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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) · pp. 351–372

DOI
10.21098/jimf.v12i2.2146
ISSN
2460-6618, 2460-6146
Published
2026-05-22
Publisher
Bank Indonesia
Language
eng
License
creativecommons.org/licenses/by-nc/4.0

Abstract

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.

Keywords

Collaboration network of the authors

13 authors · 20 co-authorship links · 2 across different organisations

Hover or tap a name to highlight its co-authors. Double-click to open the author's page.

  • State University of Makassar
  • Naresuan University
  • Affiliation unknown
  • Different organisations
  • Same organisation
  • Affiliation unknown
  • Thicker line = more joint articles · bigger circle = more articles
Show as table
Co-authorOrganisationJoint articles
KhaeruddinState University of Makassar1
Sirinapa KijkuakulNaresuan University1
Irma IstiarianiAffiliation unknown1
Tri Widyastuti NingsihAffiliation unknown1
Nining SulistyowatiAffiliation unknown1
Edi Suranta TariganAffiliation unknown1
Wisnu MawardiAffiliation unknown1
Rini Setyo WitiastutiAffiliation unknown1
Nugroho Tulus RahayuAffiliation unknown1

Affiliations come from OpenAlex; journal OAI-PMH metadata carries none. Authors without an OpenAlex ID are matched by name, which can merge or split people.

Metadata source: OAI-PMH (metadata jurnal) http://www.jimf-bi.org/index.php/JIMF/oai, first harvested 9 Nov 2026, last seen 9 Nov 2026.
Original metadata (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>
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