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Wahyu Abdul Jafar
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Journal of Nusantara Economy
Published by PT. Islamic Research Publisher
ISSN : -     EISSN : 29858259     DOI : https://doi.org/10.66325/nusantaraeconomy
Core Subject :
Aim and Scope Aim: Journal of Nusantara Economy is an international peer-reviewed journal dedicated to advancing scholarly research on economic transformation, business innovation, economic governance, and Islamic economic development in the Asia-Pacific and European regions. The journal provides a platform for interdisciplinary studies that examine the interaction between economic systems, business practices, legal frameworks, and public policies in addressing contemporary global challenges. Scope: The journal publishes original research and review articles in the following areas: Economic Transformation, Sustainable Development, and Public Policy Business Innovation, Entrepreneurship, and Digital Economy Economic Law, Financial Regulation, and Governance International Trade, Investment, and Asia-Pacific–Europe Economic Relations Islamic Economics, Islamic Finance, and Halal Economy Sustainable Finance, Financial Technology (FinTech), and Inclusive Growth Comparative and Interdisciplinary Studies on Contemporary Economic Issues in Asia-Pacific and Europe The journal particularly welcomes empirical, comparative, and policy-oriented research that contributes to understanding economic, business, and regulatory developments within the Asia-Pacific and European contexts.
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Articles 40 Documents
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Sustainable Finance and Green Investment: Policy Frameworks and Implementation Challenges Joseph E. Stiglitz Muller
Journal of Nusantara Economy Vol. 4 No. 2 (2025): Journal Of Nusantara Economy
Publisher : PT. Islamic Research Publisher

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.66325/nusantaraeconomy.v4i2.366

Abstract

Sustainable finance and green investment have emerged as strategic instruments for accelerating low-carbon economic transformation and achieving long-term sustainable development. Despite the growing adoption of environmental, social, and governance (ESG) principles, the implementation of sustainable finance policies remains constrained by regulatory fragmentation, institutional capacity, financial literacy, and investment risk perceptions. This study aims to analyze the effectiveness of sustainable finance policy frameworks, examine the practical challenges encountered during implementation, and identify institutional strategies that strengthen the integration of green investment into national development agendas. This research employed a qualitative field research design using a multiple-case study approach. Data were collected through semi-structured interviews with policymakers, financial institution executives, green investment practitioners, corporate sustainability managers, and academic experts, complemented by field observations and document analysis of sustainable finance regulations, policy reports, and institutional guidelines. The data were analyzed using thematic analysis involving data reduction, coding, categorization, interpretation, and triangulation to ensure the credibility and consistency of findings. The results demonstrate that the effectiveness of sustainable finance policies depends not only on regulatory quality but also on institutional coordination, transparent governance, standardized ESG reporting, and stakeholder collaboration. The study further reveals that inconsistent policy implementation, limited green financial instruments, insufficient technical expertise, and weak monitoring mechanisms continue to impede the mobilization of sustainable investment. However, digital financial innovation, public-private partnerships, green tax incentives, and enhanced sustainability disclosure significantly improve investor confidence and facilitate green capital allocation. The findings contribute to the literature by proposing an integrated policy implementation framework that combines regulatory coherence, institutional readiness, market incentives, and governance accountability as complementary drivers of sustainable finance. This framework offers practical guidance for governments, financial regulators, and investment institutions seeking to strengthen green finance ecosystems while supporting climate resilience, inclusive economic growth, and long-term sustainable development.
Governance, Transparency, and Financial Regulation in the Global Digital Economy Isabella Rose M Harding
Journal of Nusantara Economy Vol. 4 No. 2 (2025): Journal Of Nusantara Economy
Publisher : PT. Islamic Research Publisher

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.66325/nusantaraeconomy.v4i2.368

Abstract

The rapid expansion of the global digital economy has fundamentally transformed financial transactions, business models, and cross-border economic interactions, while simultaneously creating complex governance and regulatory challenges. This study aims to examine how governance quality, transparency mechanisms, and financial regulation interact to promote accountability, market integrity, and sustainable growth within the global digital economy. Employing a qualitative field research design, the study collected primary data through semi-structured interviews with financial regulators, fintech practitioners, digital entrepreneurs, and policy experts, complemented by direct observations and analysis of institutional documents and regulatory frameworks. The collected data were analyzed using thematic analysis involving data reduction, categorization, interpretation, and cross-source triangulation to ensure the credibility and validity of the findings. The results demonstrate that effective governance in the digital financial ecosystem depends on the integration of transparent regulatory institutions, adaptive legal frameworks, technological innovation, and collaborative stakeholder engagement. Regulatory fragmentation, inconsistent transparency standards, data privacy concerns, and the rapid evolution of financial technologies remain significant barriers to achieving regulatory effectiveness across jurisdictions. Furthermore, the findings reveal that digital governance mechanisms supported by regulatory technology, real-time monitoring systems, and international regulatory cooperation substantially improve public trust, reduce compliance risks, and strengthen financial resilience in increasingly interconnected markets. The study also highlights that governance effectiveness is influenced not only by formal legal institutions but also by organizational accountability, ethical digital practices, and institutional capacity to respond to technological disruption. This research contributes to the literature by providing an empirically grounded framework that integrates governance, transparency, and financial regulation within the context of the global digital economy. The findings offer practical policy recommendations for governments, regulatory authorities, and international organizations seeking to establish adaptive, transparent, and resilient digital financial governance capable of supporting sustainable economic development.
International Trade, Investment Flows, and Economic Integration between Asia-Pacific and Europe Andrii Volodymyrovych Shevchenko
Journal of Nusantara Economy Vol. 4 No. 2 (2025): Journal Of Nusantara Economy
Publisher : PT. Islamic Research Publisher

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.66325/nusantaraeconomy.v4i2.383

Abstract

This study examines the dynamics of international trade, investment flows, and economic integration between the Asia-Pacific and Europe, with particular emphasis on how institutional arrangements, trade policies, and cross-border investment shape regional economic cooperation in an increasingly fragmented global economy. The research aims to analyze the interactions among trade liberalization, foreign direct investment (FDI), and regional integration, while identifying the principal opportunities and constraints affecting sustainable interregional economic partnerships. Employing a qualitative field research design, the study collected primary data through semi-structured interviews with policymakers, trade officials, business representatives, and investment stakeholders engaged in Asia-Pacific–Europe economic relations. Field observations and an analysis of policy documents, trade agreements, and investment reports complemented these data. The findings reveal that deeper economic integration is driven not only by tariff reductions and investment liberalization but also by regulatory harmonization, digital trade governance, supply chain resilience, and institutional cooperation. Nevertheless, differences in legal frameworks, environmental standards, geopolitical competition, and protectionist policies continue to hinder the optimization of trade and investment flows between the two regions. The study further demonstrates that countries adopting adaptive regulatory reforms, transparent investment policies, and innovation-oriented trade strategies are better positioned to strengthen bilateral and multilateral economic cooperation while improving long-term competitiveness. These findings suggest that sustainable economic integration requires coordinated governance mechanisms extending beyond conventional free trade agreements toward comprehensive frameworks encompassing digital commerce, green investment, and resilient supply chains. This research contributes to the literature on international political economy by offering an empirically grounded field-based perspective on interregional economic integration and by proposing an integrated analytical framework linking trade governance, investment facilitation, and institutional convergence as mutually reinforcing pillars of sustainable economic cooperation between the Asia-Pacific and Europe.
Entrepreneurship, Innovation Ecosystems, and Post-Pandemic Economic Recovery Strategies Omar Khaled Najjar Al Fatih
Journal of Nusantara Economy Vol. 4 No. 2 (2025): Journal Of Nusantara Economy
Publisher : PT. Islamic Research Publisher

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.66325/nusantaraeconomy.v4i2.384

Abstract

The post-pandemic period has fundamentally reshaped the global economic landscape, compelling governments, businesses, and local communities to develop more adaptive and innovation-oriented recovery strategies. Within this context, entrepreneurship and innovation ecosystems have emerged as critical drivers of economic resilience, business sustainability, and inclusive development. This study aims to analyze the interrelationship between entrepreneurial activities, innovation ecosystems, and post-pandemic economic recovery strategies, while identifying the institutional, technological, and collaborative factors that strengthen sustainable economic revitalization. The research employs a qualitative field research design, collecting primary data through semi-structured interviews, direct observations, and focus group discussions involving entrepreneurs, business incubator managers, government officials, financial institutions, and innovation ecosystem stakeholders. The data are analyzed using thematic analysis through data reduction, categorization, interpretation, and triangulation to ensure the credibility and trustworthiness of the findings. The results demonstrate that successful post-pandemic economic recovery depends not only on entrepreneurial capabilities but also on the maturity of innovation ecosystems characterized by effective collaboration among government, universities, industry, financial institutions, and digital technology providers. The findings further reveal that digital transformation, access to entrepreneurial financing, policy support, innovation-oriented business networks, and institutional capacity building significantly enhance business adaptability, accelerate innovation diffusion, and improve the resilience of micro, small, and medium-sized enterprises. Nevertheless, disparities in digital infrastructure, limited innovation capabilities, and uneven stakeholder coordination remain major obstacles to achieving sustainable recovery. This study contributes to the entrepreneurship and innovation literature by proposing an integrated recovery framework that combines entrepreneurial resilience, collaborative innovation ecosystems, and adaptive governance as complementary pillars for sustainable post-pandemic economic development. The findings also provide practical policy implications for strengthening innovation-driven entrepreneurship and designing more resilient, inclusive, and long-term economic recovery strategies.
Public Policy and Economic Transformation: Bridging Growth, Equity, and Environmental Sustainability Akbar Jalil Al Kareem
Journal of Nusantara Economy Vol. 4 No. 2 (2025): Journal Of Nusantara Economy
Publisher : PT. Islamic Research Publisher

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.66325/nusantaraeconomy.v4i2.386

Abstract

Public policy has become a decisive instrument for addressing the increasingly complex relationship between economic growth, social equity, and environmental sustainability. While governments have pursued various development strategies to stimulate economic performance, persistent income disparities and ecological degradation continue to undermine the effectiveness of existing policy frameworks. This study aims to examine how public policy can simultaneously promote economic transformation, equitable development, and environmental sustainability through an integrated governance approach. Employing a qualitative field research design, the study collected empirical data through semi-structured interviews with policymakers, local government officials, business actors, and community representatives, complemented by direct observation and analysis of policy documents. The data were analyzed using thematic analysis supported by triangulation to ensure the credibility and consistency of the findings. The results demonstrate that economic transformation is more effective when public policies integrate economic, social, and environmental objectives rather than prioritizing growth alone. The study identifies three critical determinants of successful policy implementation: participatory governance involving multiple stakeholders, evidence-based policy formulation supported by reliable socioeconomic and environmental data, and adaptive institutional capacity to respond to changing development challenges. Furthermore, the findings reveal that policies emphasizing inclusive economic participation, green investment, and sustainable resource management generate broader socioeconomic benefits while reducing environmental risks. Nevertheless, institutional fragmentation, uneven administrative capacity, and limited cross-sectoral coordination remain significant obstacles to achieving balanced development outcomes. This research contributes to the literature by proposing an integrated public policy framework that bridges economic growth, distributive equity, and environmental sustainability within a single governance paradigm. The study extends contemporary public policy scholarship by demonstrating that sustainable economic transformation depends not only on market efficiency but also on institutional coherence, collaborative governance, and long-term policy integration, thereby offering practical implications for policymakers pursuing inclusive and resilient development.
Contemporary Fiqh al-Mu'amalat and Legal Reform in Indonesia's Sharia Economic System Edi Mulyono; Anita Niffilayani; Is Susanto; Jalaludin Ar-Rumei
Journal of Nusantara Economy Vol. 5 No. 1 (2026): Journal Of Nusantara Economy
Publisher : PT. Islamic Research Publisher

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.66325/nusantaraeconomy.v5i1.387

Abstract

The rapid development of the sharia economy in Indonesia has encouraged the emergence of various contemporary financial transactions that require adaptive legal responses. Classical fiqh al-mu'amalat, while providing fundamental principles for economic activities, often faces challenges in addressing modern financial instruments such as Islamic banking, financial technology, digital transactions, and Islamic capital markets. This study aims to analyze the role of contemporary fiqh al-mu'amalat in the process of legal reform within Indonesia's sharia economic system. Employing a normative juridical approach and qualitative library research methods, this study examines legislation, fatwas of the National Sharia Council-Indonesian Ulema Council (DSN-MUI), and scholarly literature on Islamic economic law. The findings indicate that legal reform in Indonesia's sharia economy has been significantly influenced by contemporary ijtihad and maqasid al-shariah approaches, resulting in more contextual and adaptive regulations. The integration of classical fiqh principles with modern legal needs has contributed to the development of an inclusive and dynamic sharia economic system. This study concludes that contemporary fiqh al-mu'amalat serves as a fundamental basis for legal reform and strengthens the institutional framework of Indonesia's sharia economy
Implementing Cryptocurrency Zakat Payments: An Analytical Study of the Federal Territories Islamic Religious Council Zakat Collection Centre (PPZ-MAIWP) Muhammad Al-Husam Mohd Kamal Nazmi; Md Yazid Ahmad; Nik Abdul Rahim Nik Abdul Ghani
Journal of Nusantara Economy Vol. 5 No. 1 (2026): Journal Of Nusantara Economy
Publisher : PT. Islamic Research Publisher

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.66325/nusantaraeconomy.v5i1.389

Abstract

The rapid growth of cryptocurrency and other digital assets has introduced new challenges and opportunities for zakat administration in Muslim-majority countries. In Malaysia, where digital assets are legally recognised as commodities under the existing regulatory framework, official zakat institutions have begun exploring innovative mechanisms to facilitate zakat payments using cryptocurrency. Despite this development, empirical research examining the institutional implementation of cryptocurrency zakat payments remains limited. This study aims to analyse the implementation mechanism, governance structure, and Shariah compliance of cryptocurrency zakat payments at the Federal Territories Islamic Religious Council Zakat Collection Centre (PPZ-MAIWP) through its collaboration with Sharlife Sdn. Bhd. Employing a qualitative field research approach, the study integrates document analysis, semi-structured interviews with representatives of PPZ-MAIWP and Sharlife Sdn. Bhd., and a review of relevant legal, regulatory, and Shariah literature. The findings reveal that the institutional framework developed through this collaboration provides a structured, transparent, and technologically secure mechanism for facilitating cryptocurrency zakat payments while ensuring compliance with fundamental Shariah principles, including ownership (al-milk), lawful wealth (al-māl al-mutaqawwam), and valid transfer (tamlik). The initiative has also attracted significant attention beyond Malaysia, demonstrating its potential as a model for digital zakat governance in the global Islamic finance ecosystem. Nevertheless, the study identifies the need for more comprehensive Shariah governance standards, clearer regulatory guidelines for cryptocurrency eligibility, and stronger cybersecurity safeguards to mitigate operational risks and enhance public confidence. The study concludes that cryptocurrency-based zakat payment has considerable potential to expand zakat collection, improve institutional efficiency, and strengthen the distribution of zakat funds to eligible beneficiaries (asnaf). Its primary scientific contribution lies in proposing an integrated institutional framework that combines digital financial innovation, Shariah governance, and maqāṣid al-sharīʿah principles to support the sustainable transformation of contemporary zakat management.  
Internalising Sharia Economic Law for Sustainable Marine Tourism: Environmental Mitigation Practices on Pahawang Island Hidayat Darussalam; Risfiana Mayangsari; Rasyid Tanjung; Fitri Kurniawati; Lukas Meier Keller
Journal of Nusantara Economy Vol. 5 No. 1 (2026): Journal Of Nusantara Economy
Publisher : PT. Islamic Research Publisher

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.66325/nusantaraeconomy.v5i1.395

Abstract

The rapid growth of marine tourism on Pahawang Island has generated significant economic opportunities while simultaneously intensifying ecological degradation due to tourism activities that exceed the island’s environmental carrying capacity. This study aims to examine how the principles of Sharia Economic Law can be internalised into sustainable marine tourism management to strengthen environmental impact mitigation and ensure long-term ecosystem resilience. A qualitative field research design with a case study approach was employed. Data were collected through in-depth interviews with government officials, tourism business operators, Tourism Awareness Group (POKDARWIS) members, local community leaders, and visitors, complemented by participatory observation and documentary analysis. The data were analysed using an interactive thematic analysis involving data reduction, categorisation, interpretation, and triangulation to enhance credibility. The findings reveal that ecosystem degradation is primarily driven by the dominance of short-term economic interests, weak enforcement of environmental regulations, fragmented stakeholder coordination, and the limited integration of ecological ethics into tourism governance. The study demonstrates that internalising Sharia Economic Law through the framework of Maqashid Shariah provides a normative and operational foundation for sustainable tourism governance. This framework includes environmentally oriented zoning based on hifzh al-bi'ah (environmental protection), transparent digital management of environmental restoration funds, mandatory environmental codes of conduct for tourists, and community-based conservation supported by Islamic ethical values. In addition, a collaborative triple helix governance model involving government institutions, POKDARWIS as the hisbah supervisory mechanism, and local communities as conservation partners significantly enhances environmental stewardship and policy implementation. This research contributes to the development of contemporary Sharia Economic Law by extending its application beyond commercial transactions into environmental governance, offering an integrative legal framework that harmonises economic development, ecological sustainability, and the Islamic principle of khilafah to achieve sustainable welfare in coastal tourism destinations.
Reforming the Legal Framework of Ukraine's Economic System: Challenges, Governance, and Regulatory Transformation Yevhen Leheza
Journal of Nusantara Economy Vol. 5 No. 1 (2026): Journal Of Nusantara Economy
Publisher : PT. Islamic Research Publisher

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.66325/nusantaraeconomy.v5i1.399

Abstract

This study examines the reform of Ukraine’s tax law framework as a strategic component of economic modernization in the context of European integration, digital governance, and post-war reconstruction. It aims to evaluate the extent to which existing legal and institutional arrangements support regulatory effectiveness, legal certainty, fiscal sustainability, and financial security while aligning national tax legislation with European Union standards, OECD principles, and international regulatory frameworks. The research employs a qualitative field research design using semi-structured interviews with government officials, tax administrators, legal practitioners, business representatives, and academic experts. Data collection is complemented by direct observation and documentary analysis of tax legislation, administrative regulations, judicial decisions, strategic policy documents, and official institutional reports. Data are analyzed through thematic analysis, supported by statutory interpretation, comparative legal analysis, and source triangulation to ensure analytical validity, consistency, and credibility. The findings indicate that Ukraine’s tax regulatory system continues to face substantial structural challenges, including legislative instability, fragmented institutional coordination, administrative inefficiency, limited accountability, and partial inconsistencies with European Union legal standards. Nevertheless, the study demonstrates significant progress through the digital transformation of tax administration, procedural simplification, greater regulatory transparency, improved taxpayer services, and gradual harmonization with European Commission recommendations and OECD tax governance principles. The analysis further reveals that sustainable tax reform requires an integrated governance model founded on legal certainty, adaptive legislation, digital public administration, risk-based tax supervision, institutional resilience, and collaborative governance involving public authorities, private stakeholders, and international partners. The study contributes to comparative economic law by developing an integrated legal framework that connects tax law reform, digital governance, fiscal security, and European regulatory convergence as mutually reinforcing pillars of economic modernization. The proposed framework enriches contemporary scholarship on tax governance while offering practical policy guidance for strengthening Ukraine’s legal institutions, enhancing investor confidence, improving fiscal resilience, and supporting sustainable economic recovery within the evolving European legal and economic order.
Same Issuer, Different Lenses: Divergence between Sharia Screening, Conventional ESG, and Maqasid -Based Islamic ESG in Indonesian Listed Companies Lilis Renfiana; Misnen Ardiansyah; Alexander Thomaas Reed
Journal of Nusantara Economy Vol. 5 No. 1 (2026): Journal Of Nusantara Economy
Publisher : PT. Islamic Research Publisher

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.66325/nusantaraeconomy.v5i1.404

Abstract

Sharia-compliant status in Islamic capital markets is frequently interpreted as a comprehensive indicator of ethical conduct and sustainability, even though Sharia screening, Environmental, Social, and Governance (ESG) assessment, and Maqāsid -based Islamic ESG evaluate fundamentally different dimensions of corporate performance. This study investigates whether these three frameworks produce equivalent assessments for the same issuers and examines the governance implications arising from their divergence. Employing a qualitative directed content analysis supported by descriptive quantitative assessment, the research analyzes the audited financial statements, annual reports, and sustainability reports for fiscal year 2025 of 33 Indonesian non-financial issuers consistently listed in the Jakarta Islamic Index 70 (JII70) during 2021–2025. Sharia compliance is measured using publicly available proxies for interest-bearing debt and non-permissible income under multiple regulatory thresholds (45/10, 45/5, and 33/5), ESG disclosure is evaluated through 28 Indonesia Stock Exchange sustainability indicators, and Islamic ethical additionality is measured using 22 Maqasid-based Islamic ESG indicators. The findings reveal that although ESG disclosure and Maqāsid alignment demonstrate a strong positive relationship (r = 0.702; p < 0.001), the three assessment frameworks generate substantially different issuer rankings, compliance outcomes, and ethical profiles. Thirty-one issuers satisfy the transitional 45/10 threshold, declining to 30 under the 45/5 standard and 25 under the stricter 33/5 threshold, indicating that regulatory tightening materially alters the composition of Sharia-compliant investment universes. Average ESG performance reaches 69.82 out of 84, while Maqāsid alignment averages 54.45 out of 66, yet these relatively high scores do not necessarily correspond to stronger Sharia financial compliance. The study concludes that legal-financial permissibility, sustainability disclosure quality, and Islamic ethical additionality represent complementary rather than interchangeable dimensions of issuer evaluation. It contributes a layered accountability framework integrating Sharia screening, ESG disclosure, and Maqāsid -based assessment through a three-panel disclosure dashboard, offering a more transparent governance model for regulators, issuers, and investors in contemporary Islamic capital markets.

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