Instrumen Keuangan Sosial Islam Dan Keberlanjutan  Lingkungan (SDGs 13)

Arridho Abduh; Marliyah Marliyah; Saparuddin Siregar

doi:10.24014/ibf.v5i1.28345

Instrumen Keuangan Sosial Islam Dan Keberlanjutan Lingkungan (SDGs 13)

Arridho Abduh, Marliyah Marliyah, Saparuddin Siregar

Abstract

The issue of climate change has become an urgent global challenge that requires immediate action. Achieving Sustainable Development Goal 13 (SDG 13), which pertains to climate action, has become a top priority in efforts to mitigate the negative impacts that have occurred and are ongoing. In this context, Islamic social finance instruments emerge as a tool with great potential to support environmental sustainability goals. This approach integrates the principles of Islamic social finance, emphasizing justice, sustainability, and fair distribution, with global efforts to address climate change. This article seeks to explain how Islamic social finance instruments can be used as investment vehicles supporting green projects, renewable energy, and other endeavors aimed at reducing carbon emissions and preserving ecosystem balance. We also evaluate the positive impact achieved in attaining SDG 13 through the implementation of these instruments. Despite some hurdles that need to be addressed, such as broader awareness and understanding of Islamic social finance, its potential to contribute to climate change mitigation and the achievement of SDG 13 is significant. This article provides insights into how the Islamic social finance approach can become an integral part of the global solution to address climate change and achieve environmental sustainability.

Full Text:

PDF

References

Abd Wahab, N., Bin-Nashwan, S. A., Chik, M. N., & Mohd Hussin, M. Y. (2023). Islamic Social Finance Initiatives: An Insight into Bank Islam Malaysia Berhad’s Innovative BangKIT Microfinance Product. ISRA International Journal of Islamic Finance, 15(1), 22–35. https://doi.org/10.55188/ijif.v15i1.483

Abduh, M., Buys, W. A., & Aziz, S. A. (2022). Exploring the Relationship between Islamic Financial Development, Energy Consumption, and Environmental Quality. International Journal of Energy Economics and Policy, 12(2), 426–430. https://doi.org/10.32479/ijeep.11943

Abubakar, J., & Aysan, A. F. (2021). Research trends in the field of Islamic social finance. Munich Personal RePEc Archive, No. 109637. https://mpra.ub.uni-muenchen.de/109637/

Ahmad, N. B., Chuweni, N. N., Ismam, J. N., Ali, S. N. M., Fauzi, N. S., & Arshad, H. (2021). A Conceptual Framework: Enhancing Shariah Compliance via Adopting Enterprise Waqf Model as Endowment for Urban Regeneration Development. Dalam N. N. Md Shariff, N. Lateh, N. F. Zarmani, Z. S. Hamidi, Z. A. Abdulrazzak Aghwan, N. Binti Dato Haji Mahalle, H. Haji Yaacob, & T. Hisao (Ed.), Enhancing Halal Sustainability (hlm. 183–196). Springer. https://doi.org/10.1007/978-981-33-4854-7_16

Ahmed, H., Mohieldin, M., Verbeek, J., & Aboulmagd, F. (2015). On the Sustainable Development Goals and the Role of Islamic Finance. The World Bank. https://doi.org/10.1596/1813-9450-7266

Alhabshi, S. M. bin S. J. (2021). Integrated Islamic Social Finance Approach: The Case for Environment, Social Responsibility, and Governance. Dalam Handbook of Research on Islamic Social Finance and Economic Recovery After a Global Health Crisis (hlm. 15). IGI Global. https://www.igi-global.com/gateway/chapter/274446

Al-Roubaie, A. (2022). Islamic Social Finance and Global Inequalities: The Case of COVID-19v. 2.

Amuda, Y. J., & Embi, N. A. C. (2016). Creation of Company through Zakat Funds for Sustainability of Malaysian Asnaf With Reference to Shari’ah Justification. Environ. Sci.

Ari, I., & Koc, M. (2021). Towards sustainable financing models: A proof-of-concept for a waqf-based alternative financing model for renewable energy investments. Borsa Istanbul Review, 21, S46–S56. https://doi.org/10.1016/j.bir.2021.03.007

Atah, U. I., Nasr, W. M. A., & Mohammed, M. O. (2018). The Role of Zakat as an Islamic Social Finance towards Achieving Sustainable Development Goals: A Case Study of Northern Nigeria.

Azman, S. M. S., & Ali, E. R. A. E. (2016). The potential of innovative financial tools: Social Impact Bond (SIB) and Sustainable and Responsible Investment (SRI) sukuk, towards the sustainable growth of the Islamic finance industry. European Journal of Islamic Finance, 4, Article 4. https://doi.org/10.13135/2421-2172/1644

Biancone, P. P., & Radwan, M. (2019). Social Finance and Financing Social Enterprises: An Islamic Finance Prospective. European Journal of Islamic Finance. https://doi.org/10.13135/2421-2172/3176

Bouman, T., & Steg, L. (2022). Engaging City Residents in Climate Action: Addressing the Personal and Group Value-Base Behind Residents’ Climate Actions. Urbanisation, 7(1_suppl), S26–S41. https://doi.org/10.1177/2455747120965197

Brink, E., & Wamsler, C. (2019). Citizen engagement in climate adaptation surveyed: The role of values, worldviews, gender and place. Journal of Cleaner Production, 209, 1342–1353. https://doi.org/10.1016/j.jclepro.2018.10.164

Budalamah, L. H., El-Kholei, A. O., & Al-Jayyousi, O. R. (2019). Harnessing value-based financing for achieving SDGs: Social innovation model for Arab municipalities. Arab Gulf Journal of Scientific Research, 1–19. https://doi.org/10.51758/AGJSR-03-2019-0009

Cattelan, V. (Ed.). (2018). Islamic Social Finance: Entrepreneurship, Cooperation and the Sharing Economy (1 ed.). Routledge. https://doi.org/10.4324/9781315272221

Cernev, T., & Fenner, R. (2020). The importance of achieving foundational Sustainable Development Goals in reducing global risk. Futures, 115, 102492. https://doi.org/10.1016/j.futures.2019.102492

Chitsa, M., Sivapalan, S., Singh, B. S. M., & Lee, K. E. (2022). Citizen Participation and Climate Change within an Urban Community Context: Insights for Policy Development for Bottom-Up Climate Action Engagement. Sustainability, 14(6), 3701. https://doi.org/10.3390/su14063701

Dirie, K. A., Alam, Md. M., & Maamor, S. (2023). Islamic social finance for achieving sustainable development goals: A systematic literature review and future research agenda. International Journal of Ethics and Systems, ahead-of-print(ahead-of-print). https://doi.org/10.1108/IJOES-12-2022-0317

Doni, F. (2020). SDG13 - climate action: Combating climate change and its impacts (First edition). Emerald Publishing.

Endri, E., Tahya Hania, B., & Ma’ruf, A. (2022). Corporate green Sukuk issuance for sustainable financing in Indonesia. Environmental Economics, 13(1), 38–49. https://doi.org/10.21511/ee.13(1).2022.04

Fitrah, R., & Soemitra, A. (2022). Green Sukuk For Sustainable Development Goals in Indonesia: A Literature Study. Jurnal Ilmiah Ekonomi Islam, 8(1), 231. https://doi.org/10.29040/jiei.v8i1.4591

Fourman, V. (2019). Physical and Geological Factors in Modeling of the Climate Earth Changes. 2019 XIth International Scientific and Practical Conference on Electronics and Information Technologies (ELIT), 222–226. https://doi.org/10.1109/ELIT.2019.8892335

Franzoni, S., & Ait Allali, A. (2018). Principles of Islamic Finance and Principles of Corporate Social Responsibility: What Convergence? Sustainability, 10(3), 637. https://doi.org/10.3390/su10030637

Gnanamkonda, D. V. (2014). CONSUMER AWARENESS AND CONSUMPTION PATTERN OF PROBIOTIC & SUGAR FREE ICE CREAMS IN HYDERABAD & SECUNDERABAD.

Hasan, N. F., & Syahruddin, S. (2022). Enhancing Green Waqf For Carbonization Technology: Opportunities for Sustainable Development Goals (SDGs) in Indonesia. El Barka: Journal of Islamic Economics and Business, 5(2), 235–251. https://doi.org/10.21154/elbarka.v5i2.4739

Hasanah, U., & Pranata, D. (2019). Waqf Financial Tecnology in Startup Capital. Proceedings of the The First International Conference On Islamic Development Studies 2019, ICIDS 2019, 10 September 2019, Bandar Lampung, Indonesia. The First International Conference On Islamic Development Studies 2019, ICIDS 2019, 10 September 2019, Bandar Lampung, Indonesia, Bandar Lampung, Indonesia. https://doi.org/10.4108/eai.10-9-2019.2289331

Kamdzhalov, M. (2020). Islamic Finance and the New Technology Challenges. European Journal of Islamic Finance. https://doi.org/10.13135/2421-2172/3813

Kamil, A. S. (2023). Regional Impact Analysis of Carbon Tax Implementation on Indonesia’s Coal Power Plant with Interregional Input-output Method. International Journal of Energy Economics and Policy, 13(3), 149–157. https://doi.org/10.32479/ijeep.14115

Kassim, S., Othman, A. H. A., & Haron, R. (Ed.). (2021). Handbook of Research on Islamic Social Finance and Economic Recovery After a Global Health Crisis: IGI Global. https://doi.org/10.4018/978-1-7998-6811-8

Luk’yanets, A. S., & Ryazantsev, S. (2016). Economic and Socio-Demographic Effects of Global Climate Change. International Journal of Economics and Financial Issues. https://www.semanticscholar.org/paper/Economic-and-Socio-Demographic-Effects-of-Global-Luk%E2%80%99yanets-Ryazantsev/ded2c27b451d24ebe53af0920118a6d9a5372590

Maslova, S. (2020). Achieving sustainable development goals through public private partnership: Critical review and prospects. International Journal of Innovation and Sustainable Development, 14(3), 288. https://doi.org/10.1504/IJISD.2020.108046

Moghul, U. F., & Safar-Aly, S. H. K. (2015). Green Sukuk: The Introduction of Islam’s Environmental Ethics to Contemporary Islamic Finance. Georgetown International Environmental Law Review (GIELR), 27(1). https://ssrn.com/abstract=2580864

Mohieldin, M., Iqbal, Z., Rostom, A., & Fu, X. (2011). The Role of Islamic Finance in Enhancing Financial Inclusion in Organization of Islamic Cooperation (OIC) Countries. The World Bank. https://doi.org/10.1596/1813-9450-5920

Muhamad, S. F., Zain, F. A. M., Samad, N. S. A., Ab. Rahman, A. H., & Yasoa’, M. R. (2022). Measuring Sustainable Performance of Islamic Banks: Integrating the principles of Environmental, Social and Governance (ESG) and Maqasid Shari’ah. IOP Conference Series: Earth and Environmental Science, 1102(1), 012080. https://doi.org/10.1088/1755-1315/1102/1/012080

Obaidullah, M. (2018). Managing Climate Change: Role of Islamic Finance. Islamic Economic Studies, 26(1), 31–62. https://doi.org/10.12816/0050310

Prastowo, L. N. (2015). ISLAMICS PRINCIPLE VERSUS GREEN MICROFINANCE. European Journal of Islamic Finance, 3, Article 3. https://doi.org/10.13135/2421-2172/1046

Rahim, N. @ F., Shahwan, S., Shafii, Z., Iskandar Mirza, A. A., Sapian, S., Salleh, S., Nawai, N., Ibrahim, N., & Haris, A. (2018). A REVIEW ON PRODUCT DEVELOPMENT OF ISLAMIC SOCIAL FINANCE IN TIJARI SECTOR. International Journal of Islamic Business, 3(2), 59–66. https://doi.org/10.32890/ijib2018.3.2.5

Reddy, P. P. (2015). Causes of Climate Change. Dalam P. P. Reddy (Ed.), Climate Resilient Agriculture for Ensuring Food Security (hlm. 17–26). Springer India. https://doi.org/10.1007/978-81-322-2199-9_2

Rehman, A. A. (2019, Januari 23). Islamic finance for social good | United Nations Development Programme. UNDP. https://www.undp.org/blog/islamic-finance-social-good

Rizal, S., & Pakkanna, M. (2023). Digitalization of Zakat in Stimulating Community Socio-Economic Development in the Middle of the Covid-19 Pandemic (Maqashid Syariah Perspective). European Journal of Humanities and Social Sciences, 3(1), Article 1. https://doi.org/10.24018/ejsocial.2023.3.1.384

Rizk, R. (2014). Islamic Environmental Ethics. Journal of Islamic Accounting and Business Research, 5(2). https://doi.org/10.1108/jiabr-09-2012-0060

Rizky Ulul Azmy, Indarisuci, & Pipit Amanda. (2023). PLN Waqf Solarfunding: Waqf-Based Solar Panel Innovation as a Form of Development in Papua to Create a Halal Philanthropic Industry. Jurnal Multidisiplin Madani, 3(7), 1419–1431. https://doi.org/10.55927/mudima.v3i7.4666

Ros, A. V., LaRocque, R., Fortinsky, R., & Nicholas, P. (2020). Addressing Climate Change Communication: Effective Engagement of Populations for Climate Action in the US and Globally. Annals of Global Health, 86(1), 54. https://doi.org/10.5334/aogh.2900

Sacarcelik, O. (2010). Trends and Challenges in Islamic Finance: A case study of Switzerland. https://www.semanticscholar.org/paper/Trends-and-Challenges-in-Islamic-Finance%3A-A-case-of-Sacarcelik/7f5c4b8ac65a149bdf5b17d34f6568f71c4c9c0a

Shuaib, A. A., & Sohail, M. (2022). The role of Islamic social finance in societal welfare: A case study of selected IFBOs in southwest Nigeria. International Journal of Islamic and Middle Eastern Finance and Management, 15(1), 83–99. https://doi.org/10.1108/IMEFM-06-2019-0229

Siregar, R. & Marliyah. (2023). PRAKTIK KEUANGAN SOSIAL ISLAM DI NEGARA MUSLIM. Jurnal EMT KITA, 7(2), 308–316. https://doi.org/10.35870/emt.v7i2.875

Skirbekk, V., Sherbinin, A. D., & Adamo, D. S. (2020, Oktober 15). How Religion Influences Our Relationship With the Environment. State of the Planet. https://news.climate.columbia.edu/2020/10/15/religion-influences-relationship-environment/

Sullivan, J. P., & Townsend, K. (2022). Climate Migration: Adding Fuel to the Ethnocentric Fire. Terrorism and Political Violence, 34(5), 914–925. https://doi.org/10.1080/09546553.2022.2069446

Suminto. (2021, April 27). Keuangan Sosial Islam dan SDGs | Republika ID. Republika.Id. https://republika.id/posts/16214/keuangan-sosial-islam-dan-sdgs

Swain, R. B., & Yang-Wallentin, F. (2020). Achieving sustainable development goals: Predicaments and strategies. International Journal of Sustainable Development & World Ecology, 27(2), 96–106. https://doi.org/10.1080/13504509.2019.1692316

Tok, E., Yesuf, A. J., & Mohamed, A. (2022). Sustainable Development Goals and Islamic Social Finance: From Policy Divide to Policy Coherence and Convergence. Sustainability, 14(11), 6875. https://doi.org/10.3390/su14116875

Tol, R. S. J. (2018). The Economic Impacts of Climate Change. Review of Environmental Economics and Policy, 12(1), 4–25. https://doi.org/10.1093/reep/rex027

Tumewang, Y. K., Annisa, I. T., & Fakhrunnas, F. (2021). HOW ISLAMIC SOCIAL FUNDS SUPPORT SUSTAINABLE DEVELOPMENT GOALS DURING COVID OUTBREAK? THE ROLE OF RELIGIOSITY, TRUST, AND PERCEIVED BEHAVIORAL CONTROL. Share: Jurnal Ekonomi Dan Keuangan Islam, 10(1), 84. https://doi.org/10.22373/share.v10i1.9302

Umam, K., Syamsuri, S., & Isro’i, M. I. (2021). Can Waqf be a Solution to Answer The Challenges of Globalization? Ijtimā Iyya Journal of Muslim Society Research, 6(2), 181–200. https://doi.org/10.24090/ijtimaiyya.v6i2.6036

Widiastuti, T., Prasetyo, A., Robani, A., Mawardi, I., Rosida, R., & Al Mustofa, M. U. (2022). Toward developing a sustainability index for the Islamic Social Finance program: An empirical investigation. PLOS ONE, 17(11), e0276876. https://doi.org/10.1371/journal.pone.0276876

Williams, M. (2016). Gender and Finance: Coming Out of the Margins. CLIMATE POLICY BRIEF. http://www.southcentre.int

Yesuf, A. J., & Aassouli, D. (2020). Exploring synergies and performance evaluation between Islamic funds and socially responsible investment (SRIs) in light of the Sustainable Development Goals (SDGs). Heliyon, 6(8), e04562. https://doi.org/10.1016/j.heliyon.2020.e04562

Yusoff, H., & Darus, F. (2014). Mitigation of Climate Change and Prevention of Pollution Activities: Environmental Disclosure Practice in Islamic Financial Institutions. Procedia - Social and Behavioral Sciences, 145, 195–203. https://doi.org/10.1016/j.sbspro.2014.06.027

DOI: http://dx.doi.org/10.24014/ibf.v5i1.28345