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INDONESIA
CASHFLOW : CURRENT ADVANCED RESEARCH ON SHARIA FINANCE AND ECONOMIC WORLDWIDE
Published by Transpublika Publisher
ISSN : 2809848X     EISSN : 28098226     DOI : https://doi.org/10.55047/cashflow
Core Subject : Economy, Social,
CASHFLOW : CURRENT ADVANCED RESEARCH ON SHARIA FINANCE AND ECONOMIC WORLDWIDE main objectives is to establish an effective channel of communication between stakeholders including academic and research institution, businesses, governments and communities. It also aims to promote and disseminate the research finding in the development of management, accounting, and economic theories and practices. This CASHFLOW Journal provides wider range of scope on the area of management, accounting, and economic which is not limited on general practices but also on the issues of Sharia Economics, History of Islamic Economic Thought, Islamic Law, Local Wisdom in Sharia Economic Perspective, and others related to sharia economics.
Articles 172 Documents
Utilizing State Sharia Securities (SBSN) as an Alternative Financing Mechanism for Madrasah Infrastructure Development Munir Munir; Rimi Gusliana Mais; Juniarti Juniarti; Lina Noersanti
CURRENT ADVANCED RESEARCH ON SHARIA FINANCE AND ECONOMIC WORLDWIDE Vol. 5 No. 3 (2026): APRIL
Publisher : Transpublika Publisher

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.55047/cashflow.v5i3.2272

Abstract

Indonesia continues to face significant challenges in providing adequate educational infrastructure, particularly for madrasahs, due to budget limitations and increasing student enrollment demands. In response, the government has utilized State Sharia Securities (Surat Berharga Syariah Negara/SBSN) as an alternative Islamic financing instrument to support public infrastructure development. This study analyzes the utilization of State Sharia Securities (Surat Berharga Syariah Negara/SBSN) as an alternative financing mechanism for madrasah infrastructure development at the Jakarta Regional Office of the Ministry of Religious Affairs. The research employs a qualitative approach using a case study method. Data were collected through interviews, observations, and document analysis involving stakeholders responsible for SBSN-funded projects. The findings reveal that SBSN has played a significant role in supporting the construction of new classroom buildings and improving the quality of madrasah educational infrastructure in Jakarta. Through the SBSN financing scheme, madrasahs have been able to increase classroom capacity, enhance educational facilities, and accommodate growing student enrollment demands. The implementation process involves coordination among the Ministry of Religious Affairs, the Ministry of Finance, and the National Development Planning Agency (Bappenas). However, several challenges remain, including land readiness, administrative procedures, maintenance costs, and technical infrastructure limitations. This study concludes that SBSN represents a strategic and sustainable alternative financing mechanism for public educational infrastructure development. Strengthening institutional coordination, improving project planning, and enhancing monitoring systems are necessary to optimize the effectiveness of SBSN implementation in supporting the development of madrasah infrastructure in Indonesia.
Digital Waqf Ecosystems and the Institutional Coordination of Climate Finance Hazik Mohamed
CURRENT ADVANCED RESEARCH ON SHARIA FINANCE AND ECONOMIC WORLDWIDE Vol. 5 No. 3 (2026): APRIL
Publisher : Transpublika Publisher

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.55047/cashflow.v5i3.2343

Abstract

Climate finance plays a critical role in supporting the transition to a low-carbon, climate-resilient economy. However, persistent financing gaps, fragmented governance, and limited institutional coordination continue to constrain the mobilization and effective allocation of resources for climate mitigation and adaptation. Islamic social finance, particularly waqf, has attracted growing attention as a complementary mechanism for promoting sustainable development. This study proposes a Digital Waqf Ecosystem (DWE), an integrated conceptual framework linking waqf institutions, digital governance, and climate finance to enhance transparency, accountability, and institutional coordination. The study adopts a conceptual research design, synthesizing literature on climate finance, Islamic social finance, digital governance, and institutional theory to develop the proposed framework. To examine its internal consistency under uncertainty, the study employs Monte Carlo simulation as an exploratory technique, evaluating interactions among digital governance, institutional trust, ethical capital mobilization, catalytic climate finance, and climate impact efficiency across alternative governance scenarios. The simulation results suggest that stronger digital governance improves institutional trust, mobilizes ethical capital, enhances integration with climate finance mechanisms, and produces consistent climate impact outcomes. While exploratory rather than predictive, the findings demonstrate the potential of digitally governed waqf institutions to strengthen institutional coordination within sustainable finance ecosystems. The study contributes to the literature by developing an integrated institutional framework that connects Islamic social finance, digital governance, and climate finance within a unified governance architecture. The findings offer practical insights for policymakers, waqf institutions, Islamic financial institutions, and development organizations seeking to strengthen governance and improve the effectiveness of climate finance initiatives.