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All Journal Shirkah: Journal of Economics and Business Proceeding of International Conference on Humanity Education and Society
Tajus Subqi
Universitas Annuqayah, Sumenep, Indonesia
Humanities Economics, Econometrics & Finance Education Languange, Linguistic, Communication & Media Social Sciences Other

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GREEN SUKUK: FINANCING CLIMATE ACTION THROUGH ISLAMIC PRINCIPLES Tajus Subqi; Arina Haqan; Rina Nur Janna; Muawwanah
International Conference on Humanity Education and Society (ICHES) Vol. 5 No. 1 (2026): The 5th International Conference on Humanity Education and Society (ICHES)
Publisher : FORPIM PTKIS ZONA TAPAL KUDA

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Abstract

Climate change poses one of the most pressing challenges of the 21st century, requiring innovative financing mechanisms to support global mitigation and adaptation efforts. This study examines green sukuk as an Islamic financial instrument that integrates environmental sustainability with Shariah-compliant principles, offering a viable pathway for financing climate action in Muslim-majority countries. The research employs a qualitative approach through systematic literature review and case study analysis of green sukuk issuances in Malaysia, Indonesia, and the United Arab Emirates from 2017 to 2025. Data were collected from regulatory documents, financial reports, and academic publications, analyzed using thematic content analysis. Findings reveal that green sukuk successfully mobilize capital for renewable energy, sustainable infrastructure, and climate resilience projects while adhering to maqasid al-shariah principles of environmental stewardship (hifz al-bi’ah). The study identifies three critical success factors: robust regulatory frameworks, standardized green certification processes, and stakeholder engagement mechanisms. Despite challenges including limited market awareness and standardization gaps, green sukuk demonstrate significant potential in bridging the climate finance gap. This research contributes to the emerging discourse on Islamic sustainable finance and provides policy recommendations for expanding green sukuk markets globally.
The Role of Dividend Policy and Investment Decisions in Shaping Firm Value: Evidence from Indonesian Islamic Capital Market Tajus Subqi; Maksum Maksum; Atep Hendang Waluya; Anna Zakiyah Hastriana; Rustam Rustam
Shirkah: Journal of Economics and Business Vol. 10 No. 3 (2025)
Publisher : Universitas Islam Negeri Raden Mas Said Surakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.22515/shirkah.v10i3.725

Abstract

While the previous studies have mentioned the effect of dividend policy and investment choice on the value of a firm, the effect of these variables on the value of a firm in the Islamic Capital Market of Indonesia has not been studied. Responding to this gap, the present study assesses the effect of dividend policy and investment choice on the value of a firm and examine how the dividend policy and investment choice affect the relationships of ownership structure, capital structure, profitability and corporation growth on the value of a firm. The study employed a quantitative method and collected data from 71 companies registered under the Indonesian Sharia Stock Index (ISSI) from 2016 to 2021. Using the software SmartPLS, the researchers did a Partial Least Squares (PLS) analysis to derive the required data. The results disclose that investment and dividend policies mediate the impact of capital structure on firm value but do not mediate the influence of ownership structure. Specifically, investment choice positively affects profitability, while dividend choice has a negative effect; furthermore, only dividend choice mediates corporate growth. Overall, both policies significantly determine firm value, particularly through their connection to capital structure and corporate growth. Managers and policymakers in the Indonesian Islamic capital market should strategically align dividend and investment policies with capital structure and growth considerations to enhance firm value in a Sharia-compliant context.
Co-Authors Anna Zakiyah Hastriana Arina Haqan Atep Hendang Waluya Maksum Maksum Muawwanah Rina Nur Janna Rustam Rustam