Melola Discovery

← Melola Discovery

Jurnal SINTA 1

Islamic Financing for Renewable Energy in Indonesia: Unlocking Potential Demand from GCC Investors

Journal of Islamic Monetary Economics and Finance · Vol. 10 No. 2 (2024) · hlm. 301–328

DOI
10.21098/jimf.v10i2.1846
ISSN
2460-6618, 2460-6146
Terbit
2024-05-31
Penerbit
Bank Indonesia
Bahasa
eng

Abstrak

This study examines the interest of Gulf Cooperation Council (GCC) investors in financing renewable energy (RE) projects in Indonesia using Islamic financing schemes. It employs a multi-criteria decision-making (MCDM) method and Analytical Hierarchy Process (AHP) model with expert respondents representing institutional investors from the GCC states. To validate and enrich the analysis, it also conducted Focus Group Discussion and additional interviews with industry players and Indonesian regulators. The main finding indicates that the return on investment is the most crucial factor in selecting appropriate RE projects, followed by risk and impact of the projects. Furthermore, while the GCC investors do not have sufficient knowledge about the potential and sources of RE in Indonesia, they consider the solar panel project as most preferable. Next, the study finds investment return, Shariah compliance and liquidity as the main criteria in choosing Islamic financing instruments, where equity-based are the most preferred instrument, followed by asset-backed securities and blended financing instruments. In addition, tax incentives, cross subsidy and feed-in-tariffs are the most preferred incentives needed by the investors. The additional interviews that we conducted further affirm these findings. The results are expected to provide insights for the Indonesian policy makers, particularly fiscal and financial/monetary authorities, and the GCC investors to invest in Indonesia for financing RE projects using Islamic financing schemes. Acknowledgment We gratefully acknowledge the support provided by Universitas Indonesia Research Grant. The grant facilitated the research presented in this paper, allowing us to conduct data collection and analysis as well as disseminate our findings to a wider audience.

Kata kunci

Jaringan kolaborasi para penulis

25 penulis · 54 tautan kepenulisan bersama · 21 lintas organisasi

Arahkan kursor atau ketuk sebuah nama untuk menyorot rekan penulisnya. Klik dua kali untuk membuka halaman penulis.

  • University of Indonesia
  • Sunan Kalijaga State Islamic University Yogyakarta
  • International Islamic University Malaysia
  • University College of Bahrain
  • International Centre for Education in Islamic Finance
  • Universitas Syiah Kuala
  • Durham University
  • Organisasi lain
  • Afiliasi tidak diketahui
  • Organisasi berbeda
  • Organisasi sama
  • Afiliasi tidak diketahui
  • Garis lebih tebal = lebih banyak artikel bersama · lingkaran lebih besar = lebih banyak artikel
Tampilkan sebagai tabel
Rekan penulisOrganisasiArtikel bersama
Mohd Azmi OmarInternational Centre for Education in Islamic Finance1
M. Shabri Abd. MajidUniversitas Syiah Kuala1
Elimartati ElimartatiAfiliasi tidak diketahui1
Hebby Rahmatul UtamyAfiliasi tidak diketahui1
Utari Aulia RifmadaniAfiliasi tidak diketahui1
Edmon MakarimUniversity of Indonesia1
Iffah KarimahUniversity of Indonesia1
WirdyaningsihUniversity of Indonesia1
Rahmadhani Nur WidiantoUniversity of Indonesia1
Achmad Sultan Richard SyahrulUniversity of Indonesia1
Habib AhmedDurham University1
Hassanuddin bin Mohd Thas ThakerAfiliasi tidak diketahui1
Abdul QoyumSunan Kalijaga State Islamic University Yogyakarta1
Ibnu QizamSunan Kalijaga State Islamic University Yogyakarta1
Abrista DeviUniversitas Ibn Khaldun Bogor1
Mohammad Mahbubi AliInternational Institute of Advanced Islamic Studies1
Ichwan IchwanUniversity of Indonesia1
Muhammad Rizki SiddiqUniversity of Indonesia1
Farid Arif WibowoMinistry of Finance1
Meis Winih SosiantiUniversity of Indonesia1

Afiliasi berasal dari OpenAlex; metadata OAI-PMH jurnal tidak memuatnya. Penulis tanpa ID OpenAlex dicocokkan berdasarkan nama, sehingga dua orang bisa tergabung atau satu orang bisa terpisah.

Sumber metadata: OAI-PMH (metadata jurnal) http://www.jimf-bi.org/index.php/JIMF/oai, pertama di-harvest 9 Nov 2026, terakhir terlihat 9 Nov 2026.
Metadata asli (oai_dc) 
<oai_dc:dc xmlns="http://www.openarchives.org/OAI/2.0/" xmlns:dc="http://purl.org/dc/elements/1.1/" xmlns:oai_dc="http://www.openarchives.org/OAI/2.0/oai_dc/" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xsi:schemaLocation="http://www.openarchives.org/OAI/2.0/oai_dc/  http://www.openarchives.org/OAI/2.0/oai_dc.xsd">
	<dc:title xml:lang="en">Islamic Financing for Renewable Energy in Indonesia: Unlocking Potential Demand from GCC Investors</dc:title>
	<dc:creator xml:lang="en">Kasri, Rahmatina A.</dc:creator>
	<dc:creator xml:lang="en">Rulindo, Ronald</dc:creator>
	<dc:creator xml:lang="en">Sakti, Muhammad Rizky Prima</dc:creator>
	<dc:creator xml:lang="en">Rifqi, Muhammad</dc:creator>
	<dc:creator xml:lang="en">Yuniar, Adela Miranti</dc:creator>
	<dc:subject xml:lang="en">Renewable energy, Islamic finance, GCC investors, Multi-criteria decision-making (MCDM) method, AHP model.</dc:subject>
	<dc:description xml:lang="en">This study examines the interest of Gulf Cooperation Council (GCC) investors in financing renewable energy (RE) projects in Indonesia using Islamic financing schemes. It employs a multi-criteria decision-making (MCDM) method and Analytical Hierarchy Process (AHP) model with expert respondents representing institutional investors from the GCC states. To validate and enrich the analysis, it also conducted Focus Group Discussion and additional interviews with industry players and Indonesian regulators. The main finding indicates that the return on investment is the most crucial factor in selecting appropriate RE projects, followed by risk and impact of the projects. Furthermore, while the GCC investors do not have sufficient knowledge about the potential and sources of RE in Indonesia, they consider the solar panel project as most preferable. Next, the study finds investment return, Shariah compliance and liquidity as the main criteria in choosing Islamic financing instruments, where equity-based are the most preferred instrument, followed by asset-backed securities and blended financing instruments. &amp;nbsp;In addition, tax incentives, cross subsidy and feed-in-tariffs are the most preferred incentives needed by the investors. The additional interviews that we conducted further affirm these findings. The results are expected to provide insights for the Indonesian policy makers, particularly fiscal and financial/monetary authorities, and the GCC investors to invest in Indonesia for financing RE projects using Islamic financing schemes.
Acknowledgment
We gratefully acknowledge the support provided by Universitas Indonesia Research Grant. The grant facilitated the research presented in this paper, allowing us to conduct data collection and analysis as well as disseminate our findings to a wider audience.</dc:description>
	<dc:publisher xml:lang="en">Bank Indonesia</dc:publisher>
	<dc:date>2024-05-31</dc:date>
	<dc:type>info:eu-repo/semantics/article</dc:type>
	<dc:type>info:eu-repo/semantics/publishedVersion</dc:type>
	<dc:type xml:lang="en">Peer-reviewed Article</dc:type>
	<dc:format>application/pdf</dc:format>
	<dc:identifier>https://jimf-bi.org/JIMF/article/view/1846</dc:identifier>
	<dc:identifier>10.21098/jimf.v10i2.1846</dc:identifier>
	<dc:source xml:lang="en">Journal of Islamic Monetary Economics and Finance; Vol. 10 No. 2 (2024); 301-328</dc:source>
	<dc:source>2460-6618</dc:source>
	<dc:source>2460-6146</dc:source>
	<dc:source>10.21098/jimf.v10i2</dc:source>
	<dc:language>eng</dc:language>
	<dc:relation>https://jimf-bi.org/JIMF/article/view/1846/970</dc:relation>
	<dc:rights xml:lang="en">Copyright (c) 2024 Journal of Islamic Monetary Economics and Finance</dc:rights>
</oai_dc:dc>