Forestry Green Sukuk Model: Harmonizing Hifz al-Bi'ah for Sustainable Restoration in Indonesia
DOI:
https://doi.org/10.23917/jisel.v9i01.15356Keywords:
Green Sukuk, Forest Restoration, Ijarah Maushufah fi Zimmah, Hifz al Bi'ah,, Sustainable FinanceAbstract
The increasing intensity of hydrometeorological disasters in Indonesia, such
as flash floods and landslides, is directly proportional to the rate of national forest
degradation. Mitigation efforts through forest restoration face a structural barrier: a
funding gap that cannot be fully covered by the state budget. Although Indonesia has
issued Green Sukuk, its allocation remains concentrated in the energy and transportation
infrastructure sectors, while the high-risk forestry sector remains neglected. This study
aims to construct a Forestry Green Sukuk model that harmonizes the principle of
environmental preservation (Hifz al-Bi'ah) with modern Islamic financial engineering.
The research method employed is normative legal research using a conceptual and
statutory approach to analyze the DSN-MUI Fatwa, OJK regulations, and the Presidential
Regulation on Carbon Economic Value. The research findings indicate that the use of the
Ijarah Maushufah fi Zimmah (IMfZ) contract for the leasing of future asset benefits is
the most appropriate structure to mitigate biological risks and uncertainty (gharar) in
forestry projects. Unlike profit-sharing schemes, the IMfZ model provides cash flow
certainty by monetizing ecosystem services, specifically carbon sequestration and flood
mitigation, as valid underlying assets. This study offers a theoretical contribution to the
paradigm shift in Hifz al-Bi'ah and provides practical solutions for regulators to develop
bankable alternative financing schemes that support climate resilience and disaster risk
reduction targets in Indonesia.
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