I Integrating Maqashid al-Syariah into the Sustainability Framework of Green Mudharabah Sukuk: A Conceptual Model

Suad Fikriawan Suad; Ridho Rokamah; Amila; Agus Setyawan; Ali Masykur

doi:10.70062/incoils.v5i1.454

Authors

Suad Fikriawan Suad Graduated School UIN Kiai Ageng Muhammad Besari Ponorogo
Ridho Rokamah
Amila
Agus Setyawan
Ali Masykur

DOI:

https://doi.org/10.70062/incoils.v5i1.454

Keywords:

Green Economy, Sustainable Finance., Green Sukuk, Maqashid al-Shariah, Mudharabah Sukuk

Abstract

The environmental and social crisis has prompted the emergence of green financial instruments, including Green Sukuk in Islamic finance. However, the increase in the issuance of Green Sukuk still focuses on environmental and economic aspects, while the ethical-social dimensions that are at the core of Maqashid al-Sharia such as justice, welfare, and benefit distribution are often overlooked. This research aims to propose an integrative conceptual model that links the principles of Maqashid al-Syariah with the sustainability framework of Green Mudharabah Sukuk. With the qualitative literature study method, this model links the normative dimensions of Maqashid (ḥifẓ al-dīn, al-nafs, al-ʿaql, al-māl, al-nasl, and al-biʾah) into the sukuk design, implementation, and evaluation cycle. The results of the study offer a framework that not only ensures sharia compliance, but also strengthens social justice, public participation, and ecological sustainability. This model is expected to be a reference for regulators and market participants in designing Islamic financial instruments that are not only "green" in terms of the environment, but also fair, inclusive, and oriented towards universal benefits (maslahah).

Author Biographies

Ridho Rokamah

The environmental and social crisis has prompted the emergence of green financial instruments, including Green Sukuk in Islamic finance. However, the increase in the issuance of Green Sukuk still focuses on environmental and economic aspects, while the ethical-social dimensions that are at the core of Maqashid al-Sharia such as justice, welfare, and benefit distribution are often overlooked. This research aims to propose an integrative conceptual model that links the principles of Maqashid al-Syariah with the sustainability framework of Green Mudharabah Sukuk. With the qualitative literature study method, this model links the normative dimensions of Maqashid (ḥifẓ al-dīn, al-nafs, al-ʿaql, al-māl, al-nasl, and al-biʾah) into the sukuk design, implementation, and evaluation cycle. The results of the study offer a framework that not only ensures sharia compliance, but also strengthens social justice, public participation, and ecological sustainability. This model is expected to be a reference for regulators and market participants in designing Islamic financial instruments that are not only "green" in terms of the environment, but also fair, inclusive, and oriented towards universal benefits (maslahah).

Amila

The environmental and social crisis has prompted the emergence of green financial instruments, including Green Sukuk in Islamic finance. However, the increase in the issuance of Green Sukuk still focuses on environmental and economic aspects, while the ethical-social dimensions that are at the core of Maqashid al-Sharia such as justice, welfare, and benefit distribution are often overlooked. This research aims to propose an integrative conceptual model that links the principles of Maqashid al-Syariah with the sustainability framework of Green Mudharabah Sukuk. With the qualitative literature study method, this model links the normative dimensions of Maqashid (ḥifẓ al-dīn, al-nafs, al-ʿaql, al-māl, al-nasl, and al-biʾah) into the sukuk design, implementation, and evaluation cycle. The results of the study offer a framework that not only ensures sharia compliance, but also strengthens social justice, public participation, and ecological sustainability. This model is expected to be a reference for regulators and market participants in designing Islamic financial instruments that are not only "green" in terms of the environment, but also fair, inclusive, and oriented towards universal benefits (maslahah).

Agus Setyawan

The environmental and social crisis has prompted the emergence of green financial instruments, including Green Sukuk in Islamic finance. However, the increase in the issuance of Green Sukuk still focuses on environmental and economic aspects, while the ethical-social dimensions that are at the core of Maqashid al-Sharia such as justice, welfare, and benefit distribution are often overlooked. This research aims to propose an integrative conceptual model that links the principles of Maqashid al-Syariah with the sustainability framework of Green Mudharabah Sukuk. With the qualitative literature study method, this model links the normative dimensions of Maqashid (ḥifẓ al-dīn, al-nafs, al-ʿaql, al-māl, al-nasl, and al-biʾah) into the sukuk design, implementation, and evaluation cycle. The results of the study offer a framework that not only ensures sharia compliance, but also strengthens social justice, public participation, and ecological sustainability. This model is expected to be a reference for regulators and market participants in designing Islamic financial instruments that are not only "green" in terms of the environment, but also fair, inclusive, and oriented towards universal benefits (maslahah).

Ali Masykur

The environmental and social crisis has prompted the emergence of green financial instruments, including Green Sukuk in Islamic finance. However, the increase in the issuance of Green Sukuk still focuses on environmental and economic aspects, while the ethical-social dimensions that are at the core of Maqashid al-Sharia such as justice, welfare, and benefit distribution are often overlooked. This research aims to propose an integrative conceptual model that links the principles of Maqashid al-Syariah with the sustainability framework of Green Mudharabah Sukuk. With the qualitative literature study method, this model links the normative dimensions of Maqashid (ḥifẓ al-dīn, al-nafs, al-ʿaql, al-māl, al-nasl, and al-biʾah) into the sukuk design, implementation, and evaluation cycle. The results of the study offer a framework that not only ensures sharia compliance, but also strengthens social justice, public participation, and ecological sustainability. This model is expected to be a reference for regulators and market participants in designing Islamic financial instruments that are not only "green" in terms of the environment, but also fair, inclusive, and oriented towards universal benefits (maslahah).

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