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All Journal Islamic Ecomonics Journal Al Itmamiy : Jurnal Hukum Ekonomi Syariah
Daryn Salsabila
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Humanities Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Social Sciences

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Does Islamic Financial Development Reduce Carbon Emissions? Evidence from OIC Countries Nadya Setiawati; Daryn Salsabila
Islamic Economics Journal Vol 8, No 2 (2022)
Publisher : University of Darussalam Gontor

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (861.95 KB) | DOI: 10.21111/iej.v8i2.7333

Abstract

Islamic finance has great potential in encouraging the development of social and economic infrastructure. The rapid improvement of the Islamic finance sector and the increasingly good economic growth have a positive impact on infrastructure development in the Countries of the Organization Islamic Cooperation (OIC). The study analyzed the impact of the development of the Islamic financial sector on CO2 emissions in 12 OIC countries including the United Arab Emirates, Indonesia, Jordan, Kazakhstan, Kuwait, Lebanon, Malaysia, Nigeria, Pakistan, Saudi Arabia, Sudan and Turkey from 2013 to 2018. The dependent variables used are CO2 emissions, while independent variables include GDP per capita, Sukuk issuance, total sharia-compliant, total energy consumption, and industry value-added. The study used the Panel Corrected Standard Error (PCSE) method and robustness using the Newey-West standard error model. Results from the study showed that GDP per capita and industry value added significantly increased CO2 emissions. Conversely, Islamic financial development variables namely Sukuk issuance and total sharia-compliant have a negative and significant impact on CO2 emissions. This research suggests for policymakers to further encourage sustainable development of Islamic finance to encourage energy efficiency and renewable energy production and consumption to reduce CO2 emissions and maintain environmental quality.
Does Islamic Financial Development Reduce Carbon Emissions? Evidence from OIC Countries Nadya Setiawati; Daryn Salsabila
Islamic Economics Journal Vol. 8 No. 2 (2022)
Publisher : University of Darussalam Gontor

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (861.95 KB) | DOI: 10.21111/iej.v8i2.7333

Abstract

Islamic finance has great potential in encouraging the development of social and economic infrastructure. The rapid improvement of the Islamic finance sector and the increasingly good economic growth have a positive impact on infrastructure development in the Countries of the Organization Islamic Cooperation (OIC). The study analyzed the impact of the development of the Islamic financial sector on CO2 emissions in 12 OIC countries including the United Arab Emirates, Indonesia, Jordan, Kazakhstan, Kuwait, Lebanon, Malaysia, Nigeria, Pakistan, Saudi Arabia, Sudan and Turkey from 2013 to 2018. The dependent variables used are CO2 emissions, while independent variables include GDP per capita, Sukuk issuance, total sharia-compliant, total energy consumption, and industry value-added. The study used the Panel Corrected Standard Error (PCSE) method and robustness using the Newey-West standard error model. Results from the study showed that GDP per capita and industry value added significantly increased CO2 emissions. Conversely, Islamic financial development variables namely Sukuk issuance and total sharia-compliant have a negative and significant impact on CO2 emissions. This research suggests for policymakers to further encourage sustainable development of Islamic finance to encourage energy efficiency and renewable energy production and consumption to reduce CO2 emissions and maintain environmental quality.
Implementasi Dan Inovasi Pembiayaan Syariah Cash Waqf Linked Sukuk (CWLS) Daryn Salsabila
Al Itmamiy Jurnal Hukum Ekonomi Syariah (Muamalah) Vol. 5 No. 1 (2023): Al Itmamiy : Jurnal Hukum Ekonomi Syariah
Publisher : Sekolah Tinggi Ilmu Syariah Nurul Qarnain Jember

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (1009.72 KB) | DOI: 10.55606/ai.v5i1.288

Abstract

The development of Islamic finance has exhibited notable progress. Cash Waqf Linked Sukuk, also known as CWLS, is a type of innovation in the field of Islamic finance. This instrument is a form of state commitment in supporting the National Movement for Cash Waqf (GNWU) to increase a sense of care and social solidarity and realize efforts to alleviate poverty, social inequality, and realize equitable development in Indonesia. Integrating three distinct sectors, namely the Islamic Social Finance sector, the commercial financial sector, and state or fiscal finance, CWLS is an innovative and intelligent breakthrough. Through waqf, wakif or cash waqf will be facilitated to invest either temporarily or permanently so that they can place their money in investment instrument that are safe, productive, blessed, and beneficial by sharia principles.
Co-Authors Nadya Setiawati