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Integrating Sharia and SRI Portfolio to Achieve Kaffah and Sustainability

Journal of Islamic Monetary Economics and Finance · Vol. 12 No. 2 (2026) · hlm. 351–372

DOI
10.21098/jimf.v12i2.2146
ISSN
2460-6618, 2460-6146
Terbit
2026-05-22
Penerbit
Bank Indonesia
Bahasa
eng
Lisensi
creativecommons.org/licenses/by-nc/4.0

Abstrak

This study explores integrating Sharia principles with Socially Responsible Investing (SRI) to achieve comprehensive Sharia values (kaffah) and sustainability for the case of Indonesia. Proposing screening criteria and forming a sustainable Sharia-SRI portfolio, the study compares its performance with Islamic-screened and conventional portfolios. Using shares from the Indonesian Sharia Stock Index (ISSI) and SRI-Kehati, and analyzing their daily closing prices for ten year period spanning from 2014 to 2023, the Wilcoxon Signed Rank Test reveals that the Sharia-SRI integrated portfolio yields higher returns than ISSI and SRI-Kehati over the long term. These findings suggest that integrating Sharia and SRI can address environmental and human rights issues, attract more investors, achieve kaffah and promote ethical investment practices.

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13 penulis · 20 tautan kepenulisan bersama · 9 lintas organisasi

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  • Diponegoro University
  • Walisongo State Islamic University
  • State University of Makassar
  • Naresuan University
  • State University of Semarang
  • Sekolah Tinggi Ilmu Ekonomi Semarang
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  • Organisasi berbeda
  • Organisasi sama
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Tampilkan sebagai tabel
Rekan penulisOrganisasiArtikel bersama
KhaeruddinState University of Makassar1
Sirinapa KijkuakulNaresuan University1
Irma IstiarianiAfiliasi tidak diketahui1
Tri Widyastuti NingsihAfiliasi tidak diketahui1
Nining SulistyowatiAfiliasi tidak diketahui1
Edi Suranta TariganDiponegoro University1
Wisnu MawardiDiponegoro University1
Rini Setyo WitiastutiState University of Semarang1
Nugroho Tulus RahayuSekolah Tinggi Ilmu Ekonomi Semarang1

Afiliasi berasal dari OpenAlex; metadata OAI-PMH jurnal tidak memuatnya. Penulis tanpa ID OpenAlex dicocokkan berdasarkan nama, sehingga dua orang bisa tergabung atau satu orang bisa terpisah.

Sumber metadata: OAI-PMH (metadata jurnal) http://www.jimf-bi.org/index.php/JIMF/oai, pertama di-harvest 9 Nov 2026, terakhir terlihat 9 Nov 2026.
Metadata asli (oai_dc) 
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	<dc:title xml:lang="en">Integrating Sharia and SRI Portfolio to Achieve Kaffah and Sustainability</dc:title>
	<dc:creator xml:lang="en">Amalia, Farah</dc:creator>
	<dc:creator xml:lang="en">Agriyanto, Ratno</dc:creator>
	<dc:creator xml:lang="en">Muharam, Harjum</dc:creator>
	<dc:creator xml:lang="en">Wahyuni, Andi Sri</dc:creator>
	<dc:subject xml:lang="en">SRI Islamic portfolio, SRI/ESG, Portfolio performance, SRI stock screening, Sharia stock screening.</dc:subject>
	<dc:description xml:lang="en">This study explores integrating Sharia principles with Socially Responsible Investing (SRI) to achieve comprehensive Sharia values (kaffah) and sustainability for the case of Indonesia. Proposing screening criteria and forming a sustainable Sharia-SRI portfolio, the study compares its performance with Islamic-screened and conventional portfolios. Using shares from the Indonesian Sharia Stock Index (ISSI) and SRI-Kehati, and analyzing their daily closing prices for ten year period spanning from 2014 to 2023, the Wilcoxon Signed Rank Test reveals that the Sharia-SRI integrated portfolio yields higher returns than ISSI and SRI-Kehati over the long term. These findings suggest that integrating Sharia and SRI can address environmental and human rights issues, attract more investors, achieve kaffah and promote ethical investment practices.</dc:description>
	<dc:publisher xml:lang="en">Bank Indonesia</dc:publisher>
	<dc:date>2026-05-22</dc:date>
	<dc:type>info:eu-repo/semantics/article</dc:type>
	<dc:type>info:eu-repo/semantics/publishedVersion</dc:type>
	<dc:type xml:lang="en">Peer-reviewed Article</dc:type>
	<dc:format>application/pdf</dc:format>
	<dc:identifier>https://jimf-bi.org/JIMF/article/view/2146</dc:identifier>
	<dc:identifier>10.21098/jimf.v12i2.2146</dc:identifier>
	<dc:source xml:lang="en">Journal of Islamic Monetary Economics and Finance; Vol. 12 No. 2 (2026); 351 - 372</dc:source>
	<dc:source>2460-6618</dc:source>
	<dc:source>2460-6146</dc:source>
	<dc:source>10.21098/jimf.v12i2</dc:source>
	<dc:language>eng</dc:language>
	<dc:relation>https://jimf-bi.org/JIMF/article/view/2146/1040</dc:relation>
	<dc:rights xml:lang="en">Copyright (c) 2026 Journal of Islamic Monetary Economics and Finance</dc:rights>
	<dc:rights xml:lang="en">http://creativecommons.org/licenses/by-nc/4.0</dc:rights>
</oai_dc:dc>