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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 216 Documents
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The Integration of Maqashid Sharia and Sustainable Development Goals (SDGs) in the Development of Sustainable Islamic Economics Agnes Yolanda; Orin Oktasari; Mardian Suryani; Orisa Capriyanti
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.v7i3.2558

Abstract

Background: The growing emphasis on sustainable development highlights the importance of integrating Islamic economic principles with the Sustainable Development Goals (SDGs). Maqashid al-Shariah provides an ethical foundation for promoting social justice, economic inclusion, and environmental sustainability. Research Gap: Previous studies have primarily examined the conceptual compatibility between Maqashid al-Shariah and SDGs, while comprehensive operational frameworks connecting Islamic economic instruments with measurable sustainability indicators remain underdeveloped. Novelty: This study proposes an Integrated Maqashid–SDG Framework that systematically connects Islamic ethical objectives, economic instruments, and sustainability outcomes, emphasizing context-sensitive implementation and institutional accountability. Methods: This study employed a qualitative approach through a systematic literature review and conceptual framework analysis. Academic publications from 2021–2026, institutional reports, and relevant policy documents were examined using thematic content analysis to identify conceptual relationships, implementation challenges, and integration mechanisms. Results: The findings demonstrate substantial alignment between Maqashid al-Shariah dimensions and multiple SDGs, particularly poverty reduction, education, economic inclusion, and environmental protection. Islamic economic instruments, including zakat, waqf, Islamic banking, microfinance, and green sukuk, offer potential mechanisms for achieving sustainability objectives. However, institutional fragmentation, inadequate measurement standards, and limited policy coordination hinder effective implementation. The proposed framework integrates normative principles, operational instruments, and measurable development outcomes while emphasizing governance and stakeholder collaboration. Conclusion: Integrating Maqashid al-Shariah with SDGs offers a comprehensive foundation for sustainable Islamic economic development. The proposed framework provides practical guidance for policymakers and Islamic financial institutions to strengthen ethical governance, improve sustainability assessment, and promote inclusive, equitable, and environmentally responsible development.
Causal Relationship Between Islamic Human Development Index, ZIS and Social Fiscal Policy on Poverty Reduction in Indonesia: Empirical Evidence Armin Rahmansyah Nasution; Muhammad Ramadhan; Fitrawaty Fitrawaty
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.v7i3.2623

Abstract

Background: This study discusses the long-term and short-term causal relationship between the Islamic Human Development Index (IHDI), zakat (ZIS), and fiscal social policies on poverty alleviation in Indonesia using annual data from 1995-2024. Method: The Vector Error Correction Model (VECM) framework is applied to capture balance adjustments, dynamic interactions, and delayed policy effects. The Johansen test confirms three cointegration vectors, which show a stable long-term relationship between poverty, human development, Islamic social finance, and fiscal instruments. Long-term estimates reveal that IHDI and ZIS significantly reduce poverty, suggesting that the expansion of Islamic redistribution capabilities and mechanisms operates as a structural driver of improved welfare. Health spending also shows significant long-term effects, while education and social assistance spending shows no meaningful impact, showing inefficiencies, mistargeting, or weak transformative capacity. Results: Short-term results do not show a direct causal effect of IHDI, ZIS, or fiscal variables on poverty, reflecting that Indonesia's poverty dynamics are dominated by slow structural adjustments rather than short-term shocks. Granger causality shows a selective interaction, especially between ZIS and education spending, while variance decomposition confirms a strong autoregressive behavior of poverty, with external variables contributing minimally in the short term. Conclusion: These findings underline that sustainable poverty alleviation requires long-term human resource development, strengthening zakat governance, and more effective and results-oriented fiscal strategies. The study provides empirical evidence supporting an integrated welfare framework that combines state fiscal policies with sharia social finance to achieve inclusive and sustainable poverty alleviation.
Do Environmental Disclosures Enhance Firm Value? The Moderating Role of Corporate Governance in Indonesia’s Plantation Sector Minda Muliana Sebayang; Thezar Fiqih Hidayat Hasibuan; Asnath Naftali Remtulla; Suchi Fitriyani; Muhammad Sufian
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.v7i3.2641

Abstract

Background: Environmental sustainability has become increasingly important in corporate valuation, particularly in Indonesia’s plantation sector, which faces substantial ecological challenges. Environmental disclosures are expected to enhance transparency and investor confidence, although their financial implications remain uncertain. Research Gap: Previous studies report inconsistent relationships between environmental disclosure and firm value. Limited research has examined the moderating role of Good Corporate Governance (GCG) across distinct environmental disclosure dimensions, particularly within Indonesia’s plantation industry. Novelty: This study distinguishes green accounting, Corporate Social Responsibility (CSR) disclosure, and carbon emission disclosure while examining GCG as a moderator. It also incorporates Islamic principles of environmental stewardship, accountability, and Maqasid al-Shariah into the interpretation of empirical findings. Method: A quantitative explanatory approach was employed using 96 firm-year observations from plantation companies listed on the Indonesia Stock Exchange during 2019–2023. Data were analyzed using Partial Least Squares Structural Equation Modeling (PLS-SEM) through WarpPLS 7.0, incorporating a one-year lag structure. Results: Green accounting negatively affects firm value (β = −0.444; p = 0.002), whereas CSR disclosure demonstrates a significant positive effect (β = 0.726; p < 0.001). Carbon emission disclosure shows no significant effect (p = 0.122). GCG does not significantly moderate any examined relationship, although its interaction with carbon disclosure is positive (p = 0.084). Conclusion: CSR disclosure enhances firm value, while environmental performance receives less favorable market recognition. These findings emphasize the importance of credible sustainability reporting, stronger governance oversight, and improved environmental disclosure standards.
Implementing Maqasid al-Shariah-Based Islamic Financial Literacy in the Muslim Community of Bengkulu City: Understanding, Practice, and Determinants Elman Johari
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.v7i3.2754

Abstract

Background: Islamic financial literacy determines whether Muslims can understand, manage, and make financial decisions in line with Islamic principles. In Indonesia, the national survey still records a wide gap between Islamic financial literacy and the actual use of Islamic financial services, while local evidence on how literacy becomes everyday behaviour remains scarce. Research Gap: Previous studies have mostly measured Islamic financial literacy as product knowledge or intention and have rarely examined its implementation through the five objectives of maqasid al-shariah within a specific community. Novelty: This study treats Islamic financial literacy as a lived practice and maps it onto hifz al-din, hifz al-nafs, hifz al-'aql, hifz al-nasl, and hifz al-mal among Muslims in Bengkulu City. Method: A descriptive qualitative field study combining phenomenological and sociological approaches was conducted from February to March 2026. Informants were selected through purposive and snowball sampling and included community members, religious scholars, Islamic economics academics, and Islamic finance practitioners. Data from in-depth interviews, non-participant observation, and documentation were analysed with the Miles and Huberman interactive model. Results: Informants understood basic principles such as the prohibition of riba, profit sharing, and the role of Islamic financial institutions, but their understanding of murabahah, mudarabah, and ijarah contracts was limited. Some still used interest-based services because of convenience and limited information. Implementation was stronger in hifz al-din, hifz al-nafs, and hifz al-nasl than in hifz al-'aql and hifz al-mal. Conclusion: Islamic financial literacy in Bengkulu City has developed at the normative level but has not yet become consistent financial behaviour. Practical, community-based education and wider access to Islamic financial services are required.
From Sea to Land: Socioeconomic Adaptation and Transformation of Fishing Communities Following Seawall Development in Coastal Cilincing, North Jakarta Indi Nervilia; Hikmah Rahmah; Erna Amelia; Nurwulan Kusuma Devi; Haspul Naser
Sharia Economic and Management Business Journal (SEMBJ) Vol. 8 No. 1 (2027): Sharia Economic and Management Business
Publisher : Yayasan Darussalam Bengkulu

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.62159/sembj.v7i3.2811

Abstract

Background: Coastal infrastructure development has substantially reshaped the socioeconomic conditions of fishing communities in rapidly urbanizing coastal areas. In Cilincing, North Jakarta, seawall construction has altered coastal ecosystems, restricted access to fishing grounds, and increased economic pressure, compelling fishing households to adopt new livelihood strategies. Methods: This study investigates how seawall ecological impact, economic pressure, fishers ' adaptation strategies, and government support interact to influence fishers ' livelihood resilience within the “From Sea to Land” transition framework. A quantitative cross-sectional methodology was utilized, drawing on data gathered from small-scale fishers in Cilincing and examined through PLS-SEM with SmartPLS 4. Results: The findings show that Seawall Ecological Impact and Economic Pressure significantly and positively influence fishers ' adaptation strategies, while economic pressure also exerts a significant positive effect on fishers ' livelihood resilience. However, Seawall Ecological Impact does not directly affect livelihood resilience, and fishers ' adaptation strategies neither directly enhance livelihood resilience nor mediate the relationships between seawall ecological impact, economic pressure, and livelihood resilience. Furthermore, Government Support significantly strengthens the relationship between adaptation strategies and livelihood resilience, highlighting its role as an important moderating factor. Conclusion: This study contributes to the literature on coastal adaptation by demonstrating that fisher resilience cannot be enhanced via livelihood adaptation alone but requires the backing of effective government interventions. To build resilience among fishing populations facing coastal shifts driven by infrastructure development, this study highlights the critical need for robust institutional backing, flexible governance models, and focused economic supports. This study provides empirical evidence to support more inclusive coastal governance and sustainable livelihood policies in rapidly urbanizing coastal regions.
Bank-Specific and Macroeconomic Determinants of Islamic Bank Profitability: Evidence from Indonesian Sharia Commercial Banks Rofiul Wahyudi; Noor Aimi Mohamad Puad; Siti Wardah
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.v7i3.2869

Abstract

Background: Background: The profitability of Islamic Commercial Banks in Indonesia is essential for maintaining financial stability and sustainable growth. However, increasing banking assets do not necessarily translate into improved financial performance, highlighting the importance of identifying profitability determinants. Research Gap: Previous studies have reported inconsistent findings regarding the effects of bank-specific and macroeconomic factors on Islamic bank profitability, particularly amid structural transformations in Indonesia's Islamic banking industry. Novelty: This study provides updated empirical evidence by simultaneously examining internal banking characteristics and macroeconomic determinants within the context of industry consolidation, pandemic-related disruptions, and post-pandemic recovery. Method: This quantitative study employs a causal research design using secondary panel data from Indonesian Islamic Commercial Banks. Purposive sampling and panel data regression using the Random Effect Model were applied to examine profitability, measured by Return on Assets (ROA). Results: The findings demonstrate that Capital Adequacy Ratio (CAR) and Financing-to-Deposit Ratio (FDR) positively and significantly affect profitability, whereas Operating Expenses to Operating Income (BOPO) has a significant negative effect. Non-Performing Financing (NPF), inflation, and the BI Rate exhibit no statistically significant effects. Collectively, the variables significantly explain profitability, with an adjusted R² of 78.94%. Conclusion: Bank-specific factors, particularly capital adequacy, financing intermediation, and operational efficiency, are more influential in determining Islamic bank profitability than the examined macroeconomic indicators. These findings emphasize the importance of strengthening capital management, optimizing productive financing, and improving operational efficiency.

Page 22 of 22 | Total Record : 216

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