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All Journal STUDIA ISLAMIKA Iqtishoduna: Jurnal Ekonomi Islam International Journal of Zakat (IJAZ) Jurnal Pengabdian Masyarakat Indonesia Perbanas Journal of Islamic Economics and Business Journal of Islamic Economics Lariba Gudang Jurnal Multidisiplin Ilmu Al-Zayn: Jurnal Ilmu Sosial & Hukum Jurnal Kajian Pariwisata dan Perhotelan Al'Adalah Menulis: Jurnal Penelitian Nusantara Studia Islamika IJIEF: Indonesian Journal of Islamic Economics and Finance International Journal of Islamic Khazanah Tawazun: Journal of Sharia Economic Law
Khairunnisa Musari
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Religion Aerospace Engineering Arts Humanities Civil Engineering, Building, Construction & Architecture Computer Science & IT Control & Systems Engineering Decision Sciences, Operations Research & Management Earth & Planetary Sciences Economics, Econometrics & Finance Education Engineering Environmental Science Languange, Linguistic, Communication & Media Library & Information Science Public Health Social Sciences Other

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Towards a Sustainable Future: Evaluating Sovereign Sukuk in Indonesia, the UAE, and Morocco Khairunnisa Musari; Abdelbari El-Khamlichi
International Journal of Islamic Khazanah Vol. 15 No. 2 (2025): IJIK
Publisher : UIN Sunan Gunung Djati Bandung

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15575/ijik.v15i2.49306

Abstract

As contemporary instruments of Islamic finance, sovereign sukuk play a pivotal role in driving economic growth while advancing sustainable development. The sovereign sukuk initiative has opened new pathways for financing infrastructure, promoting social welfare, supporting environmental stewardship, and fostering impact investment aligned with the Sustainable Development Goals (SDGs). This study examines the utilization of sovereign sukuk as sustainable financing mechanisms in three leading Muslim-majority countries, namely Indonesia, the United Arab Emirates (UAE), and Morocco. Indonesia pioneered its first sovereign sukuk in 2008 and, a decade later, became the world’s first issuer of a green sovereign sukuk, signaling its leadership in Islamic sustainable finance. The UAE, which launched its inaugural sovereign sukuk in 2014, has recently expanded into the green sukuk market through several landmark issuances, despite being a relatively new participant in this segment. In contrast, Morocco—having entered its first decade of sukuk implementation—issued its debut sovereign sukuk in 2018 and plans to release its second in 2025, reflecting a more gradual trajectory. Drawing upon literature review and content analysis, this study provides a comparative exploration of the sovereign sukuk experiences of these three nations. It focuses on: (1) The experience of Indonesian sovereign sukuk; (2) The experience of the UAE sovereign sukuk; (3) The experience of the Moroccan sovereign sukuk; (4) Comparative analysis of the initial development, law, and regulations of the sovereign sukuk in financing or refinancing eligible green projects that contribute positively to environmental sustainability. The findings highlight how sovereign sukuk can serve as effective instruments for sustainable financing, bridging Islamic ethical principles with global environmental and social objectives.
Cicil Emas Bank Syariah untuk Investasi Jangka Panjang: Studi Kasus BSI Lumajang Imam Bonjol Aneira Meilani Putri; Veby Septya Margareta; Risma Aini Wulandari; Khairunnisa Musari
Al-Zayn: Jurnal Ilmu Sosial, Hukum & Politik Vol 4 No 3 (2026): 2026
Publisher : Yayasan pendidikan dzurriyatul Quran

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.61104/alz.v4i3.6616

Abstract

Studi ini bertujuan untuk menganalisis keuntungan, risiko, dan potensi jangka panjang produk pembiayaan cicil emas pada bank syariah dibandingkan dengan pembelian emas tunai. Dengan mengambil studi kasus di Bank Syariah Indonesia (BSI) Cabang Lumajang Imam Bonjol, hasil penelitian menunjukkan bahwa pembiayaan cicil emas memiliki keuntungan utama dalam hal aksesibilitas, fleksibilitas, dan kemudahan. Namun demikian, terdapat beberapa risiko yang dihadapi, yaitu fluktuasi harga yang dapat memengaruhi minat dan kemampuan bayar nasabah, biaya administrasi, dan risiko keterlambatan pembayaran cicilan yang berpotensi menyebabkan penjualan aset. Faktor eksternal seperti kondisi ekonomi global, inflasi, nilai tukar, dan strategi promosi juga memengaruhi minat masyarakat terhadap produk ini. Dalam jangka panjang, setidaknya rentang 10 tahun, cicilan emas menawarkan potensi keuntungan yang menjanjikan karena emas merupakan aset riil yang cenderung stabil dan mempertahankan nilainya terhadap inflasi. Produk ini semakin menarik bagi masyarakat Lumajang karena kesesuaiannya dengan prinsip-prinsip Syariah.
Wakaf Uang dalam Ekosistem Ekonomi Digital: Solusi Keuangan Islam untuk Era Industri 4.0 Hasan, Zaenol; Musari, Khairunnisa; Makki, Mustaqim
TAWAZUN: Journal of Sharia Economic Law Vol 8, No 1 (2025): 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.v8i1.31106

Abstract

The advancement of the digital economy in the Fourth Industrial Revolution era has created new opportunities for optimizing Islamic financial instruments, including cash waqf. This study aims to conceptualize the digital transformation of cash waqf by exploring its fundraising mechanisms, product integration with Islamic fintech platforms, and governance models in the digital ecosystem. Employing a qualitative descriptive approach with library research methodology, this study utilizes a systematic literature review (SLR) to examine relevant academic sources and regulatory documents. The findings reveal that: (1) online fundraising through digital payment systems and Islamic crowdfunding platforms has significantly enhanced public participation and accessibility; (2) product innovation such as waqf-based insurance, corporate waqf, and share waqf has been facilitated through fintech integration, aligning with the objectives of maqasid al-shariah; and (3) digital governance models incorporating blockchain and good corporate governance (GCG) principles have improved transparency, accountability, and institutional credibility. This study contributes to Islamic economic literature by offering a theoretical framework that synthesizes classical waqf principles with modern financial technology. It also highlights the potential of digital cash waqf as a transformative tool for inclusive socio-economic empowerment, while noting the need for improved digital literacy, regulatory frameworks, and inter-sectoral collaboration.
Co-Authors Abdelbari El-Khamlichi Abdul Rokhim Ahmad Baihaqi Aneira Meilani Putri Arodha, Dianidza Ayu Suryaningsih Azzain, Abdullah Faqih Bunga Mawadhatul Maulidah Dianidza Arodha Diki Hendrianto Dina Ayu Lestari Esti Anisa Pratiwi Evi Puji Lestari Fatima Sayah Febri Sholeh Hamsyah Fuad, Mohamad Zakaria Husni Khoirun Nisa Virdania Makki, Mustaqim Maya Panorama Maya Panorama, Maya Moh. Rizky Abadi Moh. Syawaludin Moh. Syawaludin Mohamad Yunus Mohammad Aldi Eka Putra Mohammad Alung Prayogi Mohammad Halil Hakiki Muhammad Afifudin Muhammad Mujahed Muhammad Rizki Hafianto Putra Muhammad Sahrul Muhammad Ulul Albab Nahdiya Aizatul Maissa Nalurita Emylia Ni’mah, Iffatun Risma Aini Wulandari Rohim, Muhammad Abdur Roziqin, Achmad Salwatin Falahiyah Siti Lailatul Husna Veby Septya Margareta Vita Aprilia Maghfiroh Yesinta Zaenol Hasan