Analisis Kepatuhan Syariah pada Penerbitan Green Sukuk di Indonesia Berdasarkan Fatwa DSN-MUI dan Prinsip Maqasid Syariah

Abstract

Green Sukuk has emerged as a strategic Islamic financial instrument that integrates sovereign financing with sustainable development objectives. Although Indonesia became the world's first sovereign Green Sukuk issuer in 2018, studies on its sharia compliance have largely focused on contractual conformity with fatwas, while the substantive implementation from the perspective of maqāṣid al-sharī'ah remains underexplored. This study aims to examine the concept and issuance mechanism of Green Sukuk in Indonesia, assess its compliance with the fatwas of the National Sharia Board-Indonesian Council of Ulama (DSN-MUI), and analyze its implementation through the perspective of maqāṣid al-sharī'ah. Using a qualitative library research approach, the study analyzes DSN-MUI fatwas on State Sharia Securities (SBSN) and Law No. 19 of 2008 through descriptive qualitative content analysis. The findings indicate that Indonesia's Green Sukuk normatively fulfills the essential principles of sharia compliance, including valid contracts, the existence of underlying assets, halal objects, and the absence of riba, gharar, and maysir. However, issues concerning fixed-rate-like returns and the potential for double underlying assets require continuous oversight. From the perspective of maqāṣid al-sharī'ah, Green Sukuk aligns with ḥifẓ al-māl and ḥifẓ al-nafs, while its relevance can be extended through the concept of ḥifẓ al-bi'ah as a contemporary development of maqāṣid. These findings highlight that sharia compliance is dynamic and requires the integration of normative legality with substantive implementation.