An-Nisbah: Jurnal Ekonomi Syariah
Vol. 12 No. 2 (2025): An-Nisbah (Oktober)

Risk-Based Fiscal Policy: Adopting a Shariah-Compliant Model for Indonesia’s Economic Resilience

Muhammad Said (Institut Agama Islam Negeri Parepare)
Syahriyah Semaun (Institut Agama Islam Negeri Parepare)
Muzdalifah Muhammadun (Institut Agama Islam Negeri Parepare)
Andi Bahri (Institut Agama Islam Negeri Parepare)
Andi Dinul Islam Firdaus (Institut Agama Islam Negeri Parepare)



Article Info

Publish Date
01 Oct 2025

Abstract

Amid global economic uncertainty and the limitations of debt-reliant conventional fiscal policies, Indonesia requires a robust framework to enhance economic resilience. Existing approaches often fail to address equitable resource distribution and ethical risk management. This study aims to develop a risk-based fiscal policy model integrated with Shariah principles to address this gap. Employing a qualitative library research method with secondary data analysis from 2021 to 2025, the study formulates a tripartite model comprising sovereign sukuk for infrastructure, zakat for social safety nets, and mudharabah-musyarakah partnerships for public investment. The findings indicate that this integrated approach significantly mitigates fiscal risks by replacing interest-based debt with asset-backed and profit-sharing mechanisms. Projections suggest the model can reduce the debt-to-GDP ratio from 40.9% to below 35%, lower the Gini coefficient to under 0.35, and sustain economic growth above 5%. This research contributes a comprehensive framework for policymakers, offering a practical pathway toward a more equitable, inclusive, and stable economic system aligned with Maqasid al-Shariah.

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Journal Info

Abbrev

nisbah

Publisher

Subject

Religion Economics, Econometrics & Finance

Description

An-Nisbah: Jurnal Ekonomi Syariah is a scientific journal contains original works from lecturers, researchers, students and other concerned parties who have not been published or are not on the publication in the form of articles on the research and conceptual ideas on the subject of sharia economy. ...