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All Journal Al-Ahkam
Sahidin Sahidin
Universitas Islam Negeri Walisongo Semarang
Religion Law, Crime, Criminology & Criminal Justice

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Environmental and Social Safeguards in Indonesia's Green Ṣukūk: Integrating Maqāṣid al-Sharī’a for Sustainable Governance Bagas Heradhyaksa; Sahidin Sahidin; Ana Rahmawati; Muhammad Aly Mahmudi; Nur Aini Fitriya Ardiani Aniqoh
Al-Ahkam Vol. 36 No. 2 (2026): October
Publisher : Faculty of Sharia and Law, Universitas Islam Negeri (UIN) Walisongo Semarang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21580/ahkam.2026.36.2.31801

Abstract

Indonesia has issued sovereign green ṣukūk since 2018, yet project financing regulations do not link environmental and social safeguards to eligibility. This article examines the legal force of the safeguards and whether maqāṣid obliges the state to address this gap. Using normative legal research with statutory, conceptual, and comparative approaches, it maps Government Regulation Number 16 of 2023 against the World Bank’s ten environmental and social standards. It interprets findings through classical and contemporary maqāṣid theory and the Indonesian Ulema Council’s climate change fatwa, comparing Indonesia’s regime with Malaysia’s sustainable and responsible investment ṣukūk framework. The regulation addresses environmental and social feasibility generally but provides no risk classification, exclusion list, grievance mechanism, or sanctions for safeguard breaches. Safeguards remain dispersed across nonbinding issuer frameworks and sectoral statutes, creating a norm-linkage gap. The article recommends dual assurance that incorporates safeguards into binding project eligibility criteria through regulatory provisions and the Sharia compliance channel, making environmental and social protection enforceable obligations within sovereign green ṣukūk financing.
Co-Authors Ana Rahmawati Bagas Heradhyaksa Muhammad Aly Mahmudi Nur Aini Fitriya Ardiani Aniqoh