Shariah Screening Sebagai Mitigasi Risiko Dalam Optimalisasi Portofolio Saham Syariah Di Indonesia: Analisis Kualitatif Maqashid Shariah Dan Ketahanan Finansial

Abstract

Indonesia's Islamic capital market has recorded significant structural growth over the past decade, marked by the expansion of the List of Shariah Securities (DES), a surge in the number of investors, and the strengthening of the Indonesian Shariah Stock Index (ISSI), which briefly recorded the best performance among global Islamic indices in 2025. At the same time, geopolitical pressure, global monetary policy uncertainty, and heavy foreign capital outflows throughout 2026 indicate that the Islamic capital market remains exposed to systemic risk. This study aims to analyze the role of shariah screening as a risk mitigation instrument in optimizing shariah stock portfolios, viewed from the perspectives of maqashid shariah and financial resilience, using a descriptive-analytical qualitative method based on a literature review of OJK regulations, official IDX data, and actual developments in 2025-2026. The findings show that shariah screening effectively mitigates idiosyncratic risk at the issuer level through limits on interest-based debt ratios (maximum 45 percent) and non-halal income (maximum 10 percent), yet does not fully protect portfolios from global systemic risk. From a maqashid shariah perspective, this mechanism aligns with the principle of hifz al-mal and distributive justice while supporting long-term financial resilience. Optimizing shariah stock portfolios requires a combination of shariah compliance and active, sector-diversification-based risk management.