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Item Controlled Access Sustainability assessment in the halal herbal medicine sector : a comparative study of PT Herba Penawar Alwahida Indonesia and PT Sido Muncul Tbk(Universitas Islam Internasional Indonesia, 2025-07-24) Ayurisya Dominata; Hanafi Sofyan Guciano; Istiana MaftuchahThis study aims to assess and compare the social impact of sustainable investment inthehalalherbal medicine business sector through the Social Return on Investment (SROI) approachand, withcase study of PT Herba Penawar Alwahida Indonesia (HPAI) and PT Sido Muncul. This researchisamixed-methods study combining qualitative and quantitativedata to answer the research questions. Data collection techniques were carried out through in-depth interviews, direct observation, studyvisits to companies, and documentation studies. This study shows that the integration of sustainablefinance principles inthe halal herbal medicine business sector provides a significant contributiontobusiness sustainability and consumer trust. Through a comparison between PT Herba PenawarAlwahida Indonesia and PTSido Muncul, it can be concluded that the two companies have differentapproaches in implementing sustainability principles, both in terms of governance, financing, andhalalproduct marketing strategies. PT Herba Penawar Alwahida Indonesia emphasizes sustainabilitywithasharia-based approach and strong religious values, while PT Sido Muncul integrates sustainabilityfocuss on a modern corporate framework. Both PT HNI and PT Sido Muncul have implementedSROIparameters with their respective levels of impact achievement. Integration of sustainable financenotonly strengthens competitiveness but also creates long-term added value for companies, consumers, and the environment. Therefore, it is important for other industry players to start adopting sustainablefinance practices, while prioritizing halal principles in all stages as part of their business strategy, especially in sectors that have ethical and health-based market potential such as halal herbal medicine. Focusing on increasing public awareness of green medicine or halal herbal medicineamongIndonesians and the global Muslim community, this presents a significant opportunity for theIslamicmedicine industry to developbroader business plans and increase literacy among Muslims andnon-Muslims regarding choosing halal herbal medicine alternatives. Therefore, collaborationbetweenstakeholders is clearly needed to disseminate the trend of green medicineor Indonesia's bioeconomy. Furthermore, halal herbal medicine companies areexpected to improve the quality and credibilityoftheir medicines by conductingcertification tests and compiling sustainability reports for publictransparencyof company operations. Furthermore, we need to encourage the expansionof productionand marketing of halal herbal medicine companies in Indonesia toexpand the market overseas.Item Embargo Sharia-based securities crowdfunding for environmental sustainability goals : practitioners’ perceptions, platform initiatives, and institutional performances(Universitas Islam Internasional Indonesia, 2025-07-17) Ahmad Akram Tjoteng; Rininta Nurrachmi; Aimatul YumnaThis study explores the extent to which Sharia-Based Securities Crowdfunding (SBSC) platforms in Indonesia involve in environmental sustainability goals. Using a qualitative research approach, the study aims to evaluate the platforms’ perceptions, initiatives, and institutional performances related to environmental sustainability, particularly in the context of SBSC platforms. Primary data were obtained through semi-structured interviews with four key informants from three selected platforms with the highest distributed fund as of February 21, 2025—SHAFIQ, LBS Urun Dana, and Urun-RI. Secondary data were selectively obtained from official website publications of the selected platforms. The analysis was conducted using an inductive approach supported by NVivo to identify emerging themes. Findings show that SBSC platforms are developing awareness regarding environmental sustainability practices. Informants demonstrated knowledge of environmentally aligned business sectors, such as renewable energy, organic fertilize-based farming, waste management, and electric vehicles. Some platforms also associate environmental-related projects with national development strategies and Sustainable Development Goals. However, this conceptual understanding has not yet reflected in institutionalized criteria or structured mechanisms for environmental-related sustainability project evaluation. While one platform has taken proactive steps—such as implementing a ‘green label’ to mark SDG-aligned offerings—others have not yet adopted similar mechanisms. Collaborations with several communities and educational initiatives on green financing also indicate emerging engagement. However, these initiatives remain fragmented and largely informal across platforms. From an institutional performance perspective, the research highlights several limitations. None of the selected platforms apply sustainability-related criteria, nor do they offer incentives for environmentally sustainable projects. This also reflects their standard assessment of securities offerings. Informants also confirmed the absence of specified environmental impact evaluations, which indicated that green-related projects are evaluated using the same business-as-usual considerations as conventional ones. Furthermore, regulatory gaps and limited operational coverage were identified as barriers. In brief, growing awareness and early-stage initiatives toward environmental sustainability within SBSC platforms in Indonesia, these have not yet matured into systematic and institutionalized practices. Regulatory support, sustainability-based frameworks, and incentive mechanisms are necessary to elevate the role of SBSC in supporting SDGs, particularly in the context of environmental aspect.