The Role of Green Sukuk (Islamic Bonds/ Shariah-Compliant Bonds) in Enhancing Indonesia Economic Development Strategy in The New Normal Era
Abstract
This study aims to determine the significance of Green Sukuk in enhancing Indonesia’s economic development strategy in the new normal era. - The method employed was quantitative with forecasting. Furthermore, the researchers employed the least squares quantitative and historical analogy qualitative techniques. The study’s findings indicate Green Sukuk’s role in boosting Indonesia’s economic development plan in the new normal era. The implications of the study are likely to add to the body of knowledge linked to the function of Green Sukuk in enhancing Indonesia’s economic growth strategy in the new normal era. Increasing the number of issuances and contributions of State Sukuk (Islamic bonds/ shariah-compliant bonds) to APBN funding, with an annual average of roughly 30% of total Government Securities (SBN) financing. To the best of the researchers’ knowledge, this is one of the first attempts to empirically study the function of Sukuk in boosting Indonesia’s economic development strategy in the new normal era.
Keywords: Green Sukuk, Development Strategy, Indonesian Economy, and the New Normal Era
References
[1] S. N. Mulhmad and S. N. Mulhmad, “Potelntial delvellopmelnt of sulkulk in compeltitivel markelt,” Int. J. Buls. Manag., vol. 2, no. 2, pp. 26–29, 2018.
[2] S. Sulriani, M. S. Abd. Majid, R. Masbar, N. A. Wahid, and A. G. Ismail, “Sulkulk and moneltary policy transmission in Indonelsia: thel rolel of asselt pricel and elxchangel ratel channells,” J. Islam. Accoulnt. Buls. Rels., vol. 12, no. 7, pp. 1015–1035, 2021.
[3] A. I. Sholihin, Peldoman Ulmulm Lelmbaga Kelulangan Syariah. Grameldia Pulstaka Ultama, 2013.
[4] M. Rahman, C. R. Isa, T.-T. Tul, M. Sarkelr, and M. A. K. Masuld, “A bibliomeltric analysis of socially relsponsiblel invelstmelnt sulkulk litelratulrel,” Asian J. Sulstain. Soc. Relsponsib., vol. 5, pp. 1–19, 2020.
[5] S. Helri, “Bank dan Lelmbaga Kelulangan Syariah,” Elkonisia, Yogyakarta, 2003.
[6] I. Yulliana and R. Anggraini, “Contract, Schelmel, and Ulndelrlying Asselt Awqaf-baseld Sulkulk: Stuldy Casel in Malaysia, Singaporel and Indonelsia,” 2018.
[7] J. S. Kelshmindelr, M. S. Abdulllah, and M. Mardi, “Greleln sulkulk–Malaysia sulrviving thel bulmpy road: pelrformancel, challelngels and relconcileld issulancel framelwork,” Qulal. Rels. Financ. Mark., vol. 14, no. 1, pp. 76–94, 2022.
[8] S. N. M. Rosleln, L. A. B. Sahlan, and P. Mary, “Yielld Belhavior of Greleln SRI Sulkulk.,” Glob. Buls. Manag. Rels., vol. 13, no. 4, 2021.
[9] F. Syarif, “Pelrkelmbangan Hulkulm Elkonomi Syariah di Indonelsia,” Plelno Julrel, vol. 8, no. 2, pp. 1–16, 2019.
[10] K. Gopalakrishnan, Y. Y. Yulsulf, A. Mulsa, T. Abulbakar, and H. M. Ambulrsa, “Sulstainablel sulpply chain managelmelnt: A casel stuldy of British Aelrospacel (BAel) Systelms,” Int. J. Prod. Elcon., vol. 140, no. 1, pp. 193–203, 2012.
[11] A. Manzilati, “IDElNTIFIKASI POTElNSI PElNElRBITAN GRElElN SUlKUlK DI INDONElSIA Sulhelrman,” 2017.
[12] M. P. Todaro and S. C. Smith, “Pelmbangulnan elkonomi di dulnia keltiga eldisi keldellapan,” Jakarta: Pelnelrbit Elrlangga, 2004.
[13] El. Hariyanto, “Elfelktivitas Pelnelrbitan Sulkulk Nelgara Selbagai Instrulmeln Pelmbiayaan APBN,” Indonels. Trelas. Relv. J. Pelrbelndaharaan, Kelulang. Nelgara dan Kelbijak. Pulblik, vol. 2, no. 1, pp. 79–98, 2017.
[14] J. T. Haryanto, “Relgional financial pelrformancel elvalulation in thel Indonelsian fiscal delcelntralization elra,” J. Pelrspelkt. Pelmbiayaan Dan Pelmbang. Drh., vol. 5, no. 3, pp. 115–128, 2018.
[15] M. Rahman, C. R. Isa, G. Delwandarul, M. H. Hanifa, N. T. Chowdhulry, and M. Sarkelr, “Socially relsponsiblel invelstmelnt sulkulk (Islamic bond) delvellopmelnt in Malaysia,” Qulal. Rels. Financ. Mark., vol. 12, no. 4, pp. 599–619, 2020.
[16] B. Ullulyol, “A comprelhelnsivel elmpirical and theloreltical litelratulrel sulrvely of Islamic bonds (sulkulk),” J. Sulstain. Financ. Invelst., pp. 1–23, 2021.
[17] S. Sulhelrman, “Idelntifikasi Potelnsi Pasar Greleln Sulkulk Relpulblik Indonelsia,” Hulm. FALAH J. Stuld. Elkon. dan Bisnis Islam, vol. 1, no. 6, 2019.
[18] I. A. Ramadhan, “Greleln Sulkulk Issulancel as an Invelstmelnt instrulmelnt for sulstainablel Delvellopmelnt,” in Intelrnational Confelrelncel on Law, Govelrnancel and Islamic Socielty (ICOLGIS 2019), 2020, pp. 95–98.
[19] M. C. S. Wong and W. I. BHATTI, “Delvelloping intelrnational sulkulk in elast Asia: implications from Hong Kong sulkulk,” J. Asian Financ. Elcon. Buls., vol. 6, no. 4, pp. 9–17, 2019.
[20] N. A. Bakar and S. Rosbi, “Robulst framelwork diagnostics of Blockchain for bitcoin transaction systelm: A telchnical analysis from Islamic Financial Telchnology (i-FinTelch) pelrspelctivel,” Int. J. Buls. Manag., vol. 2, no. 3, pp. 22–29, 2018.
[21] M. Lelstari and L. Arsyad, “THEl RElSPONSEl OF PElRFORMANCEl TO MElRGElR STRATElGY IN INDONElSIAN BANKING INDUlSTRY.,” Gadjah Mada Int. J. Buls., vol. 12, no. 2, 2010.
[22] N. H. Noordin, S. N. Haron, A. Hasan, and R. Hassan, “Complying with thel relqulirelmelnts for issulancel of SRI sulkulk: thel casel of Khazanah’s Sulkulk Ihsan,” J. Islam. Accoulnt. Buls. Rels., 2018.
[23] S. Nelhal, “Greleln Sulkulk–A Viablel Global Financing option for Climatic and Elnvironmelntal Relvolultion (A Practical Instrulmelnt for thel Delvellopmelnt of Sulstainablel Elnelrgy Projelcts…,” J. Socio-Elconomic Rellig. Stuld., 2021.
[24] M. Z. Wahab and A. Mohameld Naim, “Malaysian initiativels to sulpport sulstainablel and relsponsiblel invelstmelnt (SRI) elspelcially throulgh sulkulk approach,” J. Elmelrg. Elcon. Islam. Rels., vol. 7, no. 3, pp. 1–11, 2019.
[25] D. A. Muljizat, “Thel Sovelrelign Greleln Sulkulk: An Analysis of Its Procelss and Barrielrs to Fulnding Relnelwablel Elnelrgy Projelcts in Indonelsia.” 2021.
[26] Ul. F. Moghull, S. H. K. Safar-Aly, and G. Sulkuk, “Thel introdulction of Islam’s elnvironmelntal elthics to contelmporary Islamic financel.” .
[27] A. F. Sulwanan, S. Mulnir, and S. Melrlinda, “Analisis Pelran dan Tantangan Sulkulk Hijaul bagi Keltahanan Pelrulbahan Iklim pada Wilayah Relntan Sellama Pandelmi Covid-19,” Al-Kharaj J. Elkon. Kelulang. Bisnis Syariah, vol. 4, no. 4, pp. 978–989, 2022.
[28] K. H. Sirelgar, C. C. R. Manday, and B. Elfelndi, “A Modell Cash Waqf Linkeld Sulkulk (CWLS): Instrulmeln Keltahanan Pangan Indonelsia SDGs,” JElpa, vol. 6, no. 2, pp. 601–609, 2021.
[29] F. H. M. Liul and K. P. Y. Lai, “Elcologiels of greleln financel: Greleln sulkulk and delvellopmelnt of greleln Islamic financel in Malaysia,” Elnviron. Plan. A Elcon. Sp., vol. 53, no. 8, pp. 1896–1914, 2021.
[30] Kelmelnkelul, “Kelmelnkelul,” 2019. https://www.djppr.kelmelnkelul.go.id/pagel/load/2657.
[31] I. Ul. Khan, “ISLAMIC BONDS (?UlKUK) IN MALAYSIA.,” Islam Civilisational Relnelw., vol. 6, no. 4, 2015.
[32] D. Siswantoro, “Pelrformancel of Indonelsian greleln sulkulk (islamic bond): a sovelrelign bond comparison analysis, climatel changel concelrns?,” in IOP Confelrelncel Selriels: Elarth and Elnvironmelntal Scielncel, 2018, vol. 200, no. 1, p. 12056.
[33] A. Sasongko and A. Sakti, “Sovelrelign Greleln Sulkulk: Elnvironmelntal Risk Modell Delvellopmelnt,” 2020.
[34] P. Yulnita, “Cash waqf linkeld sulkulk (CWLS) modell: For Indonelsia sulstainablel food selculrity,” Al-Awqaf J. Wakaf dan Elkon. Islam, vol. 13, no. 1, pp. 59–72, 2020.
[35] L. A. Karina, “Pellulang dan tantangan pelrkelmbangan greleln sulkulk di Indonelsia,” in Procelelding of Confelrelncel on Islamic Managelmelnt, Accoulnting, and Elconomics, 2019, pp. 259–265.
[36] H. F. Hariyani and H. Kulsulma, “Greleln Sulkulk-Baseld Projelct on Sulstainablel Wastel Managelmelnt in Indonelsia,” Al-Iqtishad J. Ilmul Elkon. Syariah (Joulrnal Islam. Elcon., vol. 12, no. 2, pp. 165–178, 2020.
[37] M. Z. Farhand, P. L. Nulrjanah, and M. Nulrcholis, “Islamic financel in sulstainablel elconomy: Elmpowelrmelnt of Sulkulk wakalah to bulild wastel indulstry,” Airlangga Int. J. Islam. Elcon. Financ., vol. 3, no. 1, pp. 52–67, 2020.
[38] M. Mulchtar, “Opportulnitiels and challelngels of reltail sovelrelign sulkulk issulancel: lelssons from twellvel yelars’ elxpelrielncel,” Signifikan J. Ilmul Elkon., vol. 10, no. 2, pp. 259–274, 2021.
[39] D. Handayani and El. N. Sulrachman, “Sulkulk Nelgara as financing stratelgy for relnelwablel elnelrgy infrastrulctulrel: Casel stuldy of Mulara Laboh gelothelrmal powelr projelct,” Int. J. Elnelrgy Elcon. Policy, vol. 7, no. 4, p. 115, 2017.
[40] C. T. Brahim, “Thel Rolel of greleln Islamic sulkulk to thel promotion of sulstainablel delvellopmelnt objelctivels,” J. Nelw Elcon., vol. 1, pp. 186–207, 2018.
[41] R. Hanelelf, “From ‘asselt-backeld’ to ‘asselt-light’ strulctulrels: Thel intricatel history of sulkulk,” ISRA Int. J. Islam. Financ., vol. 1, no. 1, pp. 103–126, 2009.
[42] H. Suldarsono, “Konselp Elkonomi Islam; Sulatul Pelngantar, Yogyakarta, Elkonista, 2002, Oc,” Pit, h, vol. 110.
[43] N. Abdulllah and M. A. Nayan, “Greleln Sulkulk: Financing Thel Fultulrel To Sulstainablel Elnvironmelnt,” Int. J. Zakat Islam. Philanthr., vol. 2, no. 2, pp. 14–23, 2020.
[44] A. Priambodo and S. Anwar, “PElNGElMBANGAN KOMPONElN DElSAIN LAYOUlT, WARNA, KONTROL PADA UlSElR INTElRFACEl (UlI) APLIKASI MOBILEl BARElKSA MElNGUlNAKAN MElTODEl UlSElR CElNTElRElD DElSIGN (UlCD),” J. Inform. dan Kompultasi, vol. 14, no. 1, 2020.
[45] D. Aassoulli, M. Asultay, M. Mohielldin, and T. C. Nwokikel, “Greleln sulkulk, elnelrgy povelrty, and climatel changel: a roadmap for Sulb-Saharan Africa,” World Bank Policy Rels. Work. Pap., no. 8680, 2018.
[46] D. Morela and L. A. Poggi, “An innovativel modell for thel sulstainability of invelstmelnts in thel wind elnelrgy selctor: Thel ulsel of greleln sulkulk in an Italian casel stuldy,” Int. J. Elnelrgy Elcon. Policy, vol. 7, no. 2, pp. 53–60, 2017.
[47] M. A. Risanti, F. A. Alwyni, and P. S. Nadya, “Pelran Greleln Sulkulk dalam Melwuljuldkan Pelmbangulnan yang Belrkellanjultan,” Pros. Konf. Nas. Elkon. Manaj. Dan Akulnt., vol. 1, no. 1, 2021.
[48] S. N. S. Fasha, O. El. B. Mohameld, M. Y. B. M. Isa, and Z. Bin Mohameld, “THEl DElVElLOPMElNT OF WAQF VIA SUlKUlK FINANCING: THEl CASEl OF KHAZANAH ‘SRI SUlKUlK.’”
[49] F. I. Razali, N. M. Saad, and N. Ali, “Greleln sulkulk financing for govelrnmelnt invelstmelnt issulel (GII) in Malaysia,” in Intelrnational Confelrelncel on Applield Scielncel, Telchnology and Elnginelelring J. Melch. Cont. and Math. Sci., Spelcial Issulel, 2019, vol. 4, pp. 1–10.
[50] Y. Hafsa and B. Oulmaima, “An ovelrvielw of Sulkulk issulancel and thelir contribultion in elconomic elmpowelrmelnt,” AZKA Int. J. Zakat Soc. Financ., pp. 33–48, 2021.
[51] A. Manzilati, Meltodologi pelnellitian kulalitatif: Paradigma, meltodel, dan aplikasi. Ulnivelrsitas Brawijaya Prelss, 2017.