Journal of Economic Resilience and Sustainable Development
Vol. 2 No. 2: (August) 2025

Greenjrah integration: From materialism to maslahah in sharia-compliant green investment among generation z Muslims

Ahmad Irkham (Department of Diploma in Accounting, Faculty of Economics and Business, Universitas Islam Sultan Agung, Semarang, Central Java 50112)
Salsabila Aizzatul Muna (Department of Accounting, Faculty of Economics and Business, Universitas Islam Sultan Agung, Semarang, Central Java 50112)
Harisalfi Fadhil Mukhlash (Department of Management, Faculty of Economics and Business, Universitas Islam Sultan Agung, Semarang, Central Java 50112)
Pungky Lela Saputri (Faculty of Economics and Business, Universitas Islam Sultan Agung, Semarang, Central Java 50112)



Article Info

Publish Date
31 Aug 2025

Abstract

Background: Research on Islamic sustainable investing often examines religiosity, environmental concern, and financial self-control separately, leaving limited explanation of how value transformation among young Muslims becomes consistent sharia-compliant green investment behaviour and supports economic resilience. This paper develops GREENJRAH, an integrative pathway linking financial hijrah, green hijrah, and spiritual hijrah, within Indonesia’s Generation Z context. Methods: Using a descriptive qualitative, literature-based design, we synthesise interdisciplinary studies in Islamic behavioural finance, maqasid al-shariah and maslahah ethics, and environmental, social, and governance (ESG) investing to build a conceptual framework. Findings: Financial hijrah strengthens planning, budgeting, and sharia screening discipline; green hijrah increases ecological awareness and preference for responsible assets; spiritual hijrah anchors motives in tawhid, khalifah stewardship, and maqasid orientation, reducing short-termism and speculative impulses. Together, these dimensions can generate measurable behaviour change such as stronger intention to invest, greater allocation to sharia-compliant green instruments (e.g., green sukuk), longer holding horizons, and reduced trend-driven trading. These shifts may strengthen household financial buffers and help mobilise youth capital for low-carbon development. Conclusion: GREENJRAH provides guidance for regulators, Islamic financial institutions, and universities to connect youth spirituality with green finance action through literacy programs and product strategies. Novelty/Originality of this article: The study formulates an explicit tri-dimensional hijrah mechanism that integrates financial discipline, ecological responsibility, and maqasid-oriented spirituality to explain sharia-compliant green investment among Indonesian Generation Z Muslims.

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Journal Info

Abbrev

ERSUD

Publisher

Subject

Economics, Econometrics & Finance Environmental Science Social Sciences

Description

ERSUD aims to promote research that explores the intersection of economic resilience and sustainable development. The journal seeks to provide a platform for scholarly work that advances understanding of how economies can withstand and adapt to challenges while ensuring sustainable growth. ERSUD is ...