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Developing Islamic green stock index in Indonesia: issues and prospects

Currently, there are three Islamic indexes in Indonesia, namely Jakarta Islamic Index (JII), Jakarta Islamic Index 70 (JII70), and Indeks Saham Syariah Indonesia (ISSI). These indexes, however do not involve environmental or sustainable indicators in their screening processes. Shariah principle does...

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Main Authors: Mustafida, Rifka, Kassim, Salina
Format: Conference or Workshop Item
Language:English
English
Published: 2020
Subjects:
HG3368 Islamic Banking and Finance
Online Access:http://irep.iium.edu.my/87432/19/87432_Developing%20Islamic%20Green%20Stock.pdf
http://irep.iium.edu.my/87432/20/87432_Developing%20Islamic%20Green%20Stock_certificate.pdf
http://irep.iium.edu.my/87432/
http://lppm.tazkia.ac.id/index.php/2020/11/22/8th-asean-universities-international-conference-on-islamic-finance-8th-aicif-2020/
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spelling my.iium.irep.874322021-01-04T07:48:39Z http://irep.iium.edu.my/87432/ Developing Islamic green stock index in Indonesia: issues and prospects Mustafida, Rifka Kassim, Salina HG3368 Islamic Banking and Finance Currently, there are three Islamic indexes in Indonesia, namely Jakarta Islamic Index (JII), Jakarta Islamic Index 70 (JII70), and Indeks Saham Syariah Indonesia (ISSI). These indexes, however do not involve environmental or sustainable indicators in their screening processes. Shariah principle does not only regulate about riba, gharar and maysir, it also involves the concern on environmental sustainability and protection of beings. This study aims to explore the issues and challenges in developing green stock index by analyzing the environmental criteria for Islamic green stock screening, the importance of environmental preservation in Islamic principle, and the extent of contribution of the shariah-compliant companies in contributing to environment preservation. The Quran sends out a clear message to preserve the environment, indicating that Islam emphasizes on the importance of preserving the environment. This study finds that Environmental Management System, Energy Efficiency, Waste 3R implementation, emission reduction efforts, reducing the burden of water pollution, biodiversity conservation, and community development program are environmental criteria for Islamic green stock Index. The results show that from that number, there is decrement of the Shariah-compliance companies in preserving environment for last three years. Islamic capital market in Indonesia has legal and institutional opportunities for comprehensive improvement of sustainable investment through Islamic green stock index. This research would have an important impact on policies related to Islamic stock screening development and transformation of business process particularly in Indonesia. 2020-11-25 Conference or Workshop Item NonPeerReviewed application/pdf en http://irep.iium.edu.my/87432/19/87432_Developing%20Islamic%20Green%20Stock.pdf application/pdf en http://irep.iium.edu.my/87432/20/87432_Developing%20Islamic%20Green%20Stock_certificate.pdf Mustafida, Rifka and Kassim, Salina (2020) Developing Islamic green stock index in Indonesia: issues and prospects. In: 8th ASEAN Universities International Conference on Islamic Finance (8th AICIF) 2020, 24th-26th November 2020, Bogor, Indonesia. (Unpublished) http://lppm.tazkia.ac.id/index.php/2020/11/22/8th-asean-universities-international-conference-on-islamic-finance-8th-aicif-2020/
institution Universiti Islam Antarabangsa Malaysia
building IIUM Library
collection Institutional Repository
continent Asia
country Malaysia
content_provider International Islamic University Malaysia
content_source IIUM Repository (IREP)
url_provider http://irep.iium.edu.my/
language English
English
topic HG3368 Islamic Banking and Finance
spellingShingle HG3368 Islamic Banking and Finance
Mustafida, Rifka
Kassim, Salina
Developing Islamic green stock index in Indonesia: issues and prospects
description Currently, there are three Islamic indexes in Indonesia, namely Jakarta Islamic Index (JII), Jakarta Islamic Index 70 (JII70), and Indeks Saham Syariah Indonesia (ISSI). These indexes, however do not involve environmental or sustainable indicators in their screening processes. Shariah principle does not only regulate about riba, gharar and maysir, it also involves the concern on environmental sustainability and protection of beings. This study aims to explore the issues and challenges in developing green stock index by analyzing the environmental criteria for Islamic green stock screening, the importance of environmental preservation in Islamic principle, and the extent of contribution of the shariah-compliant companies in contributing to environment preservation. The Quran sends out a clear message to preserve the environment, indicating that Islam emphasizes on the importance of preserving the environment. This study finds that Environmental Management System, Energy Efficiency, Waste 3R implementation, emission reduction efforts, reducing the burden of water pollution, biodiversity conservation, and community development program are environmental criteria for Islamic green stock Index. The results show that from that number, there is decrement of the Shariah-compliance companies in preserving environment for last three years. Islamic capital market in Indonesia has legal and institutional opportunities for comprehensive improvement of sustainable investment through Islamic green stock index. This research would have an important impact on policies related to Islamic stock screening development and transformation of business process particularly in Indonesia.
format Conference or Workshop Item
author Mustafida, Rifka
Kassim, Salina
author_facet Mustafida, Rifka
Kassim, Salina
author_sort Mustafida, Rifka
title Developing Islamic green stock index in Indonesia: issues and prospects
title_short Developing Islamic green stock index in Indonesia: issues and prospects
title_full Developing Islamic green stock index in Indonesia: issues and prospects
title_fullStr Developing Islamic green stock index in Indonesia: issues and prospects
title_full_unstemmed Developing Islamic green stock index in Indonesia: issues and prospects
title_sort developing islamic green stock index in indonesia: issues and prospects
publishDate 2020
url http://irep.iium.edu.my/87432/19/87432_Developing%20Islamic%20Green%20Stock.pdf
http://irep.iium.edu.my/87432/20/87432_Developing%20Islamic%20Green%20Stock_certificate.pdf
http://irep.iium.edu.my/87432/
http://lppm.tazkia.ac.id/index.php/2020/11/22/8th-asean-universities-international-conference-on-islamic-finance-8th-aicif-2020/
_version_ 1688547790316109824
score 13.211869

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