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All Journal An-Nisbah: Jurnal Ekonomi Syariah
Andi Dinul Islam Firdaus
Institut Agama Islam Negeri Parepare
Religion Economics, Econometrics & Finance

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Risk-Based Fiscal Policy: Adopting a Shariah-Compliant Model for Indonesia’s Economic Resilience Muhammad Said; Syahriyah Semaun; Muzdalifah Muhammadun; Andi Bahri; Andi Dinul Islam Firdaus
An-Nisbah: Jurnal Ekonomi Syariah Vol. 12 No. 2 (2025): An-Nisbah (Oktober)
Publisher : UIN Sayyid Ali Rahmatullah Tulungagung

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21274/an.v12i2.11052

Abstract

Amid global economic uncertainty and the limitations of debt-reliant conventional fiscal policies, Indonesia requires a robust framework to enhance economic resilience. Existing approaches often fail to address equitable resource distribution and ethical risk management. This study aims to develop a risk-based fiscal policy model integrated with Shariah principles to address this gap. Employing a qualitative library research method with secondary data analysis from 2021 to 2025, the study formulates a tripartite model comprising sovereign sukuk for infrastructure, zakat for social safety nets, and mudharabah-musyarakah partnerships for public investment. The findings indicate that this integrated approach significantly mitigates fiscal risks by replacing interest-based debt with asset-backed and profit-sharing mechanisms. Projections suggest the model can reduce the debt-to-GDP ratio from 40.9% to below 35%, lower the Gini coefficient to under 0.35, and sustain economic growth above 5%. This research contributes a comprehensive framework for policymakers, offering a practical pathway toward a more equitable, inclusive, and stable economic system aligned with Maqasid al-Shariah.
Co-Authors Andi Bahri Muhammad Said Muzdalifah Muhammadun Syahriyah Semaun