The Gamagreenvest team from the Research and Development Department (Risbang) of the Shariah Economics Forum (SEF) at the Faculty of Economics and Business (FEB) of Gadjah Mada University (UGM) achieved a remarkable feat by securing 2nd place at the Regional Scientific Conference (TEMILREG) DIY 2025 and 1st Honourable Mention at the National Scientific Conference (TEMILNAS) XXIV 2025, held in June –July 2025. The team consists of Lutfiah Sukmaningrum (Economics 2023), Rizal Saputra (Economics 2023), and Muhammad Helmi Ariyanto (Management 2024).
TEMILREG DIY is a regional-level Islamic economics competition that brings together student delegations from Islamic economics organizations across universities in the Special Region of Yogyakarta (DIY). This year, the event was held offline at UIN Sunan Kalijaga Yogyakarta from June 14–16, 2025. Meanwhile, TEMILNAS 2025 is a prestigious national Islamic economics forum that gathers student organizations from across Indonesia, hosted offline at Universitas Indonesia from July 22–26, 2025.
The Gamagreenvest team competed in the scientific paper category in both competitions by presenting a research project titled “An Analysis of Universitas Gadjah Mada Students’ Green Investment Interest in Indonesian Green Sukuk (IGS)”, which examined UGM students’ interest in investing in green sukuk. Green sukuk is a bond issued under sharia principles and free from riba (usury). According to Sukma, the team leader, the topic was chosen in response to low investment in green projects. Thus, their solution was to promote green sukuk as an instrument to boost green investment. However, before making this recommendation, the team surveyed students first to measure their interest in investing in such instruments.
Then, the survey results were analyzed using consumption value theory, which explains how consumers make decisions about environmentally friendly and sustainable products. Among the five dimensions explored, such as functional value, social value, religious value, emotional value, and epistemic (knowledge) value, the findings revealed that knowledge value strongly influenced students’ interest in investing in green sukuk.
Based on these findings, the Gamagreenvest team proposed the development of an Integrated Greenvestment Class, an elective course focused on learning about green sukuk. The course would be designed in a hybrid format by combining online and offline learning, and developed in collaboration with strategic partners such as OJK, universities, IDX, and DSN-MUI.
Sukma further explained that the paper was part of the Annual Research program, a flagship project of the Risbang Department. This year, however, Risbang aimed to raise the quality of its outputs while also reviving its participation in competitions after several years of inactivity. Thus, since February 2025, the Risbang Division, including the Gamagreenvest team have undergone intensive training through the “Sharia Research and Development” program to strengthen their research skills. They also revised up to 75 percent of the previous paper to make it more robust while treating the revision process as a valuable learning experience as well.
Their journey to the finals was not without challenges. In the final round of TEMILNAS, which featured the top six teams, they were tasked with preparing a debate motion in a limited time on the topic of “the obligation for state-owned enterprises’ strategic industry portfolios to allocate a minimum percentage of investment in the halal industry that is currently experiencing stagnation.” In a unique twist, their opponent in the debate happened to be another delegation from SEF FEB UGM itself.
Despite the hurdles, Sukma expressed immense pride in her team’s accomplishments. As both team leader and Head of Risbang, she felt that their collective efforts and sacrifices finally paid off. “I’m proud to see how we grew together, from the struggles to the joys of becoming winners. I didn’t expect it, but in the end, all the sacrifices were actually worth it,” she shared.
Furthermore, the team’s success was also supported by the encouragement and prayers of their families and fellow SEF members. For Sukma personally, the competition was one of the most memorable experiences in her life, not only because of the academic achievements but also because of the bonds of friendship and growth they acquired along the way.
“If I had to describe it in one word, it would be gratitude for having friends who stayed together through ups and downs, and gratitude for being part of such a supportive environment where we always remind each other of what truly matters,” she concluded.
Reportage: Najwah Ariella Puteri
Editor: Kurnia Ekaptiningrum
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