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Arima Forecasting of Indonesia’s Sovereign Sukuk as a Sustainable Financing Instrument Hartono, Haryani Santo; Nurrachmi, Rininta; Salleh, Sharifah Nabilah Syed
Economica: Jurnal Ekonomi Islam Vol. 16 No. 2 (2025)
Publisher : Fakultas Ekonomi dan Bisnis Islam UIN Walisongo

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21580/economica.2025.16.2.28256

Abstract

Sukuk development in Indonesia, along with SBSN (Surat Berharga Syariah Negara) sovereign securitization sukuk SBSN, sovereign securitization sukuk (SBSN), sustainable and diverse in-structure financing sukuk SBSN, is being balanced with the increasing usage of Sharia-compliant instruments for the financing of fiscal deficits and the management of sovereign debts, which continues to expand. An Autoregressive Integrated Moving Average (ARIMA) model is employed in this study, using monthly time series data for the period 2019 to 2024. Among the time series modeling techniques, ARIMA was chosen because explicit macroeconomic theories are not required for time series projection; thus, it is more suitable for modeling historical time series. The study has found that while the values of outstanding sukuk will no doubt increase, the uncertainty of longer-term forecasting will also increase. Forecasting in the present study lacks immediate quantification; however, the analyses provide a relevant and sustained policy framework for sovereign debt, and the analyses support the potentially strategic role of thematized instruments in fiscal management and for the sustainability of sukuk, in particular, focused sukuk, green sukuk, and retail sukuk. The research outlines strategic considerations for managing Shariah-compliant, long-term, and dynamic debt in Indonesia, thereby aligning financial innovation with national development interests.
A Bibliometric Analysis of Green Finance and Waste Management in Small and Medium Enterprises (SMEs): Insights from Indonesia Babangida, Fahad; Nurrachmi, Rininta
Journal of Management and Business Review Vol 23, No 1 (2026)
Publisher : Research Center and Case Clearing House PPM School of Management

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.34149/jmbr.v23i1.968

Abstract

This study aims to inform academics and policymakers by examining research trends on green finance and waste management in small and medium enterprises in Indonesia from 2000 to 2025, highlighting significant contributions and areas of focus. Using the PRISMA framework, a VOS viewer was used to illustrate the results of a bibliometric analysis of 10,208 articles from the Scopus database. The analysis identifies Indonesia as the top contributor, Matsumoto, T. as the most prolific author, and Universitas Indonesia as the top institution. The AIP Conference Proceedings and the IOP Conference Series Earth and Environmental Science were recognised as essential publication channels. While low-frequency phrases indicate potential avenues for future research, emerging study clusters highlight important subjects like waste management and SMEs. The analysis is restricted to English-language articles and Scopus data, excluding other databases and document formats. Future studies could use more resources and databases, such as Web of Science, Gephi, and Springer, to further understanding. This review offers innovative qualitative methodologies and comprehensive insights by mapping academic works on waste management and green finance in SMEs. Moreover, it lays the groundwork for future research on the circular economy and sustainable development. It is a valuable resource for researchers and practitioners seeking to address the challenges of green finance and waste management of SMEs in Indonesia and ultimately promote sustainable practices in the construction industry.