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All Journal Journal of Indonesian Sharia Economics
Muhammad Nashiruddin Fauzan
Universitas Diponegoro Semarang
Economics, Econometrics & Finance

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Green Waqf for Green Downstreaming: Developing a Productive Waqf Financing Model for Bioethanol Development and National Economic Resilience Ashhabul Manggala Sanggoleo Tosepu; Muhammad Nashiruddin Fauzan; Julia Bisti Saroh
JIOSE: Journal of Indonesian Sharia Economics Vol 5 No 2 (2026): September 2026
Publisher : Fakultas Syariah dan Ekonomi Islam Institut Pesantren Mathali'ul Falah

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.35878/jiose.v5i2.2358

Abstract

Indonesia's energy vulnerability as a net importer of fuel oil risks weakening its national economic resilience. Transitioning towards energy independence through the green downstreaming of agricultural commodities into bioethanol is highly strategic but hampered by massive capital expenditure that burdens the State Budget (APBN). This research aims to formulate an innovative Green Waqf financing model as an independent alternative funding solution for bioethanol infrastructure development. The research utilizes a descriptive qualitative approach through library research and content analysis, designing an integration model using Hexahelix collaboration. The analysis outlines the financing framework, stakeholder roles, and feasibility evaluations based on SWOT, SMART, and Social Return on Investment (SROI). The results show that a Green Waqf portfolio, consisting of perpetual and temporary waqf, is capable of financing green downstreaming projects without burdening the national budget. The SROI evaluation demonstrates high feasibility, projecting a ratio of 1.64 in the first five years. This waqf-based bioethanol downstreaming model offers a novel approach to reducing gasoline import dependency, creating jobs, and strengthening national economic resilience sustainably.
Co-Authors Ashhabul Manggala Sanggoleo Tosepu Julia Bisti Saroh