ESG Disclosure dalam Perspektif Maqasid Syariah: Jalan Menuju Maslahah atau Ritual Strategis Korporasi?

Clara Sinta; Faiz Muzakki; Ikhsan Alfarizi; Cinda Nongfasya  Ruwary; Mukhtaruddin Mukhtaruddin

doi:10.31004/riggs.v5i1.7366

Authors

Clara Sinta Universitas Sriwijaya
Faiz Muzakki Universitas Sriwijaya
Ikhsan Alfarizi Universitas Sriwijaya
Cinda Nongfasya Ruwary Universitas Sriwijaya
Mukhtaruddin Mukhtaruddin Universitas Sriwijaya

DOI:

https://doi.org/10.31004/riggs.v5i1.7366

Keywords:

ESG Disclosure, Maqasid Shariah, Maslahah, Strategic Ritual, Islamic Audit, Sustainability Governance

Abstract

Pelaporan Environmental, Social, and Governance (ESG) pada entitas bisnis syariah seringkali diasumsikan memiliki keselarasan inheren dengan Maqasid Syariah dalam mewujudkan maslahah. Namun, ekspektasi normatif tersebut kerap berbenturan dengan realitas empiris, di mana pengungkapan ESG sangat rentan tereduksi menjadi sekadar ritual strategis korporasi atau shariah-washing. Penelitian ini bertujuan mendekonstruksi dualitas pelaporan ESG antara komitmen etis mewujudkan maslahah versus pragmatisme legitimasi korporasi melalui lensa maqasid syariah, Legitimacy Theory, dan Stakeholder Theory. Penelitian menggunakan metode Systematic Literature Review (SLR) dengan pendekatan kualitatif kritis terhadap 20 artikel bereputasi terindeks Scopus yang diterbitkan pada periode 2020–2026. Hasil sintesis mengonfirmasi adanya fenomena narrative-metric gap, di mana pengungkapan entitas syariah didominasi klaim strategis kualitatif yang bersifat governance-heavy namun metric-light, dengan minimnya target kuantitatif terukur. Di sisi lain, implementasi ESG yang substantif terbukti secara empiris mampu memperkuat kinerja keuangan, memitigasi risiko kejatuhan saham, dan menciptakan nilai bagi pemangku kepentingan sebagai manifestasi nyata prinsip hifz al-mal. Penelitian ini merumuskan empat kriteria substantif ESG berbasis maqasid, meliputi operasionalisasi parameter maqasid secara eksplisit dan terukur, peningkatan kualitas tata kelola Dewan Pengawas Syariah, adopsi standar pelaporan yang terstandardisasi dengan assurance eksternal yang independen, serta reorientasi paradigma pelaporan menuju pengukuran dampak sosio-ekologis jangka panjang. Temuan ini mendesak otoritas pengatur dan lembaga standar seperti AAOIFI untuk segera membangun arsitektur Islamic ESG Assurance guna memastikan komitmen korporasi melampaui kepatuhan administratif dan terwujud menjadi keadilan ekonomi serta keberlanjutan yang autentik.

Downloads

Download data is not yet available.

References

Abdullah, N. A. I. N., & Haron, R. (2022). ESG Reporting Among Islamics Banks: A Global Perspective. IIUM Law Journal, 30(S2), 1–36. https://doi.org/10.31436/iiumlj.v30iS2.755

Alkhan, A. M., & Hassan, M. K. (2021). Does Islamic microfinance serve maq?asid al-shari’a? Ahmed. Borsa Istanbul Review, 21(1), 57–68. https://doi.org/10.1016/j.bir.2020.07.002

Aziz, H. A., Ariff, Z., Ghadas, A., & Buana, A. (2023). Corporate Social Responsibility under the Maqasid Syariah Concept in Malaysia: Why Does it Matter? Jurnal Media Hukum, 30(1), 53–65. https://doi.org/10.18196/jmh.v30i1.16916

Boudawara, Y., Toumi, K., Wannes, A., & Hussainey, K. (2023). Shari’ah Governance Quality and Environmental, Social and Governance Performance in Islamic Banks. Journal of Applied Accounting Research, 24(5), 1–34.

Freeman, R. E. (1984). Strategic Management: A Stakeholder Approach. Pitman.

Gati, V., Harymawan, I., & Nasih, M. (2024). Indonesia Shariah Stock Index (ISSI) firms and environmental, social, and governance (ESG) disclosure in Indonesia. Journal of Islamic Accounting and Business Research, ahead-of-p(ahead-of-print), 1–16. https://doi.org/10.1108/JIABR-12-2022-0354

Hudaefi, F. A., & Badeges, A. M. (2022). Maqāṣid al-Sharī‘ah on Islamic Banking Performance in Indonesia: A Knowledge Discovery via Text Mining. Journal of Islamic Marketing, 13(10), 2069–2089. https://doi.org/10.1108/JIMA-03-2020-0081

Issa, S. O., Toyin, A., & Ubandawaki, A. T. (2025). Climate change governance, Shariah governance quality, and financed emission mitigation: Evidence from Islamic banks in Southeast and West Asia. Borsa Istanbul Review, 25(4), 722–732. https://doi.org/10.1016/j.bir.2025.03.011

Jaiyeoba, H. B., & Jamaludin, M. A. (2025). The implications of Maqasid al-Shari’ah for integrated sustainability practices among businesses: a qualitative inquiry. Qualitative Research in Financial Markets, 17(3), 511–531. https://doi.org/10.1108/QRFM-09-2023-0222

Khemiri, W., Ullah, S., & Chafai, A. (2026). Can bank efficiency alter the concavity of Islamic CSR disclosure and liquidity creation nexus in GCC economies? Sustainable Futures, 11, 101681. https://doi.org/10.1016/j.sftr.2026.101681

Kiran, M., Raza, M., Khan, K. H., Atif, M., Talha, M., & Chughtai, S. (2025). Sustainability reporting as a shield: Exploring ESG disclosures, governance, and stock crash risks in Islamic and conventional banks. Sustainable Futures, 10, 101469. https://doi.org/10.1016/j.sftr.2025.101469

Okumus, H. S. (2024). Borsa Istanbul Review Performance assessment of participation banks based on Maqasid al-Shari’ah framework: Evidence from Türkiye. Borsa Istanbul Review Journal, 24(4), 806–817. https://doi.org/10.1016/j.bir.2024.04.011

Paltrinieri, A., Dreassi, A., Migliavacca, M., & Piserà, S. (2020). Islamic finance development and banking ESG scores: Evidence from a cross-country analysis. Research in International Business and Finance, 51, 101100. https://doi.org/10.1016/j.ribaf.2019.101100

Peng, L. S., & Isa, M. (2020). Environmental, Social and Governance (ESG) Practices and Performance in Shariah Firms: Agency or Stakeholder Theory? Asian Academy of Management Journal of Accounting and Finance, 16(1), 1–34. https://doi.org/10.21315/aamjaf2020.16.1.1

Qoyum, A., Sakti, M. R. P., Thaker, H. M. T., & AlHashf, R. U. (2022). Does the islamic label indicate good environmental, social, and governance (ESG) performance? Evidence from sharia-compliant firms in Indonesia and Malaysia. Borsa Istanbul Review, 22(2), 306–320. https://doi.org/10.1016/j.bir.2021.06.001

Radin, D. N., Shaharuddin, N., Bujang, I., & Rijanto, I. F. (2024). The Interaction of Maqasid Al-Shariah in the Relationship Between ESG and Firm Financial Performance. ASEAN Journal on Science and Technology for Development Volume, 41(2), 210–216. https://doi.org/10.61931/2224-9028.1580

Shalhoob, H. (2025). ESG Disclosure and Financial Performance: Survey Evidence from Accounting and Islamic Finance. Sustainability, 17(4), 1–26. https://doi.org/10.3390/su17041582

Solehudin, E., Huda, M., Ahyani, H., Ahmad, M. Y., Khafidz, H. A., Rahman, E. T., & Hidayat, M. S. (2024). Transformation of Shariah Economic Justice: Ethical and Utility Perspectives in the framework of Maqashid Shariah. Al-Risalah: Forum Kajian Hukum Dan Sosial Kemasyarakatan, 24(1), 101–115. https://doi.org/10.30631/alrisalah.v24i1.1467

Suchman, M. C. (1995). Managing legitimacy: Strategic and institutional approaches. Academy of Management Review, 20(3), 571–610.

Sun, Y., Zhao, D., & Cao, Y. (2024). The impact of ESG performance, reporting framework, and reporting assurance on the tone of ESG disclosures: Evidence from Chinese listed firms. Journal of Cleaner Production, 466(1), 1–11. https://doi.org/10.1016/j.jclepro.2024.142698

Zafar, M. B. (2026). Talk or action? Unveiling the nature and depth of climate disclosures in Islamic banks using machine learning. Borsa Istanbul Review, 6(2), 1–15. https://doi.org/10.1016/j.bir.2026.100789

Zain, F. A. M., Muhamad, S. F., Abdullah, H., Tajuddin, S. A. F. S. A., & Abdullah, W. A. W. (2024). Integrating environmental, social and governance (ESG) principles with Maqasid al-Shariah: a blueprint for sustainable takaful operations. International Journal of Islamic and Middle Eastern Finance and Management, 17(3), 461–484. https://doi.org/10.1108/IMEFM-11-2023-0422