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Implementation of Maqashid Syariah on Cash Waqf Linked Sukuk Maulidia Alfian, Annisa; Syafitri, Helin; Permata Sari, Indah; Tiswarni, Tiswarni
Iqtishodia: Jurnal Ekonomi Syariah Vol. 10 No. 1 (2025): March
Publisher : Universitas Al-Qolam Malang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.35897/iqtishodia.v10i1.1711

Abstract

This research aims to analyze the implementation of maqashid syariah in Cash Waqf Linked Sukuk (CWLS) and assess the alignment of the CWLS instrument towards public benefit. The theories used are the theory of waqf, cash waqf and maqashid syariah. This research is qualitative research with a literature review method. The research stages in order to analyze the implementation of maqashid syariah in CWLS are the preparation stage, literature collection, analysis and conclusion stages. The results of this research show that the concept and implementation of CWLS has implemented maqashid sharia both directly and indirectly. In hifzh ad-din, the implementation of CWLS has received a statement of sharia conformity by the DSN MUI. At hifzh an-nafs, CWLS investment proceeds have been allocated to hospitals which have served thousands of people to recover from their illnesses. At hifzh al-aql, one of the CWLS investment return fund allocations was given to the educational project funding program, so that it has facilitated many students to obtain knowledge and education. In the hifzh an-nasl concept, indirectly the implementation of CWLS has been allocated for long-term social and infrastructure projects so that the benefits can be felt by the next generation. Finally, in the hifzh al-mal concept, the implementation of CWLS has an economic value that provides returns on investment, this economic value can be enjoyed by mauquf alaih and other stakeholders.
Fiqh Economic Analysis in the Implementation of Green Sukuk as a Form of SDGs Syafitri, Helin; Hulwati; Duhriah
Jurnal Ilmiah Ekonomi Islam Vol. 11 No. 06 (2025): JIEI : Vol. 11, No. 06, 2025
Publisher : ITB AAS INDONESIA Surakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.29040/jiei.v11i06.18585

Abstract

This study discusses the application of green sukuk as an Islamic financial instrument in supporting the achievement of the Sustainable Development Goals (SDGs). Green sukuk is designed to fund environmentally friendly projects, such as renewable energy, waste management, and conservation of natural resources, while still adhering to the principles of economic fiqh, namely Justice (al-adl), balance (tawazun), and environmental preservation (hifdzul bi'ah). This study uses a qualitative approach with descriptive analytical methods to analyze the potential, challenges, and contribution of green sukuk to sustainable development. The results show that green sukuk has a positive impact on the environment, social, and economy, and contributes greatly to supporting the Sustainable Development Goals (SDGs) and has the potential to become an innovative Islamic financing solution. However, there are challenges in the form of low public understanding, lack of private sector participation, and the need for supportive regulation. Public education, government incentives, and the use of technology such as blockchain are important strategies to improve transparency and efficiency of fund management. This study recommends collaboration between the government, private sector, and academia to expand the implementation of green sukuk. With a comprehensive approach, green sukuk can strengthen Indonesia's position as a pioneer of Sharia green finance, while supporting sustainable development that is inclusive and environmentally friendly. Keywords: Green Sukuk, Fiqh Economics, SDGs