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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 179 Documents
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QRIS Implementation in Muslim MSMEs: Opportunities and Challenges for Digital Financial Inclusion in Pamekasan Khotibul Umam; Umarul Faruq; Syahda Adita; Nadya Apriza Azizi; Halimi Husayn
Sharia Economic and Management Business Journal (SEMBJ) Vol. 7 No. 3 (2026): Sharia Economic and Management Business
Publisher : Yayasan Darussalam Bengkulu

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.62159/sembj.v7i3.1902

Abstract

Background: This study examines the opportunities and challenges of implementing the Quick Response Code Indonesian Standard (QRIS) to strengthen digital financial inclusion among Muslim micro, small, and medium enterprises (MSMEs) in Pamekasan Regency, Indonesia. Although QRIS adoption has increased nationally, its implementation in socio-religious regions remains uneven due to differences in digital literacy, technological readiness, and trust in digital financial systems. This study integrates the Technology Acceptance Model (TAM), Unified Theory of Acceptance and Use of Technology (UTAUT), and Islamic business ethics to analyze technology acceptance among Muslim MSMEs. Method: Using a qualitative case study approach, data were collected through in-depth interviews, participant observation, and documentation involving 21 participants selected through purposive sampling. The data were analyzed thematically using the Miles and Huberman interactive model. Results: The findings reveal that QRIS enhances transaction efficiency, financial transparency, and access to digital financial services among Muslim MSMEs. Islamic ethical values, including amanah, ṣidq, taysīr, and maṣlaḥah, strengthen trust and acceptance toward digital payment systems. However, QRIS implementation continues to face challenges, including limited digital literacy, cybersecurity concerns, infrastructure instability, settlement delays, and resistance to cashless transactions. Conclusion: This study contributes to the literature by demonstrating that technology acceptance among Muslim MSMEs is shaped not only by perceived usefulness and ease of use but also by socio-religious values and ethical considerations. The findings highlight the importance of integrating digital literacy programs, institutional support, and Islamic ethical approaches to promote inclusive and sustainable digital financial ecosystems.
ESG Performance and Firm Value: Evidence from Agribusiness Companies Listed on Indonesia Stock Exchange Sudarsono
Sharia Economic and Management Business Journal (SEMBJ) Vol. 7 No. 2 (2026): Sharia Economic and Management Business
Publisher : Yayasan Darussalam Bengkulu

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.62159/sembj.v7i2.1907

Abstract

ABSTRACT. This study investigates the relationship between Environmental, Social, and Governance (ESG) performance and firm value among agribusiness companies listed on the Indonesia Stock Exchange (IDX) over the period 2019–2023. Drawing on Stakeholder Theory, Agency Theory, and Signaling Theory, we hypothesize that ESG performance both in aggregate and across individual pillars positively influences firm value, and that this relationship is amplified by firm-level profitability. Using a balanced panel of 90 firm-year observations across 18 listed agribusiness companies, we employ Fixed Effects panel regression with cluster-robust standard errors and Moderated Regression Analysis (MRA) to test five hypotheses. The results confirm that aggregate ESG performance is positively and significantly associated with Tobin's Q (β = 0.018, p < 0.01). Decomposing ESG into its constituent pillars reveals that Governance exerts the strongest valuation effect (β = 0.021, p < 0.01), followed by Social (β = 0.014, p < 0.05) and Environmental performance (β = 0.011, p < 0.05). Furthermore, profitability significantly moderates the ESG–firm value relationship (β = 0.004, p < 0.05), indicating that financially stronger firms generate larger valuation premiums from equivalent ESG commitments. Findings are robust to alternative firm value proxies, lagged ESG specifications, and restricted high-disclosure subsamples. This study contributes rare sector-specific evidence from an emerging market context and offers actionable implications for corporate managers, ESG investors, and regulators seeking to strengthen sustainability frameworks within the Indonesian agribusiness industry
The Sustainable Development Model Based on Zakat According to Antonio Gramsci and Hassan Hanafi Perspectives Nikmatul Masruroh; Gita Pamudji; Muhammad Darul Ulum
Sharia Economic and Management Business Journal (SEMBJ) Vol. 7 No. 2 (2026): Sharia Economic and Management Business
Publisher : Yayasan Darussalam Bengkulu

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.62159/sembj.v7i2.1912

Abstract

Background: Zakat management in Indonesia faces significant challenges despite its potential as a powerful instrument for poverty alleviation and sustainable development. Low community awareness in channeling zakat through official institutions, coupled with the persistence of traditional distribution models such as personal giving and 'kyai kampung' practices, has hindered the optimal utilization of zakat as a socio-economic tool. This study aims to describe zakat management patterns in Indonesia, map sustainable development models through zakat management, and analyze these models from the perspectives of Antonio Gramsci and Hassan Hanafi. Method: This research employs a literature review approach with secondary data sources. Data analysis utilizes Gramsci's hegemony theory and Hassan Hanafi's At-Turats wa At-Tajdid framework to critically examine zakat management practices and their potential for sustainable development. Results: The findings reveal three key results. First, zakat management by official institutions remains suboptimal due to low public awareness, with personal distribution and local religious leader models still prevailing. Second, sustainable development models have not positioned zakat as a primary instrument, remaining largely conceptual rather than fully implemented. Third, Gramsci's hegemony theory suggests that sustainable development through zakat requires cultural and ideological struggle to transform zakat into a societal way of life, while Hanafi's reform framework emphasizes the need to reinterpret zakat's role beyond religious obligation toward economic self-reliance. Conclusion: Zakat-based sustainable development must be pursued through cultural and ideological transformation, positioning zakat not merely as a religious duty but as a strategic social and economic instrument for building a just and sustainable society.
Determinants of Investment Decision Quality in Village-Owned Enterprises: The Role of Digital Literacy, Behavioral Factors, and Social Environment Hendrik Suhendri; Agnes Quartina Pudjiastuti
Sharia Economic and Management Business Journal (SEMBJ) Vol. 7 No. 2 (2026): Sharia Economic and Management Business
Publisher : Yayasan Darussalam Bengkulu

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.62159/sembj.v7i2.1925

Abstract

Background: This study examines the role of digital literacy knowledge, decision-making behavior, and social environment in shaping the quality of investment decisions within Village-Owned Enterprises (BUMDes) in Malang Raya. Guided by bounded rationality theory, the research argues that limitations in information processing, cognitive capacity, and social pressures influence how BUMDes managers evaluate and select investment alternatives. Method: Using a quantitative descriptive–correlational design, data were collected through a survey of 66 BUMDes managers who met the criteria of active involvement in investment decision-making. The structural model was tested using PLS-SEM (WarpPLS). Results: Results of the measurement model confirm that all constructs meet the reliability and validity criteria. The structural findings show that digital literacy knowledge does not significantly influence decision-making behavior, yet it has a significant effect on the social environment. Both decision-making behavior and social environment demonstrate significant positive effects on the quality of BUMDes investment decisions. Conclusion: These results highlight that beyond individual cognitive capability, social norms and community expectations shape managerial investment judgment. The study contributes to the limited empirical literature on investment decision quality in BUMDes and underscores the need for strengthening digital competence and supportive social structures to enhance investment governance at the village level
Integrating Sustainable Business Through The Implementation of Environment, Social, and Governance (ESG) in Accelerating the Realization of a Green Economy Anggit Dyah Kusumastuti; Destina Paningrum; Locita Dara Rasendriya
Sharia Economic and Management Business Journal (SEMBJ) Vol. 7 No. 2 (2026): Sharia Economic and Management Business
Publisher : Yayasan Darussalam Bengkulu

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.62159/sembj.v7i2.1929

Abstract

Background: In facing increasingly complex global challenges, the integration of Environment, Social, and Governance (ESG) and sustainable business plays an important role as a strategic approach not only to generate profits but also as a force to create sustainable positive impact. This research aims to determine the influence of ESG disclosure on the Green Economy with Sustainable Business as a moderating variable. Method: This study employs a descriptive research design with a quantitative approach. Operational measurement of variables is carried out through data on environmental, economic, and social aspects. Secondary data is sourced from BPS (Central Bureau of Statistics) data and the Annual Report of the Ministry of Environment and Forestry (KLHK). Data analysis utilizes Structural Equation Modeling (SEM) based on Partial Least Squares (PLS) using SmartPLS 4.0 software. Results: The results show that the disclosure of environmental and social aspects has a positive and significant impact on the realization of a green economy. Meanwhile, the disclosure of governance does not have a positive and significant impact on the green economy. Additionally, Sustainable Business strengthens the influence of Environment, Social, and Governance on the green economy. The R Square value indicates that the dependent variable (Green Economy) is 0.605, meaning that approximately 60.5% of the variability can be explained by the independent variables. Conclusion: The disclosure of environment and social aspects has a positive and significant effect on the realization of the green economy, while the disclosure of governance does not have a significant effect. Positive information about ESG practices sends good signals to investors about long-term prospects and commitment to sustainability.
Analysis of the Effectiveness of Halal Tourism Fatwas: A Study on Awareness, Implementation, and Impact in the Tourism Industry Rahmatullah; Abdul Mujib
Sharia Economic and Management Business Journal (SEMBJ) Vol. 7 No. 2 (2026): Sharia Economic and Management Business
Publisher : Yayasan Darussalam Bengkulu

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.62159/sembj.v7i2.1930

Abstract

Background: This research aims to analyze the effectiveness of DSN-MUI Fatwa No. 108/DSN-MUI/X/2016 as a guideline for organizing tourism based on sharia principles, emphasizing three dimensions: (i) awareness among stakeholders, (ii) implementation in destination/industry practices, and (iii) economic and social impacts within the tourism industry. The analysis is situated within the context of Indonesia’s halal industry ecosystem, where halal certification is often understood as an instrument for enhancing consumer trust and competitive advantage, including in the tourism and culinary sectors. The research questions include: (1) to what extent is stakeholder awareness of fatwas and halal tourism indicators established; (2) what are the patterns of implementation and the barriers to implementation; and (3) what are the observed impacts on well-being, destination performance, and public acceptance. Method: The research method employs a qualitative-descriptive literature review based on thematic synthesis of empirical/conceptual studies related to fatwas, derivative regulations, halal certification, marketing, financing, and case studies of destination implementation across various regions. Results: The synthesis results indicate that the effectiveness of fatwas is uneven: fatwas generally function as normative references and ethical-service standards; however, the effectiveness of their implementation is influenced by the strength of positive regulations, institutional capacity, halal literacy/education, facility readiness, and social acceptance within the context of a diverse society. Conclusion: The study’s implications emphasize the need to strengthen governance (stakeholder collaboration), performance measurement based on indices/indicators, and education-communication strategies so that fatwa guidelines can be more operational and have a sustainable impact.
The The Crisis of Paper Money and the Prospects for Cryptocurrency: An Analysis of the Maqashid al-Shariah Regarding Digital Monetary Instruments Muh. Baihaqi; M. Andika Yuda Pratama; Dahlia Bonang; Azizi Abu Bakar
Sharia Economic and Management Business Journal (SEMBJ) Vol. 7 No. 2 (2026): Sharia Economic and Management Business
Publisher : Yayasan Darussalam Bengkulu

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.62159/sembj.v7i2.1932

Abstract

Background: The development of digital monetary systems has posed serious challenges to Islamic financial principles, particularly in the context of the use of fiat money and the emergence of crypto assets. Paper money without real value backing tends to cause economic instability and violations of maqashid al-shariah, particularly in the aspect of hifz al-mal (protection of wealth). On the other hand, cryptocurrencies and Central Bank Digital Currencies (CBDCs) offer potential as alternative instruments, yet they still pose significant Shariah risks. This study aims to evaluate contemporary monetary instruments within the framework of maqashid al-shariah to assess the extent to which they fulfill the principles of justice, public interest, and the protection of the economic value of the ummah. Method: The method employed is qualitative research with a normative-theoretical approach. Data were collected through a literature review of classical maqashid texts (al-Ghazali, al-Shatibi, Ibn Ashur), DSN-MUI fatwas, central bank reports, and digital asset whitepapers. The analytical techniques employed include content analysis of primary and secondary documents, as well as critical discourse analysis to examine dominant narratives within the current financial system. Results: The research findings indicate that the fiat money system possesses structural weaknesses that potentially violate the maqashid. Cryptocurrencies and CBDCs have the potential to fill this gap if designed in accordance with Shariah principles. However, this revised article emphasizes the need for criticism regarding the potential for abuse of state power and mass surveillance in the implementation of CBDCs, which may conflict with other maqashid such as hifz al-nafs (protection of life) and hifz al-hurriyah (protection of freedom). A maqashid-based evaluation has proven effective in assessing the alignment of digital monetary instruments with Islamic values. Conclusion: This study contributes to the development of a maqashid-based evaluative framework for digital financial innovations. Collective ijtihad and synergy between scholars and technologists are required to establish a just and sustainable Islamic monetary system.
Humanism Investment Decisions: The Role Of Financial Attitude Through Financial Behavior Among Academics Yusri Karmila; Eny Suprapti; Dina Amalya Putri
Sharia Economic and Management Business Journal (SEMBJ) Vol. 7 No. 2 (2026): Sharia Economic and Management Business
Publisher : Yayasan Darussalam Bengkulu

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.62159/sembj.v7i2.1933

Abstract

Background: Investment decisions in the modern era no longer focus solely on financial gains but also require consideration of ethical, social, and humanitarian values. Although financial literacy continues to improve, there remains a gap in understanding how humanistic values rooted in religion are internalized in investment decisions, particularly among academics who play a strategic role as agents of social change. The suboptimal role of financial attitudes and behaviors in bridging these values highlights the need to examine deeper mechanisms. Therefore, this research is important to contribute to the development of an investment decision-making model that is not only economically rational but also ethical and oriented toward social welfare. Method: This quantitative study examines the influence of humanism on academics’ investment decisions, with financial attitudes and financial behavior serving as mediating variables. Data were collected via a questionnaire from academics in Makassar who have investment experience. The sampling technique used was purposive sampling. This study employed a quantitative method using a survey approach involving 99 respondents who were lecturers at private universities in Makassar. Data were collected using a questionnaire with a 1–5 Likert scale and analyzed using the Partial Least Squares-Structural Equation Modeling (PLS-SEM) method via SmartPLS version 4.0 software and a structural model to test the research hypotheses. Results: 1) Financial attitudes have a significant positive effect on humanism in investment decision-making (p-value 0.000 < 0.10). 2) Financial attitudes have a significant positive effect on financial behavior (p-value 0.000 < 0.10). 3) Financial behavior has a significant positive effect on humanism in investment decision-making (p-value 0.092 < 0.10). 4) Financial attitude has a positive but insignificant effect on humanism in investment decision-making through financial behavior (p-value 0.121 > 0.10). Conclusion: Research shows that financial attitudes play a significant role in shaping humanistic investment decisions among academics. Positive financial attitudes were found not only to have a direct impact on humanistic investment orientation but also to encourage more disciplined and planned financial behavior. Sound financial behavior involves selecting investments that take into account humanistic values, ethics, and sustainability. However, the lack of significance does not directly indicate that the process of transformation from financial attitudes to behavior, and ultimately to humanistic investment decisions, is not yet consistent or optimal.
Waste Management Capacity of Micro and Small Enterprises: Case Study at Panjang Beach, Bengkulu, Indonesia Titi Darmi; Iqbal Miftakhul Mujtahid; Dwi Kristanti
Sharia Economic and Management Business Journal (SEMBJ) Vol. 7 No. 2 (2026): Sharia Economic and Management Business
Publisher : Yayasan Darussalam Bengkulu

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.62159/sembj.v7i2.1944

Abstract

Background: Micro and small enterprises (MSEs) operating in the coastal area of Panjang Beach, Bengkulu, Indonesia, generate waste that significantly disrupts visitors' experiences and negatively impacts the environment and the area's appeal. This study aimed to analyze the capacity of MSE owners to manage waste in this region. Method: This research employed a qualitative approach with content analysis. Purposive sampling was used to select ten informants, with data sources categorized as primary and secondary. Data were analyzed using qualitative methods to examine waste management practices and the challenges faced by MSE owners in the coastal tourism area. Results: The findings reveal that MSE owners' waste management capacity needs to be improved, as they struggle to separate organic from non-organic waste and often resort to burning to address waste accumulation. The study also highlights a lack of empowerment and guidance from stakeholders, emphasizing the urgent need for interventions and support mechanisms to improve waste management practices among MSE owners. The research underscores the critical role of institutional capacity at the local government level in fostering collaborative governance and effective waste management strategies. Conclusion: This research contributes to the literature on environmental management and small business sustainability by applying the ecological balance model within the context of coastal tourism areas. By exploring the reciprocal relationship between MSEs and their environment, this study highlights the importance of building institutional capacities to address complex socio-environmental challenges, ultimately supporting sustainable tourism development in coastal regions.
Reconfiguration of the Banking Intermediation Model in the Era of Digital Disruption: A Modern Financial Economics Perspective Rukiah; Riny Viri Insy Sinaga; Erpiana Siregar
Sharia Economic and Management Business Journal (SEMBJ) Vol. 7 No. 2 (2026): Sharia Economic and Management Business
Publisher : Yayasan Darussalam Bengkulu

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.62159/sembj.v7i2.1951

Abstract

Background: Background: Digital transformation has driven fundamental changes in the banking intermediation model, moving from a conventional, institution-based system to a more open and integrated digital financial ecosystem. The emergence of financial technology, big data, artificial intelligence, and blockchain has shifted the traditional role of banking toward platform-based models, raising important questions about how intermediation functions are being reconfigured and what implications this holds for the financial system. Method: This study employs a qualitative approach with a descriptive-analytical design using library research. Data were collected through documentation studies and systematic literature reviews of scientific journals, industry reports, and policy documents from the Financial Services Authority (OJK) and Bank Indonesia. Data analysis was conducted using interactive qualitative analysis techniques including data reduction, data presentation, and conclusion drawing, supported by thematic and conceptual comparative analysis. Results: The findings reveal a shift from bank-based intermediation to platform-based intermediation, where banks are transforming into orchestrators in the digital financial ecosystem through the integration of open banking and embedded finance concepts. Four driving factors were identified: technological development, changing customer behavior, fintech emergence, and regulatory policies. This transformation improves operational efficiency and financial inclusion but also presents new risks such as cyber risk, regulatory complexity, and potential systemic risk. Conclusion: The reconfiguration of banking intermediation represents a paradigm shift from centralized institution-based systems to hybrid network-based financial ecosystems. Adaptive strategies from banks and responsive policies from regulators are essential to balance innovation with financial system stability.

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