Green Sukuk untuk Pembangunan Berkelanjutan dan Perlindungan Kehidupan: Analisis Komparatif Regulasi Dalam Perspektif Hifzh An-Nafs
Abstract
This study analyzes the regulatory framework of green sukuk in Indonesia and Malaysia from the perspective of Hifzh an-Nafs (protection of life) as part of Maqasid Shariah. Green sukuk has become an innovative Islamic financial instrument to finance environmentally friendly sustainable development projects. Indonesia has issued green sukuk worth USD 6.9 billion since 2018, with the inaugural green sukuk in 2018 worth USD 1.25 billion. This research employs a qualitative normative legal research method with a comparative law approach and conceptual approach. The results show that Indonesia’s regulatory framework is based on POJK No. 60/POJK.04/2017, POJK No. 18/POJK.04/2023, DSN-MUI Fatwa No. 137/DSN-MUI/IX/2020, and Indonesia’s Green Sukuk Framework, while Malaysia uses the Securities Commission Malaysia SRI Sukuk Framework and Bank Negara Malaysia Value-Based Intermediation. Comparative analysis shows that Indonesia has a more comprehensive regulatory framework for sovereign green sukuk, while Malaysia excels in corporate market development. From the Hifzh an-Nafs perspective, green sukuk realizes life protection through financing renewable energy projects, climate change mitigation, and sustainable infrastructure that supports public health and welfare. This study recommends strengthening regulations, improving reporting transparency, and harmonizing regional standards to optimize green sukuk’s contribution to sustainable development and achieving SDGs.
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