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All Journal Tsarwah : Jurnal Ekonomi dan Bisnis Islam Iqtishadia: Jurnal Ekonomi dan Perbankan Syariah
Mahmud Syukri
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Economics, Econometrics & Finance

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A Integrating Maqashid Sharia Index (MSI) into ESG Performance in the Post-Crisis Era: Comparative Evidence from Islamic and Conventional Banks in Indonesia and Malaysia Mahmud Syukri
IQTISHADIA Jurnal Ekonomi & Perbankan Syariah Vol. 12 No. 2 (2025): Vol. 12 No. 2 (2025)
Publisher : Institut Agama Islam Negeri Madura

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.19105/iqtishadia.v12i2.21955

Abstract

Bank performance measurement has long been dominated by financial indicators such as ROA, ROE, and CAR, which tend to be partial and fail to adequately reflect sustainability and Sharia compliance. This limitation highlights the need for a more holistic evaluation framework. This study aims to integrate the Maqashid Sharia Index (MSI), which represents Sharia objectives, with Environmental, Social, and Governance (ESG) as a global standard, to produce a more comprehensive performance measure. The research employs a cross-country quantitative comparative approach using panel data from Islamic and conventional banks in Indonesia and Malaysia over the period 2019–2024. Data were collected from annual and sustainability reports and analyzed using the Simple Additive Weighting (SAW) method for index assessment, along with comparative statistical tests and multivariate regression to examine the hypotheses. The findings reveal that the MSI–ESG integration provides a fairer and more holistic picture of bank performance compared to conventional financial ratios and identifies significant differences in the performance profiles of Islamic and conventional banks in both countries. This study concludes that performance measurement based on MSI–ESG integration offers a more globally relevant and Sharia-compliant alternative evaluation model.
The Influence of PNM Mekar Syariah Microfinance on the Welfare of MSMEs in Parungpanjang, Bogor Regency Amin, Muhamad; Bahri, Syaeful; Mabruroh, Ahda Inayati; Mahmud Syukri
TSARWAH Vol. 9 No. 2 (2024): December
Publisher : PROGRAM STUDI EKONOMI ISLAM PROGRAM PASCASARJANA IAIN SULTAN MAULANA HASANUDDIN BANTEN

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.32678/tsarwah.v9i2.12477

Abstract

PNM Mekar Syariah Financing is a business capital loan service that implements a joint liability system and is carried out in groups. This study examines the Effect of PNM Mekar Syariah Micro Financing on Improving the Welfare of MSMEs in Bogor Regency. The study uses a quantitative approach with a questionnaire method as a data source, through five stages of testing: Validity Test, Reliability Test, Classical Assumption Test, with the help of SPSS Version 2023 software and Microsoft Excel 2013. The results of the study can be concluded that there is a positive and significant effect of PNM Mekar Syariah financing on improving the welfare of MSMEs in Bogor Regency. Simple Linear Regression Equation: The resulting equation is Y = 27.416 + 0.323X + εY = 27.416 + 0.323X + \varepsilonY = 27.416 + 0.323X + ε, with a regression coefficient of the financing variable (X) of 0.323. This shows that every one unit increase in financing has the potential to increase the welfare of MSMEs by 0.323 units. T-test: The results of the hypothesis test show that t count = 3.851t \text{ count} = 3.851t count = 3.851 with a significance value of <0.001, smaller than the significance limit of 0.05. With t count> t table (3.851> 1.66412)t \text{ count} > t \text{ table} (3.851 > 1.66412)t count> t table (3.851> 1.66412), H0 is rejected, and H1 is accepted. This means that the financing variable (X) has a significant effect on increasing MSMEs (Y). Determination Coefficient (R Square): The R Square value of 0.372 indicates that PNM Mekar Syariah financing affects the Increase in MSME Welfare by 13.8%. This means that 86.2% of the variation in MSME performance is influenced by other factors not included in this study.
Co-Authors Mabruroh, Ahda Inayati Muhamad Amin Syaeful Bahri