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This study presents a comprehensive evaluation of three main Islamic monetary instruments Sukuk, the Islamic Interbank Money Market (PUAS), and Sharia Repo to strengthen the resilience and stability of Indonesia’s Islamic financial system. Using a descriptive literature review method, this study analyzes relevant academic sources, regulatory frameworks, and policy reports. Sukuk is examined as an asset-based instrument that plays a crucial role in medium- to long-term financing and fiscal management. PUAS is analyzed as a mechanism for short-term liquidity management among Islamic banks based on mudharabah and wakalah contracts. Meanwhile, Sharia Repo is evaluated through the sale and repurchase mechanism of Sharia State Securities (SBSN) to support liquidity stability in Islamic banking. The findings reveal strong synergy among these instruments in managing excess liquidity, controlling inflation, and strengthening the transmission of Bank Indonesia’s monetary policy in compliance with Sharia principles. This study recommends enhancing public literacy, strengthening innovative regulatory frameworks, and developing Islamic financial infrastructure to promote inclusive and sustainable growth in Indonesia’s Islamic financial sector.

This study aims to analyze the role and effectiveness of Islamic monetary policy in Indonesia in facing digital transformation, particularly through the instruments of Sertifikat Bank Indonesia Syariah (SBIS) and Sukuk Bank Indonesia (SukBI). The digital transformation of the national financial system demands an adaptive monetary policy that remains grounded in the principles of maqashid shariah. In the context of Islamic economics, monetary policy not only functions to regulate the money supply and maintain price stability but also ensures the realization of justice and economic welfare. This research employs a descriptive qualitative approach, using literature-based data collection from official publications of Bank Indonesia, the Financial Services Authority (OJK), and relevant academic references on Islamic monetary policy. The analysis adopts an inductive approach by examining the roles of SBIS and Sukuk BI in supporting the stability of the Islamic financial system and their alignment with maqashid shariah values such as al-‘adl (justice), al-wudhuh (transparency), and ar-rawaj (circulation of wealth). The findings indicate that digitalization has positively impacted the efficiency and transparency of Islamic monetary instruments, where SBIS plays a role in regulating the liquidity of Islamic banks in a non-usurious manner, while Sukuk BI serves as an essential instrument in maintaining national economic stability. Nevertheless, challenges remain, including the limited digital infrastructure for Islamic finance and the need to strengthen regulations to ensure that digital monetary systems remain consistent with sharia principles.

The Sustainable Development Goals (SDGs) are a global agenda that emphasizes the importance of balancing economic growth, social justice, and environmental sustainability. In Indonesia, the primary challenge in achieving the Sustainable Development Goals (SDGs) lies in the limited financing of sustainable development projects. Sukuk, particularly green sukuk, is a sharia-compliant financial instrument with the potential to provide an alternative solution to support funding for environmentally friendly projects and green infrastructure. This study aims to analyze the role of sukuk in financing sustainable development, identify its potential and implementation challenges, and compare it with other national financial instruments. This study employed a library research method through a literature review of books, scientific journals, articles, and empirical data related to sukuk development. The results show that demand for sukuk is increasing compared to conventional bonds and provides a competitive financing alternative based on sharia principles. However, its implementation still faces obstacles such as financial literacy, regulatory readiness, market liquidity, and limited institutional coordination. Strengthening regulations and stakeholder collaboration are necessary for sukuk to effectively support the achievement of the Sustainable Development Goals (SDGs).

Development financing systems in various developing countries, including Indonesia, have been tested by repeated global crises, such as the 2008 financial crisis, the COVID-19 pandemic, and geopolitical tensions since 2020. The economy is highly dependent on external funding, such as foreign loans and foreign direct investment (FDI), making it vulnerable to disruptions and uncertainty in capital flows. This article examines the strategic role of domestic savings as a stabilizer in maintaining the resilience of development financing using a desk study approach. The literature review shows that mobilizing domestic savings through conventional and Islamic financial institutions is crucial for encouraging long-term investment, reducing dependence on external financing, and strengthening national fiscal independence. In the Islamic economy, the rise of yield-based savings instruments, productive waqf, and retail sukuk has helped expand a stable and equitable domestic funding base. Furthermore, this article finds that digital transformation, fiscal incentive policies, and financial literacy are key to increasing public participation in productive savings. Therefore, increasing domestic savings is an economic tool and a national defense strategy in facing ongoing global crises.

This study explores the intellectual and thematic evolution of green sukuk research within Islamic sustainable finance from 2015 to 2025. Using a hybrid methodological design that integrates the PRISMA-guided Systematic Literature Review with Watase Uake network analysis, the study identifies 17 core Scopus-indexed articles that collectively define the field’s conceptual and empirical development. Results reveal a three-phase evolution: (1) a formative stage emphasizing ethical legitimacy and Sharia compliance; (2) a transitional phase integrating pricing efficiency, market risk, and policy frameworks; and (3) a maturity phase characterized by econometric modeling, behavioral-finance integration, and sustainability governance. Thematic clusters extracted from bibliometric mapping include financial performance and market dynamics, institutional legitimacy and policy frameworks, behavioral intention and investor psychology, and technological innovation and ESG disclosure. Despite methodological advancement, the literature remains geographically concentrated in Malaysia and Indonesia and exhibits theoretical fragmentation across behavioral, financial, and institutional models. Findings highlight key research gaps involving contradictory evidence on yield–risk relationships, inconsistent behavioral determinants of investment intention, and insufficient integration of moderating or mediating mechanisms. The study advances theoretical pluralism by connecting the Theory of Planned Behavior (TPB), Institutional and Legitimacy Theory, and Resource-Based View (RBV) into an integrated model explaining how legitimacy, behavior, and strategic capability jointly drive green sukuk adoption. Policy implications emphasize the need for harmonized regulation, behavioral incentives, and digital transparency to strengthen credibility and accelerate sustainable-finance transformation in line with SDGs 7 and 13.

This study aims to examine the role of implementing Environmental, Social, and Governance (ESG) principles in supporting the transition toward a green economy in Indonesia from the perspective of Islamic banking. The research employs a qualitative approach using a library research method, reviewing academic literature published between 2020 and 2025. Data were analyzed through thematic content analysis to identify the alignment between ESG dimensions and maqashid shariah, as well as the challenges and opportunities of ESG implementation within Islamic banking institutions. The findings reveal that ESG application in Islamic banking remains partial, with greater emphasis on the environmental dimension through instruments such as green sukuk and green financing. The social and governance aspects have not yet been fully integrated into sustainability strategies. Nevertheless, integrating ESG with maqashid shariah strengthens the role of Islamic banks as agents of change in sustainable development. The study highlights the importance of establishing specific regulations, transparent reporting systems, and sharia-compliant green financial innovations to enhance the contribution of Islamic banking to Indonesia’s green economy.

This study examines the integration of Maqasid al-Sharia the objectives of Islamic law into contemporary sustainable development frameworks, focusing on how Islamic ethical principles can guide social, economic, and environmental sustainability. Maqasid al-Sharia traditionally aims to preserve five core elements: religion, life, intellect, progeny, and wealth, all of which contribute to human well being. The research explores how these principles can be adapted to address modern challenges such as poverty, inequality, and environmental degradation, highlighting the potential of Maqasid al-Sharia to align with the United Nations Sustainable Development Goals (SDGs). Key Islamic principles, including justice (ʿadl), public welfare (maṣlaḥah), and ecological stewardship (khilafah), provide a moral framework for sustainable development, ensuring that economic growth is achieved alongside social justice and environmental preservation. The study also examines the role of Islamic finance, particularly tools like Sukuk, Zakat, and Waqf, in promoting sustainability by funding social welfare projects and supporting environmental initiatives. By comparing Maqasid al-Sharia with secular sustainability models, the research underscores the importance of integrating ethical and spiritual accountability into sustainability efforts. While secular models often prioritize economic growth, Islamic sustainability frameworks emphasize the interconnectedness of human development, social justice, and ecological balance, offering a more holistic approach. The findings suggest that integrating Maqasid al-Sharia into policy and development frameworks can provide a comprehensive, ethically grounded approach to addressing global sustainability challenges. Future research should focus on empirical studies to assess the practical application of Maqasid al-Sharia in real world sustainable development projects and policy making, particularly in Muslim majority societies.

This paper explores the potential of integrating Sharia-compliant financial technology (fintech) innovations with sukuk issuance to drive sustainable infrastructure development in emerging economies. With the rise of digital transformation and the increasing focus on sustainable development, the Islamic financial system provides a unique opportunity to reconcile financial innovation with ethical principles. The study highlights how Sharia fintech platforms, such as crowdfunding and blockchain, can enhance the efficiency, transparency, and accessibility of sukuk as a financial instrument. At the same time, sukuk addresses the significant financing gap in infrastructure development while adhering to Islamic principles, such as avoiding riba (interest), gharar (uncertainty), and maysir (speculation). Through a comprehensive literature review and empirical analysis, this research identifies the gaps in existing approaches to financing sustainable infrastructure in emerging economies and proposes a novel integration framework. Findings suggest that the convergence of Sharia fintech and sukuk can facilitate financial inclusion, attract a broader investor base, and accelerate infrastructure financing. Furthermore, this integration supports the achievement of the Sustainable Development Goals (SDGs) by ensuring that financial tools align with social justice and environmental stewardship. This study contributes to the growing body of knowledge on Islamic finance by providing actionable insights for policymakers, financial institutions, and fintech developers. It emphasizes the importance of regulatory frameworks and cross-sector collaboration to unlock the full potential of Sharia-complian

Public finance is a key element in state governance, especially in the collection and allocation of funds for public services and government. In the Islamic tradition, the concept of public finance has developed since the time of the Prophet Muhammad SAW with sharia principles such as justice, transparency, and accountability to achieve prosperity (falah) in the world and the hereafter. In the modern era, Islamic public finance faces new challenges and opportunities, especially through digitalization and economic globalization. Technologies such as blockchain and big data open up opportunities to increase the effectiveness and openness of Islamic public financial management. Innovations in sharia financial instruments such as zakat, waqf, and sukuk further strengthen the contribution of Islamic public finance to social and economic development. However, challenges such as low public understanding of sharia finance, gaps in access to technology, and the need for supporting regulations and infrastructure are still obstacles. Issues of fiscal sustainability, debt management, and the development of adaptive sharia instruments are also important concerns in the dynamics of the global economy.

This study aims to analyze the influence of the Islamic financial sector on economic growth in Indonesia during the period 2014–2022. The Islamic financial components examined include Islamic stocks, sukuk (Islamic bonds), Islamic mutual funds, third-party funds from Islamic banking, and assets of Islamic non-bank financial institutions (IKNB). Economic growth is measured using Gross Domestic Product (GDP) as the dependent variable. The analysis employs a quantitative approach using the Vector Error Correction Model (VECM), complemented by Impulse Response Function (IRF) and Forecast Error Variance Decomposition (FEVD) to assess both short-term and long-term relationships. The results reveal that Islamic stocks and sukuk have a significant and positive effect on GDP in both the short and long term. Third-party funds from Islamic banks also contribute positively in the long run, although their short-run impact is insignificant. Conversely, Islamic mutual funds and IKNB assets show no statistically significant influence on economic growth. These findings highlight the strategic importance of strengthening Islamic capital market instruments and improving financial intermediation to foster sustainable economic development in Indonesia.