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Mapping the Maqasid Index in Islamic Banking: A Bibliometric Analysis of Scopus based Literatures Nashruddin, Ahmad
Journal of Islamic Economics Literatures Vol. 6 No. 2 (2025): Journal of Islamic Economics Literatures
Publisher : SMART Insight

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.58968/jiel.v6i2.728

Abstract

This paper analyses how the Maqasid Index has been used to evaluate Islamic banking performance by conducting a bibliometric study of Scopus-indexed publications in the economics domain. From an initial pool of 544 documents related to Maqasid Sharia and Islamic finance, 101 publications classified in economics and closely related areas were retained for detailed analysis. Using Biblioshiny (Bibliometrix in R) and VOSviewer, the study examines publication trends, citation performance, keyword co-occurrence networks, and thematic evolution. The results show a strong and accelerating growth of research on Maqasid-based performance evaluation since around 2018, with “Islamic bank(ing)”, “Maqasid Shariah”, “performance”, “Indonesia”, and “Malaysia” emerging as dominant terms. Network and density maps reveal five main clusters: (i) performance and profitability, (ii) Islamic banking applications, (iii) Indonesian content-analysis studies, (iv) Shariah governance and compliance, and (v) ethics, religiosity and sustainability. Treemap and word-cloud visualisations confirm that the core of the literature lies at the intersection of Islamic banking, Maqasid al-Shariah and performance, with governance and sustainability becoming increasingly important. The paper contributes by (i) mapping the economics-focused Maqasid Index literature, (ii) clarifying its thematic and geographical structure, and (iii) identifying gaps and implications for future research and industry practice.
Benchmarking the Objectives of Shariah in Practice: A Comparative Maqāṣid Index Analysis of Five Leading Islamic Banks Across OIC Countries Nashruddin, Ahmad
Maqasid al-Shariah Review Vol. 3 No. 1 (2024): Maqasid al-Shariah Review
Publisher : SMART Insight

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.58968/msr.v3i1.724

Abstract

This study examines the extent to which leading Islamic banks operationalize the higher objectives of Islamic law (Maqāṣid al-Sharīʿah) in contemporary banking practice. Moving beyond conventional financial performance indicators, the research develops and applies a comprehensive six-dimensional Maqasid Index (MI-6D). Using a deductive, comparative research design, the study analyzes 2024 Integrated Annual Reports and Sustainability/ESG Reports of five systemically important Islamic banks across Organisation of Islamic Cooperation (OIC) countries: Bank Syariah Indonesia, Al Rajhi Bank (Saudi Arabia), Maybank Islamic (Malaysia), Meezan Bank (Pakistan), and Kuveyt Türk Participation Bank (Türkiye). Employing qualitative content analysis and proxy-based indicators derived from established Maqasid literature and ESG frameworks, the findings reveal significant variation in the practical realization of Maqasid objectives across regions. While all sampled banks demonstrate strong compliance in Shariah governance and wealth preservation, notable differences emerge in social development, environmental stewardship, and real-sector engagement. Banks operating in jurisdictions with mature sustainability frameworks exhibit more comprehensive disclosure and stronger alignment with the expanded Maqasid paradigm, particularly in ḥifẓ al-biʾah. The study contributes theoretically by operationalizing a contemporary six-dimensional Maqasid Index and empirically by providing an up-to-date cross-country benchmark.