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All Journal Al-Ahkam Jurnal IUS (Kajian Hukum dan Keadilan) Jurnal Hadratul Madaniyah Jurnal Hukum Ekonomi Islam (JHEI) Smart: Journal of Sharia, Tradition, and Modernity Electronic Journal of Education, Social Economics and Technology Journal of Islamic Law Studies Jurnal Hukum & Pembangunan Mizan: Journal of Islamic Law Tawazun: Journal of Sharia Economic Law
Heradhyaksa, Bagas
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Legal Analysis of Accountability and Transparency in the Distribution of Waqf Management Returns Sholihah, Fithriyatus; Heradhyaksa, Bagas
Jurnal Hadratul Madaniyah Vol. 12 No. 2 (2025): Jurnal Hadratul Madaniyah
Publisher : ​Institute for Researches and Community Services Universitas Muhammadiyah Palangkaraya

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.33084/jhm.v12i2.10884

Abstract

This article examines the compatibility between Article 23 of the Indonesian Waqf Board (BWI) Regulation No. 01 of 2020 on the distribution of waqf proceeds and the Financial Accounting Standards (PSAK) 112 on Waqf Accounting. Article 23 stipulates that net proceeds shall be allocated with a maximum of 10% for Nazhir, at least 50% for the Mauquf ‘Alaih, and the remainder for reserves. However, the regulation does not specify the accounting basis for calculating and reporting such net proceeds. In contrast, PSAK 112 provides a comprehensive framework for recognition, measurement, presentation, and disclosure of waqf assets, including the separation between waqf and non-waqf assets, as well as the preparation of statements of financial position, activities, cash flows, and notes. This study employs a normative juridical method with statutory, conceptual, and comparative approaches, supported by international literature on accountability in waqf management. The findings reveal a regulatory gap between BWI Regulation and PSAK 112, which risks undermining transparency and accountability. The study recommends regulatory harmonization with PSAK 112, capacity building for Nazhir in financial reporting, and the adoption of digital reporting systems based on standardized accounting practices to strengthen public trust and ensure sustainable waqf governance.
Unregulated Gatekeepers: Oversight Independence Gaps in Indonesia's Sustainable Sukuk Framework Albana, Muhammad Abdur Rosyid; Heradhyaksa, Bagas; Pamesti, Pas Ingrid; Bawana, Tate Agape
TAWAZUN: Journal of Sharia Economic Law Vol 9, No 1 (2026): Tawazun: Journal of Sharia Economic Law
Publisher : Sharia Faculty Islamic Economic Law Study Department

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21043/tawazun.v9i1.37135

Abstract

The issuance of sustainable sukuk has emerged as a critical mechanism for financing projects aligned with environmental and social objectives. In Indonesia, the Financial Services Authority (OJK) regulates such instruments through POJK No. 18 of 2023, which mandates independent external reviewers to assess sustainability frameworks and ensure transparency. However, this study demonstrates that Articles 13 and 46 of the regulation lack detailed provisions regarding reviewer independence, competence, and accountability, particularly in relation to accreditation standards, selection procedures, and oversight mechanisms. Employing a normative legal method with statutory and conceptual approaches, the analysis reveals significant legal and institutional gaps that compromise the integrity of sustainability assessments. These gaps increase greenwashing risks due to insufficient oversight mechanisms and the absence of accreditation standards for ESG reviewers. Comparative analysis with international standards, including the ICMA Green Bond Principles, ASEAN Green Bond Standards, and the EU Green Taxonomy, confirms that Indonesia's current provisions are inadequate, particularly in requiring accredited reviewers, mandatory conflict-of-interest disclosure, and post-issuance verification. This study proposes three main recommendations: regulatory revision to specify reviewer qualifications, responsibilities, and conflict-of-interest rules; establishment of an independent oversight unit within OJK; and adoption of accreditation systems aligned with international ESG assurance frameworks. Theoretically, this research contributes to integrating oversight independence theory into Islamic capital market regulation by demonstrating that structural separation and institutional safeguards are essential to prevent conflicts of interest—thereby complementing agency theory and governance assurance frameworks.
Co-Authors Ahmad Wahyudi Albana, Muhammad Abdur Rosyid Amir Tajrid Bawana, Tate Agape Berlian, Hangrengga BUDIYONO Fachruddin, Mohammad Reza Hibnu Nugroho Jasri Jamal Kuat Puji Prayitno munawaroh, lathifah Octaviani, Rahma Oktaviani, Rahma Pamesti, Pas Ingrid Rizqon Halal Syah Aji, Rizqon Halal Rosyid, Maskur Sadari Sadari, Sadari Setyowati, Rofah Sholihah, Fithriyatus Suparman Syukur