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All Journal Journal of International Conference Proceedings EKONOMIKA SYARIAH : Journal of Economic Studies
Nadia, Nurun
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Humanities Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Electrical & Electronics Engineering Industrial & Manufacturing Engineering Languange, Linguistic, Communication & Media

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Determinants of the Maqashid Syariah Index of Islamic Banks: Implications on Social and Environmental Sustainability Nadia, Nurun; Muflih, Muhammad; Ruhadi
EKONOMIKA SYARIAH : Journal of Economic Studies Vol. 9 No. 1 (2025): June 2025
Publisher : Universitas Islam Negeri Sjech M. Djamil Djambek Bukittinggi

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.30983/es.v9i1.9286

Abstract

Islamic banking holds a strategic role in promoting social and environmental sustainability through the implementation of Islamic economic principles. This study aims to analyze the factors influencing the Maqashid Sharia Index in Islamic banks in Indonesia and to examine its implications on multidimensional sustainability. The independent variables in this study are the Zakat Performance Ratio (ZPR) and Qardhul Hasan (QH) financing, with control variables consisting of Return on Assets (ROA) and Non-Performing Financing (NPF). The study employs panel data from Islamic banks in Indonesia over the period 2019–2023, selected using purposive sampling techniques. The data are analyzed using panel regression with the Random Effect Model (REM) approach. The findings indicate that ZPR, QH, ROA, and NPF have a positive and significant partial effect on the Maqashid Sharia Index. These results suggest that simultaneously optimizing social functions and financial performance is crucial for enhancing the contribution of Islamic banks to achieving sustainable Sharia objectives. This approach offers a fresh perspective on evaluating Islamic banking performance,not only in terms of profitability but also in how effectively institutions contribute to the comprehensive realization of Maqashid al-Sharia. Perbankan Syariah memiliki peran strategis dalam menciptakan kesejahteraan sosial dan keberlanjutan lingkungan melalui prinsip-prinsip ekonomi islam. Tujuan utama penelitian ini untuk menganalisis faktor-faktor yang mempengaruhi Indeks Maslahat pada Perbankan Syariah Indonesia serta mengkaji implikasinya terhadap keberlanjutan sosial dan lingkungan. Variabel independent pada penelitian ini yaitu Zakat Performance Ratio (ZPR) dan pembiayaan Qardhul Hasan (QH). Penelitian ini menggunakan data dari 9 Bank Umum Syariah di Indonesia dalam rentang waktu 2019-2023, yang dipilih melalui Teknik purposive sampling. Data tersebut dianalisis menggunakan regresi data panel, dengan model estimasi yang diterapkan adalah Random Effect Model (REM). Hasil penelitian mengungkapkan bahwa ZPR dan QH, baik secara simultan maupun parsial, berpengaruh positif dan signifikan terhadap Indeks Maslahat dalam Perbankan Syariah di Indonesia. Hasil temuan ini menegaskan bahwa perbankan syariah tidak hanya berfokus pada profitabilitas, tetapi juga memiliki peran dalam tanggung jawab sosial dan lingkungan yang perlu dioptimalkan. Oleh karena itu, diperlukan strategi kebijakan yang lebih progresif dalam mengelola ZPR dan QH agar perbankan Syariah semakin berdaya guna dalam menciptakan keseimbangan antara ekonomi, sosial, dan lingkungan secara berkelanjutan.
The Investigation of Maqashid Syariah Index Determinants and its Implication Towards Worls Sustainability: A Comparison of Islamic Bank in Indonesia and Malaysia Nadia, Nurun; Muflih, Muhammaf; Ruhadi, Ruhadi
Journal of International Conference Proceedings Vol 8, No 4 (2025): 2025 ICPM Hong Kong
Publisher : AIBPM Publisher

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.32535/jicp.v8i4.4180

Abstract

This study investigates the impact of financial, social, and Shariah compliance dimensions on the Maqashid Syariah Index (MSI) in Islamic banks, focusing on a comparative case analysis of sixteen banks (eight from Indonesia and eight from Malaysia) during 2019-2024. The financial dimension is measured using ROA, CAR, FDR, and NPF; the social dimension is represented by ZPR and QH; and Shariah compliance is proxied by the frequency of Shariah Supervisory Board meetings. Panel data were analyzed using the Fixed Effect Model (FEM) for Indonesia and the Random Effect Model (REM) for Malaysia. The results indicate that ROA, FDR, and ZPR significantly affect MSI in Indonesia, reflecting both operational efficiency and zakat-based redistribution. In Malaysia, CAR, FDR, QH, and SSB significantly influence MSI, highlighting the importance of capital strength, social finance, and governance. Rather than generalizing to the entire Islamic banking industry, the study is framed as a country-specific comparison that illustrates how institutional and regulatory contexts shape the realization of Maqashid Syariah principles in Indonesia and Malaysia.
Co-Authors Muflih, Muhammaf Muhammad Muflih Ruhadi Ruhadi