Sharia Fiscal Policy Optimization Toward National Economic Growth

This study examines the optimization of Islamic fiscal policy toward national economic growth in Indonesia through a descriptive qualitative library research approach. Findings reveal that Islamic fiscal instruments—Sovereign Sukuk (SBSN), Cash Waqf Linked Sukuk (CWLS), and ZISWAF—demonstrated consistent growth during 2021–2025, supported by Law No. 4 of 2023 and the MEKSI 2025–2029 masterplan. These instruments contribute significantly to budget financing, infrastructure development, and inclusive economic growth. However, regulatory gaps, low Islamic financial literacy, and fragmented policy integration remain critical barriers. Comprehensive inter-institutional coordination is imperative to maximize the role of Shariah-based fiscal policy in advancing sustainable and equitable national economic development.

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Publication Details

Journal
Research in Accounting Journal (RAJ)
Published
2026-11-03
DOI
https://doi.org/10.37385/5wzdk375
Primary Topic
Islamic Finance and Banking Studies
Type
article
Field-Weighted Citation Impact
0.00
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article

Sharia Fiscal Policy Optimization Toward National Economic Growth

Ibrahim Musa, Arie Yusnelly, Yayu Kusdiana, Nanda Suryadi
Research in Accounting Journal (RAJ)
Islamic Finance and Banking Studies
article

Sharia Fiscal Policy Optimization Toward National Economic Growth

Ibrahim Musa, Arie Yusnelly, Yayu Kusdiana, Nanda Suryadi
article en

Abstract

This study examines the optimization of Islamic fiscal policy toward national economic growth in Indonesia through a descriptive qualitative library research approach. Findings reveal that Islamic fiscal instruments—Sovereign Sukuk (SBSN), Cash Waqf Linked Sukuk (CWLS), and ZISWAF—demonstrated consistent growth during 2021–2025, supported by Law No. 4 of 2023 and the MEKSI 2025–2029 masterplan. These instruments contribute significantly to budget financing, infrastructure development, and inclusive economic growth. However, regulatory gaps, low Islamic financial literacy, and fragmented policy integration remain critical barriers. Comprehensive inter-institutional coordination is imperative to maximize the role of Shariah-based fiscal policy in advancing sustainable and equitable national economic development.

Research in Accounting Journal (RAJ)
Openalex Percentile: Top 8%
Islamic Finance and Banking Studies
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