Toward a Maqasid-Based ESG Framework: Reconceptualizing Sharia Investment Screening for Sustainable Finance

Abstrak

ABSTRACT – The growth of Sharia-compliant investment reflects increasing Muslim awareness toward aligning financial decisions with Islamic principles. However, current screening mechanisms predominantly focus on formal halal–haram criteria without adequately addressing sustainability dimensions, while Environmental, Social, and Governance (ESG) frameworks have emerged globally as key instruments for evaluating corporate sustainability and ethical conduct. This article aims to develop a conceptual analysis examining how ESG criteria can be integrated into Sharia investment screening through the theoretical lenses of fiqh muamalah and maqashid sharia. Employing a qualitative methodology with a normative-juridical literature review approach, this study analyzes classical fiqh literature, maqashid theory, Indonesian Sharia capital market regulations, and contemporary ESG research. The findings reveal that ESG principles share substantial conceptual alignment with fiqh muamalah fundamentals, including the prohibition of riba (usury), gharar (uncertainty), and maysir (gambling), as well as the imperatives for justice and transparency; furthermore, ESG supports the realization of maqashid sharia encompassing the protection of religion (ḥifẓ al-dīn), life (ḥifẓ al-nafs), intellect (ḥifẓ al-'aql), lineage (ḥifẓ al-nasl), and wealth (ḥifẓ al-māl). The study concludes that ESG should function as a secondary filter applied only after Sharia admissibility is established, cannot override categorical prohibitions such as riba, gharar, and maysir, and must be operationalized through Maqasid-based indicators without employing cross-domain composite scores that might offset daruri (essential) violations, while acknowledging implementation challenges related to measurement standards, greenwashing risks, and regulatory limitations. Abstrak Menuju Kerangka ESG Berbasis Maqasid: Rekonseptualisasi Penyaringan Investasi Syariah untuk Keuangan Berkelanjutan. Pesatnya pertumbuhan investasi syariah mencerminkan meningkatnya kesadaran umat Islam dalam menyelaraskan keputusan finansial dengan prinsip-prinsip Islam; akan tetapi, mekanisme penyaringan yang berlaku saat ini masih didominasi kriteria halal-haram secara formal tanpa mengakomodasi dimensi keberlanjutan secara memadai, sementara kerangka Environmental, Social, and Governance (ESG) telah berkembang menjadi instrumen global dalam menilai keberlanjutan dan etika korporasi. Artikel ini bertujuan mengembangkan analisis konseptual mengenai integrasi kriteria ESG ke dalam penyaringan investasi syariah melalui perspektif fiqh muamalah dan maqashid syariah. Penelitian ini menggunakan metode kualitatif berbasis tinjauan pustaka yuridis-normatif dengan mengkaji literatur fiqh klasik, teori maqashid, regulasi pasar modal syariah Indonesia, serta riset kontemporer tentang ESG. Hasil penelitian menunjukkan bahwa prinsip ESG memiliki titik temu substansial dengan dasar-dasar fiqh muamalah, meliputi larangan riba, gharar, dan maysir, serta kewajiban menegakkan keadilan dan transparansi; lebih jauh, ESG turut mendukung terwujudnya maqashid syariah yang mencakup perlindungan agama (ḥifẓ al-dīn), jiwa (ḥifẓ al-nafs), akal (ḥifẓ al-'aql), keturunan (ḥifẓ al-nasl), dan harta (ḥifẓ al-māl). Penelitian ini menyimpulkan bahwa ESG semestinya berperan sebagai filter sekunder yang diterapkan setelah keabsahan syariah terpenuhi, tidak dapat menggugurkan larangan kategoris seperti riba, gharar, dan maysir, serta harus dioperasionalisasikan melalui indikator berbasis maqasid tanpa menggunakan skor komposit lintas domain yang berpotensi mengesampingkan pelanggaran daruri—dengan tetap mengakui tantangan implementasi berupa standar pengukuran, risiko greenwashing, dan keterbatasan regulasi.