Recently, entrepreneurship is well established. It is proven by the existence of communities and formal organizations of entrepreneurs which consist of student, small-scale sellers, UMKM practitioners, and national-scale business people. However, there are not many communities or organizations which emphasize the importance Islamic entrepreneurship principles in running the businesses. The research aimed at observing the role of improving and applying Islamic entrepreneurship values on Islamic business communities of policy effectivitiveness by using SMART method since there were many entrepreneurship communities which prioritiez profit oriented values as the foundation of the policy. In order to response the matter, the research was conducted using qualitative methods using field research method on Komunitas Pengusaha Muslim Indonesia (KPMI-Indonesian Muslim Business Community) Korwil Yogyakarta. The data used were primary and secondary data collected direct interview and communities’ formal websites. There were two findings of the research, firstly : the application of Islamic entrepreneurship values of KPMI members was successfully. The Islamic values could be seen from the business mindset, business innovation, Islamic philanthrophy, spirituality management, of the staff, financial improvement and fiqh muamalah in running business. However, the process of Islamic entrepreneurship improvement was not given much attention due to lack of time and not enough socialization. Secondly, according to SMART method, the effectiveness of KPMI program ran significantly since there were so many changes which occurred among themselves toward the application and development of Islamic value entrepreneurship.