Reinterpretation Of Sharia Economic Law In The Green Transition: A Juridical-Normative Analysis Of Sustainable Financial Instruments Based On Maqashid Al-Sharia In Indonesia
DOI:
https://doi.org/10.37680/jshel.v4i2.10486Keywords:
Islamic economic law; maqashid al-shariah; sustainable finance; green sukuk; green transformationAbstract
The transition toward a green economy has become a global priority that integrates economic growth, social equity, and environmental sustainability. In Indonesia, this commitment was reinforced through the Financial Services Authority's (OJK) launch of the Indonesian Sustainable Finance Taxonomy (TKBI) version 3 in February 2026, which updated the 2022 Indonesian Green Taxonomy. This article examines the role of maqashid al-shariah as a philosophical and normative foundation within Indonesia's sustainable finance framework while evaluating the contribution of green Islamic finance instruments, including retail green sukuk, global green sukuk, and productive waqf, to achieving the 2060 net-zero emission target. Using a normative-juridical method with statute and conceptual approaches, supported by secondary data from OJK and the Ministry of Finance (2025–2026), the study finds that the principles of mizan (balance), amanah (responsibility), and hifz al-bi'ah (environmental preservation) strongly align with sustainable finance objectives. Nevertheless, implementation remains hindered by regulatory fragmentation, limited public literacy on green Islamic finance, and weak institutional coordination. The study recommends harmonizing the Financial Sector Omnibus Law (UU P2SK) with National Sharia Board fatwas and strengthening green Cash Waqf Linked Sukuk (CWLS) as an integrated eco-sharia financing instrument.
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