Maqashid Sharia Implementation in Indonesia and Bahrain
Abstract
This study aims to analyze the performance of Islamic banking in Indonesia and Bahrain from the perspective of the maqashid shariah index. Performance is the success of an organization in implementing its strategy so that its achievement on the targets set. Maqashid shariah is a measurement of Islamic banking performance following the objectives and characteristics of Islamic banking. The research method used is descriptive and comparative methods, while the data analysis technique used is the independent t-test. The results of this study are that there is no significant difference between the application of Islamic maqashid in Indonesia and the implementation of Islamic maqashid in Bahrain. Thus, the application of Islamic values and the application of sharia maqashid has been integrated with Islamic bank business activities so that different government policies or regulations because each country has a specific constitution, then the impact is not significant or does not affect the implementation of sharia maqashid on operational and business activities in Islamic banks.
JEL Classification: M41, M48, Z12
How to Cite:
Nugraha, E., Nugroho, L., Lindra, C. N., & Sukiati, W. (2020). Maqashid Sharia Implementation in Indonesia and Bahrain. Etikonomi: Jurnal Ekonomi, 19(1), 155 – 168. https://doi.org/10.15408/etk.v19i1.14655.
Keywords
References
Ahmad, A. U. F., & Hassan, M. K. (2007). Regulation and Performance of Islamic Banking in Bangladesh. Thunderbird International Business Review, 49(5), 630–631.
Ahmad, S. M., & Mahadi, N. F. (2019). Sustainable Development Goals and the role of Islamic finance. In Proceedings of the 1st Kedah International Zakat Conference 2019 (KEIZAC 2019), 698–708.
Alam, N. (2014). Efficiency and Risk-Taking in Dual Banking System : Evidence from Emerging Markets. International Review of Business Research Papers, 8(4), 94–111.
Anas, E., & Mounira, B. A. (2009). Ethical Investment and the Social Responsibilities of the Islamic Banks. International Business Research, 2(2), 123–130.
Arafah, W., & Nugroho, L. (2016). Maqhashid Sharia in Clean Water Financing Business Model at Islamic Bank. International Journal of Business and Management Invention, 5(2), 22-32.
Asutay, M., & Harningtyas, A. F. (2015). Developing Maqasid alShari’ah Index to Evaluate Social Performance of Islamic Banks: A Conceptual and Empirical Attempt. International Journal of Islamic Economics and Finance Studies, 1(1), 5-64.
Choudhury, M. A. (2010). Islamic Perspective of Socioeconomic Development. Journal of Islamic Economics, Banking and Finance, 6(3), 1-18.
Choudhury, M. A., & Hoque, M. Z. (2006). Corporate Governance in Islamic Perspective. International Journal of Islamic and Middle Eastern Finance and Management, 6(2), 116-128.
Dobers, P., & Halme, M. (2009). Corporate Social Responsibility and Developing Countries. Corporate Social Responsibility and Environmental Management, 16(8), 237-249.
El Hawary, D., Grais, E., & Iqbal, Z. 2003. Regulating Islamic Financial Institution. Policy Research Working Paper. Washington DC: World Bank.
Firmansyah, I. (2018). Efficiency and Performance of Islamic Bank: Quadrant Analysis Approach. International Journal of Islamic Business and Economics, 2(1), 15–25.
Fitrotulloh, M. R. (2013). Konstruk Filsafat dan Agama dalam Bingkai Peradaban Islam (The Constructions of Philosophy and Religion within the Frame of Islamic Civilization). El-Qudwah-Qudwah, 4, 1–20.
Ghifari, M. Al, Handoko, L. H., & Yani, E. A. (2015). Analisis Kinerja Perbankan Syariah di Indonesia dengan Pendekatan Maqashid Indeks (Analysis of Islamic Banking Performance in Indonesia with the Maqashid Index Approach). Jurnal Akuntansi dan Keuangan Islam, 3(2), 47–66.
Harahap, S. S. (2006). Social Accounting in Islamic Political Economy. Humanomics, 22(1), 34–46.
Jannah, D. M., & Nugroho. 2019. Strategi Meningkatkan Eksistensi Asuransi Syariah di Indonesia (Strategies to Increase the Existence of Sharia Insurance in Indonesia). Jurnal Maneksi, 8(1), 169-176.
Masruri, H. M. H., & Rossidy, I. (2007). Filsafat Sains dalam Al-Qur’an: Melacak Kerangka Dasar Integrasi Ilmu dan Agama (The Philosophy of Science in the Qur'an: Tracing the Basic Framework for Integration of Science and Religion). El-Qudwah, 4, 1–24.
Miller, P., & Rose, N. (1990). Governing economic life. Economy and Society, 19(1), 1-31.
Nugroho, L., & Chowdhury, S. L. K. (2016). Mobile Banking for Empowerment Muslim Women Entrepreneur: Evidence from Asia (Indonesia and Bangladesh). Tazkia Islamic Finance and Business Review, 9(1), 83–100.
Nugroho, L., & Husnadi, T. C. (2014). State-Owned Islamic Bank (BUMN) in Realizing The Benefit of Ummah (Maslahah) and Indonesia as Islamic Financial Center in The World. In Proceedings in 11th International Research Conference on Quality, Innovation and Knowledge Management. Bandung. 1–21.
Nugroho, L., Husnadi, T. C., Utami, W., & Hidayah, N. (2017). Maslahah and Strategy to Establish A Single State-Owned Islamic Bank in Indonesia. Tazkia Islamic Finance and Business Review, 10(1), 17–33.
Nugroho, L., & Tamala, D. (2018). Persepsi Pengusaha UMKM terhadap Peran Bank Syariah (SME Entrepreneurs' Perception of the Role of Islamic Banks). Jurnal SIKAP, 3(1), 49–62.
Nugroho, L., Utami, W., & Doktoralina, C. M. (2019). Ekosistem Bisnis Wisata Halal dalam Perspektif Maqasid Syariah (Halal Tourism Business Ecosystem in the Maqasid Syariah Perspective). Islamic Banking and Finance Journal, 3(2), 84–92.
Nugroho, L., Badawi, A., & Hidayah, N. (2019). Discourses of Sustainable Finance Implementation in Islamic Bank: Cases Studies in Bank Mandiri Syariah. International Journal of Financial Research, 10(6), 108-117.
Nugroho, L., Kuncoro, F. W., & Mastur, A. A. (2019). Analis Perbandingan Bank Umum Syariah Dengan Unit Usaha Syariah Dari Aspek Efisiensi; Kualitas Asset Dan Stabilitas Keuangan: Periode Tahun 2014-2017 (Analyst Comparison of Sharia Commercial Banks and Sharia Business Units from the Aspect of Efficiency; Asset Quality and Financial Stability: Period 2014-2017). Jurnal Ekonomi & Perbankan Syariah, 6(2), 100-118.
Omar, M, M., & Taib, Md. F. (2015). Developing Islamic Banking Performance Measures Based on Maqasid Al-Shari’Ah Framework: Cases of 24 Selected Banks. Journal of Islamic Monetary Economics and Finance, 1(1), 55-77.
Pranam, D. (2013). Zakat as a Measure of Social Justice in Islamic Finance: An Accountant’s Overview. Journal of Emerging Economies and Islamic Research, 1(1), 1-13.
Pratiwi, A. (2016). Islamic Banking Contribution in Sustainable Socioeconomic Development in Indonesia: An Epistemological Approach. Humanomics, 32(2), 98–120.
Prentice, C. R. (2016). Why So Many Measures of Nonprofit Financial Performance? Analyzing and Improving the Use of Financial Measures in Nonprofit Research. Nonprofit and Voluntary Sector Quarterly, 45(4), 715–740.
Ramadhani, R., & Mutia, E. (2016). Analisis Perbandingan Kinerja Perbankan Syariah Di Indonesia dan Malaysia Ditinjau dari Maqashid Shariah Index (Comparative Analysis of the Performance of Islamic Banking in Indonesia and Malaysia in terms of the Maqashid Shariah Index). In Simposium Nasional Akuntansi XIX, 1–24. Lampung, Indonesia.
Rusydiana, A. S., & Firmansyah, I. (2018). Efficiency versus Maqashid Sharia Index: an Application on Indonesian Islamic Bank. Journal of Economics and Business, 2(2), 140–168.
Rusydiana, A. S., & Parisi, S. (2016). The Measurement of Islamic Bank Performance: A Study Using Maqasid Index and Profitability. Global Review of Islamic Economics and Business, 4(1), 1-14.
Sadhana, K. (2012). Sosialisasi dan Persepsi Bank Syariah: Kajian Kebijakan Enkulturasi Nilai-Nilai Bank Syariah dalam Masyarakat (Sharia Bank Socialization and Perception: Policy Study on the Enculturation of Sharia Bank Values in the Community). Jurnal Keuangan Dan Perbankan, 16(3), 481–488.
Sarif, S. M., Ismail, Y., & Azan, Z. (2017). Impact of Maqasid Al-Shariah for Ethical Decision Making Among Social Entrepreneurs. In 6th International Conference on Islamic Jurisprudence 2017, 80–90). International Islamic University Malaysia Kuala Lumpur.
Satibi, E., Utami, W., & Nugroho, L. (2018). A Comparison of Sharia Banks and Conventional Banks in Terms of Efficiency, Asset Quality and Stability in Indonesia for the Period 2008-2016. International Journal of Commerce and Finance, 4, 134-149.
Sudrajat, A., & Sodiq, A. (2016). Analisis Penilaian Kinerja Bank Syariah Berdasarkan Indeks Maqasid Shari’ah (Analysis of Performance Evaluation of Islamic Banks Based on the Maqasid Shari'ah Index). Bisnis, 4(1), 179–200.
Sukmadilaga, C., & Nugroho, L. (2017). Pengantar Akuntansi Perbankan Syariah Prinsip, Praktik dan Kinerja (Introduction to Islamic Banking Accounting Principles, Practices and Performance). Lampung: Pusaka Media.
Syafii, M., Sanrego, Y. D., & Taufiq, M. (2012). An Analysis of Islamic Banking Performance: Maqashid Index Implementation in Indonesia and Jordania. Journal of Islamic Finance, 1(1), 12–29.
Vania, A. S., Nugraha, E., & Nugroho, L. (2018). Does Earning Management Happen in Islamic Bank? (Indonesia and Malaysia Comparison). International Journal of Commerce and Finance, 4(2), 47–59.
Zaman, M., & Movassaghi, H. (2002). Interest-Free Islamic Banking : Ideals and Reality. International Journal of Finance, 14(4), 2428-2442.
Zahra, M. A. (1997). Ilm Usul al-Fiqh. Cairo: Dar al-Fikri al-Arabi.
Zarrouk, H., Ben Jedidia, K., & Moualhi, M. (2016). Is Islamic Bank Profitability Driven by Same Forces as Conventional Banks?. International Journal of Islamic and Middle Eastern Finance and Management, 9(1), 46–66.
DOI: 10.15408/etk.v19i1.14655
Refbacks
- There are currently no refbacks.
Copyright (c) 2020 ETIKONOMI