COMPARATIVE ANALYSIS OF STATE FINANCIAL GOVERNANCE:PERSPECTIVES FROM ISLAMIC ECONOMICS AND INDONESIAN GOVERNANCE

Abstract

This study analyzes the management of state revenues and expenditures from the perspective of Islamic public finance instruments and the Indonesian fiscal system. This study aims to compare classical Islamic fiscal governance mechanisms with the implementation of the Indonesian State Budget (APBN) for the 2021–2025 period and to measure state budget efficiency. The research methodology employs a quantitative descriptive approach combined with comparative literature analysis. Secondary data were gathered from the Central Statistics Agency (BPS) publications and classical Islamic public finance literature. Research findings indicate that state revenues and expenditures experienced continuous annual growth, with taxation remaining the primary backbone of Indonesia's receipts, whereas Islamic public finance relies on zakat, kharaj, jizyah, and fai'. Mathematical calculation of fiscal indicators yielded an estimated final balance of Rp71.310 using the efficiency formula (130,987-59,677).The study concludes that Indonesia possesses superior revenue capacity (cash surplus) and can strengthen national fiscal sustainability by integrating the principles of equity and transparency from Islamic public finance.