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Rojai Zhofir
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rojaizho@gmail.com
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sembjournal@gmail.com
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Jl. Jaya Wijaya, Dusun Besar Kota Bengkulu
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Sharia Economic and Management Business Journal (SEMBJ)
Published by Yayasan Darussalam Bengkulu
ISSN : 27742679     EISSN : 27742679     DOI : https://doi.org/10.62159/sembj.vxxx
Core Subject : Religion, Economy, Science, Education, Agriculture,
Religion Agriculture, Biological Sciences & Forestry Computer Science & IT Economics, Econometrics & Finance Education Other
SEMB-J, sharia economic and management business journal is peer-reviewed journal published by Yayasan Darussalam Bengkulu. SEMB-J focus on the research of sharia economic and management business. The aim of this journal is to explore and develop economic management related to islamic and business. The focus of this journal is an effort to publish scientific works related to thoughts or studies in the field of sharia accounting and banking as well as actualizing and adding to the treasures of a better understanding of sharia accounting and banking through publishing articles and research reports. SEMB-J Journal of Sharia Economic and Management Business accepts original works which are the results of research, including: Accountancy; Sharia Accounting; Banking; Sharia Banking; Sharia Banking Information Systems; Sharia Banking Audit; Sharia Banking; Management; Sharia Banking Liquidity Management; Sharia Banking Ethics; Marketing Management of Sharia Banking; Finance; Sharia Finance; Cash Waqf;
Arjuna Subject : Bisnis, Menejemen, dan Akutansi (semua kategori) - Bisnis, Menejemen, dan Akutansi (Lain-Lain)
Articles 6 Documents
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Search results for , issue "Vol. 6 No. 3 (2025): October" : 6 Documents clear
The Invisible Mustahik: Exploring Social Exclusion and Barriers to Zakat Access for Prostitutes in Yogyakarta's Digital Space Haq, Furqonul; Salsabila, Athira
Sharia Economic and Management Business Journal (SEMBJ) Vol. 6 No. 3 (2025): October
Publisher : Yayasan Darussalam Bengkulu

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.62159/sembj.v6i3.1891

Abstract

This study aims to analyze the social exclusion of 11 digital prostitutes in Yogyakarta as "Invisible Mustahik" through the theoretical framework of social exclusion by Amartya Sen and Hilary Silver. This research is significant in filling the gap in the literature on Islamic philanthropy for stigmatized groups, by examining how administrative barriers and moral stigma hinder their access to zakat. This qualitative research used a netnographic design in the digital space MiChat Yogyakarta, involving 11 prostitutes selected through purposive sampling for primary data collection. The data were then analyzed thematically using an analysis similar to ATLAS.ti software to examine the correlation between administrative barriers, moral stigma, and typologies of social exclusion. This research identifies six typologies of "Invisible Mustahik," characterized by vulnerability driven by a lack of local identity and social stigma. These barriers significantly restrict 11 sex workers' access to the zakat system, thereby depriving them of their capabilities as asnaf. This study recommends that zakat institutions relax domicile administrative requirements and develop anonymous and stigma-free digital outreach protocols. These findings are crucial for policymakers transforming the Islamic philanthropy system to be more inclusive of hidden populations in the digital space. This research makes a unique contribution by introducing the concept of "Invisible Mustahik" to the hidden population in the MiChat app, a niche rarely explored in Islamic philanthropy literature. Its novelty lies in the synthesis of Sen's Capability Theory and Silver's Exclusion Paradigm to reconstruct the asnaf criteria to be more inclusive of marginalized groups in the digital space.
Agribusiness Development Model in Sharia-Based Socio-Economic Planning for Community Welfare in Pakarhumbada Regency Tamba, Muller; Batubara, Chuzaimah; Harahap, Isnaini
Sharia Economic and Management Business Journal (SEMBJ) Vol. 6 No. 3 (2025): October
Publisher : Yayasan Darussalam Bengkulu

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.62159/sembj.v6i3.1939

Abstract

Background: The agricultural sector, particularly in rural areas like Pakarhumbada in North Sumatra, plays a crucial role in Indonesia's economy. However, despite its potential, the sector faces significant challenges, including low farmer welfare, weak infrastructure, and limited access to modern agricultural practices. This research aims to analyze the development model of agribusiness in Pakarhumbada based on Islamic economics, specifically integrating the principles of maqāṣid al-syarī‘ah to improve farmer welfare. Method: The study employs a qualitative approach combined with path analysis to explore the impact of production inputs, agricultural practices, market systems, and supporting factors on both the implementation of Islamic economics and the welfare of farmers. Results: The novelty of this research lies in the application of Islamic economic principles, including musyarakah, mudharabah, and wakaf within an agribusiness context, addressing the structural challenges that have hindered optimal agricultural growth. The study's findings indicate that enhancing the agricultural sector's value chain, improving farmer access to finance, and incorporating local Islamic economic practices can significantly improve economic stability for farmers. The future impact of these findings could reshape agribusiness practices in rural Indonesia, creating a more inclusive and sustainable economic environment for smallholder farmers Conclusion: The implications of this research suggest that for the agribusiness sector to thrive in regions like Pakarhumbada, policies must incorporate a more holistic approach that integrates Islamic economic practices, strengthens local institutions, and provides equitable access to resources. This framework could serve as a model for other agrarian regions in Indonesia, enhancing both economic and social welfare
Determinant of Muslim Consumers in Indonesia to Purchase MSMEs Products: Does Halal Certification Matters? Ali Azhar, Jeihan; Sodik, Fajar
Sharia Economic and Management Business Journal (SEMBJ) Vol. 6 No. 3 (2025): October
Publisher : Yayasan Darussalam Bengkulu

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.62159/sembj.v6i3.2164

Abstract

Background: Indonesia has the world’s largest Muslim population, which drives strong demand for halal-certified products due to religious obligations. Understanding what influences Muslim consumer behavior is essential. Method: This study adopts a quantitative approach with purposive sampling. Data were collected through surveys in Indonesia during October 2023, yielding 308 valid questionnaires. Analysis was performed using Structural Equation Modeling - Partial Least Squares (SEM-PLS) via SmartPLS 3. The Theory of Planned Behavior (TPB) guided the investigation into factors affecting purchase intentions for halal-certified products from Micro, Small, and Medium Enterprises (MSMEs). Results: Findings show that halal certification, religiosity, subjective norms, halal awareness, consumer satisfaction, and trust significantly influence purchase intentions. Conversely, perceived behavioral control and attitudes do not significantly affect purchase intention. Conclusion: Enhancing halal knowledge and awareness is a key strategy to increase Muslims’ purchase intentions for MSME halal products. Policymakers and halal certification authorities should enforce consistent inspections on MSME products to ensure alignment with Islamic principles, thereby boosting consumer confidence.
Digital Currency and Monetary Policy in Islamic Economics: Can Central Bank Digital Currencies (CBDCs) Be Islamically Compliant Sofiana, Ratna; Utama, Satria
Sharia Economic and Management Business Journal (SEMBJ) Vol. 6 No. 3 (2025): October
Publisher : Yayasan Darussalam Bengkulu

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.62159/sembj.v6i3.2186

Abstract

Background: This study aims to systematically evaluate whether Central Bank Digital Currencies (CBDCs) can be structured in compliance with Islamic monetary and financial principles, particularly addressing prohibitions of riba (usury) and gharar (excessive uncertainty). Method: A Systematic Literature Review (SLR) was conducted following PRISMA guidelines, analyzing 47 peer-reviewed studies from Scopus, Web of Science, and Islamic economics journals (2015-2025) Results: The review finds that conventional interest-bearing CBDCs are non-compliant. However, a zero-return, 100% reserve-backed CBDC operating under wadiah (safekeeping) or qard (loan) contracts is widely permissible. Additionally, smart contract integration can automate zakat collection and qard al-hasan distribution, supporting Islamic monetary policy goals. Conclusion: This systematic literature review finds that a Shariah-compliant CBDC is theoretically possible within narrow design parameters, but the gap between conceptual compliance and operational Islamic monetary policy remains wide.
Measuring Intellectual Capital: How to Manage Modified Value Wadded Intellectual Coefficient in Islamic Banking? Baroroh, Hilmy; Muna, Navisatul; Maulydha Pambudi, Nurhalyza
Sharia Economic and Management Business Journal (SEMBJ) Vol. 6 No. 3 (2025): October
Publisher : Yayasan Darussalam Bengkulu

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.62159/sembj.v6i3.2190

Abstract

Background: This study aims to examine the impact of Intellectual Capital (M-VAIC) and its components Capital Employed Efficiency (CEE), Human Capital Efficiency (HCE), Structural Capital Efficiency (SCE), and Relational Capital Efficiency (RCE) on firm value (Tobin’s Q), with profitability (ROA) serving as a moderating variable, in Islamic banking companies. Method: This study employs purposive sampling to select data samples, focusing on Islamic banking companies, including Bank Umum Syariah (BUS) and Unit Usaha Syariah (UUS), listed on the stock exchange during the period from 2019 to 2023. Data analysis is performed using Panel Data Regression and Moderating Regression Analysis with the aid of Stata 17. Results: The results indicate a significant effect of IC, SCE, and RCE on firm value, while CEE and HCE do not have a significant impact. Additionally, profitability significantly moderates the relationship between intellectual capital and firm value. Conclusion: The results show that the value of a bank in the eyes of the market is no longer solely determined by its physical assets or financial capital; instead, intangible strengths such as efficient internal systems, reliable technology (Structural Capital), and strong relationships with customers and communities (Relational Capital) are the main drivers of firm value. This study takes a modern and relevant approach by analyzing the most recent period (2019-2023) and specifically incorporating "Relational Capital" into its analysis.
Cognitive and Emotional Biases in Investment Decisions: An Analysis of Muslim Investor Behavior in the Sharia Stock Market Rani Febriyanni; Andri Soemitra; Isnaini Harahap
Sharia Economic and Management Business Journal (SEMBJ) Vol. 6 No. 3 (2025): October
Publisher : Yayasan Darussalam Bengkulu

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.62159/sembj.v6i3.2196

Abstract

Background: This study investigates the influence of cognitive and emotional biases on investment decisions in the Indonesian Sharia stock market. Method: Using a mixed-method approach with a sequential explanatory strategy, quantitative data were analyzed with Structural Equation Modeling-Partial Least Squares (SEM-PLS), followed by qualitative insights through interviews, observations, and documentation. Results: The findings reveal that emotional bias indirectly affects investment decisions through investor behavior, while cognitive bias also shows a significant influence. Investor behavior plays a crucial mediating role, reflecting how biases are translated into real investment actions. Sharia-based investors tend to be more cautious and guided by religious values, which function as a filter in decision-making, yet they remain vulnerable to emotional factors such as overreaction and herd behavior. Institutional investors appear more systematic in managing biases compared to individual investors, who are more easily influenced by emotions. The study highlights the importance of behavioral factors in shaping investment decisions in Sharia markets, suggesting that financial literacy, investor education, and long-term strategies are essential to minimize the negative effects of cognitive and emotional biases. Conclusion: These findings contribute to understanding investor psychology in Islamic finance and provide insights for regulators and practitioners to strengthen market stability.

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