Maqashid Shariah as a Performance Measure in Islamic Banks: An Empirical Study of Financial Indicators in Indonesia

Annida Zahrotun Nafisah; Fitri Zaelina

doi:10.14421/jibsi.v1i1.2710

Authors

Annida Zahrotun Nafisah UIN Sunan Kalijaga
Fitri Zaelina UIN Sunan Kalijaga

DOI:

https://doi.org/10.14421/jibsi.v1i1.2710

Keywords:

Maqashid Shariah, Islamic banking, ROA, NPF, Temporary Syirkah Funds, CAR, FDR, BOPO, financial performance

Abstract

ABSTRACT

Purpose : This study aims to analyze the effect of Return on Assets (ROA), Non-Performing Financing (NPF), Temporary Syirkah Funds (TSF), Capital Adequacy Ratio (CAR), Financing to Deposit Ratio (FDR), and Operating Expenses to Operating Income (BOPO) on Maqashid Shariah performance in Islamic Commercial Banks (BUS) in Indonesia during 2014–2024.

Design/methodology/approach: The study employs a quantitative approach with panel data regression. The sample consists of six Islamic Commercial Banks selected through purposive sampling, resulting in 66 observations over eleven years. The Maqashid Shariah Index (MSI) is measured using Abu Zahrah’s framework modified by Mohammed et al. (2008), which covers the dimensions of education, justice, and welfare.

Findings: The results indicate that ROA, NPF, and TSF significantly and positively affect Maqashid Shariah performance. In contrast, CAR, FDR, and BOPO show no significant influence. These findings highlight that profitability, community participation through syirkah funds, and even the management of problematic financing can strengthen the ethical and social objectives of Islamic banking.

Theoretical Contribution/Originality: This study contributes by integrating financial indicators with maqashid shariah, showing that Islamic bank performance cannot be fully captured by conventional profitability measures. It provides new insights into the paradoxical role of NPF in reinforcing sharia-oriented outcomes.

Research limitation and implication: The study is limited to financial indicators and a ten-year sample of six banks, without considering non-financial dimensions such as CSR, ESG, or qualitative aspects of maqashid. Future research should integrate both financial and non-financial measures to obtain a more holistic evaluation.

Keywords: Maqashid Shariah, Islamic banking, ROA, NPF, Temporary Syirkah Funds, CAR, FDR, BOPO, financial performance, panel data, Indonesia

JEL Classification: G21, G32, Z12

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Author Biography

Fitri Zaelina, UIN Sunan Kalijaga

Islamic Banking

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