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Rojai Zhofir
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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 128 Documents
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The Venue Attributes on Customer Satisfaction of Balinese Dinner in Bali Case Study : Megibung Event at The One Legian Hotel Firman Sinaga; Santi Palupi; Sabalius Uhai; Muhammad Ali
Sharia Economic and Management Business Journal (SEMBJ) Vol. 7 No. 1 (2026): February
Publisher : Yayasan Darussalam Bengkulu

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.62159/sembj.v7i1.2023

Abstract

Background: The tourism industry plays a crucial role in contributing significantly to the economy, particularly through increased tourism activity, increased cash flow, and the potential for increased local income. This study aims to analyze the influence of venue attributes on customer satisfaction at a traditional Balinese dinner (megibung) at The One Legian Hotel. Method: This study was conducted over three months at the research location, One Legian Hotel, which conducted a two-part study. First, a descriptive research approach was used to determine respondents' perceptions of venue attributes. Second, a correlational research approach was used to analyze the influence of venue attributes on guest satisfaction during the Mengibung event. Results: The results showed that guests rated the service as very satisfactory, the decor very beautiful, the price very reasonable, the food very delicious, the ambiance very good, and the facilities very complete. Meanwhile, guests had a high overall satisfaction score of 3.62 (very satisfied). Of the six place attribute variables, there is a significant positive impact (p < 0.05) on satisfaction: price (X3) with 1 price indicator in relation to dinner quality, atmosphere (X5) with 1 place atmosphere indicator, and food (X4) with 2 indicators: appearance and color. Conclusion: High customer satisfaction leads to increased loyalty and repeat visits, ultimately contributing to the growth of the events industry and increased revenue for businesses and the surrounding community. Therefore, events like megibung not only provide a quality tourism experience but also improve the economic well-being of the community through job opportunities and increased income
Sharia Supervisory Boards as Mechanisms of Religious Governance: A Qualitative Analysis of DPS Reports and Disclosures in Southeast Asian Islamic Banks Santiadji Mustafa; Ahmad Sani; Darwis Said; Syarifuddin
Sharia Economic and Management Business Journal (SEMBJ) Vol. 7 No. 1 (2026): February
Publisher : Yayasan Darussalam Bengkulu

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.62159/sembj.v7i1.2085

Abstract

Background: This study examines how Sharia Supervisory Boards (DPS) communicate their religious governance roles in Islamic banks across Southeast Asia. Method: Using a comparative qualitative approach, the analysis is based on DPS reports, regulatory frameworks, and AAOIFI governance standards from 2020 to 2024. Results: The results show regional convergence in core disclosure elements such as annual Shariah opinions, religious framing, and formal oversight statements. Malaysia and Brunei demonstrate the highest narrative detail and transparency, while Indonesia employs concise doctrinal reporting and Thailand presents minimal disclosure. The study reveals that DPS communication serves as a hybrid mechanism combining spiritual accountability, procedural assurance, and legitimacy construction. Variations across countries are shaped by institutional maturity, regulatory environments, and the strength of governance expectations. These findings contribute to a nuanced understanding of how Shariah governance is performed through narrative reporting in Southeast Asian Islamic banks. Conclusion: This study examined how Dewan Pengawas Syariah (DPS) express and communicate their religious governance roles across Islamic banks in Southeast Asia by analyzing formal DPS reports and related governance documents from Indonesia, Malaysia, Brunei Darussalam, and Thailand. The findings show that DPS consistently construct their role through a combination of devotional language, compliance declarations, and the articulation of oversight responsibilities, reflecting a shared foundation of Islamic accountability. While religious expressions vary in richness and placement, all jurisdictions employ them to signal ethical integrity and alignment with divine and public expectations. Oversight narratives likewise form a core part of DPS communication, although the depth of disclosure differs substantially across countries. Collectively, these patterns reveal that DPS reports function as both spiritual statements and institutional instruments of governance
The Effectiveness of Environmentally Friendly Business Strategies: Implementing SDGs-12 in Building the Economy in Central Lombok Regency Nuruddin Nuruddin; Wawan Andriawan; Deva Nabilah; Andina Rahayu Putri
Sharia Economic and Management Business Journal (SEMBJ) Vol. 7 No. 1 (2026): February
Publisher : Yayasan Darussalam Bengkulu

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.62159/sembj.v7i1.2088

Abstract

Background: This study aims to analyze the effectiveness of implementing Sustainable Development Goal (SDG) 12 on responsible consumption and production in supporting economic development in Central Lombok Regency. The current achievement of SDG 12 in the region shows disparities when compared to national progress, despite strong efforts by the central government to strengthen comprehensive environmental governance policies. Various national and regional regulations have been established, including West Nusa Tenggara Provincial Regulation No. 5 of 2019 on Waste Management. However, local performance remains limited, indicating the need for more targeted and collaborative strategies. Method: This research employs a qualitative approach through case studies and literature reviews, combining observational data, interviews, documentation, and policy analysis. The study examines the involvement of government, communities, self-help groups, and the private sector in waste management and the development of sustainability-based economic initiatives. Result: Findings reveal that waste management infrastructure and community participation remain inadequate, while policy implementation is not yet integrated across the entire value chain. Consequently, the effectiveness of SDG 12 implementation is still suboptimal, particularly in key local economic sectors such as agriculture, tourism, and recycling-based industries. The results indicate that the successful implementation of SDG 12 in Central Lombok requires multisectoral synergy through collaborative environmentally friendly business strategies. Active community engagement through waste banks, consistent regulatory support, and the adoption of circular economy models constitute essential factors in strengthening sustainable economic development. Conclusion: The study concludes that accelerating SDG 12 achievements can only be realized through integrated policies, enhanced public awareness, and adequate infrastructure provision, thereby generating balanced economic, social, and environmental impacts.
Influencer Credibility and Content Quality in TikTok Culinary Purchase Decisions Rudy Haryanto; Ramadhan Pratama; Hairul Anwar
Sharia Economic and Management Business Journal (SEMBJ) Vol. 7 No. 1 (2026): February
Publisher : Yayasan Darussalam Bengkulu

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.62159/sembj.v7i1.2121

Abstract

Background: This study examines the effects of influencer credibility and TikTok video content quality on culinary purchase decisions in Banjarmasin, Indonesia. It responds to the rapid growth of short-form video marketing and the need for local culinary micro, small, and medium-sized enterprises to promote their products effectively while upholding Sharia-conscious ethical values, particularly honesty, transparency, and trustworthiness.. Method: Using an explanatory quantitative design, data were collected using a structured questionnaire from 103 TikTok users who had viewed culinary promotional content with the goal of having food in their food consumption intentions. The data were analyzed using descriptive statistics, validity and reliability testing, classical assumption testing, and multiple linear regression.. Results: The evidence indicates that influencer credibility has a significant effect on culinary purchasing, with respect to being the strongest of these factors. TikTok video quality has a positive and significant influence too, as it acts to inform and entertain. At the same time, both variables have a significant impact on consumer decision making, yet the limited predictive ability implies the importance of price, taste, halal assurance, accessibility, and the recommendations of peers. Conclusion: The study adds to social commerce and Sharia-informed management literature by showcasing that successful TikTok culinary promotion is not only a factor of visibility, creativity and authenticity, but also that of legitimate communicators, factual sources and a good standard of ethics in content production.
The Role of Shariah Insurance and Financial Institutions in Developing Islamic Economic Law in Indonesia Idwal Idwal; Sirman Dahwal
Sharia Economic and Management Business Journal (SEMBJ) Vol. 7 No. 1 (2026): February
Publisher : Yayasan Darussalam Bengkulu

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.62159/sembj.v7i1.2014

Abstract

Background: An important part of the economic law is the regulation about financial institutions insurance. In the field of insurance business development, there is a new field that is Shari'ah insurance. Novelty of shariah insurance business is the operation of its business activities based on the principles of Shari'ah derived from the Qur'an and the Hadith and the Fatwa Ulama mainly gathered in the Indonesian Council of Ulema (MUI). Because since the beginning the shari'ah insurance business is defined as a form of insurance that is based on the values contained in the teachings of Islam. Methods: This research is a doctrinal law or normative legal research, because this research is conducted with the approach of regulation and conceptual. This study is sourced from primary, secondary, and tertiary legal materials, and non-legal materials that support the subject matter. This research was conducted through the study of literature or documents. Results: The results of the study is that which distinguishes principle of insurance syar'iah with conventional insurance is Shari'ah insurance eliminates the element of uncertainty (gharar), the element of speculation or gambling (maisir), and the element of money interest (riba) in its business activities so that the participants of insurance (Insured person) feel free from tyranny practices that bring harm. Conclusion: At this time, the development of economic activity which is based on Shari'ah can be said to thrive. This is because the majority of Indonesia's population is Muslim. In addition, each Shari'ah-based economic activity prioritize in fair sharing of benefits thus in shari'ah-based economic activities do not cause any harm to the doer of this economic activity.
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.
Reciprocal Influence of Liquidity and Capital Structure on Profitability in Electronic Retail Companies on the Indonesian Stock Exchange 2021-2023 Wahyuni Sri Astutik; Kartika Piniji Dwi Budiarti; Diana Isnaeni; Yanto Budi Prasetya; Yani Dwi Restanti
Sharia Economic and Management Business Journal (SEMBJ) Vol. 7 No. 2 (2026): June
Publisher : Yayasan Darussalam Bengkulu

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.62159/sembj.v7i2.1897

Abstract

Background: Profitability is the company's ability to earn profits in a certain period. Profitability can be used as a reference for investors when they want to make an investment, and is important information for other related parties. The company's profitability will be assessed as having good performance so that it can survive and compete. Companies that produce high profitability will be able to survive and have high competitiveness. For management, profitability is important information for making better and profitable decisions. Profitability is influenced by many variables, including capital structure and liquidity. The analysis of capital structure and liquidity in relation to profitability is a good thing if it is linked to strategic decision-making. Method: In this research, the data used is secondary data in the form of annual financial reports published on the IDX and the company's official website during the 2021-2023 period. The type of research used is explanatory research. The research carried out in this study used a quantitative approach. The population comprised 8 retail companies. The sampling technique was purposive sampling. The analysis technique used was descriptive statistical analysis, with data processing using Microsoft Excel and SPSS Version 21. Results: The findings show that liquidity significantly and positively affects profitability, with a t-test significance value of 0.031. Capital structure also has a significant positive effect on profitability, with a significance value of 0.030. Reciprocally, liquidity and profitability influence each other positively, where the effect of profitability on liquidity shows a t-test significance of 0.011. Conclusion: This study concludes that liquidity has a higher significance level than capital structure; therefore, companies should pay greater attention to liquidity because it contributes to increased profitability. Reciprocally, the effect of capital structure on profitability is significantly positive, but profitability does not affect capital structure, indicating that companies tend to rely on internal funding in line with the Pecking Order Theory.

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