Value Chain Optimization and Islamic Banking Access: A stakeholder Integration Approach in Emerging Markets

Abstract

This study investigates how value chain optimization affects halal tourism integration and Islamic bank financing in Aceh, Indonesia, exploring what represents an untapped bridge between Islamic finance and halal tourism. Using a quantitative explanatory design, we collected data from 210 respondents across halal tourism businesses and Islamic financial institutions. Structural Equation Modeling (SEM) via AMOS software tested hypothesized relationships, with bootstrap analysis for mediation testing. Our findings show stakeholder integration acts as a crucial intermediary in halal tourism development, mediating 35.82% of the total effect between value chain optimization and Islamic-ic bank financing. Unlike traditional tourism frameworks, operational excellence alone cannot secure financial accessibility in halal tourism; successful financing demands systematic stakeholder collaboration. Results indicate that religiously-oriented tourism contexts generate stronger stakeholder interdependencies than conventional tourism, with integration effects significantly outweighing direct operational impacts on financing outcomes. This work offers the first quantitative evidence of mediation mechanisms connecting value chain optimization, stakeholder integration, and Islamic bank financing in halal tourism, bridging a previously unexplored gap between Islamic finance and halal tourism sectors.