<![CDATA[Introduction/Main Objectives: The Islamic capital market in Indonesia has experienced significant growth, with the Daftar Efek Syariah (DES) serving as the primary mechanism for determining the sharia compliance of listed companies. This study examines the development of sharia compliance in the DES by considering environmental protection as an integral dimension of Islamic values. Background Problems: The current DES screening mechanism relies primarily on business activity and financial criteria, while contemporary Islamic legal thought increasingly emphasizes environmental responsibility. This study asks how MUI Fatwa No. 22 of 2011 and MUI Fatwa No. 86 of 2023 relate normatively to the DES mechanism and how environmental considerations can be incorporated into its sharia compliance framework. Novelty: This study proposes an extension of the existing concept of sharia compliance by integrating hifzh al-bi’ah (environmental protection) and Environmental, Social, and Governance (ESG) principles into the DES framework, an aspect that has not been explicitly established as an independent screening parameter. Research Methods: This study employs normative legal research using statutory, conceptual, and comparative approaches. The analysis focuses on relevant regulations, MUI fatwas, and the existing DES screening mechanism. Finding/Results: The findings indicate that the current DES system remains primarily focused on business activities and financial ratios, while environmental considerations have not yet become an independent parameter of sharia compliance. Conclusion: Integrating hifzh al-bi’ah and ESG principles can strengthen the DES framework by expanding sharia compliance beyond financial and business considerations toward ecological responsibility and sustainable Islamic capital market development.]]>
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