Blue Sukuk as a Solution to Indonesia Maritime Economic Crisis due to the Global Covid Pandemic

Abstract

The aim of this paper is to analyze and provide a solution related to the maritime economic crisis in Indonesia which occurred due to the COVID-19 pandemic, affecting almost all countries in the world. The research technique used in this research is descriptive qualitative using secondary data. As the largest archipelagic country in the world, the ocean plays an important role in Indonesia. The marine and fisheries sector contributes to food security, livelihoods, and foreign exchange earnings. Currently, more than 6 million people are involved in Indonesia's maritime and fisheries sector, including small businessmen and fishermen. Since the COVID-19 pandemic, it has disrupted Indonesia's economic sector, one of which is in the fisheries sector. According to the Coordinating Ministry for Maritime Affairs and Investment, the COVID-19 pandemic has caused a decline in the price of fishery products in several national fishing ports by up to 50 percent. This price decline occurred due to distribution disruptions caused by the emergency to contain the spread of COVID-19. This policy resulted in the accumulation of fish stocks in almost all cold storage. Thus, a stimulus is needed so that this crisis will not harm fishermen and other related industry players further. Blue sukuk can be a solution to this problem. With the issuance of the blue sukuk, it can become a reserve fund in the maritime sector and can be a long-term solution for the government in increasing Indonesia's maritime potential.