Bandung, 15 Februari 2024

Nomor : 02.067/CIBF-SBM/II/2024
Perihal : Undangan
Lampiran : TOR FGD

Yang Terhormat
Direktur Kajian dan Pengembangan
Badan Amil Zakat Nasional (BAZNAS)

Dengan hormat

Kami dari Center for Islamic Business and Finance (CIBF) SBM ITB berkolaborasi dengan
Asosiasi Fintech Syariah Indonesia (AFSI) sedang melaksakan kajian tentang Studi Kelayakan
Sustainability – Linked Financing (SLF) di Fintech Syariah untuk pembiayaan UMKM yang
mana kajian ini didukung oleh United Nations Development Programme (UNDP). Kami
mengundang Bapak/Ibu dalam pelaksanaan Focus Group Discussion pada Kajian tentang Studi
Kelayakan Sustinability – Linked Financing (SLF) di Fintech Syariah untuk pembiayaan UMKM,
yang akan diselenggarakan pada:

Hari/Tanggal : Rabu, 21 Februari 2024

Waktu : 14.00 -16.00 WIB
Link Zoom : https://bit.ly/FGDSLF-UNDP
Meeting ID: 873 3178 7950
Passcode: 853923

Besar harapan kami Bapak/Ibu dapat hadir dalam acara tersebut. Untuk konfirmasi kehadiran
Bapak/Ibu dapat menghubungi Aang 08561915459.

Demikian kami sampaikan, atas perhatian dan Kerjasama yang diberikan kami ucapkan
terimakasih.

Hormat Kami,
Ketua Tim Peneliti

Oktofa Yudha Sudrajad, Ph.D

Direktur CIBF
 Term of Reference (ToR)
Focussed Group Discussion
Sustainability Linked Financing in Islamic Fintech for SMEs Financing

Kami, Center for Islamic Business and Finance School of Business and Management Institut
Teknologi Bandung (CIBF SBM ITB) dan Asosiasi Fintech Syariah Indonesia (AFSI) dengan
dukungan dari Innovation Lab United Nation Development Program (UNDP) Indonesia akan
mengadakan Focused Group Discussion (FGD) dengan topik Sustainable Linked Financing
(SLF) in Islamic Fintech for SMEs Financing.

FGD akan dilakukan dalam beberapa sesi berbeda yang terdiri dari FGD regulator, ahli
keuangan dan kepatuhan syariah, UKM, dan industri fintech. Acara ini bertujuan untuk
menjajaki model SLF yang sesuai untuk diaplikasikan pada fintech syariah di Indonesia.

Tujuan

Tujuan dari FGD ini adalah:

1. Menghadirkan pemangku kepentingan terkait di sektor fintech syariah Indonesia,

seperti lembaga pemerintah, asosiasi Islam, perusahaan fintech, dan lembaga
keuangan.
2. Untuk mendapatkan masukan tentang model SLF yang paling sesuai untuk
diimplementasikan pada Fintech Syariah di Indonesia dari aspek regulasi, syariah
compliance, dan teknis implementasi di industri.
3. Untuk mendapatkan gambaran supply dan demand terhadap SLF Fintech Syariah
sektor UMKM.
4. Untuk mendapatkan gambaran proses bisnis SLF apabila diaplikasikan pada Fintech
Syariah.
5. Untuk mengeksplorasi tantangan kebijakan dan peraturan, mengidentifikasi
pemangku kepentingan utama dan peluang implementasi.

Susunan Acara
Berikut ini susunan acara untuk kegiatan FGD Sustainability Linked Financing:

Jam Kegiatan
14.00 Peserta FGD Sesi I memasuki Zoom
14.00 – 14.15 Pembukaan dan Pemaparan dari Tim Peneliti
14.15 – 15.50 Diskusi dan Pemaparan dari pemangku kepentingan

15.50 – 16.00 Kesimpulan dan Penutupan

Issue to be Discussed:

Regulator
1. Apakah benefit yang diperoleh oleh Fintech/Lembaga Keuangan apabila
mengimplementasikan Sustainable Finance (SLF)?
2. Apakah perlu regulasi tertentu apabila fintech/lembaga keuangan akan
mengaplikasikan SLF, mengingat terdapat dua jenis sustainable report: mandatory &
voluntary
3. Apabila akan mengimplementasikan SLF, dukungan/regulasi apakah yang Anda
butuhkan dari pemerintah (tax benefit, financing incentives, licensing discount, dll)?

Syariah Compliance (DSN MUI)

1. Bagaimana mengenai pandangan ESG/SDG vs Maqashid Syariah?
2. Apakah perlu fatwa baru apabila akan mengeluarkan produk SLF di fintech
syariah/lembaga keuangan syariah
Sustainability Linked Financing in Islamic Fintech for SMEs Financing

Sustainability issues namely climate change, energy security, and reduction in carbon emissions have
instigated unprecedented challenges to the environment and society. The rectification of these issues
requires operationalizing unconventional instruments such as investments and financing (Beik et al.,
2022). Especially, global businesses are responsible for mobilizing resources through innovative
approaches to minimize their impact on the environment. Following the growing sustainability
awareness, financial markets have designed holistic approaches through capital allocation to accelerate
the achievement of sustainability goals (Dilusio et al., 2021). The recent rise of sustainability-linked
financing (SLF) into the contemporary business landscape may enable countries to achieve
sustainability and resolve other pertinent issues (Fuest and Meir, 2023). The different financing
schemes powered by SLF may allow financial markets to enhance their contribution to economic, social,
and environmental developments. Accordingly, regional economies in both developing and developed
countries and their environmentally responsible corporates have geared up integrating SLF by
establishing strategic Key performance indicators (KPIs) and sustainability performance targets (SPTs).
The global business giants, Amazon, Google, and Microsoft annually allocate significant capital to
publicly disclose their SLF reports to support sustainability agenda.

Indonesia is one of the third largest archipelago countries with more than 17,000 islands continue facing
sustainability issues due to climate change. Some of its regions have jeopardized the sustainability of
natural ecosystems and resources (Susanto et al., 2020). The Ministry of Finance of the Republic of
Indonesia (MFRI), in its recent report claimed that sustainability issues in the country have enhanced
the risk of hydro-meteorological disasters causing 80% more natural disasters, key hazards increasing
17.4% more floods in Jakarta, about 3.9 million people in 105 cities in Java and Nusa Tenggara
witnessing drought, increase in vector-borne diseases by 3-5%, and 9.82% people confining to below
poverty line (MFRI, 2021). These sustainability issues are havoc for the Indonesian economy as it
heavily relies on natural resources and their depletion is likely to escalate environmental, social, and
governance (ESG) issues in the country (Tang, 2021). SLF as an innovative sustainable finance enabler
may serve as a toolkit to advance Indonesia’s ESG objectives and reduce corporates' unsustainable
business practices. The steady growth of SLF can be associated with increasing sustainability
awareness, regulatory pressure, investor demands, and the realization of the indefinite effects of
unsustainable practices.

The characteristics and provisions of SLF are versatile therefore it is essential to identify the relevant
sectors and sustainability KPIs to ensure the impact-based outcome of SLF. The Islamic finance sector
of Indonesia is one of the emerging sectors with a steady growth of 5% and has the potential to promote
sustainability and resolve perpetual ESG issues (IFSB Stability Report, 2023). The Islamic finance
sector in the country through its emerging Islamic Fintech domain may leverage SLF by engaging
different stakeholders such as regulators (MFRI), businesses (micro, small, and medium enterprises
(MSMEs)), and customers (investors) to resolve ESG issues and maximize its growth. Infect, Indonesia
established an Innovative Financing Lab (IFB) in 2017 through the collaboration of the United Nations
Development Programme (UNDP) to unlock and leverage new financial resources and bridge
sustainability gaps. This indicates the country’s invincible commitment to alleviate climate, energy,
carbon emissions, and ESG issues. Simultaneously, integrating sustainability through SLF will allow
the Islamic finance industry to tap the appetizing Islamic Fintech market by offering innovative financial
products and services. Overall, the structural characteristics of SLF and its alignment with Islamic
Fintech products and services are likely to push Indonesia a step closer to achieving broader goals of
sustainability endorsed in the Paris Climate Agreement of 2015.