This paper attempts to analyse the investment behaviour in the retail green sukuk (RGS) issued by the Indonesian government. The research framework is based on the Theory of Planned Behaviour (TPB), while the Partial Least Square-Structural Equation Modelling (PLS) was employed as a research method. Online questionnaires were distributed to potential retail investors. A total of 113 respondents met the requirements and were used as the sample in this research. The findings show that decision to invest in RGS is influenced by intention and perceived behavioural control (PBC). Meanwhile, attitude and subjective norms have significant influence on the intention to invest in the RGS. Attitude is found as the strongest predictor of intention and is influenced by knowledge about RGS, environmental awareness and religiosity. Based on these findings, it is recommended that the government should intensify campaigns about sukuk and green issues. The promotion of RGS should be targeted to the religious individual/community with sufficient literacy of sukuk and awareness of the green issues.

Buku ini menghadirkan wacana baru tentang investasi syariah dengan bahasa yang renyah dan aplikatif.  Materi yang disampaikan dalam buku ini cocok bagi siapa pun yang membutuhkan panduan atau rujukan terkait cara berinvestasi. Cara-cara tersebut disampaikan dengan tetap berdasar pada prinsip kehalalan dan disesuaikan dengan hukum Islam.

The aim of this study are: (i) to develop an index based on Islamic stock from List of Islamic Securities (DES) and integrate them with the concept of Socially Responsible Investment (SRI) and (ii) to compare the performance of the constructed index with Jakarta Islamic Index (JII) and SRI Kehati Index. We construct the index using Equally Weighted Method from extensive dataset of more than 300 Islamic securities listed in the List of Islamic Securities (DES). Our result is fairly striking as the Islamic SRI index outperform JII and SRI Kehati as well. We conclude that additional screening with ESG parameter does not impact the index performance. To our knowledge, this research is the first to introduce an Islamic SRI stock Index, particularly in Indonesia. Hence, the result could be a consideration for the Indonesia stock exchange (IDX) stakeholder to introduce this index to the market. Furthermore, the results is expected to help investors in selecting stock that meet the standards of Islamic stocks while also fulfill the ESG criteria into their investment portfolios.

Abstract. This paper explores the potential issuance of blue sukuk to finance the blue economy project in Indonesia. We first analyze current initiative of Indonesia’s Blue Economics program. Using the theory of change approach, we model the example of blue project and design the suitable sukuk structure to finance the project. We then develop a framework for financing the program using sukuk structures which previously designed for green sukuk.  It is hoped that by issuing the blue sukuk, it may support the SDG program for sustainable finance of blue economics program. Our framework is suitable for both sovereign and corporate blue sukuk. Furthermore, the project-based blue sukuk may support to alleviate the poverty of people who live along the coast and protect them from the impact of climate change. Finally, this study contributes to lay the foundations for further work on Blue sukuk in Indonesia and International as well.

This study aims to explore the urgency of converging the principles of environment protection and Sustainable Responsible Investment from the perspective of Maqashid Syariah into the selection process of Islamic Stock Index. In-depth analysis on current literature practices on Maqashid Syariah, hifdzul bi’ah and Islamic stock index.  The convergence of Maqashid Syariah, in particular Hifzul Bi’ah and stock index screening process will allow a creation of a new Islamic index or rejuvenating current Islamic stock index in Indonesia. We suggest that Dewan Syariah Nasional to start implementing Maqashid Syariah and Hifzul Bi’ah principle in the process of stock screening for Islamic Stock Indexes. This study is among the first of its kind to offer integration of Maqashid Syariah in particular Hifzul Bi’ah to the Islamic stock index.