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The Role of Green Sukuk in Maqasid Al-Shariah and SDGs: Evidence from Indonesia

In: Islamic Finance, FinTech, and the Road to Sustainability

Author

Listed:
  • Khairunnisa Musari

    (Kiai Haji Achmad Siddiq State Islamic University (UIN KHAS))

  • Sutan Emir Hidayat

    (Gunadarma University and National Committee for Islamic Finance and Economy (KNEKS))

Abstract

Climate change has overtaken the development agenda as the intensity of rabid weather has increased. Mainly in emerging economies, climate change has proved costly for the low-income population. In line with the funding gap to achieve the Sustainable Development Goals (SDGs), a similar problem arises in the manner of combating climate change. In order to address climate change and greenhouse gas (GHG) emissions, the Islamic financial instrument that is widely embraced is the green sukuk. As with Islamic green financing, the performance of green sukuk must be consistent with maqasid Al-Shariah. Hence, this chapter deliberates on then, as the world’s first sovereign green sukuk, Indonesia’s Green Sukuk, as a case study to understand its impacts on SDGs, including confirming its relevance with maqasid Al-Shariah. In addition, this chapter purposes to address key topics of green sukuk as Islamic green financing by focusing on three main sections namely: (1) Indonesia’s Sovereign Green Sukuk as a national collaborative effort to tackle climate change; (2) the relevance of Indonesia’s Sovereign Green Sukuk with maqasid Al-Shariah; and (3) the role of Indonesia’s Sovereign Green Sukuk in achieving SDGs.

Suggested Citation

  • Khairunnisa Musari & Sutan Emir Hidayat, 2023. "The Role of Green Sukuk in Maqasid Al-Shariah and SDGs: Evidence from Indonesia," Palgrave CIBFR Studies in Islamic Finance, in: Zul Hakim Jumat & Saqib Hafiz Khateeb & Syed Nazim Ali (ed.), Islamic Finance, FinTech, and the Road to Sustainability, pages 181-203, Palgrave Macmillan.
    • Handle: RePEc:pal:pcichp:978-3-031-13302-2_9
    DOI: 10.1007/978-3-031-13302-2_9
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