AL-MUZARA'AH
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163 research outputs found
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What Drive Islamic Financial Inclusion in Banda Aceh City?
Full text linkThis empirical study explores the role of Islamic financial literacy in strengthening Islamic financial inclusion through financial technology, digital finance, and social capital. Analyzing 385 respondents using Structural Equation Modeling (SEM), the findings reveal significant direct effects of Islamic financial literacy on financial technology, digital finance, and social capital. Additionally, these factors collectively impact Islamic financial inclusion. Mediating effects demonstrate that financial technology, digital finance, and social capital mediate the influence of Islamic financial literacy on Islamic financial inclusion. Implications include the prioritization of Islamic finance education to enhance public understanding and the need for collaborative efforts to establish Shariah-compliant financial technology infrastructure. Fostering social capital is crucial, reducing resistance to change and increasing participation in Islamic financial services. The study underscores an integrated approach, combining education, technological innovation, and social capital development for robust Islamic financial inclusion, promoting sustainable economic growth
Integration between Indonesian Sharia Stock Index and Türkiye Sharia Index Using the Generalized Autoregressive Conditional Heteroscedasticity Model
Full text linkIndonesia and Türkiye are countries with a large number of followers of Islam. These two countries have a lot of cooperation in various activities. This study aims to measure the integration between Islamic capital markets in Indonesia and Türkiye. For the Indonesian Islamic capital market index, the Indonesian Islamic Stock Index (ISSI) is used, while for Türkiye, the Borsa Katilim (KATLM) is used. Using the Generalised Autoregressive Conditional Heteroscedasticity (GARCH) method, it was found that during the observation year, although there was a lot of cooperation, the activities of these two countries were not integrated. This can provide ideas for further research related to why there is a lot of cooperation between countries but it does not result in integration
Islamic FinTech and MSMEs: The Role of Religiosity and Product Knowledge
Full text linkAs the backbone of the national economy which is still struggling with the financing problem, prior studies on the intention to use Islamic FinTech for MSMEs are still rare. This study aims to examine whether both the religiosity (R) and product knowledge (PK) on Islamic FinTech products and services affect the intention to adopt it or not. A total of 100 responses were collected using an online questionnaire and then examined using structural equation modeling (SEM). The results show that subjective norm (SN), perceived usefulness (PU), as well as R, and PK significantly influence the intention to get financing and use the services offered. It is indicated that Indonesian MSMEs actors are getting aware and knowledgeable about sharia compliance of FinTech products. Likewise, the influence of social norms such as religious leaders and or the business environment also strengthens the intention. This means that there is a need for continuous efforts from the stakeholders by cooperating with sharia scholars in improving the Islamic financial literacy in order to eliminate the doubts on the practical side. This needs to be followed by strengthening consumer data protection as well as providing incentives in order to enlarge the industrial market share
Determinant Factors Influencing the Interest in Halal Certification: The Perspective of MSMEs in Indonesia
Full text linkThe halal industry is overgrowing, including in Indonesia, with the largest Muslim population in the world. Indonesia is ranked 19th as a producer and ranked 3rd as a consumer in the global halal industry. Although one of the halal certifications for MSMEs is free, only 1% of MSMEs in Indonesia are already halal certified. This study aims to analyze empirically the factors that influence the intensity of MSMEs in Indonesia to register for halal certification. A quantitative approach is used in this research by distributing questionnaires using the Likert scale to MSMEs. A total of 122 valid data collected were analyzed by adopting SEM-PLS. The analysis found that external factors had a dominant influence on the intention of MSMEs to register their products in halal certification, consumer pressure with a t-statistic of 4.328, and government policies with a t-statistic of 2.976. Moreover, one of the internal factors, awareness, is accepted with a t-statistic of 2.065. Meanwhile, benefits, competitors, and religiosity are not proven to affect halal certification. The data will help plan interventions from the government to encourage MSMEs to register their products in halal certification. The government should focus on assisting halal certification for MSMEs intensively
Non-Bank Sharia Housing Purchasing Decision Segment: Is a Sustainable Halal Lifestyle Important as Moderation?
Full text linkResearchers focus on looking at the relationship between price and digital marketing and whether a sustainable halal lifestyle can strengthen or weaken non-bank sharia-based housing purchase decision making. Quantitative in this study using SmartPLS 3.0. Primary data was collected from respondents, namely consumers of non-bank Islamic housing by taking samples using purposive sampling and using 500 samples. Data is collected by accessing the Google form and the indicator measurement is the Likert scale. The results of the study provide the fact that price and digital marketing have a positive relationship with non-bank sharia housing purchase decisions. A sustainable halal lifestyle strengthens the relationship between price and digital marketing on purchasing decisions for non-bank sharia housing. This study is expected to be able to identify market opportunities and provide a reference for sharia housing developers to be able to develop housing concepts that are innovative and in line with market demands and understand and respond to the needs and preferences of buyers who live a halal lifestyle
Does Islamic Finance Boost the Economic Growth? Evidence from Indonesia
Full text linkAlthough the growth of the sharia financial industry continues to increase in Indonesia, there is a need to understand the impact of the development of Islamic finance, including sharia banking, sharia bonds (sukuk), sharia shares, and sharia mutual funds, on Indonesia\u27s economic growth. Previous research has highlighted a positive relationship between financial sector development and economic growth in general, but there has been no specific research examining the impact of Islamic financial instruments specifically in the Indonesian economic context. This study aims to analyze the effect of Islamic finance development consisting of Islamic banking, Islamic bonds (sukuk), Islamic stocks, and Islamic mutual funds, both partially and simultaneously, on Indonesian economic growth during the period of 2003-2022. This study uses a quantitative approach with the Ordinary Least Square (OLS) technique. The results of the study show that the Islamic banking and Islamic bonds (sukuk) have a positive and significant influence on the economic growth in Indonesia, the Islamic stocks also was found to has a positive effect on economic growth but not significant, while the Islamic mutual funds was found to has a negative and not significant effect on the economic growth. It implies that government may continuously support to sukuk for sustainable economic growth and the policy for the development of Islamic finance should be improved to increase the income of government particularly for Islamic stock and Islamic mutual fund
The Role of Technology Readiness in Islamic Financial Technology Acceptance Among MSMEs: An Empirical Integration Analysis TPB and TAM Framework
Full text linkIndonesia with the largest Muslim population in the world is expected to become the world\u27s leading Islamic finance center. With a large Islamic economic base, Islamic FinTech has an important role in economic expansion in Indonesia. MSMEs as an instrument of economic growth in Indonesia, are expected to maximize the presence of Islamic financial technology for efficient and effective payments, expand market access, and facilitate access to finance and capital. On the other hand, the technology readiness of MSMEs is an important factor that needs to be investigated to see the acceptance of MSMEs towards the use of Islamic financial technology in Indonesia. This study analyzes the factors that influence MSMEs\u27 intention to use Islamic FinTech services. This study involved 140 MSMEs from several regions in Indonesia as respondents. The analysis used partial least square structural equation modeling (SEM-PLS). By the objectives, four variables from TPB and TAM influence the intention to use Islamic financial technology, namely Islamic religiosity, ease of use, usefulness, and technology readiness. Finally, technology readiness is strongly correlated to the use of Islamic financial technology. The results of this study provide a comprehensive perspective for policymakers to improve the quality of applications so that it will also increase the intention of MSMEs to adopt Islamic FinTech. The results of this study can also be input, especially for the Financial Services Authority (OJK) to be able to promote Islamic FinTech and coordinate with Islamic FinTech to be able to provide the best service to users
Strategic Financial Planning in the Context of Sharia Principles: A Study of Indonesia’s Sandwich Generation
Full text linkThis study investigates the factors influencing the intention of Indonesia\u27s sandwich generation to adopt sharia-compliant financial planning. With a focus on attitudes, knowledge, subjective norms, financial self-efficacy, and religiosity, this research aims to clarify how these elements shape the behavioral intentions of individuals responsible for financially supporting both older and younger family members. Using the Theory of Planned Behavior as a framework, the study conducted a survey across key regions of Java and applied PLS-SEM for data analysis. The findings reveal that while attitudes and knowledge have a limited direct effect on the intention to engage in sharia-compliant financial planning, subjective norms, financial self-efficacy, and religiosity exhibit a significant positive influence. These results underscore the importance of social support, personal financial confidence, and religious values in fostering sharia-compliant financial behavior within this demographic. The study provides insights for policymakers and financial institutions aiming to enhance financial literacy and sharia-compliant practices among Indonesia’s sandwich generation
Strategi Pengembangan Hutan Wakaf Bogor Menggunakan Pendekatan ISM
Full text linkForests will become extinct if they are not managed wisely and sustainably. One of the forestry problems that occur in Indonesia is deforestation or logging activities in forest areas. Waqf Forest is a waqf-based forest conservation innovation that can be a supporting instrument for forest conservation. The problem that is the main focus in the development of waqf forests is how to overcome disaster mitigation in the waqf forest area in terms of reforesting deforested areas, areas prone to landslides and providing access to economic empowerment to the community and problems related to the number of permanent employees in the Bogor Waqf Forest This study aims to describe the Bogor Waqf Forest program, identify key sub-elements of the waqf forest development strategy and analyze the Bogor Waqf Forest development strategy using the Interpretive Structural Model (ISM) approach. The results of the analysis show that the elements of needs and objectives have almost the same key sub-elements, which are related to the legal protection for waqf forests and the main obstacle is the problem of nazhir\u27s professionalism which is the responsibility of the principal actors or institutions mentioned. The achievement of the elements of needs, constraints, and objectives can be fulfilled by the actors or institutions involved through the activities of the key sub-elements, namely the coordination of BWI, WaCIDS, the Ministry of Religion, BAZNAS, Bogor Waqf Forest Foundation, and Regional Governments and related institutions to encourage waqf forest projects
Revisiting Mudharabah Investment Account and Proposal for Improvement – Case of Indonesia
Full text linkThe rapid growth of Islamic banks is accompanied by various innovations in Islamic financial transactions which generally seem to follow the product diversity and risk profile of conventional banks. This innovation is also carried out in the application of mudharabah particularly in the Profit-Sharing Investment Account (PSIA). Mudharabah, whose original form is equity, has been adapted by Islamic banks by treating it just like a normal deposit whith the exception that the profit is calcualted based on a ratio, resulting difficulties to distinguish it from conventional bank deposits which are debt in nature. This research aims to evaluate the implementation of mudharabah in PSIA in Indonesia, by conducting field survey and interviews with parties whom responsible for managing it and comparing it with Sharia Standard issued by Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) and fatwas of National Sharia Council of Indonesian Ulama Council (DSN-MUI). The research revealed that although PSIA return is calculated using profit distribution ratio (as mudharabah core feature), it lacks other main features of mudharabah, be it in its nature or profit or loss determination method. To rectify this deviation, this research proposes an operational model of mudharabah termed “the Quasi Equity Model", which meets the main features of mudharabah as envisaged by AAOIFI and DSN-MUI. This study contributes to the field of Islamic finance by not only identifying existing discrepancies but also proposing a practical model for addressing them, thus aligning it back to sharia principles within Islamic banking practices