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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 Effect of Return on Assets (ROA) and Return on Equity (ROE) on the Movement of Sharia Stock Prices of PT. Bank Syariah Indonesia Tbk for the Period 2021-2024 Paisal Rahmat; Ainun Nisa Brt; Enni Sari Siregar; Afriadi Sanusi
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.v7i2.1904

Abstract

The number of stock investors in 2024 reached 6.37 million stock investors out of a total of 14.84 million capital market investors. This share price is determined based on transactions that occur on the stock exchange market, namely in the form of investor demand and supply, so it is very important for investors to have the expertise to determine which company and when is the right time to buy shares. It can also be seen through how much the company is profitable, Return On Asset (ROA) and Return On Equity (ROE) are indicators that can measure the company's ability to generate profits. This study aims to determine the effect of Return On Asset (ROA) and Return On Equity (ROE) on stock price movements at PT Bank Syariah Indonesia Tbk for the 2021-2024 period. By using Quantitative research methods. The test t results on the Return On Asset (ROA) variable Probability value <0.005, which is equal to 0.0144, Ha is accepted, meaning that Return On Asset (ROA) has an influence on the movement of the share price of PT Bank Syariah Indonesia Tbk, and Return On Equity (ROE) with a Probability value> 0.05, which is equal to 0.4803 Ha is rejected, meaning that Return On Equity (ROE) has no influence on stock price movements at PT Bank Syariah Indonesia Tbk. Meanwhile, the Return On Asset (ROA) and Return On Equity (ROE) variables simultaneously produce a Probability value <0.05, namely 0.0009, so Ha is accepted, meaning that there is a simultaneous influence between the Return On Asset (ROA) and Return On Equity (ROE) variables on the share price movement of PT Bank Syariah Indonesia Tbk for the 2021-2024 period
Integrating Tam and Islamic Work Ethics to Explain AI Adoption in Digital Marketing of Halal Msmes in Indonesia Ricka Handayani; Ahmad Afandi
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.v7i2.1980

Abstract

Background: This study aims to analyze the factors influencing the Adoption of Artificial Intelligence (AI) in digital marketing in halal MSMEs in Indonesia. The research focuses on understanding how perceptions of Usability, Islamic work ethics, market pressures, and technological readiness shape attitudes toward adoption, which in turn influence intentions to adopt AI. Method: The research approach is a quantitative, descriptive study involving 280 halal MSMEs active in digital marketing. The analysis was conducted using Partial Least Squares Structural Equation Modeling (PLS-SEM) to test the direct and indirect relationships between variables, including the mediating role of attitudes towards adoption. Results: The study found that all tested factors had a positive effect on attitudes towards AI adoption. Attitudes toward adoption have been shown to mediate the relationship between these factors and adoption intentions. These findings confirm that fostering a positive attitude is key to encouraging MSMEs' intention to adopt AI. The study's results emphasize the importance of increasing perceptions of benefits, ease of use, alignment with ethical values, responsiveness to the market, and technological readiness to drive AI adoption. Governments, technology providers, and religious institutions can support MSMEs by providing user-friendly AI training, guidance, and solutions to strengthen adoption-readiness. Conclusion: This study contributes to the literature on technology adoption in MSMEs by integrating cultural, ethical, and market pressure factors, as well as emphasizing the role of attitude mediation in shaping AI adoption intentions in the context of halal business.
Strengthening Micro, Small, and Medium Enterprise (MSMES) in Response to the Policies on the Use of Domestic Products: A Case Study in Bekasi City M. Ikhsan; Taufik Akbar; Abdi Sugiarto
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.v7i2.2022

Abstract

The study aimed to describe the strengthening of MSMEs carried out by the Bekasi City government in terms of capital, products, and marketing in response to policies on using domestic products within the Bekasi City government. The research used a qualitative approach. Primary data were collected using in-depth interviews with selected informants from local governments, MSMEs, and academia. This research found that the Bekasi City government has made various efforts to strengthen MSMEs in Bekasi through the Dinas Koperasi dan UKM Kota Bekasi (DKUKM Bekasi City), namely 1) socialization and training on home industry food and Pangan-Industri Rumah Tangga (P-IRT) certification are given to the MSMEs; 2) training to improve packaging management capabilities and socialize halal certificates; 3) preparing funds for capital through Bank Syariah Patriot; 4) holding various promotions such as exhibitions, Ramadhan bazaars; and 5) training on making Business Identification Numbers (Nomor Induk Berusaha/NIB), digital marketing, entrepreneurship training or workshops, Home Industry Food Certification (P-IRT), using Shopee for MSMEs, and curation of the MSME products.
The Meaning of Artificial Intelligence (AI) Utilization in Business: A Phenomenological Study from the Perspective of Muslim Entrepreneurs in Indonesia Purnama Putra; Sudana Sudana; Solihah Sari Rahayu
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.v7i2.2028

Abstract

Background: The development of Artificial Intelligence (AI) has brought significant changes to the business world, including among Muslim entrepreneurs. However, this advancement raises questions about how such technology can be utilized without neglecting Islamic values. This study aims to understand how Muslim entrepreneurs interpret spiritual values, apply Islamic ethics, and perceive the economic and efficiency functions of AI usage.Method: A qualitative method with a phenomenological approach was employed to explore the experiences of Muslim entrepreneurs in Indonesia, selected through purposive sampling. Data were analyzed using NVivo software.Results: The findings reveal that the meaning of AI usage encompasses five core values: tawhid (monotheism), amanah (trustworthiness), sharia compliance, efficiency, and gratitude. The application of Islamic ethics is reflected in honesty, justice, social responsibility, trust, and ihsan (excellence) in the utilization of technology. The interpretation of AI’s economic and efficiency functions is viewed as part of human effort (ikhtiar) to enhance productivity and competitiveness while maintaining spiritual balance and social welfare.Conclusion: The implications of this study highlight the potential for developing AI usage guidelines that align with Islamic ethics, ensuring efficiency and competitiveness while upholding justice and social responsibility.
Does Income Matter? Moderating Effect on Financial Literacy and Financial Behavior Sunarmi Sunarmi; Vivi Hapsari; Syiriac Nellikunnel Devashia
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.v7i2.2086

Abstract

Background: Financial management behavior is essential for individual well-being, particularly among private school teachers in Indonesia with fixed incomes who still face financial challenges. This study is based on the Theory of Planned Behavior, which explains behavior through cognitive, social, and psychological factors. Financial literacy, financial socialization, and self-control are proposed as key determinants, while income is examined as a moderating variable to capture the role of economic capacity. Method: Participants in this study were private teachers with fixed incomes in Indonesia. A total of 150 valid questionnaires were collected and analyzed using a Structural Equation Modeling (SEM) approach based on Partial Least Squares (PLS) using Smart PLS. Results: These findings indicate that the effectiveness of financial knowledge, social environmental influences, and self-control in shaping financial behavior is highly dependent on an individual's economic capacity. Conclusion: This study has two main implications. First, the results provide important insights for educational institutions and policymakers in designing programs to improve financial literacy and well-being, particularly for educators. These two studies contribute to the development of the financial behavior literature by expanding the application of the Theory of Planned Behavior through the integration of the moderating variable of income as a contextual factor in explaining individual financial management behavior.
The Mediating Role of Destination Image on the Effect of Smart Tourism Applications on Behavioral Intentions of Tourists to Aceh: Moderated by Information Search Ahmad Nizam; Sartiyah Sartiyah; Nurul Ilyana Muhd Adnan; Hendra Halim; Khairil Umuri; Teuku Muhammad Syahrizal
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.v7i2.2102

Abstract

Background: This research examines the influence of Smart Tourism Applications on tourists' Behavioral Intentions in Aceh, with Destination Image as a mediating factor and Information Search Behavior as a moderating variable. Method: Using a quantitative approach, the research surveyed tourists who used smart tourism applications during their visit to Aceh. Results: The results reveal that the Smart Tourism Application significantly influences Destination Image, positively affecting tourists' intention to visit or revisit the destination. Furthermore, the destination image is a key mediator that links the Smart Tourism Application to tourists' behavioral intentions. However, Information Search Behavior did not significantly enhance the connection between the application and tourists' behavioral intentions. This indicates that the quality of information offered by the application plays a more critical role in influencing tourists' perceptions and building their confidence. The practical implication of this study is the need to optimize smart tourism applications to support Aceh's Syariah-based tourism by providing comprehensive information about local culture, halal facilities, and religiously guided tourism. Conclusion: This research contributes to the literature on technology in tourism, particularly in religious and cultural destination contexts, and offers insights for developing more effective destination marketing strategies.
Beyond Financial Metrics: A Systematic Review of Maqasid Based Performance Measurement in Islamic Banking Mahfuz; Moh Asmawi; Nanda Khairiyah
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.v7i2.2111

Abstract

Background: This study examines the development of maqasid al-shariah-based performance measurement in Islamic banking and addresses the limitations of existing approaches. Despite the rapid growth of Islamic banking, performance evaluation remains largely dominated by conventional financial indicators, which fail to capture the broader ethical and socio-economic objectives embedded in maqasid al-shariah. In response, various studies have proposed maqasid-based models; however, these approaches often reduce maqasid into static and fragmented indicators, limiting their conceptual and practical relevance. Method: This study employs a systematic literature review (SLR) approach, guided by the PRISMA framework, to analyze 15 selected studies published between 2015 and 2025. Results: The findings reveal that the existing literature is characterized by three major issues: the dominance of indicator-based measurement, the lack of interconnectedness among maqasid dimensions, and the absence of process-oriented evaluation. Additionally, the literature remains fragmented across multiple domains, including banking performance, socio-economic development, governance, and financial innovation. To address these limitations, this study proposes a reconstruction of maqasid-based performance measurement using a systems approach inspired by Jasser Auda. This approach conceptualizes maqasid as a dynamic and interconnected framework, emphasizing the relationships between inputs, processes, outputs, and outcomes. Conclusion: The study contributes to bridging the gap between normative maqasid theory and empirical application, offering a more holistic and integrative framework for evaluating Islamic banking performance. The findings also provide practical implications for regulators and practitioners in developing performance measurement systems that align with the ethical and socio-economic objectives of Islamic finance.
Digital Zakat Literacy: Synergy of Religious Values and Technology from the Utaut Perspective Khansa Shabihah; Dedi Rusdi; Amnisuhailah Abarahan; Tazkiya Nafsa Ramadhani
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.v7i2.2117

Abstract

Background: As digital technology becomes increasingly embedded in daily life, its influence extends into faith-based and philanthropic activities among Muslim communities, particularly through the development of digital zakat services. This study investigates whether technology-related factors (performance expectancy, effort expectancy, social influence, facilitating conditions) and institutional as well as personal factors (transparency, accountability, religiosity) affect the intention to participate in digital zakat systems. Method: The findings show that transparency (B = 0.156; p = 0.007) and accountability (B = 0.416; p < 0.001) have a positive and significant effect on the intention to use digital zakat services. Meanwhile, religiosity (B = -0.001; p = 0.977) does not have a significant effect. Conclusion: Institutional trust, reflected through transparency and accountability, plays a more important role in encouraging the use of digital zakat platforms than individual religiosity. Therefore, zakat management institutions should focus on improving transparency, accountability, and system reliability to increase public participation.
Entrepreneurial Marketing, Innovation, and Halal SME Performance: An Islamic Business Perspective Selvy Athia Zainun Faqiha; Fulgentius Danardana Murwani; Timotius Febry Christian
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.v7i2.2171

Abstract

Background: This study examines the role of entrepreneurial marketing in enhancing halal-oriented manufacturing SME performance in Indonesia from an Islamic business perspective. In increasingly uncertain and competitive business environments, halal-oriented SMEs are expected not only to achieve financial performance but also to maintain ethical integrity, transparency, and stakeholder trust in accordance with Islamic business principles. Despite the growing importance of halal business practices, limited research has explored how entrepreneurial marketing contributes to SME performance within an Islamic ethical context. Method: This study employed a quantitative research approach using survey data collected from 75 manufacturing SMEs in Surabaya, East Java, Indonesia. The data were analyzed using Partial Least Squares Structural Equation Modeling (PLS-SEM) to examine the direct effect of entrepreneurial marketing on SME performance, the impact of entrepreneurial marketing on innovation, and the mediating role of innovation in the relationship between entrepreneurial marketing and SME performance. Results: The findings reveal that entrepreneurial marketing has a positive and significant effect on both innovation and SME performance. Furthermore, innovation partially mediates the relationship between entrepreneurial marketing and SME performance, indicating that SMEs with stronger entrepreneurial marketing capabilities are better positioned to enhance innovation and achieve superior organizational outcomes. These findings also suggest that ethical innovation and proactive market orientation contribute significantly to strengthening halal SME competitiveness. Conclusion: Entrepreneurial marketing represents an important strategic capability for improving halal-oriented SME performance while remaining aligned with Islamic business ethics. The integration of entrepreneurial initiatives and innovation enables SMEs to strengthen competitiveness, enhance stakeholder trust, and generate sustainable organizational value. These outcomes are consistent with Islamic principles emphasizing amanah (trustworthiness), adl (fairness), and maslahah(social benefit), highlighting the relevance of ethical business practices in achieving long-term performance.
From Harvest to Hedonism: Fear of Missing Out (FOMO), Conformity, and Consumptive Behavior Among Oil Palm Farmers in Rokan Hilir Regency from an Islamic Economic Perspective Indra Indra; Oman Sukmana; Tri Sulistyaningsih; Junaidi Junaidi
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.v7i1.2205

Abstract

Background: The rising income of smallholder oil palm farmers in Rokan Hilir Regency, Riau Province, Indonesia, has paradoxically fuelled consumptive spending patterns that prioritise symbolic goods over productive investment. Drawing on Jean Baudrillard's theory of consumer society and sign value, this study investigates how Fear of Missing Out (FOMO), conformity, celebrity endorsement, and self-esteem collectively drive consumptive behaviour among oil palm farmers, and how these dynamics are mediated through an Islamic economic lens. Method: This study adopts a qualitative case-study design with an interpretive paradigm. Data were gathered through in-depth interviews with ten smallholder oil palm farmers in Rokan Hilir, supplemented by interviews with seven key informants comprising village heads, local government officials, and banking representatives. Long-term observational fieldwork and documentary analysis were also employed to triangulate findings. Thematic and interpretive analysis guided data interpretation. Results: Four key findings emerge: (1) FOMO functions as a primary psychological trigger that transforms social anxiety into impulsive purchasing; (2) conformity operates as a social mechanism reinforcing status-oriented consumption; (3) celebrity endorsement through social media accelerates aspirational spending by constructing a hyperreal vision of prosperity; and (4) low self-esteem causes farmers to compensate through conspicuous goods. The study reveals that oil palm farmers consume not merely to meet needs but to perform social identity and simulate economic success, consistent with Baudrillard's simulacra framework. Conclusion: Consumptive behaviour among oil palm farmers is a structurally embedded social practice shaped by symbolic competition, income volatility, and digital media penetration. From an Islamic economic perspective, this pattern violates the principles of israf (wastefulness) and infaq fi sabilillah (purposeful spending). Interventions through financial literacy, Sharia-based financial planning, and community-level moral economy education are recommended to redirect agrarian income toward long-term productive investment.

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