Article Per Year (5 Year)
p-Index From 2021 - 2026
0.408
P-Index
This Author published in this journals
All Journal RESLAJ: Religion Education Social Laa Roiba Journal Jurnal Ilmiah Mizani: Wacana Hukum, Ekonomi Dan Keagamaan
Sholikul Hadi
Institut Agama Islam Nasional Laa Roiba Bogor, Indonesia
Religion Economics, Econometrics & Finance Education Environmental Science Social Sciences

Published : 2 Documents Claim Missing Document
Claim Missing Document
Check
Articles

Found 2 Documents
Search

 1 
ESG Integration in Sharia Investment: A Maqāṣid Al-Sharī'ah Perspective on Sharia Mutual Fund Portfolios in Indonesia Sholikul Hadi; Ade Sofyan Mulazid; Yudi Permana; Abdul Hakim; Dewi Kurniasari; Meirani Rahayu Rukmanda; Rio Kartika Supriyatna
Jurnal Ilmiah Mizani: Wacana Hukum, Ekonomi Dan Keagamaan Vol 13, No 1 (2026): January-June
Publisher : Faculty of Sharia (Islamic Law) at Fatmawati Sukarno State Islamic University Bengkulu

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.29300/mzn.v13i1.8995

Abstract

: Despite the rapid growth of sustainable finance, the Islamic jurisprudential status of Environmental, Social, and Governance (ESG) integration in Sharia-compliant mutual funds remains unresolved. Existing scholarship treats ESG–Sharia compatibility as a matter of thematic alignment rather than legal obligation, leaving fund managers and regulators without a normative framework grounded in Islamic legal reasoning. This study addresses that gap by determining the ḥukm taklīfī governing ESG integration in Indonesian Sharia mutual funds. A mixed-methods design is embedded within an uṣūl al-fiqh analytical framework. Quantitatively, Pearson correlation and simple linear regression are applied to ten Sharia mutual funds listed on the Indonesia Stock Exchange (2019–2024); qualitatively, in-depth interviews with fund managers, Sharia supervisory board members, and capital market regulators are supplemented by a questionnaire administered to 210 retail investors. Empirical findings serve as the maṇāṭ (operative cause) for a three-stage istinbāṭ sequence: taḥqīq al-maṇāṭ, takyīf al-waqāʾīʿ, and takhrīj al-ḥukm. ESG-integrated Sharia funds generate superior risk-adjusted performance (annualised returns of 8.5–9.7%, Sharpe ratios > 1.10) relative to non-ESG Sharia funds (7.0–7.5%; Sharpe ratio ≈ 0.90), confirming ESG integration as consistent with ḥifẓ al-māl. Subjecting these findings to maqāṣid al-sharīʿah analysis — incorporating Ibn ʿĀshūrʿs articulation of ḥifẓ al-bīʿah alongside the maxims lā ḍarar wa lā ḍirār and darʼ al-mafāsid muqaddam ʿalā jalb al-maṣāliḥ — the study derives a graduated ruling: ESG integration is mandūb as a baseline and attains wājib kifāʼī where conventional Sharia screening demonstrably fails to prevent verifiable environmental or social darar. The governance pillar is already operationally embedded within existing Sharia oversight structures; social screening remains partial and requires extension from exclusionary toward positive maqāṣid-oriented assessment; and environmental integration generates a collective institutional obligation to develop the requisite data infrastructure. The study makes an original contribution to Islamic investment jurisprudence (fiqh al-istithmār) as the first to apply a complete uṣūl al-fiqh derivation to ESG integration in Sharia mutual funds, advancing a juristic proposal for a national Sharia-ESG fatwa framework to be coordinated by DSN-MUI and OJK.
Implementasi Blockchain dalam Meningkatkan Transparansi dan Kepercayaan pada Lembaga Wakaf di Indonesia Dewi Kurniasari; Sholikul Hadi
Reslaj: Religion Education Social Laa Roiba Journal Vol. 8 No. 6 (2026): RESLAJ: Religion Education Social Laa Roiba Journal
Publisher : Intitut Agama Islam Nasional Laa Roiba Bogor

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.47467/reslaj.v8i6.12274

Abstract

This study aims to analyze the implementation of blockchain technology in enhancing transparency and public trust in waqf institutions in Indonesia. The research employs a qualitative approach using literature study and conceptual analysis methods based on various scientific journals, regulations, institutional reports, and recent blockchain literature. The results indicate that blockchain possesses characteristics such as decentralization, immutability, transparency, and smart contracts, which can strengthen the governance of waqf institutions. The implementation of blockchain enables real-time recording of waqf transactions, improves accountability in asset management, and expands public participation in digital waqf. The study also finds that low transparency and weak reporting systems are the main factors contributing to the decline of public trust in some waqf institutions. Blockchain technology can serve as a strategic solution by providing a secure and transparent public verification mechanism. However, the implementation of blockchain in Indonesia still faces challenges, including regulatory issues, limited digital infrastructure, high system development costs, and low human resource competence. This study recommends strengthening digital waqf regulations, improving technological literacy, and fostering synergy among the government, waqf institutions, academics, and technology companies in developing a blockchain-based digital waqf ecosystem in Indonesia.
Co-Authors Abdul Hakim Ade Sofyan Mulazid Dewi Kurniasari Meirani Rahayu Rukmanda Rio Kartika Supriyatna Yudi Permana