<![CDATA[In recent years, Indonesia has developed its climate governance framework by implementing Carbon Economic Value (Nilai Ekonomi Karbon/NEK) and establishing IDX Carbon as the national carbon exchange. However, the benefits of carbon markets have not been fully utilized by green micro, small and medium enterprises (MSMEs) in mangrove restoration, agroforestry, social forestry, waste management, and other nature-based solutions. These MSMEs have significant financing challenges due to high upfront costs, long carbon asset development time, and uncertainty in carbon revenue realization. This study aims to develop the Carbon Waqf Ecosystem as an Islamic climate finance model to bridge the financing gap faced by green MSMEs and integrate them into the digital carbon market of Indonesia. This study applies qualitative descriptive analysis based on carbon market data and literature review to evaluate the mismatch between carbon asset development and existing financing mechanisms. The proposed model puts productive waqf as patient capital for the development of carbon assets and enables green MSMEs to monetize carbon credits through digital carbon market infrastructure. This study contributes to the literature by integrating Islamic social finance, carbon asset development, and digital carbon markets for green MSMEs and sustainable economic growth.]]>
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