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All Journal HISAB: Jurnal Akuntansi Lembaga Keuangan Syariah AMANAH: Jurnal Manajemen Keuangan Sektor Publik
Bayu Taufiq Possumah
Politeknik Wahdah Islamiyah Makassar, Indonesia
Religion Economics, Econometrics & Finance

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Dinamika Instrumen dan Kelembagaan Pasar Keuangan Syariah: Tantangan dan Prospek Menuju Indonesia sebagai Pusat Keuangan Syariah Global: The Dynamics of Islamic Financial Market Instruments and Institutions: Challenges and Prospects toward Indonesia as a Global Islamic Finance Hub Azwar Azwar; Bayu Taufiq Possumah
HISAB: Jurnal Akuntansi Lembaga Keuangan Syariah Vol. 2 No. 1 (2026): HISAB: Jurnal Akuntansi Lembaga Keuangan Syariah (In Progress Issue)
Publisher : Program Studi Akuntansi Lembaga Keuangan Syariah, Politeknik Wahdah Islamiyah Makassar

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This study aims to describe the Islamic financial instruments in the money and capital markets, analyze the institutional roles in their development, and identify the opportunities, challenges, and prospects of the Islamic financial market in Indonesia. The research employs a library-based qualitative descriptive approach by examining primary and secondary sources such as scholarly literature, DSN-MUI fatwas, and official reports from the Financial Services Authority (OJK), Bank Indonesia (BI), and international institutions. The findings reveal that Islamic financial instruments play a vital role in supporting a halal and just economy, operating under principles free from riba, gharar, and maysir. Institutional frameworks involving OJK, BI, DSN-MUI, IDX, and international bodies such as IFSB and AAOIFI ensure market stability, Sharia compliance, and operational efficiency. Nevertheless, the Islamic financial market faces challenges, including low public literacy, limited regulatory harmonization, and strong competition from conventional and global markets. Despite these constraints, its prospects remain highly promising through integration with the halal industry, strengthened collaboration among stakeholders, and accelerated digital innovation. With appropriate strategies and national policy support, Indonesia holds great potential to emerge as a globally competitive and sustainable Islamic financial hub.
Apakah Pengeluaran Pemerintah Mendorong Keberlanjutan Lingkungan? Bukti dari Emisi Karbon di Indonesia: Does Government Expenditure Promote Environmental Sustainability? Evidence from Carbon Emissions in Indonesia Azwar Azwar; Bayu Taufiq Possumah
AMANAH: Jurnal Manajemen Keuangan Sektor Publik Vol. 2 No. 1 (2026): AMANAH: Jurnal Manajemen Keuangan Sektor Publik (In Progress Issue)
Publisher : Program Studi Manajemen Keuangan Sektor Publik, Politeknik Wahdah Islamiyah Makassar

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This study aims to examine the effect of government expenditure on carbon emissions in Indonesia using a quantitative econometric approach. Specifically, it aims to identify the direction and significance of the relationship between public spending and environmental outcomes, thereby providing empirical insights for aligning fiscal policy with sustainable development objectives. The study employs a multiple linear regression model based on annual time-series data covering the period 2000–2024. The data are obtained from the World Bank’s World Development Indicators (WDI), particularly the reporting period for national accounts data. The empirical results indicate that government expenditure has a negative and statistically significant effect on carbon emissions, suggesting that higher public spending may contribute to environmental improvement when allocated toward environmentally supportive sectors such as green infrastructure and efficient public services. Urbanization, however, shows a positive and significant relationship with carbon emissions, implying that urban growth in Indonesia remains associated with energy-intensive economic activities. Meanwhile, GDP does not exhibit a statistically significant effect, which may indicate a potential decoupling between economic growth and environmental degradation, although the evidence remains inconclusive. Energy use intensity shows a negative but statistically insignificant effect on carbon emissions. The findings suggest that fiscal policy can serve as a strategic instrument to support environmental sustainability when integrated with green economic policies and energy transition strategies.
Co-Authors Azwar Azwar