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All Journal Journal of Sharia Economic Law
Vero Wibowo
Faculty of Law UPN “Veteran” Jawa Timur, Indonesia
Arts Humanities Economics, Econometrics & Finance Law, Crime, Criminology & Criminal Justice Social Sciences

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Reinterpretation Of Sharia Economic Law In The Green Transition: A Juridical-Normative Analysis Of Sustainable Financial Instruments Based On Maqashid Al-Sharia In Indonesia Budi Prasetyo Margono; Vero Wibowo; Nur Putri
Journal of Sharia Economic Law Vol. 4 No. 2 (2026)
Publisher : Institut Agama Islam Sunan Giri Ponorogo

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.37680/jshel.v4i2.10486

Abstract

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.
Co-Authors Budi Prasetyo Margono Nur Putri