Journal of Indonesian Sharia Economics
Vol 5 No 2 (2026): September 2026

Green Waqf for Green Downstreaming: Developing a Productive Waqf Financing Model for Bioethanol Development and National Economic Resilience

Ashhabul Manggala Sanggoleo Tosepu (Universitas Diponegoro Semarang)
Muhammad Nashiruddin Fauzan (Universitas Diponegoro Semarang)
Julia Bisti Saroh (Universitas Diponegoro Semarang)



Article Info

Publish Date
30 Sep 2026

Abstract

Indonesia's energy vulnerability as a net importer of fuel oil risks weakening its national economic resilience. Transitioning towards energy independence through the green downstreaming of agricultural commodities into bioethanol is highly strategic but hampered by massive capital expenditure that burdens the State Budget (APBN). This research aims to formulate an innovative Green Waqf financing model as an independent alternative funding solution for bioethanol infrastructure development. The research utilizes a descriptive qualitative approach through library research and content analysis, designing an integration model using Hexahelix collaboration. The analysis outlines the financing framework, stakeholder roles, and feasibility evaluations based on SWOT, SMART, and Social Return on Investment (SROI). The results show that a Green Waqf portfolio, consisting of perpetual and temporary waqf, is capable of financing green downstreaming projects without burdening the national budget. The SROI evaluation demonstrates high feasibility, projecting a ratio of 1.64 in the first five years. This waqf-based bioethanol downstreaming model offers a novel approach to reducing gasoline import dependency, creating jobs, and strengthening national economic resilience sustainably.

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Journal Info

Abbrev

jiose

Publisher

Subject

Economics, Econometrics & Finance

Description

Journal of Indonesian Sharia Economics merupakan jurnal ilmiah yang dikelola oleh Fakultas Syariah & Ekonomi Islam Institut Pesantren Mathaliul Falah Pati. Jurnal yang terbit dua kali dalam setahun Maret dan September ini didedikasikan untuk publikasi hasil penelitian dan kajian tentang Ekonomi ...