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Energy security and the transition to renewable energy are strategic issues in global energy policy, especially for developing countries that still face the challenge of dependence on fossil energy. Indonesia, as one of the countries with high primary energy consumption, has set a target of 23% renewable energy mix by 2025. However, the achievement is still far from the set target, indicating structural barriers in the energy transition. One of the key determinants in the energy transition is the Energy Security Index and primary energy consumption, which may have implications for the share of renewable energy in the national energy mix. Although various studies have explored the relationship between energy security and sustainable energy mix, empirical studies that comprehensively analyse the impact of Energy Security Index and primary energy consumption on the share of renewable energy in Indonesia are still limited. Therefore, this study aims to examine the relationship between the Energy Security Index, primary energy consumption, and the share of renewable energy and evaluate the extent to which the two independent variables affect the energy transition in Indonesia. This study uses a quantitative approach with the robust least squares method to produce more accurate parameter estimates. The results show that the energy security index has a positive and significant effect on the share of renewable energy, with a coefficient of 1.570 (0.0000 < 0.05), indicating that increased energy security contributes to the acceleration of the renewable energy transition. In contrast, primary energy consumption shows a negative impact on the share of renewable energy, with a coefficient of −3.802 (0.0433 < 0.05), indicating that dependence on fossil energy hinders the increase in the share of clean energy. In addition, the F-test shows that the Energy Security Index and primary energy consumption simultaneously have a significant influence on the share of renewable energy (0.0000 < 0.05), with a coefficient of determination R2 of 89.36%, indicating that the model used is able to explain most of the variability in the share of renewable energy. This finding confirms that improving energy security through energy source diversification and energy efficiency are key factors in accelerating the energy transition. The government needs to reduce dependence on fossil fuels and accelerate incentives for renewable energy so that the renewable energy mix target can be achieved.

The Islamic Financial Services Industry is experiencing significant growth despite the global economic challenges, such as inflation, geopolitical tensions, and rising global debt. The stability of Islamic finance is becoming increasingly crucial in ensuring the resilience of the global financial system. However, there is still a research gap in empirically evaluating the role of Islamic financial instruments such as Sukuk (Islamic Bonds), Takaful, and Islamic Fund, on the growth and stability of IFSI. Therefore, this study aims to analyse the effect of these three instruments on IFSI growth and evaluate the variation of their impact across regions. Using panel data regression method for the period 2017-2023, this study focuses on five main regions, namely Europe and Central Asia (ECA), Gulf Cooperation Council (GCC), Middle East and North Africa (MENA), Sub-Saharan Africa (SSA), and East Asia and the Pacific (EAP). The results showed that Sukuk, Takaful, and Islamic Fund contributed positively and significantly to the growth of IFSI. Sukuk (Islamic Bonds) acts as a stable source of long-term financing, Takaful enhances industry resilience through sharia-based risk mitigation, and Islamic Fund encourages sustainable investments that contribute to the expansion of Islamic financial markets. Regionally, the GCC and Southeast Asia regions show greater influence than other regions, driven by more mature regulations and more developed financial infrastructure. The findings provide important implications for regulators, investors, and financial institutions in designing policies and developing innovative Islamic finance products to enhance the sustainable growth of IFSI. In addition, this study provides a theoretical contribution by integrating the concepts of Capital Market Equilibrium Theory and Islamic Portfolio Theory in Islamic finance analysis. Thus, a deep understanding of the dynamics of Islamic financial instruments is essential in strengthening the Islamic financial ecosystem in the modern era.

The Islamic stock market in Indonesia experiences significant fluctuations due to the dynamics of global and domestic macroeconomic conditions. Instability in interest rates, Gross Domestic Product growth, inflation, and exchange rates are the main factors that affect Islamic stock returns, as measured by the Indonesia Islamic Stock Index (ISSI). The urgency of this research is based on the importance of a more comprehensive understanding of the relationship between macroeconomic variables and Islamic stock performance, along with the development of the Islamic financial industry and increasing global economic uncertainty. This study aims to analyse the effect of macroeconomic variables on Islamic stock returns, with the hypothesis that interest rates and inflation have a negative effect, while GDP and exchange rates have a positive effect on Islamic stock returns. The research method used is Robust Least Square covering the period 2015-2023. The results showed that interest rates (−0.0157) and inflation (−0.0656) have a significant negative effect on Islamic stock returns, while GDP (0.0164) and exchange rates (1.5022) have a significant positive effect. The coefficient of determination (R-squared) of 60.14% indicates that this model is able to explain most of the variation in Islamic stock returns due to changes in macroeconomic conditions. The implications of this research include recommendations for regulators, investors, and policy makers in designing strategies that are more adaptive to macroeconomic changes. Interest rate stabilisation and inflation control policies need to be optimised to maintain the attractiveness of the Islamic capital market. In addition, strengthening Islamic financial regulations and diversifying Islamic-based investments are strategic steps to increase market resilience to global economic volatility.

Improving energy efficiency is one of the key pillars in the transition to a low-carbon economy and sustainable development. However, amidst increasing urbanisation, labour force growth and renewable energy adoption, energy intensity in emerging markets and developing economies (EMDEs) is still showing a stagnant trend. This indicates the existence of non-sectoral structural dynamics that have not been fully identified in previous literature. This research is motivated by the urgent need to quantitatively examine how demographic transformation and clean energy affect national energy efficiency in Emerging Markets and Developing Economies. This study aims to analyse the influence of urban population (% of total population), labour force participation rate (% of working age population), and renewable energy consumption (% of total final energy consumption) on the energy intensity level of primary energy in 25 EMDEs countries over the period 2017-2021. Based on previous theoretical studies and empirical trends, it is hypothesised that urbanisation and renewable energy consumption reduce energy intensity, while labour force participation tends to increase energy intensity if not accompanied by sectoral and technological reforms. The research methodology uses panel data regression approach with Fixed Effect Model. The analysis shows that partially, urban population and renewable energy consumption have a negative and significant effect on energy intensity, while labour force participation rate shows a positive and significant effect. Simultaneously, the three variables have a significant effect on energy intensity. The coefficient of determination (R2) of 0.991589 indicates that 99.15% of the variation in energy intensity can be explained by the variation in the three independent variables. This finding confirms the importance of policy formulation that integrates demographic structural transformation and renewable energy transition to sustainably reduce energy intensity in EMDEs countries.

The islamic Jurisprudence scholars called al-ushuliyyun has reached the methods of istinbath to know the meaning of the texts of the Quran and the sunnah. The methods commanly working to understand the meaning of the text, uncovering and exposing the aims of the words in the text, and its implications. Those methods of istinbath are important to confine the disagreement among the jurists and controll its in discovering the ahkam from the texts. This article intent on presentation an importance of the methods of istinbath, and its application in contemporary issues, especially in cases of  muamalat; in installment sales as the sample, by using the inductive and deductive methods. Whereas the researcher derive generally the methods of istinbath from the opinions of the islamic jurist, than apply it in installment sale, as the sample.

The islamic Jurisprudence scholars called al-ushuliyyun has reached the methods of istinbath to know the meaning of the texts of the Quran and the sunnah. The methods commonly working to understand the meaning of the text, uncovering and exposing the aims of the words in the text, and its implications. Those methods of istinbath are important to confine the disagreement among the jurists and controll its in discovering the ahkam from the texts. This article intent on presentation an importance of the methods of istinbath, and its application in contemporary issues, especially in cases of muamalat; in installment sales as the sample, by using the inductive and deductive methods. Whereas the researcher derive generally the methods of istinbath from the opinions of the Islamic jurist, than apply it in installment sale, as the sample.