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All Journal Nusantara: Journal Of Law Studies MILRev: Metro Islamic Law Review
Saleem Asouli
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Religion Humanities Law, Crime, Criminology & Criminal Justice Social Sciences

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A Contemporary Framework for Integrating Maqāṣid al-Sharīʿah and ESG in Designing Sharia Capital Market Indices Lilis Renfiana; Mohammad Ridwan; Ali Akram kadhim; Saleem Asouli; Noor Snober; Misnen Ardiansyah
MILRev: Metro Islamic Law Review Vol. 5 No. 1 (2026): MilRev: Metro Islamic Law Review
Publisher : Faculty of Sharia, UIN Jurai Siwo Lampung

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.32332/milrev.v5i1.13091

Abstract

This study develops a contemporary framework for integrating Maqāṣid al-Sharīʿah with Environmental, Social, and Governance (ESG) principles in the design of Sharia capital market indices. It addresses the persistent gap between formalistic Sharia screening—primarily concerned with legal compliance—and the materiality-driven logic of ESG, which emphasizes sustainability impact. Employing a qualitative conceptual approach, the study constructs a Three-Tier Framework that repositions Maqāṣid al-Sharīʿah as the teleological foundation of sustainability assessment. The framework is operationalized into a systematic blueprint comprising four integrative themes and 22 measurable indicators. These indicators are derived from a thematic clustering of 45 elements from the Maqāṣid al-Sharīʿah Research Index (MSRI) and subsequently aligned with internationally recognized standards, including the Global Reporting Initiative (GRI) and the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI). The alignment process applies two criteria: dual relevance to both Maqāṣid and ESG dimensions, and the availability of verifiable public data. Preliminary validation through case studies of PT Bukit Asam and Unilever Indonesia demonstrates the framework’s ability to differentiate sustainability performance across sectors while revealing substantive gaps in current Sharia reporting practices, particularly in narrative depth and impact orientation. Unlike prior studies that position Maqāṣid and ESG as parallel constructs, this research reconstructs the evaluative logic by embedding Maqāṣid as the ethical core of ESG integration. This study contributes both theoretically and practically by advancing an integrated paradigm for Islamic finance and offering a replicable model for index construction. It provides a conceptual and operational foundation for transforming Sharia capital markets toward a more holistic, impact-oriented, and ethically grounded sustainability assessment system.
Integrating Fiqhiyyah Legal Maxims and Positive Law Principles in the Formation of Indonesia's New National Criminal Code Ahmad Agus Ramdlany; Ahmad Musadad; Hammis Syafaq; Maher Ali Ahmad Al-Khaldi; Saleem Asouli
Nusantara: Journal of Law Studies Vol. 5 No. 1 (2026): Nusantara: Journal of Law Studies
Publisher : PT. Islamic Research Publiser

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.66325/nusantaralaw.v5i1.156

Abstract

Although Indonesia is not formally constituted as an Islamic state, Islamic legal values have significantly influenced the development of its national legal system, particularly in the formation of modern legislation. This study aims to examine the integration of fiqhiyyah legal maxims into the foundational principles of Law No. 1 of 2023 concerning Indonesia's New National Criminal Code (KUHP). Employing a qualitative approach grounded in normative juridical methods, this research draws upon primary legal documents, classical fiqh literature, and contemporary legal scholarship. Data were collected through a systematic literature review and analysed using conceptual and statutory approaches to identify patterns of normative convergence and doctrinal alignment. The findings indicate that at least eight fiqhiyyah legal maxims are substantively embedded within the core principles of the KUHP. Notably, the maxim la jarimata wa la 'uqubata illa bi al-nass corresponds to the principle of legality as stipulated in Articles 1(1) and 2(1). The principle of non-retroactivity is reflected in la raj'iyyah fi al-tashri' al-jina'i, while the doctrine of limited retroactivity aligns with inna al-tashri' al-jina'i yajuzu an yakuna lahu atharun raji'un as reflected in Article 3(1). Furthermore, the maxim inna al-shari'ah al-islamiyyah tutabbaqu' ala kulli jarimah underpins the principles of active and passive nationality in Articles 5 and 8. This study contributes to the discourse on legal pluralism by demonstrating that Indonesia's criminal law reform embodies a substantive harmonisation between positive Law and Islamic legal reasoning. It highlights the epistemological relevance of fiqhiyyah maxims as a normative bridge in shaping a responsive, adaptive, and contextually grounded modern legal system in a pluralistic society.
Co-Authors Ahmad Agus Ramdlany Ahmad Musadad Ali Akram Kadhim Hammis Syafaq Lilis Renfiana Maher Ali Ahmad Al-Khaldi Misnen Ardiansyah Mohammad Ridwan Noor Snober