<![CDATA[Background and research gap Research on firm value in Islamic banking remains dominated by financial and market-based perspectives, while the integration of sharia accountability dimensions into firm valuation remains underexplored in the international literature. This gap limits understanding of how Islamic banks may conceptualise corporate value beyond conventional financial measures. Purpose – This study aims to reconstruct firm value in Bank Muamalat Indonesia and Bank Syariah Indonesia through Sharia Enterprise Theory by positioning Asset and Liability Management (ALMA) as accountability to humans, Green Banking as accountability to nature, and zakat as accountability to God. Design/methodology/approach – Employing an interpretive paradigm, the study adopts a phenomenologically informed comparative case-study approach. Data were collected in Makassar and Gowa, South Sulawesi, from May to July 2026 from seven informants comprising four practitioners, one regulator, and two academics through focus group discussions, interviews, observations, and document analysis. Phenomenological reduction identified meaning units and distinguished noema from noesis through intentional analysis. Key Findings – The findings reveal the absence of specific sharia-based indicators for Islamic banking firm value. ALMA reflects stakeholder accountability, while Green Banking demonstrates environmental accountability, although evidence is stronger in internal operational practices than in green financing and portfolio-level impacts. Zakat represents transcendental accountability to God. Research limitations/implications – Given its qualitative and context-specific design, the study offers analytical rather than statistical generalisability. Originality/value – Its originality lies in developing an interpretive evaluative framework for understanding Islamic banking firm value through Sharia Enterprise Theory, rather than proposing a validated causal or composite model.]]>
