Indonesian Journal of Islamic Economics Research

Blended Islamic philanthropy model of green sukuk and digital waqf: Maqasid al-Shariah approach to sustainable economic development in Indonesia

Dicky Octaviano — 2026-04-27

Indonesia's agriculture and fisheries sectors face an annual financing gap that existing conventional banking and Islamic financial instruments, which operate separately, have failed to address. Three unresolved gaps motivate this study: empirically, no prior study has measured the combined mobilization potential of Indonesia’s cumulative green sukuk program and digital waqf against this structural financing deficit; theoretically, no integrated governance framework grounded in Maqasid al-Shariah has been proposed to connect philanthropic waqf capital with commercial sukuk financing in a single blended architecture; and at the policy level, the regulatory divide between OJK and BWI lacks a unified instrument design. This paper proposes the Maqasid-Based Blended Islamic Philanthropy (MBIP) Model, a novel three-layer architecture integrating digital waqf as a first-loss philanthropic foundation, green sukuk as the commercial-concessional superstructure, and a blockchain-enabled Digital Governance Architecture as the integrating keystone. Employing a PRISMA-guided systematic literature review and secondary data analysis from OJK, BWI, BPS, and DJPPR, the model operationalizes all five Maqasid al-Shariah objectives with proposed measurable indicators (waqf mobilization rate, sukuk yield spreads, SDG alignment scores) and aligns with key SDGs. The study contributes four testable propositions and actionable policy recommendations for OJK, BWI, and DSN-MUI.

Toward muzaki: Reconstructing a digital-ready productive zakat ecosystem through an integrated four-pillar model

Abdul Chamid — 2026-04-27

Productive zakat management in Indonesia is constrained by a persistent gap between its estimated potential (IDR 327 trillion) and low realization (13.6%), compounded by the absence of impact-based evaluation and limited integration with digital ecosystems. Prior studies remain fragmented focusing mainly on economic outcomes while lacking an integrated transformation model and overlooking the munfiq stage as a critical transition phase. This study addresses these gaps by reconstructing a digital-ready productive zakat ecosystem aimed at accelerating mustahik-to-muzaki transformation. Using a constructivist qualitative approach with a single case study at BAZNAS Banyumas Regency, data were collected through in-depth interviews, participatory observation, and document analysis, and analyzed using the Miles–Huberman–Saldaña interactive model. Findings reveal a pronounced execution gap, particularly in implementation and evaluation, resulting in partial achievement: beneficiaries consistently reach the munfiq stage but fail to transition into verified muzaki. This reflects systemic weaknesses in sustained mentoring, outcome-based evaluation, and integrated data tracking. This study advances the literature by proposing the Integrated Four-Pillar Transformation Model spiritual-ethical, managerial-strategic, economic-business, and social-mentoring and by positioning the munfiq stage as a decisive inflection point in the transformation pathway. Policy implications emphasize the urgency of adopting outcome-based evaluation systems, institutionalizing structured mentoring, and developing digitally integrated zakat ecosystems enabling data-driven monitoring, scalable empowerment, and real-time impact measurement.

Rural community perceptions and preferences toward loan sharks: A case study in Padang Pariaman Regency from an Islamic finance perspective

Erizal Candra Efendi — 2026-04-27

This study examines rural community perceptions of loan shark practices, the factors driving dependence on informal lending, and the potential of sharia-based financing alternatives in Padang Pariaman Regency. Using a qualitative descriptive field approach, data were collected through in-depth interviews, participant observation, and documentation across five sub-districts. The findings indicate that loan sharks are perceived as fast, simple, and accessible sources of financing for urgent household and micro-business needs. However, their high interest rates and rigid installment systems are considered burdensome and exploitative. Although most respondents recognize that such practices involve riba and contradict Islamic principles, borrowing persists due to unstable income, limited savings, and restricted access to formal and Islamic financial institutions. Community reliance is therefore driven more by structural constraints than by acceptance of interest-based transactions. This study highlights the need to strengthen accessible, fast, and inclusive Islamic microfinance as a viable alternative to reduce dependence on loan sharks.

Constructing a pesantren halal hub model based on the penta helix framework for developing the halal economy in Indonesia

Abdul Rachman — 2026-04-27

This study examines the construction of a Pesantren Halal Hub model based on the Penta Helix framework as an innovation for developing the halal economy in Indonesia, considering the substantial number of pesantren, namely 42,433 Islamic boarding schools in the 2024/2025 academic year, and the significant growth of the global halal economy, which is projected to reach USD 3.36 trillion by 2028 (SGIE 2024/2025). This number represents a considerable potential for building a pesantren-based halal industry ecosystem. However, the involvement of pesantren in the halal industry ecosystem remains limited due to constraints such as limited access to capital, inadequate managerial skills, challenges in obtaining halal certification, and weak connectivity to global markets. This research employs a descriptive qualitative method with a Penta Helix approach. The findings reveal that the Pesantren Halal Hub model constitutes an innovative strategy for developing Indonesia’s halal economy, as it enhances the number of halal-certified pesantren products, expands market access through halal hubs and halal e-commerce, strengthens cross-sectoral collaboration networks, and supports financing mechanisms based on productive waqf and Islamic social finance (ZISWAF). Accordingly, collaboration among pesantren, government, industry, universities, communities, and Islamic social finance institutions (ZISWAF) is crucial in constructing the Pesantren Halal Hub model. Theoretically, this research enriches the literature on the integration of Islamic educational institutions into the Penta Helix innovation model, while practically, it provides policy recommendations and an implementable model that can be replicated by government, industry, and pesantren across various regions

Religiosity and investment knowledge as determinants of cryptocurrency investment interest among Muslim Generation Z

M. Farhan Zubaili — 2026-04-27

The phenomenon of digital asset investment development, particularly cryptocurrency, has garnered significant attention among young Generation Z investors. However, limited studies have examined the respective roles of religiosity and investment knowledge in shaping cryptocurrency investment intention within a Muslim-majority context, especially in regions implementing Islamic values such as Aceh, Indonesia. This study aims to analyze the influence of religiosity and investment knowledge on cryptocurrency investment intention among Muslim Generation Z. The research employed a quantitative approach, and the data were analyzed using Partial Least Squares Structural Equation Modeling (PLS-SEM) using SmartPLS software. The results indicate that religiosity has a negative and significant effect on investment intention, while investment knowledge has a positive and significant effect. These findings suggest that individuals with a high level of religiosity tend to avoid cryptocurrency investments due to legal uncertainty and Islamic perspectives concerning elements of gharar (uncertainty), maysir (speculation), and dharar (harm). Conversely, a higher level of investment knowledge enhances individuals' ability to make rational and ethical financial decisions. This study contributes theoretically by extending the Theory of Planned Behavior into the context of Islamic digital finance, highlighting religiosity as a normative constraint and investment knowledge as a cognitive driver in shaping cryptocurrency investment intention among Muslim Generation Z.

Bridging monetary policy and the real sector: A conceptual model in Islamic economics

Ilma Mahdiya — 2026-04-27

The disconnect between monetary policy and the real sector remains a key issue in modern economic systems, including Islamic finance, where decoupling between financial activities and productive sectors distorts the efficiency of monetary transmission channels. Previous studies have discussed Islamic monetary instruments and financial intermediation separately, with limited attention to an integrated framework linking Islamic monetary policy, Islamic financial institutions, and the real sector within a maqasid al-Shariah perspective. This study aims to develop a conceptual model that bridges Islamic monetary policy and the real sector within an integrated framework.. The findings suggest an integrated model that links Islamic monetary instruments, Islamic financial institutions, and real sector activities through a dynamic feedback mechanism, with maqasid al-Shariah as the normative foundation. In contrast to conventional monetary frameworks relying on interest-based transmission mechanisms, the proposed framework emphasizes profit-sharing, asset-backed financing, and ethical resource allocation linked to productive activities. This study highlights the importance of strengthening Sharia-compliant monetary instruments, institutional integration, and maqasid-based policy design to support inclusive, sustainable, and real-sector-oriented economic development.

Financialization, productive investment, and ecological sustainability through an Islamic economics lens in the G20 development

Muhammad Hisyam Syafii — 2026-04-27

This study examines the structural relationship between financialization, productive investment, and ecological sustainability in G20 economies during 2020–2025, integrating structural macroeconometrics with the Islamic economic framework of maqashid al-shariah. Employing second-generation panel techniques including CCEMG, AMG, SVAR, and panel threshold regression the research identifies the structural consequences of riba-based financialization on productive investment efficiency and ecological sustainability outcomes. The findings reveal that financialization indicators financial sector value-added, stock market capitalization, corporate debt, and financial profit share, identified as empirical manifestations of riba-driven financial expansion exert significant negative long-run effects on total factor productivity growth, corroborating both the post-Keynesian crowding-out hypothesis and the Islamic economic proposition that riba structurally suppresses productive kasb by displacing investable surpluses from real capital formation. Conversely, all financialization indicators significantly increase carbon emission intensity and ecological footprint per capita, constituting empirical confirmation that riba-based financialization generates systematic darar violating hifz al-bi'ah. Threshold analysis identifies a wasatiyyah threshold of 94.7 percent of GDP beyond which negative impacts intensify nearly fourfold. The results collectively establish that excessive riba-based financial sector expansion violates maqashid al-shariah, underscoring the need for transition toward Islamic financial alternatives mudharabah, musharakah, green sukuk, and waqf-based instruments as empirically superior and normatively mandated responses to the financialization-sustainability crisis across G20 economies.