive effect on inflation. FASBIS and GWM can explain 79.7% of inflation, with other factors accounting for the remaining 20.3%. Islamic banking must improve its financial performance by utilizing FASBIS instruments more efficiently.
subject: Articles
  topic: section
subject: Bank Indonesia Sharia Certificate (SBIS)
  topic: keywords
subject: Bank Indonesia Sharia Deposit Facility (FASBIS)
  topic: keywords
subject: inflation
  topic: keywords
subject: monetary policy
  topic: keywords
subject: sharia open market operations
  topic: keywords
creator: Karlita Anggini
creator: Fitriyatustany Fitriyatustany
creator: Citra Atrina Sari
creator: Resfa Fitri
creator: Neneng Hasanah
rights: Copyright (c) 2025 AL-MUZARA'AH http://creativecommons.org/licenses/by-sa/4.0
date: 2025-12-24
publication date: 2025-12-24
starting page: 271
ending page: 283
doi: 10.29244/jam.13.2.271-283

Islamic Modes for Agricultural Financing: Which is the Most Suitable?
type: item
description: The agricultural sector is a primary sector in a country, contributing to GDP, providing raw materials for industry, and ensuring food and nutritional security. Additionally, the agricultural sector often proves to be a stabilizing force for the national economy during economic crises. One financing model suitable for this sector is the sharia-compliant financing scheme. This study employs a bibliometric analysis to explore the extent of research on Islamic financing models for the agricultural sector, analyzing 41 Scopus-indexed journal articles. Six main themes emerge: conceptualizing Islamic agricultural financing, waqf technology for SDGs in agribusiness, risk management in Islamic agricultural credit, Islamic finance for agricultural projects, economic growth through Islamic agricultural finance, and Islamic Microfinance Institutions (IMFIs) in agricultural finance. The analysis identifies the most suitable Islamic financing modes as integrated salam contracts with IMFIs, Waqf Trustee-Anchor Company models for agribusiness on waqf land and crowdfunding models with salam contracts and muzaraah waqf. Additionally, qard-al-hasan, muzaraah, and aPLS (agricultural Production and Loss Sharing) scheme with ujrah principles are recommended for unproductive land development. Policymakers in the agricultural sector can leverage these findings to enhance the role of Islamic finance in fostering agricultural development, particularly in countries with a majority Muslim population.
subject: Articles
  topic: section
subject: Agricultural financing
  topic: keywords
subject: Islamic financing
  topic: keywords
subject: Islamic microfinance institutions
  topic: keywords
subject: Islamic modes
  topic: keywords
subject: sharia-compliant financing
  topic: keywords
creator: Rodame Monitorir Napitupulu
creator: Aam Slamet Rusydiana
creator: Wahyu Ario Pratomo
rights: Copyright (c) 2025 AL-MUZARA'AH http://creativecommons.org/licenses/by-sa/4.0
date: 2025-12-24
publication date: 2025-12-24
starting page: 253
ending page: 270
doi: 10.29244/jam.13.2.253-270

Optimizing Mosque Waqf Management in Supporting the Achievement of Sustainable Development Goals (SDGs)
type: item
description: This paper examines how optimizing the management of mosque waqf (Islamic endowments) can support the achievement of the United Nations Sustainable Development Goals (SDGs). It explores the conceptual linkages between mosque waqf and sustainable development, analyzes the diverse roles of mosque waqf in addressing SDG targets, and proposes strategies for enhancing the efficiency and impact of mosque waqf management. The article discusses the potential of mosque waqf to contribute to poverty reduction, promotion of health and well-being, quality education, and environmental sustainability. It highlights the need for modernizing waqf management practices, drawing on principles of good governance, financial management, and social impact, to unlock the full potential of mosque waqf in supporting sustainable development initiatives.
subject: Articles
  topic: section
subject: Faith-based community development
  topic: keywords
subject: Islamic philanthropy
  topic: keywords
subject: mosque waqf
  topic: keywords
subject: Sustainable Development Goals (SDGs)
  topic: keywords
subject: waqf management
  topic: keywords
creator: Mochammad Arif Budiman
creator: Aliyu Dahiru Muhammad
creator: Manik Mutiara Sadewa
creator: Andriani Andriani
creator: Nabila Fatiha Rizqina
creator: Muhammad Mumtaza Rifqi
rights: Copyright (c) 2025 AL-MUZARA'AH http://creativecommons.org/licenses/by-sa/4.0
date: 2025-12-24
publication date: 2025-12-24
starting page: 239
ending page: 252
doi: 10.29244/jam.13.2.239-252

Amidst Global Uncertainty: Does Islamic Banking Increase Indonesia’s Economic Growth?
type: item
description: Global economic uncertainty has caused shocks in various economic sectors in Indonesia. The establishment of Islamic banking in Indonesia is projected to address and mitigate the challenges posed by global economic uncertainty. Our study aims to to evaluate the financial performance of Islamic banking institutions by employing the RGEC methodology, encompassing variables such as risk profile, Good Corporate Governance (GCG), earning ratios, and capital ratios. The proposed hypotheses were assessed through panel data regression employing the Random Effect Model (REM) approach. The findings reveal that, partially, GCG, NOM, and CAR exhibit a significant negative influence on economic growth, while ROA demonstrates a significant positive impact on Indonesia's economic expansion. Conversely, NPF, and BOPO do not exhibit significant effects, but overall, the robust financial performance of Islamic banks is a pivotal factor in accelerating Indonesia's economic growth. This study emphasizes on Islamic banks in Indonesia, drawing data from twelve Islamic commercial banks, thus establishing a solid empirical basis for addressing global economic uncertainty and facilitating more valid generalizations pertinent to the Indonesian Islamic banking sector. It is imperative for the government and relevant entities to consistently ensure that Islamic banks effectively fulfill their intermediary role and expand their market share, thereby enhancing economic growth in Indonesia.
subject: Articles
  topic: section
subject: Economic growth
  topic: keywords
subject: financial performance
  topic: keywords
subject: global economic uncertainty
  topic: keywords
subject: Islamic banking
  topic: keywords
creator: Maddani Akhsa Nulyani
creator: Julia Noermawati Eka Satyarini
creator: Muhammad Ady Mahfuzh
creator: Nurfitri Harkunti Kemala Hayati
creator: Mochamad Rizki
rights: Copyright (c) 2025 AL-MUZARA'AH http://creativecommons.org/licenses/by-sa/4.0
date: 2025-12-24
publication date: 2025-12-24
starting page: 221
ending page: 238
doi: 10.29244/jam.13.2.221-238

Muslim Intention to Visit Halal Tourism Destination in West Java: Halal Literacy Mediation Effect
type: item
description: Tourism serves as a gateway to several industrial sectors that are vital to the country's economy. This study aims to investigate the variables influencing the Muslim intention to travel to West Java's halal tourism destination. The Theory of Planned Behaviour (TPB), which is composed of Perceived Behavioural Control (PBC), Attitude towards Behaviour (ATB), and Subjective Norms (SN), is used in this study. In addition, electronic word-of-mouth (e-WOM) and an intervening variable called Halal Literacy (HL) were included in this study. The Partial Least Square Structural Equation Modelling (PLS-SEM) analytical method will be applied in this study with 210 respondents. The study's findings demonstrate that HL and PBC influence the Muslim intention to travel to West Java's halal tourism destinations. In addition, PBC and SN significantly influence HL. However, ATB, e-WOM and SN do not influence to Muslim intention. Additionally, PBC and SN significantly impact to Muslim intention indirectly through halal literacy. Muslim populations should increase halal literacy including halal tourism. Internet media can provide valuable information about reviews of current halal tourist attractions. The synergy between the government, industry players and other stakeholders to support the halal tourism ecosystem in West Java needs to be carried out.
subject: Articles
  topic: section
subject: Electronic word-of-mouth
  topic: keywords
subject: halal literacy
  topic: keywords
subject: halal tourism
  topic: keywords
subject: theory of planned behaviour
  topic: keywords
creator: Lu'liyatul Mutmainah
creator: Listia Andani
creator: Nuryanti Taufik
creator: Iffah Hafizah
rights: Copyright (c) 2025 AL-MUZARA'AH http://creativecommons.org/licenses/by-sa/4.0
date: 2025-12-24
publication date: 2025-12-24
starting page: 201
ending page: 219
doi: 10.29244/jam.13.2.201-219

Readiness of Road Project Contractors to Use Musharakah: Evidence from Jakarta (Qualitative Study)
type: item
description: The Islamic banking industry in Indonesia has received full support from the government, manifested in comprehensive policies, e.g., Islamic Banking Roadmap, Islamic Finance Architecture and other programs. The government is also focusing on infrastructure development, including roads. The success of this program is determined mainly by construction services companies or contractors. During the last 10 years, on average there have been more than 200,000 contractors in Indonesia. Musharakah is suitable for construction companies because its characteristics are similar to their work model, namely cooperation. This study aims to determine the readiness of contractors to use musharakah financing. It employed the qualitative method. The sample was private infrastructure contractors in Jakarta working on national road projects. Data was collected through interviews. The study revealed that many private contractors were not familiar with musharakah financing because of their low awareness of Islamic banks. The study suggests that Islamic banks should make initiatives to serve the corporate segment. By combining information from different entities, the results offer valuable insights into how the contractors are a potential segment for Islamic banks, a segment that is currently the government's priority.
subject: Articles
  topic: section
subject: Construction firms
  topic: keywords
subject: Islamic bank
  topic: keywords
subject: musharakah
  topic: keywords
subject: road projects
  topic: keywords
creator: Mohamad Torik Langlang Buana
creator: Nuradli Ridzwan Shah Mohd Dali
creator: Amrizal Amrizal
creator: Eko Tama Putra Saratian
rights: Copyright (c) 2025 AL-MUZARA'AH http://creativecommons.org/licenses/by-sa/4.0
date: 2025-12-24
publication date: 2025-12-24
starting page: 189
ending page: 199
doi: 10.29244/jam.13.2.189-199

Strategy to Strengthen the Halal Slaughterhouse Industry in Indonesia
type: item
description: There are three types of slaughterhouse management in Indonesia, namely: by the government, individuals and the private sector, each with different management standards. This research aims to analyze strategies for strengthening halal slaughterhouses. The analysis method uses Analytical Hierarchy Process (AHP) and Important Performance Analysis (IPA) from expert judgment data representing bureaucrats, academics and practitioner. The results of the AHP show that the priority strategy for strengthening the halal slaughterhouse industry is certification for slaughterhouses and meat retailers as well as training for halal slaughterhouses and human resources. Halal performance attributes that are prioritized be improved by the three slaughterhouse managements are hygienic carcass cutting process and the presence of halal supervisors.
subject: Articles
  topic: section
subject: Analytical Hierarchy Process
  topic: keywords
subject: halal slaughterhouses
  topic: keywords
subject: Important Performance Analysis
  topic: keywords
subject: strategy
  topic: keywords
creator: Sri Mulatsih
creator: Supratikno Supratikno
creator: Ach Firman Wahyudi
rights: Copyright (c) 2025 AL-MUZARA'AH http://creativecommons.org/licenses/by-sa/4.0
date: 2025-12-24
publication date: 2025-12-24
starting page: 173
ending page: 188
doi: 10.29244/jam.13.2.173-188

The Nexus Between Income Inequality and Environmental Degradation in ASEAN-6 Countries During 1992 – 2015 from Islamic Perspective
type: item
description: The purpose of the study is to examine the relationship between income inequality and environmental degradation in ASEAN-6 countries namely Indonesia, Malaysia, the Philippines, Thailand, Singapore, and Vietnam. It also provide analysis from the Islamic perspective based on result of the econometric regression. The study utilizes annual panel data from1992 until 2015 where the region suffered from high income distribution and environmental degradation. The analytical tool used in the study is Bias-Corrected Least Squared Dummy Variable (LSDVC), which is sufficient for small panel data. The methodological approach leads to two main findings. First, income inequality, measured by Gini coefficient, is contributing to environmental degradation (proxied by CO₂ emission and Natural Resources Depletion) in the short- and long-run term. Other explanatory variables namely GDP per capita and energy consumption, also impact significantly on environmental degradation level in the short- and long-term. From the findings, it is recommended that greater investment is required in addressing high level of income inequality and environmental issues. Instruments in Islam such as zakat and waqf provide solution to overcome issue of high income gap and environmental degradation in ASEAN-6 countries, moreover majority of Muslim population located in ASEAN countries. Hence, collaboration should be enhanced among the ASEAN-6 countries where wealth distribution, technology and knowledge sharing from high income countries to low and middle-income in ASEAN countries to mitigate the negative impact of high income inequality and environmental issue in the region.
subject: Articles
  topic: section
subject: ASEAN
  topic: keywords
subject: environmental degradation
  topic: keywords
subject: income inequality
  topic: keywords
creator: Rininta Nurrachmi
creator: Jarita Duasa
creator: Muhammad Irwan Arifin
creator: Rafia Afroz
rights: Copyright (c) 2024 AL-MUZARA'AH
date: 2024-06-28
publication date: 2024-06-28
starting page: 159
ending page: 175
doi: 10.29244/jam.12.1.159-175

Profit Increase of Microentrepreneurs through Islamic Microfinance Institution Financing Program (Case Study of BPRS Amanah Ummah)
type: item
description: The development of micro-business sector in Indonesia is one of the efforts to reduce poverty. Bank Pembiayaan Rakyat Syariah (BPRS) Amanah Ummah is an Islamic microfinance institution that enables microentrepreneurs in Bogor regency to secure capital. The funding provided by BPRS Amanah Ummah is expected to increase their business income while contributing to reduce poverty levels in Bogor regency. The aim of this research was to analyze how the distribution of Islamic microfinance from BPRS Amanah Ummah affects the profit increase of microentrepreneurs. It also analyzes the factors that affect the profit of microenterprises in Bogor. This study uses a descriptive approach combined with quantitative and qualitative approaches. The effect of the Financing Program of Islamic Microfinance Institutions (LKMS) against the profit increase of microenterprises was evaluated using the Ordinary Least Square (OLS) method. The result shows that the LKMS financing program increases profits. This is evidenced by the change in microenterprise profit after securing financing. In addition, there are several variables that can increase profits such as the duration of business, the number of employees involved, the frequency of capital received, business turnover, and level of education. The conclusion of the research is that financing provided by BPRS Amanah Ummah yields a positive and significant effect in increasing the profits of microentrepreneurs in Bogor regency.
subject: Articles
  topic: section
subject: BPRS
  topic: keywords
subject: micro and small enterprises
  topic: keywords
subject: Ordinary Least Square (OLS)
  topic: keywords
subject: paired t-test
  topic: keywords
subject: profit
  topic: keywords
creator: Ageng Prasetyo
creator: Jaenal Effendi
creator: Irfan Syauqi Beik
rights: Copyright (c) 2025 AL-MUZARA'AH
date: 2025-06-04
publication date: 2025-06-04
starting page: 1
ending page: 9
doi: 10.29244/jam.13.1.1-9

The Impact of Socioeconomic and Behavioral Factors on Health Indicators in OIC Countries
type: item
description: Health sector indicators are important basis of determining the overall state of a nation’s wealth and welfare. Apart from this broad and conventional perspective on the role of health, in many Islamic countries, health is also part of objective of ‘maqashid sharia’ that needs to be maintained to sustain life. Accordingly, countries invest substantial share of national resources to sustain critical health systems. Notwithstanding these commitments, health service delivery remains a major challenge in these countries, as indicated by the low average life expectancy and the high mortality rate caused by communicable diseases. This study aims to describe and analyze the factors influencing health outcomes, namely life expectancy and mortality rate, in Muslim countries using secondary data from 46 OIC countries from 2010-2018. Employing panel data estimation, the study finds evidence suggesting the important role of a nation’s wealth, health expenditure, educational achievement and the prevalence of smoking as important determinants of life expectancy in OIC countries. In particular, the results show that high incidence of communicable diseases in countries with lower than mean years of schooling and those with significantly wide prevalence of smoking habits may have contributed to high mortality in these countries.
subject: Articles
  topic: section
subject: Education
  topic: keywords
subject: inequality
  topic: keywords
subject: life expectancy
  topic: keywords
subject: mortality rates
  topic: keywords
subject: smoking behavior
  topic: keywords
creator: Astiani Susanto
creator: Mohammad Iqbal Irfany
creator: Bumi Camara
creator: Daffa Aqomal Haq
rights: Copyright (c) 2025 AL-MUZARA'AH
date: 2025-06-04
publication date: 2025-06-04
starting page: 27
ending page: 46
doi: 10.29244/jam.13.1.27-46

Sharia Supervisory Board Characteristics and Anti-Corruption Disclosure: Study of Islamic Banks in Indonesia and Malaysia
type: item
description: Corruption continues to pose a substantial challenge for corporations globally, including financial institutions that comply with sharia principles. Islamic banks must prioritize transparency and accountability, as these elements are essential for maintaining ethical governance and revealing their anti-corruption efforts. Despite the growing focus on Anti-Corruption Disclosure (ACD), corruption cases within Islamic banks continue to occur, highlighting concerns regarding the efficacy of Islamic governance mechanisms. This research analyzes the influence of Sharia Supervisory Board (SSB) attributes—namely, number, cross-membership, expertise level, educational qualifications, reputation, and rotation—on ACD. This research employs a quantitative approach, utilizing panel data regression to analyze Islamic banks in Indonesia and Malaysia during the period 2020–2021. The sample, chosen via purposive sampling, includes 16 Islamic banks from a total population of 37, according to established criteria. According to the results, ACD is considerably affected by the number of SSB members, but it is not significantly affected by cross-membership, expertise, educational background, reputation, or rotation. The results provide light on how SSB traits affect ACD improvement and add to the broader conversation on Islamic governance and company transparency.
subject: Articles
  topic: section
subject: Anti-Corruption
  topic: keywords
subject: corruption
  topic: keywords
subject: disclosure
  topic: keywords
subject: Islamic banks
  topic: keywords
subject: Sharia Supervisory Board (SSB)
  topic: keywords
creator: Fedi Ameraldo
creator: Asri Yuliani
creator: Marsi Fella Rizki
creator: Abdullah Jihad Rabaya
rights: Copyright (c) 2025 AL-MUZARA'AH
date: 2025-06-04
publication date: 2025-06-04
starting page: 11
ending page: 26
doi: 10.29244/jam.13.1.11-26

Mapping Research Landscape on Ijarah Accounting: A Bibliometric Study Based on PSAK 107 Literature
type: item
description: The development of ijarah accounting in Indonesia is in line with the growth of the Islamic financial sector which continues to show a positive trend. Compliance with the Statement of Financial Accounting Standards (PSAK), particularly PSAK 107 on Ijarah Accounting, is crucial in ensuring transparency and accountability of financial statements of Islamic financial institutions. However, although PSAK 107 has been in effect since 2010, in-depth and sustained academic studies on this topic are still limited, especially in the Indonesian context. To comprehensively explore the research on PSAK 107, a bibliometric review was conducted using Scopus and Crossref academic databases. ScienceDirect and Emerald Insight academic databases were used for data updates, covering the period 2014-2024 for Scopus and 2019-2024 for Crossref. Article metadata from Scopus and Crossref downloaded on April 17, 2024 were processed using BibTeX and RIS formats with R Studio and VOSviewer software. This collaborative study categorizes research themes on PSAK 107 using metadata from 1187 articles indexed in Scopus and Crossref between 2014 and 2024. The mapping visualization results show that the dominant themes are PSAK 107 and Ijarah, while topics such as Accounting, Ijarah Contracts, Ijarah Financing, and Islamic Profitability are identified as potential research opportunities. Another important finding is the dominance of contributions from Malaysia and Pakistan, with very little representation of research from Indonesia. This indicates a significant literature gap on the implementation and development of Ijarah accounting based on PSAK 107 in Indonesia. In addition, a number of topics such as Sukuk Ijarah, Accountability, and Ujrah are relatively under-researched, thus offering great room for further scientific exploration. Therefore, this study emphasizes the urgency for researchers in Indonesia to fill the literature gap to strengthen local understanding and contribute to the global di…
subject: Articles
  topic: section
subject: Bibliometric
  topic: keywords
subject: biblioshiny
  topic: keywords
subject: ijarah
  topic: keywords
subject: PSAK 107
  topic: keywords
creator: Hastuti Olivia
creator: Azizah Saban
creator: Ja'far Hamzah Pulungan
creator: Nathasyah Putri Maharanni
creator: Nurdelima Tanjung
creator: Muhammad Abdul Arip
rights: Copyright (c) 2025 AL-MUZARA'AH
date: 2025-06-04
publication date: 2025-06-04
starting page: 47
ending page: 59
doi: 10.29244/jam.13.1.47-59

Halal Marketing Approaches: A Systematic Review of Strategies, Challenges, and Social Implication
type: item
description: Halal, meaning "lawful and permitted," is deeply rooted in Islamic philosophy and teachings. Halal marketing refers to the strategies and approaches used to promote and sell products that comply with halal standards. This systematic review aims to examine the various marketing approaches utilized in promoting halal products. Some critics argue that the emphasis on halal products can lead to exclusion and division within societies, as it may prioritize catering to a specific religious group over others. They contend that promoting halal products exclusively may create a sense of segregation and hinder social integration. Utilizing the PRISMA method and analyzing publication from Scopus database. The study investigates diverse marketing technique used in promoting halal products. Several countries were included in this review, including Indonesia, Malaysia, Turkey, Arab Saudi, and the United Arab Emirates. The result of this review will provide insights into the marketing approaches that have been successful in promoting halal products and highlight any potential implications of these strategies on social integration. The finding suggest that halal marketing approaches vary across different countries, with a focus on building trust, emphasizing authenticity, and utilizing digital platforms. Based on the findings of this systematic review, it can be concluded that there are diverse marketing approaches used in promoting halal products. The study recommends future research explore of the impact of halal marketing on social integration and the potential for inclusive marketing strategies that can cater to a diverse consumer.
subject: Articles
  topic: section
subject: Halal marketing
  topic: keywords
subject: halal products
  topic: keywords
subject: inclusivity
  topic: keywords
subject: social integration
  topic: keywords
subject: systematic literature review
  topic: keywords
creator: Husna Leila Yusran
creator: Yolanda Masnita
creator: Jati Kasuma Ali
creator: Yuana Jatunilawati
rights: Copyright (c) 2025 AL-MUZARA'AH
date: 2025-06-04
publication date: 2025-06-04
starting page: 61
ending page: 75
doi: 10.29244/jam.13.1.61-75

The Negative Influence of Viral Marketing and Brand Awareness on Customer Trust and Purchase Decisions of Pro-Israel Products in Banten Province
type: item
description: This study investigates the influence of viral marketing, brand awareness, and trust on the purchase decisions of pro-Israel products in Banten Province. Anchored in the Stimulus-Organism-Response (SOR) theory, the research conceptualizes viral marketing and brand awareness as external stimuli (S), consumer trust as the internal organismic state (O), and purchase decisions as the behavioural response (R). The study employs a purposive sampling technique targeting individuals who previously purchased pro-Israel products but have since discontinued or become more selective in their choices. Data were collected through an online survey involving 278 respondents and analyzed using Structural Equation Modelling (SEM) with AMOS 23. The results indicate that viral marketing and brand awareness have a significant negative effect on consumer trust. Furthermore, viral marketing, brand awareness, and trust each have a negative influence on purchase decisions regarding pro-Israel products. These findings underscore the mediating role of trust within the SOR framework, highlighting how consumer perceptions shaped by external marketing stimuli impact ethical decision-making. The study concludes that brands operating in sensitive socio-political contexts must carefully manage their marketing communications to maintain trust and consumer alignment. These insights provide valuable implications for marketers aiming to influence behaviour through ethical and culturally sensitive branding strategies.
subject: Articles
  topic: section
subject: Brand awareness
  topic: keywords
subject: product pro-Israel
  topic: keywords
subject: purchase decision
  topic: keywords
subject: trust
  topic: keywords
subject: viral marketing
  topic: keywords
creator: Muhammad Nurhaula Huddin
creator: Nafiudin Nafiudin
creator: Purbo Jadmiko
creator: Muhamad Abduh
creator: Fitriatus Saadah
rights: Copyright (c) 2025 AL-MUZARA'AH
date: 2025-06-04
publication date: 2025-06-04
starting page: 77
ending page: 94
doi: 10.29244/jam.13.1.77-94

The Analysis of Crowdfunding Implementation as an Alternative Financing for Islamic Microfinance Institution
type: item
description: Islamic Microfinance Institutions (IMFIs) play a crucial role in delivering financial services to Micro, Small, and Medium Enterprises (MSMEs), thereby advancing financial inclusion and fostering economic empowerment. Despite their significance, IMFIs frequently encounter major constraints, particularly limited access to capital. In contrast, technological advancements have introduced innovative and efficient financing alternatives, most notably in the form of financial technology (fintech). This study investigates the potential for collaboration between IMFIs and fintech, with a particular emphasis on crowdfunding as a financing mechanism. It seeks to identify the benefits and opportunities, alongside the costs and risks, associated with the implementation of fintech-based crowdfunding as an alternative financing source for IMFIs. Adopting a critical review research paradigm and a mixed-method epistemological approach, the study employs two key methodologies: (1) the development of a typology outlining the benefits, opportunities, costs, and risks of collaboration; and (2) the application of the Analytic Network Process (ANP), using the typology as the foundation for model construction. Findings indicate that experts generally perceive the benefits and opportunities of such collaboration to outweigh the associated costs and risks. Notable advantages include enhanced access to capital and the cultivation of a more robust investment culture within IMFIs. On the other hand, key concerns include infrastructural limitations and the potential for capital loss. To mitigate these risks and maximize collaborative benefits, the study highlights the importance of strengthening institutional management across both IMFIs and fintech platforms.
subject: Articles
  topic: section
subject: ANP-BOCR
  topic: keywords
subject: crowdfunding
  topic: keywords
subject: fintech
  topic: keywords
subject: IMFIs
  topic: keywords
creator: Diva Azka Karimah
creator: Luqyan Tamanni
creator: Indra Indra
creator: Mohammad Bintang Pamuncak
rights: Copyright (c) 2025 AL-MUZARA'AH
date: 2025-06-16
publication date: 2025-06-16
starting page: 95
ending page: 107
doi: 10.29244/jam.13.1.95-107

Volatility Dynamics of Islamic and Conventional Equity Portfolios During COVID-19: Evidence from Fama-French and GARCH Models
type: item
description: This paper examines the performance and volatility of Islamic equity portfolios in contrast to their conventional counterparts during the pre-pandemic, COVID-19 pandemic, and post-pandemic periods. Using daily data gathered from February 2019 to December 2023, this study employs the Fama-French factor models alongside GARCH-type models to evaluate risk-adjusted returns and volatility of portfolios. Furthermore, shariah screening rules, particularly those related to debt ratios, are integrated into the portfolio construction process to assess their influence on performance. The results show that while Islamic equity portfolios generally deliver lower returns, they demonstrate significantly lower volatility. This relation implicitly suggests a trade-off between risk and return, which are amplified further during periods of market stress. These findings contribute to the growing literature on Islamic finance by demonstrating the stability provided by shariah-compliant equity portfolios. Future research may explore sector-specific performance or extend the framework to other economies.
subject: Articles
  topic: section
subject: Fama-French model
  topic: keywords
subject: GARCH
  topic: keywords
subject: Indonesia
  topic: keywords
subject: Islamic equity portfolios
  topic: keywords
subject: volatility
  topic: keywords
creator: Muhammad Barry Haikal
creator: Risna Triandhari
creator: Raden Parianom
rights: Copyright (c) 2025 AL-MUZARA'AH
date: 2025-06-20
publication date: 2025-06-20
starting page: 109
ending page: 126
doi: 10.29244/jam.13.1.109-126

Analysis of the Effect of Outreach on Cooperative Sustainability: The Mediating Role of Capital Deepening
type: item
description: Indonesia is experiencing a serious inactivity of cooperatives, initially the number of active cooperatives was 209,448 units (2014) but has decreased to 130,119 units (2023) or a decrease of 79,328 units. This research aims to defined the effect of cooperative outreach on the sustainability of sharia saving and loan cooperatives (SLC). SLCs endeavor to elevate support provision to members. Mutually beneficial will be reached if financial and non-financial services (NFS) provided in a balanced manner. Utilizing data via questionnaires from 11 provinces in Indonesia or 32.3% of the total provinces, linear regression, mediation and moderation analysis were carried out. The analysis technique uses Structural Equation Model Partial Least Square (SEM PLS). The findings show a negative relationship between outreach and sustainability. Meanwhile, capital deepening has a positive effect and has a mediating effect on sustainability. However, NFS were found to have no moderating effect on this relationship. This research concludes that SLCs have to take a look at the capitals strength to maintain outreach, and should be wise regarding non-financial services. As a recommendation, the delivery of NFS needs a carefully consideration because apart from adding costs it also does not support the sustainability of the institution.
subject: Articles
  topic: section
subject: Capital deepening
  topic: keywords
subject: cooperative
  topic: keywords
subject: non-financial services
  topic: keywords
subject: outreach
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subject: sustainability
  topic: keywords
creator: Bambang Wahyudiono
creator: Hendri Tanjung
rights: Copyright (c) 2025 AL-MUZARA'AH
date: 2025-06-20
publication date: 2025-06-20
starting page: 127
ending page: 140
doi: 10.29244/jam.13.1.127-140