Integration of Green Finance and Sharia Economy in Supporting Sustainable Development Goals (SDGs)
DOI:
https://doi.org/10.33062/ajb.v11i01.189Keywords:
Green Sukuk, Green Zakat Framework, Islamic Social Finance, Green Finance, SDGsAbstract
The integration of green finance and Islamic economics is a strategic alternative to overcome the financing gap of the Sustainable Development Goals (SDGs) in Indonesia. However, its implementation still faces various structural and institutional challenges. Qualitative research with a case study design, the purpose of this study is to analyze the integration mechanism, examine its contribution to the achievement of the SDGs, and formulate concrete policy recommendations. Primary data was collected through in-depth interviews, key informants from regulators (Bank Indonesia, Ministry of Finance), BAZNAS managers, waqf institutions, secondary data is obtained from regulatory documents, financial statements, and various scientific publications. The results of the study revealed three main findings. First, the integration mechanism is realized through three instruments: Green Sukuk, Cash Waqf Linked Sukuk (CWLS), and Green Zakat Framework which will be launched in August 2025, making Indonesia a global pioneer. Second, every 10% increase in green sukuk issuance correlates with a 1.8% increase in the Sustainable Development Index. However, the contribution of green zakat (11%) and green waqf (7%) is still relatively small compared to Green Sukuk (82%). Third, obstacles to implementation include limited bankable projects, high certification costs, partial regulations, low public literacy, and fragmentation of cross-ministry coordination.
References
Anggela, W., Wahidah, F. N., & Putri, D. R. (2024). Peran ekonomi syariah dalam mendukung pembangunan berkelanjutan di Indonesia. Jurnal Ekonomi Syariah Indonesia, 12(2), 45–58.
Angraeni, Z. V., & Novita, S. (2025). Kontribusi Ekonomi Syariah Dalam Pembangunan Ekonomi. Srikandi: Journal of Islamic Economics and Banking, 3(2), 73–86. https://doi.org/10.35316/iltizam.v2i2.6666
Armida, S. A., & Endah, M. (2018). Tujuan Pembangunan Berkelanjutan Di Indonesia: Konsep Target Dan Strategi Implementasi. In Sustainable Transport, Sustainable Development.
Bank, W. (2025). Islamic finance and climate agenda: From green sukuk innovation to greener halal value chains. https://www.worldbank.org
Bo, S., & Battisti, E. (2024). Green finance and greenwashing: charting a sustainable path forward. Qualitative Research in Financial Markets, 18(1), 85–104. https://doi.org/10.1108/QRFM-05-2024-0125
Daly, S. (2025). Islamic finance and green investment in GCC countries: Empirical insights into sustainable development using GMM estimation BT - GCBSS Proceedings, Qassim University. https://doi.org/10.35609/gcbssproceeding.2025.1(150)
Hakim, L., & Susilowati, D. (2025). Return volatility of green sukuk in the Islamic capital market: A comparative study between Indonesia and Malaysia. Indonesian Journal of Islamic Business and Economics (IJIBE), 7(1), 1–20. https://doi.org/10.32424/1.ijibe.2025.7.1.13897
Haryono, E., Rangkuti, Rizki Kurniawan, Sariman, S., & Suprihatiningsih, S. (2024). Metodologi Penelitian Kualitatif dan Kuantitatif . In https://www.rcipress.rcipublisher.org/index.php/rcipress/catalog/book/949 (Vol. 1, p. 248). Perkumpulan Rumah Cemerlang Indonesia.
Ihsan, H., Eliyanora, & Gustina. (2026). Integrating Islamic social finance and environmental conservation: Evidence from Bogor and Mojokerto waqf forests. ACTA INNOVATIONS, 59, 45–62. https://www.actainnovations.com/index.php/pub/article/view/542
In’amullah, M., & Lestari, N. M. (2023). Perilaku Konsumsi dan Keberlanjutan Kehidupan Dalam Perspektif Ekonomi Islam Berdasarkan Maqashid Syariah. Jurnal Ilmiah Ekonomi Islam, 9(2), 2260.
Ka’anto, K., Jiwantomo, S., & Chandra, A. N. (2025). Metode Penelitian Kualitatif Dan Kuantitatif (Teori dan Aplikasi Disertai Contoh Proposal). In Meta Nusantara. Meta Nusantara. https://repository.metanusantara.com/publications/617596/metode-penelitian-kualitatif-dan-kuantitatif-teori-dan-aplikasi-disertai-contoh#cite
Kamal, I., Ismail, A. R., Dewidar, O., & Shazly, M. A. (2025). The role of Islamic finance in achieving sustainable development goals: A conceptual framework for smart cities and urban development projects BT - Emerald Studies in Finance, Insurance, and Risk Management (pp. 89–112). Emerald Publishing.
Latifah, E. (2022). Peran Ekonomi Syariah Dalam Mendukung Terwujudnya Sustainable Development Goals (SDGS) Di Indonesia. At’tariiz: Jurnal Ekonomi Dan Bisnis Islam, 5, 108–120. https://doi.org/https://doi.org/10.62668/attariiz.v1i03.257
Maskuri. (2013). Metode penelitian kualitatif, tinjauan teoritis dan praktis. Visipres Media.
MDPI. (2025). ESG disclosure and financial performance: Survey evidence from accounting and Islamic finance. Sustainability, 17(4), 1582. https://doi.org/10.3390/su17041582
Noor, I., & Sofiani, V. (2025). Analisis Konseptual Maqashid Syariah dalam Pengembangan Produk Keuangan Syariah Kontemporer. PARETO: Jurnal Ekonomi Dan Kebijakan Publik, 7(2), 79–86. https://journals.unihaz.ac.id/index.php/pareto/article/view/5007
Putri, A., & Sari, N. (2024). Pembangunan Ekonomi Syariah: Peran Pembangunan Berkelanjutan Berbasis Ekonomi Hijau. Religion: Jurnal Agama, Sosial, Dan Budaya, 3(2), 401–408. https://maryamsejahtera.com/index.php/Religion/article/view/950
Rahmi, S., Sugianto, & Jannah, N. (2026). Analysis of the perceptions of academics and practitioners in Medan regarding the contribution of green sukuk in supporting sustainable development goals (SDGs) in Indonesia. Journal of Shariah Economics (JoSE), 7(1), 1–18. https://doi.org/10.22373/jose.v7i1.9801
Republika. (2025). Keuangan Syariah Berkelanjutan: Solusi Ekonomi Hijau Global. Republika. https://sharia.republika.co.id/berita/srm2il370/keuangan-syariah-berkelanjutan-solusi-ekonomi-hijau-global
Rochim, A., Sennakyz, L., Kholis, N., & Arifin, A. A. (2026). Integration of ESG and SDGs principles in sustainable sharia trade governance in the global digital era. International Journal of Economic Research and Financial Accounting (IJERFA), 4(2), 112–130. https://doi.org/10.55227/ijerfa.v4i2.413
Romli, M. (2024). Integrasi Prinsip-Prinsip Ekonomi Syariah Dalam Pengembangan Ekonomi Hijau (Green Economy) Di Indonesia. Ekomadania: Jurnal of Islamic Economic and Social, 8(1), 1–14.
Sariman, Haryono, E., Wahyudin, M., & Muttaqin, F. Z. (2024). Exploring Research Methodologies Qualitative In Higher Education: Strategies And Approaches For Academic Inquiry. Al Fattah Ejournal Sma Al Muhammad Cepu, 4(01), 74–103. https://www.ejournal.smaamc.sch.id/index.php/belajar/article/view/43
Smolo, E., Saba, I., Ismail, A. G., & Mahomed, Z. (2024a). Islamic finance and sustainable development: Bridging the gap between theory and practice. International Journal of Islamic and Middle Eastern Finance and Management, 17(3), 456–478.
Smolo, E., Saba, I., Ismail, N., & Mahomed, Z. (2024b). Integrating Islamic Finance Into the Sustainable Development Goals (SDGs). In E. Smolo & M. M. Raheem (Eds.), The Future of Islamic Finance: From Shari’ah Law to Fintech (p. 0). Emerald Publishing Limited. https://doi.org/10.1108/978-1-83549-906-120241005
Springer. (2025). Operationalising green sukuk within the World Bank environmental and social framework. Discover Environment, 3, 288. https://doi.org/10.1007/s44274-025-00490-6
Studies, E. & R. (2025). Green sukuk and sustainable development goals: A strategic tool for Saudi Vision 2030 and the SDGs. Economic and Regional Studies, 18(4), 567–589. https://doi.org/10.2478/ers-2025-0029
Sugiyono. (2021). Metode penelitian kuantitatif, kualitatif, dan R&D (3rd ed.). Alfabeta.
Wu, X., Fu, B., Wang, S., Liu, Y., Yao, Y., Li, Y., Xu, Z., & Liu, J. (2023). Three main dimensions reflected by national SDG performance. Innovation (Cambridge (Mass.)), 4(6), 100507. https://doi.org/10.1016/j.xinn.2023.100507
Downloads
Published
Issue
Section
License
Copyright (c) 2026 M Jauhari, Hendri Nur Alam, Rina Dwi Wulandari
This work is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.
