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Annual International Conference

on Islamic Economics and Business, 2022, Vol 2 No 1, 233-243

The Effect of Green Accounting and Material


Flow Cost Accounting on Corporate
Sustainability in Islamic Economic Perspective:
Study on Manufacturing Companies Listed on
the Sri-Kehati Index 2016-2020

Triyanti Azlaila Nurul Khotimah 1*, Nurlaili1, Evi Ekawati 1 , Ersi Sisdianto 1
1 Faculty of Economics and Islamic Business, Raden Intan State Islamic University, Lampung,

Indonesia

Abstract: This study aims to analyze the effect of green accounting and
material flow cost accounting on corporate sustainability (Studies on
manufacturing companies listed on the Sri-Kehati Index 2016-2020). The
object of this research is corporate sustainability as the dependent variable,
and two independent variables, namely green accounting and material flow
[secondary data obtained from the company's official website, the Indonesia
Stock Exchange, and the Sri-Kehati Index. The data used in this study is
secondary data with documentation collection techniques and literature
study as well as the data analysis used is panel data regression analysis using
the computer program E-views 10. The population in this study are
manufacturing companies listed on the Sri-kehati Index 2016-2020. The
sample in this study consisted of 6 companies in the 2016-2020 period, so
there were 30 samples. The sampling technique in this study used purposive
sampling. The results show that partially green accounting has no effect on
corporate sustainability, material flow cost accounting has a positive and
significant effect on corporate sustainability.

Keywords: Green Accounting, Material Flow Cost, Accounting Corporate


Sustainability

1 Introduction
The development of environmental issues has become a public concern in encouraging
company awareness to carry out environmental management in its business activities.
However, an industrial activity that is growing rapidly at this time is one of the causes of
environmental damage there are still many companies that focus on achieving profits without
considering the negative impact of their production activities on the environment and the
community around the company. Increased human awareness of the impact of environmental
damage that will affect future survival has an impact on companies with greater demands that
*Corresponding author: triyantiazlailanurulkhotimah@gmail.com,
Annual International Conference
on Islamic Economics and Business, 2022

not only generate maximum profit but also pay attention to waste management so that
environmental sustainability is maintained. The environmental sustainability that is achieved
will be very beneficial for the community and the company in the long term. If viewed from
the positive side, industrial activity has helped the country's economy a lot and absorbed a
lot of workers. In addition, the industrial sector which acts as a sector leader can spur
development in other sectors (Ridwan, 2016). Thus, corporate awareness is needed in
managing the environment and social life in addition to the company's activities to achieve
its goals. (Anatan, 2009, p. 6)
Companies are not only required to prioritize owners and management, but also all related
parties, such as employees, consumers, as well as the community, and the environment. This
is because the existence of the company cannot be separated from the interests of various
parties. Manufacturing is an industry that has a very close relationship with the environment.
This is because the sounds produced by production machines can potentially produce noise
pollution, the means of transportation used can potentially produce vibration and dust
pollution, excessive use of groundwater, wastewater that does not meet quality standards, oil
seepage or oil, fuel leaks have the potential to produce water pollution and the gases produced
can result in air pollution if not considered.(Utami, 2020) Therefore, this research was
conducted in a manufacturing company.
In the era of the company's movement towards a green company, the industry is not only
required to be limited to waste management but also demands from the community-consumer
further, namely that the production process of an item from taking raw materials to the
disposal of a product after being consumed (used) does not damage the environment. .
(Kusumaningtias, 2013, p. 137)
The government and society are increasingly aware of the importance of the environment.
This can be seen from the formation of environmental care institutions and movements, as
well as the enactment of various laws and government regulations related to environmental
protection. (Witjaksono & Djaddang, 2018, pp. 97–114)One of them is the Law of the
Republic of Indonesia Number 40 of 2007 concerning Limited Liability Companies Article
74 Paragraph (1) contains the following:
"Companies that carry out their business activities in the field and/or related to natural
resources are obliged to carry out Social and Environmental Responsibility".
Green accounting is an effort to link the company's economic interests and environmental
conservation (Kusumaningtias, 2013, p. 137). Green accounting is considered an important
tool to understand the influential aspects of the natural environment related to the economy
(Farouk et al., 2012, pp. 36–43) . Green accounting is part of environmental accounting that
combines environmental benefits and costs into decision-making. Green accounting is
influenced and affects those around the company that stand.
Material flow cost accounting is one of the methods of environmental management
accounting that aims to reduce both environmental impacts and costs at the same time.
However, the basis of material flow cost accounting is to find ways to reduce costs by
reducing waste, which in turn will lead to the development of business productivity. The
main purpose of material flow cost accounting is so that the costs of losses resulting from the
production of materials can be evaluated which then makes a decision that helps companies
to treat their waste. “The Influence of Green Accounting Implementation and Material Flow
Cost Accounting on Sustainable Development,” 113. The waste management approach is
carried out by applying material flow cost accounting, namely the process improvement
strategy, in which companies modify products and production processes to produce little or
no pollutants. also find ways to recycle their waste.

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In general, the greater the profits obtained by a company, the more guaranteed the survival
of the company. Therefore, if a company makes various efforts to increase its profits, for
example by increasing productivity and cost-efficiency. Increased productivity can be
obtained by improving work management through simplifying processes, reducing
inefficient activities, saving process and service time, as well as using the most efficient
materials, and cutting costs as low as possible. (Laub, 1999) However, at this time there has
been a shift in the goals of a company, from profit-oriented to stakeholder-oriented.
Companies realize that they should not only pursue profits but also serve the wishes of
stakeholders. The company also realizes that the abandonment of the company by consumers
and stakeholders means that their source of profit will also be lost. Therefore, the survival of
a company cannot be separated from its external environment, both natural and social.
Companies must pay attention to environmental issues so that stakeholders believe in the
company, spending costs for the environment is an investment for the company in the future.
(Loen, 2018, p. 8) .
Research on the effect of green accounting and material flow cost accounting on
corporate sustainability has been carried out by several researchers, but still has different
results, including the results of research by M. Wahyudi Abdullah , Mishelei Loen, Selpiyanti
and Zaki Fakhroni green accounting has a significant positive effect on corporate
governance. sustainability, while the research of Windasari Rahmawati and Abdul Karim,
Verlita Dewi Roslaine, and Eni Wuryani obtained the results of research that green
accounting hurts corporate sustainability. Based on the research that has been done
previously, many research studies have been carried out in companies listed on the Indonesia
Stock Exchange, the research time is less than 5 years and the mining sector.

2 Literature Review
2.1 Stakeholder Theory
Stakeholder theory is the basic theory to understand the importance of environmental
responsibility for companies. In stakeholder theory, companies must pay attention to the
interests of stakeholders, so companies will get support from stakeholders to achieve their
goals in obtaining sustainable financial and non-financial performance(Sisdianto & Fitri,
2020, pp. 9–24).
Stakeholders are attachments based on certain interests. Thus, talking about stakeholder
theory means discussing matters relating to the interests of various parties(Ghozali & Chariri,
2007, p. 17). Stakeholder theory is that stakeholder is a system that is explicitly based on
views about an organization and its environment, regarding the nature of the interplay
between the two which is complex and dynamic. Stakeholders and organizations influence
each other, this can be seen from their social relations in the form of responsibility and
accountability. Therefore the organization have accountability to their stakeholders (Freeman
et al., 2021, p. 1762).
2.2 Legitimacy Theory
Legitimacy theory is a theory that is in the framework of political economy theory that
influences society in order to determine the allocation of financial resources and other
economic resources, companies tend to use legitimacy-based performance because it is
important in the company's future development. The rationale for legitimacy theory is that
organizations will continue to exist if society realizes that organizations operate for a value
system that is in line with society's value system (Mousa, et. al., 2015).

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2.3 Green Accounting


Green Accounting is accounting that identifies, measures assesses and discloses costs related
to the company's activities related to the environment. (Cohen & Robbins, 2012, p. 190)
Environmental accounting is a science that is influenced and affects the environment. Its
existence is not value-free concerning the development of the times. Bookkeeping methods
also continue to evolve following the increasing complexity of the business. When concern
for the environment begins to get public attention, accounting is improving itself so that it is
ready to internalize various externalities. (Ghozali & Chariri, 2007, p. 29)
The importance of using environmental accounting (green accounting ) for companies or
other organizations is explained in the function and role of environmental accounting ( green
accounting). These functions and roles are divided into two forms. The first function is called
an internal function and the second function is called an external function. The green
accounting functions are as follows:
1. Internal functions are functions related to the company's internal parties. Internal parties
are parties that carry out business, such as consumer households and production
households, and other services. The dominant actor and factor in this internal function is
the company's leadership. Because the leadership of the company is the person who is
responsible for every decision making and determining every company's internal
policies. As with other corporate environmental information systems, internal functions
make it possible to manage environmental conservation costs and analyze costs of
environmental conservation activities effectively and efficiently and according to
decision making. In this internal function, environmental accounting is expected to
function as a business management tool that can be used by managers when dealing with
business units.
2. External functions are functions related to aspects of financial reporting. In this function,
an important factor that needs to be considered by the company is the disclosure of the
results of environmental conservation activities in the form of accounting data. The
information disclosed is a quantitatively measured result of environmental conservation
activities. This includes information about the economic resources of a company.
According to Ikhsan, the purpose and intent of developing environmental accounting are
as an environmental management tool used to assess the effectiveness of environmental
conservation activities and as a communication tool with the public that is used to convey
negative environmental impacts, and environmental conservation activities and their results
to the public (Ikhsan, 2008).
2.4 Material Flow Cost Accounting
Material flow cost accounting is a management instrument that can increase the use of
materials effectively and efficiently to reduce production waste. Material flow cost
accounting is a tool to reduce costs by reducing waste which can ultimately lead to increased
business productivity (Ulupui et al., 2020, p. 745). Material flow cost accounting is an
effective tool that serves to help organizations better understand the potential environmental
and economic impacts used on materials and labor. The concept of factory process
improvement usually focuses on reducing lead time, waste or useless materials, etc. which
spurs increased productivity of the production line (Loen, 2019, p. 15) The advantage of
using the material flow cost accounting model is that it can increase profits and productivity
(internally) and reduce negative impacts on the environment (externally) which in turn
contribute to the development of the company's sustainability ( corporate sustainable
development ).

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Material flow cost accounting can be used as a tool to increase the transparency of
material flow in energy use, and costs related to environmental impacts, and to support
company decisions through information obtained through material flow cost accounting.
Applying material flow cost accounting into production can provide a clear picture of the
problems faced by the company. There are four principles of material flow cost accounting,
which are as follows:
1) Understanding of material flow and energy use.
2) As a liaison for physical and monetary information data
3) Ensure accuracy, completeness, and comparability of physical data
4) As a tool for determining and estimating the cost of material losses.
By applying the principles of material flow cost accounting, the company will benefit.
One of the advantages that can be obtained by using material flow cost accounting is that it
can reduce the impact of environmental damage (external) so that it can increase company
profits and productivity (internal). So that it can contribute to the sustainability of a company.
2.5 Corporate Sustainability
According to the US EPA, sustainability is based on a simple principle that can be
interpreted as everything we need for survival and the well-being of life that directly or
indirectly affects the natural environment. Sustainability creates and maintains a condition
in which humans and nature can live in harmony, which allows for meeting the social,
economic, and other needs of current and future generations. The concept of sustainability
was introduced globally by an entity called the Brundtland Commission in the Our Common
Future reporting activity organized by the World Commission on Environment and
Development.
There are five elements for corporate organizations in developing a sustainable
environment, namely economic sustainability, social indicators, environmental analysis,
independently selected sustainability indicators, and the materials and resources used.
(Company, 2018) The sustainability of a company is a development factor to meet current
needs without compromising its future ability to meet its own needs. The survival of a
company depends on the profits it earns. This profit then becomes the main goal of
establishing a company.

3. Research Method
This research uses quantitative research with a descriptive approach. This study uses a causal
associative approach, the causal associative approach is research that has the aim of knowing
the relationship or influence between one variable and another (Sugiyono, 2017, p. 37) The
population in this study, namely companies listed on the Sri-Kehati index during 2016-2020
period. The sample of this study amounted to 30 samples and sampling using purposive
sampling. The criteria for sampling, namely:
1. Manufacturing companies listed in the Sri-Kehati index during the 2016-2020 period.
2. Manufacturing companies in the sri-kehati index that publish their financial reports
continuously during the 2016-2020 period.
3. Not delisted in the Sri-Kehati index during the study period.
The analysis technique that will be used in this research is using the panel data regression
analysis technique with the help of the E-views 10 program to obtain a comprehensive picture
of the influence of the independent variable on the dependent variable. The regression
equation is as follows:

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CS = α + β1 GA + β2 MFCA + ɛ
= 4.64E+13- 4.58E+11 GA+ 0.418672 MFCA+ ɛ

Note :
CS = corporate sustainability
GA = Green Accounting
MFCA = Material Flow Cost Accounting
α = Konstanta
β1 , β2, = Parameter
ɛ = error

4 Results and Discussion


4.1 Results
Classic assumption test
The results of the normality test in this study can be seen in Figure 4.1 below:
8
Series: Standardized Residuals
7 Sample 2016 2020
6
Observations 30

5 Mean 0.000130
Median -2.01e+11
4
Maximum 1.21e+13
3 Minimum -1.72e+13
Std. Dev. 5.64e+12
2 Skewness -0.582975
Kurtosis 4.620905
1

0 Jarque-Bera 4.983469
-1.5e+13 -1.0e+13 -5.0e+12 2.5e+07 5.0e+12 1.0e+13 Probability 0.082766

Figure 1. Normality Test Results


Source: E-Views 10 processed in 2022
By the results of the normality test that has been carried out using E-views 10 above, it
can be seen that the value of Jarque Bera is 4.983469, with a probability of 0.082766. By the
JB statistical assessment criteria, with a probability value of 0.082766 > 0.05, it means that
it passes the normality test.
Multicollinearity test
The data is said to be free from multicollinearity problems if the correlation value between
the independent variables is less than 0.80 (80%).
Table 1. Multicollinearity Test Results
GA MFCA
GA 1.0000000 -0.407572
MFCA -0.407572 1.0000000
Source: E-Views 10 processed in 2022
Based on the results of the multicollinearity test in Table 1., it can be seen that the
correlation value between the independent variables is less than 0.80, namely -0.407572, it
can be concluded that the data is free from multicollinearity problems.
Heteroscedasticity Test

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The following are the results of the heteroscedasticity test:


Table 2. Heteroscedasticity Test Results
Variable Coefficient Std. Error t-Statistics Prob.
C 2.98E+12 8.23E+12 0.361625 0.7211
GA 2.72E+11 2.39E+12 0.113579 0.9106
MFCA 0.004698 0.042210 0.111292 0.9124
Source: E-views processed in 2022
Based on the results of the heteroscedasticity test in Table 2, it can be seen that the
probability value of the independent variable is greater than the alpha value (α) 0.05, namely
green accounting 0.9106 and material flow cost accounting 0.9124. it can be concluded that
the data is free from heteroscedasticity symptoms.
Panel Data Regression Analysis
Table 3. Fixed Effect Model Panel Data Regression Analysis
Variable Coefficient Std. Error t-Statistic Prob.
C 4.64E+13 1.58E+13 2.944092 0.0075
GA -4.58E+11 4.58E+12 -0.100140 0.9211
MFCA 0.418672 0.080807 5.181124 0.0000
R-squared 0.989703 Mean dependent var 6.78E+13
Adjusted R-
squared 0.986427 S.D. dependent var 5.56E+13
S.E. of regression 6.47E+12 Akaike info criterion 62.05837
Sum squared resid 9.22E+26 Schwarz criterion 62.43202
Log likelihood -922.8756 Hannan-Quinn criter. 62.17790
F-statistic 302.0910 Durbin-Watson stat 2.201794
Prob(F-statistic) 0.000000
Source: E-views 10 processed in 2022
The explanation of the linear regression equation for the panel data above is as follows:
a. A constant with a value of 4.64E+13 indicates that if all independent variables are equal
to zero (0) then corporate sustainability is 4.64E+13.
b. The regression coefficient value of green accounting is negative at -4.58E+11, meaning
that if green accounting increases by 1%, then corporate sustainability decreases by -
4.58E+11 assuming other variables remain.
c. The coefficient value of material flow cost accounting is positive at 0.418672, meaning
that if material flow cost accounting increases by 1%, then corporate sustainability will
increase by 0.418672 assuming other variables remain.
Partial Test (t)
By the results of the t-test, it can be discussed the results of the t-test as follows:
1. Testing the green accounting variable on corporate sustainability
According to the results of the t-test, the t-count value is -0.100140 and the t-table is
1.70329 with a probability of 0.9211. Because the t-count < t-table (-0.100140 <1.70329)
and because the probability is > 0.05, partially the green accounting independent
variable does not affect the corporate sustainability variable. Thus H0 is accepted or Ha
is rejected.
2. Testing the material flow cost accounting variable on corporate sustainability
The results of the t-test, the results show that the t-count value is 5.181124 and the t-table
is 1.70329 with a probability of 0.0000. Because t-count > t-table (-5.181124 > 1.70329)
and because probability < 0.05, partially independent material flow cost accounting

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variable has a positive and significant effect on Indonesia's foreign debt variable. Thus
H0 is rejected or Ha is accepted.
Coefficient of Determination
The value of the Adjusted R-squared is 0.986427, this means that the variance of green
accounting and material flow cost accounting can explain the variance of corporate
sustainability of 98.46%, while the remaining 1.36% is explained by other variables outside
the model.

4.2 Discussion
The effect of green accounting on corporate sustainability
By the results of the t test, it is found that partially green accounting has no effect on
corporate sustainability. This is because the green accounting regression coefficient is
negative at -4.58E+11. In addition, because the value of t-count < t-table (-0.100140 <
1.70329) and probability 0.9211 > 0.05. Thus h0 is accepted or rejected ha.
The results of this study are supported by research conducted by Windasari and Abdul
Karim in 2021, the results This study shows that green accounting does not affect the
sustainability of the company. This is indicated because the disclosure of green accounting
in companies that are members of the Jakarta Islamic Index that won the green industry
award is only voluntary.
The environmental damage that occurs is the responsibility of humans to further repair.
As mentioned in QS Al-Baqarah (2): 30
ٰۤ
‫الد َم ٰۤا َۚ َء‬
ِ ُ‫ض َخ ِل ْيفَةً ۗ قَالُ ْْٓوا اَتَ ْجعَ ُل فِ ْي َها َم ْن يُّ ْف ِس ُد فِ ْي َها َويَ ْس ِفك‬ َ ْ ‫َواِ ْذ قَا َل َربُّكَ ل ِْل َمل ِٕى َك ِة اِنِ ْي َجا ِع ٌل فِى‬
ِ ‫اْل ْر‬
٣٠ َ‫ِس لَكَ ۗ قَا َل اِنِ ْْٓي ا َ ْعلَ ُم َما َْل تَ ْعلَ ُم ْون‬
ُ ‫سبِ ُح بِ َح ْمدِكَ َونُقَد‬ َ ُ‫َونَ ْح ُن ن‬
"(Remember) when your Lord said to the angels, "I want to make a caliph on earth." They
said, "Are you going to make people who destroy and shed blood there, while we exalt Your
praise and sanctify Your name?" He said, "Verily I know what you do not know."
The verse above explains that humans are caliphs who are obliged to regulate, maintain,
prosper and explore this nature with full wisdom. Achieving corporate sustainability or in
Islam, it is called welfare ( Fallah ), do not let it have a bad impact on the environment around
the company.
The effect of material flow cost accounting on corporate sustainability
By the results of the t-test, it is found that partially material flow cost accounting has a
positive and significant effect on corporate sustainability . This is because the material flow
cost accounting regression coefficient is positive at 0.418672. In addition, because the t-count
> t-table ( 5.181124 > 1.70329) and the probability is 0.0000 < 0.05. Thus, h0 is rejected or
ha is accepted.
This research is supported by previous research, namely Mishelei Loen's research. The
results in this study indicate that there is a positive effect of Material Flow Cost Accounting
on Sustainable development. In another study conducted by Rochman Marota, Marimin, and
Hendro Sasongko, the results of this study indicate that Material Flow Cost Accounting has
a positive and significant influence on the sustainability of the company.
This research is also in line with research conducted by Vina Karmia entitled "The
Influence of Green Accounting and Material Flow Cost Accounting on Company
Sustainability (Empirical Study on Mining Companies Listed on the Indonesia Stock
Exchange 2015-2019) ", showing the results that material flow costs accounting has a
significant effect on the sustainability of the company. (Princess, 2020)
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Legitimacy theory and stakeholder theory are theories that explain the motivation of
managers or organizations to disclose sustainability reports. If stakeholder theory is
motivated by accountability to stakeholders, then legitimacy theory uses motivation to get
approval or acceptance from the community. Legitimacy from stakeholders is very important
for the company because the existence of a legitimacy gap has a great potential for protests
from stakeholders against the company which has an impact on the company's existence and
disrupts operational stability and ends up in profitability. Legitimacy from the community is
the most important operational resource for the company because it is related to corporate
sustainability. (Tarigan & Semuel, 2015, p. 70) Where with the implementation of material
flow cost accounting the production activities carried out by the company are more effective
and efficient so that the results of the waste that are felt by the community will be reduced
and the natural resources that exist are not explored excessively. This is very beneficial for
the company by minimizing materials and waste that have a good impact on finances and the
public's view of the company itself.
In general, the greater the profits obtained by a company, the more guaranteed the survival
of the company. Therefore, if a company makes various efforts to increase its profits, for
example by increasing productivity and cost-efficiency. Increased productivity can be
obtained by improving work management through simplifying processes, reducing
inefficient activities, saving process and service time, as well as using the most efficient
materials, and cutting costs as low as possible (Laub, 1999).
With a focus on high efficiency and low costs, it is hoped that the company will be able
to compete with other competitors and meet product standard requirements and maintain an
increase in the company's sustainability value, so as to maximize profit achievement and
provide safe investment for shareholders. Marota, Marimin, and Sasongko, “Design and
Implementation of Material Flow Cost Accounting for PT XYZ Company Sustainability
Improvement,” 103.
With a focus on high efficiency and low costs, the company is expected to be able to
compete with other competitors and meet product standard requirements and maintain an
increase in the company's sustainability value, to maximize profit achievement and provide
safe investment for shareholders. Marota, Marimin, and Sasongko, “Design and Application
of Material Flow Cost Accounting to Improve the Sustainability of PT XYZ Company,” 103.
Applying material flow cost accounting in the production process provides an overview
of the problems that occur in the company. Companies can increase material productivity by
using material flow cost accounting. it can be concluded that material flow cost accounting
is a management tool used to support the relationship between the environment and the
economy.
Material flow cost accounting is a management instrument that can increase the use of
materials effectively and efficiently to reduce production waste. In Islamic literature,
efficiency is an understanding to try to achieve the best results. Efficient in Arabic is called
iqthisad from the root qasdu . The word qasdu itself according to Ibn Mandzur has five
equivalent words, including istiqomah ( istiqamah) , fair ( al-'adl) , balanced ( alwast ) ,
purpose ( tijah) , and not too wasteful and not too economical ( ma baina al- israf wa at-
taqtir). Iqtisad in the view of Islam both economic development, as well as the provision and
improvement of abundant welfare, are tools to meet human needs and as the foundation of
society, especially the relationship between the world and the afterlife, in other words for the
benefit of the hereafter also. (Job, 2012, p. 40) . In several verses of the Qur'an, Allah
commands people to do justice. Fair is defined as not oppressing and not being oppressed.
Therefore, in achieving the company's welfare (falah), do not oppress other creatures, both
nature, and humans.

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5 Conclusion
Based on the results of tests and analyzes that have been carried out regarding the effect of
green accounting and material flow cost accounting on corporate sustainability, it can be
concluded that green accounting has no effect on corporate sustainability, and material flow
cost accounting has a positive and significant effect on corporate sustainability and
according to an Islamic economic perspective. that humans as caliphs are given the mandate
to preserve and protect the environment. Therefore, humans should use everything that God
has entrusted to them properly without bringing bad impacts and damage to the environment.
In the economic management system, it must be based on justice and stay away from ways
that endanger the community based on consensual consent ( between din minkum ) and one
party does not oppress the other party ( latazlimuna wa la tuzlamuna ) so that it reaches the
level of fallah .

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