Jurnal Akuntansi dan Keuangan Islam

Volume 12(1) April 2024, hlm. 19-39

P-ISSN: 2338-2783 | E-ISSN: 2549-3876
DOI: https://doi.org/10.35836/jakis.v12i1.529

ANALYISIS OF DETERMINING THE PERFORMANCE OF

SHARIA COMMERCIAL BANKS USING THE
MAQASHID SHARIA APPROACH

Oktaviani Rita Puspasari, Amir Hamzah, and Nuraini Annisaa

Universitas Kuningan
Jl. Cut Nyak Dhien No.36A, Cijoho, Kec. Kuningan, Kabupaten Kuningan, Jawa Barat 45513
Email: oktaviani.ritapuspasari@uniku.ac.id; amir.hamzah@uniku.ac.id;
20190610144@uniku.ac.id

ABSTRACT
This research empirically aims to examine several estimation factors that make Islamic
banks more inclined to implement Maqashid Sharia performance. These factors include
financing risk, temporary equity funds (dana syirkah), capital adequacy, and Sharia
governance in relation to Maqashid Sharia performance. The research methodology
employed is a descriptive and verificative approach. The population consists of Islamic
Commercial Banks in Indonesia from 2017 to 2021, with a sample size of 14 banks
using a saturation sampling technique. Panel data regression is the analytical method
applied. The results of the study indicate that, partially, financing risk has a significant
negative impact on Maqashid Sharia performance. Meanwhile, temporary equity funds,
capital adequacy, Sharia supervisory board, joint position of the Sharia supervisory
board, board of commissioners, and audit committee have a significant positive
influence on Maqashid Sharia performance.The implications for management involve
formulating operational performance strategies that not only pursue commercial aspects
but also consider social aspects and Sharia compliance to enhance Maqashid Sharia
performance, aligning with the foundational goals of Islamic banks. The contribution
to the field of knowledge lies in deepening the understanding of factors influencing
Maqashid Sharia performance in Islamic banks and providing new insights into the
relationships among financing risk, temporary equity funds, capital adequacy, Sharia
governance, and performance.
Keywords: Financing Risk, Temporary Shirkah Funds, Capital Adequacy,
Sharia Governance, Sharia Maqashid Performance.

ABSTRAK
Penelitian ini bertujuan untuk secara empiris meneliti beberapa faktor estimasi yang
membuat bank-bank Islam lebih cenderung untuk menerapkan kinerja syariah
maqashid. Faktor-faktor ini meliputi risiko pembiayaan, dana syirkah sementara,
kecukupan modal, dan tata kelola syariah terhadap kinerja syariah maqashid. Metode
penelitian yang digunakan dalam studi ini adalah metode deskriptif dan verifikatif.
Populasi dalam penelitian ini adalah Bank Umum Syariah di Indonesia pada tahun
2017-2021, dengan jumlah sampel sebanyak 14 Bank Umum Syariah menggunakan
teknik sampling jenuh. Teknik analisis data yang digunakan adalah regresi data panel.
Hasil dari penelitian ini menunjukkan bahwa secara parsial, risiko pembiayaan
memiliki pengaruh negatif yang signifikan terhadap kinerja syariah maqashid.
Sementara itu, dana syirkah sementara, kecukupan modal, dewan pengawas syariah,

Diterima: 04/01/2024 Direvisi: 30/01/2024 Disetujui: 30/01/2024

20 Jurnal Akuntansi dan Keuangan Islam Vol. 12, No. 1 (April 2024)

posisi bersama dewan pengawas syariah, dewan komisaris, dan komite audit memiliki
pengaruh positif yang signifikan terhadap kinerja syariah maqashid. Implikasi dari
penelitian ini bagi manajemen adalah merumuskan kinerja operasional sehingga tidak
hanya mengejar aspek komersial, tetapi juga harus memperhatikan aspek sosial dan
kepatuhan syariah untuk meningkatkan kinerja syariah maqashid yang merupakan
tujuan dari pendirian bank-bank Islam. Kontribusi dalam bidang ilmu pengetahuan
yaitu untuk memperdalam pemahaman tentang faktor yang mempengaruhi kinerja
syariah maqashid di bank-bank Islam dan wawasan baru terhadap hubungan antara
risiko pembiayaan, dana syirkah sementara, kecukupan modal, tata kelola syariah, dan
kinerja.
Kata kunci: Risiko Pembiayaan, Dana Syirkah Sementara, Kecukupan Modal,
Tata Kelola Syariah, Kinerja Syariah Maqashid

1. INTRODUCTION

In the rapidly evolving landscape of globalization, the Islamic finance industry

has gained increasing prominence as a viable alternative aligned in keeping
with the tenets of Islamic finance. Particularly, Sharia-compliant commercial
banks play a significant role in providing financial services in compliance with
the precepts of Sharia. The significance of evaluating the performance of
Sharia banks has spurred in-depth research to comprehend their impact and
contribution to achieving Islamic economic objectives. In this context, the
Maqashid Sharia approach, which assesses Sharia banks consider not only
from a financial perspective but also take into account. broader Sharia
objectives, proves relevant for a holistic measurement of their performance.
When discussing the determination of Sharia bank performance, a focus
on Maqashid Sharia principles introduces a new dimension encompassing
social, ethical, and moral aspects in financial activities. Maqashid Sharia
emphasizes not only the pursuit of financial gain but also directs Sharia banks
towards fulfilling the broader objectives, this includes safeguarding religion,
life, intellect, lineage, and wealth. Therefore, an analysis using the Maqashid
Sharia approach allows us to look beyond traditional financial performance
indicators and explore the tangible contributions of Sharia banks to society and
sustainable development.
Aligned with the dynamic developments in the global financial
industry, a profound understanding of the effectiveness of Islamic banks using
a Maqashid Shariah methodology becomes crucial. This not only helps gauge
the contribution of Sharia banks to the economy and society but also provides
a relevant framework for developing business strategies aligned with Islamic
ethical and moral values. Indonesia's Islamic banking industry is still
developing, this is evident from the fact that amount of data reported by
Otoritas Jasa Keuangan (OJK) in the 2021 Sharia Banking Statistics. There are
12 Sharia Commercial Banks, 21 Sharia Business Units, 164 Sharia Rural
Banks, and 3,308 Sharia Service Offices (Office Channeling) from Sharia
Business Units in Indonesia. Positive developments can also be seen from the
Puspasari, Hamzah & Annisaa: Analyisis Of Determining The Performance … 21

increase of Islamic banking assets in 2021, which amounted to 13.94% from

the previous year. Moreover, in 2021, the total financing provided by Islamic
banks increased to IDR 394,486 billion or 68.38% compared to 2020, which
was IDR 234,284 billion. The rapid development of Islamic banking industry
globally must certainly be accompanied by an increase in the resulting
performance.
To knowing whether the performance of Islamic banks complies with
the regulations in Islamic sharia, appropriate performance measurements are
needed. According to Deza & Sofyani (2022), until now the debate regarding
the assessment of Islamic banks performance is still ongoing. Currently, many
the evaluation of Islamic banking performance continues to rely on
conventional bank ratio metrics like CAMELS (Capital, Asset, Management,
Earning, Liquidity, Sensitivity of Market Risk), Data Envelopment Analysis
(DEA), Equity (ROE), and RGEC (Risk Profile, Good Corporate Governance,
Earnings, Capital). This shows that the current performance measurement of
Islamic banks is more likely to prioritize financial performance.
According to Cakhyaneu (2018), evaluating Islamic bank performance
just through financial ratio analysis. has many weaknesses and cannot be fully
applied because Islamic banks are Islamic business entities that are differently
from conventional banks. Therefore, there is an incomparable value from use
performance indicators in conventional banking with broader objects
contained in Islamic banking activities. Using conventional benchmarks to
assess The act of conventional banks in comparison with Islamic banks results
in a stigma that’s not good, that Islamic banks' performance is inferior to that
of conventional banks (Mohammed & Taib, 2015).
Graphs 1. Results of Sharia Maqashid Performance Calculation of Sharia
Commercial Banks in Indonesia in 2017-2021

IK1 6,25%

IK2 53,19%

IK3 23,98%

0,00% 10,00% 20,00% 30,00% 40,00% 50,00% 60,00%

Performance evaluation in Islamic banking shouldn't be limited to

concentrate on financial aspects. and technical aspects, but should also include
other aspects that are the objectives of sharia. According to Mohammed & Taib
(2015), there are standards for measuring the sharia maqashid performance in
an Islamic banking consisting of 3 objectives, namely educating individual that
22 Jurnal Akuntansi dan Keuangan Islam Vol. 12, No. 1 (April 2024)

has a standard or weight of objectives > 30%, the establishing justice that has
a standard or weight of goals > 41%, and maslahah that has a standard or
weight of goals > 29%. Graph 1 showed the computed outcomes of Sharia
maqasid. performance on sharia commercial banks in Indonesia in 2017-2021.
The information presented reflects the outcomes of the Sharia Maqashid
Performance Calculation for Indonesian Islamic commercial banks from 2017
through 2021. These results are categorized into three integral dimensions:
IK1, IK2, and IK3, each representing a distinct aspect of Maqashid Sharia
principles. In 2017-2021, IK1 registered a value of 6.25%, signifying the extent
to which Sharia commercial banks contributed to safeguarding basic
necessities and protecting fundamental rights within the societal framework.
The higher percentage of 53.19% in IK2 indicates a commendable
performance in promoting economic prosperity, the distribution of wealth, and
financial well-being in accordance with Islamic principles. Meanwhile, IK3,
with a percentage of 23.98%, reflects the banks' efforts in addressing social
justice, ethical conduct, and communal well-being. The graphical
representation of these percentages over the specified period offers a visual
narrative, facilitating a comprehensive understanding of the banks' evolving
impact on fulfilling Maqashid Sharia objectives. Stakeholders, policymakers,
and the banks themselves can utilize this data to assess and refine their
strategies, ensuring alignment with Islamic ethical principles while enhancing
their contributions to societal welfare. The percentages serve as valuable
benchmarks, guiding continuous improvement in the Maqashid Sharia-related
performance of Indonesia's Sharia commercial banks. Based on the
phenomenon, it can be observed that from the outcomes of Sharia Maqashid
performance calculation, it is found that for the purpose of educating individual
(IK1) the percentage is very low, that means there are still many Islamic banks
that cannot pay attention to employees or the public to be able to provide
knowledge about Islamic banking and Islamic economics. Meanwhile, for the
purpose of establishing justice, almost all Islamic banks have carried out fair
transaction activities that do not harm customers by not using riba which can
have a negative impact on impact the economy and result in unfairness in
economic transactions. And for the purpose of maslahah is still under its
weight, that means only a few Islamic banks have developed investment
initiatives and community services to enhance the well-being of individuals,
by providing maslahah (welfare) for other people.
Based on previous studies, there are several factors that can influence
Sharia maqashid performance such as in the research of Prilevi et al., (2020)
which states that profitability, capital adequacy, financing risk, and sharia
supervisory board are the factors that affect the sharia maqashid performance.
Rahma & Arifin (2022) research states that profitability (ROA) and sharia
supervisory boards are factors that affect the sharia maqashid performance.
Meanwhile, Sulistyawati et al., (2020) in their research stated that influential
factors include temporary shirkah funds, sharia supervisory board, board of
Puspasari, Hamzah & Annisaa: Analyisis Of Determining The Performance … 23

commissioners, concurrent positions of sharia supervisory board, and audit

committee.
This study builds upon the research conducted by Prilevi et al., (2020).
Where the estimating variables added are temporary shirkah funds and sharia
governance consisting of sharia supervisory board, concurrent positions of
sharia supervisory board, board of commissioners, and audit committee.

2. LITERATURE REVIEW AND HYPOTHESIS DEVELOPMENT

2.1 SHARIA ENTERPRISE THEORY

The theory of Sharia enterprise is guided by broad concern that places Allah
SWT as the ultimate stakeholder and the sole objective of human life (M. T.
Azis, 2018). The relation between sharia enterprise theory and sharia maqashid
is closely related because Islamic banks as Islamic financial entities are not
only profit oriented but also must be falah oriented, that means Islamic banking
must have accountability to Allah SWT in the form of sharia values and also
need to provide benefits and welfare to the community. In this context,
adherence to Islamic law and business ethics takes center stage. A Sharia-
compliant business can be measured in achieving Maqasid Sharia performance
through its contributions to community empowerment and the implementation
of social responsibilities. Moreover, the aspects of innovation and creativity
advocated by the Sharia Enterprise Theory align with efforts to achieve Sharia
goals in economic and social development. Environmental protection is also a
crucial consideration, where Sharia-based businesses are expected to
contribute to sustainability and minimize negative impacts on the environment.
Fair treatment of employees, their capacity development, and ensuring well-
being in line with Sharia principles are integral parts of Maqasid Sharia
performance that can be reflected in Sharia-compliant business practices by
incorporating Sharia Enterprise principles and aligning with the objectives of
Maqasid Sharia, a company can create added value that aligns with Islamic
values and achieves broader Sharia goals

2.2 STEWARDSHIP THEORY

The theory of Stewardship is a concept that characterizes a scenario in which

management (banks) is driven less by individual objectives but rather directed
towards achieving overarching outcomes for the betterment of their respective
organizations (Sulistyawati et al., 2020). The stewardship theory is closely
associated with sharia maqashid performance because sharia banking should
not attach importance to their own organization but sharia banking must also
provide maslahah (benefits) to all parties in order to prosper the community
through the products offered by sharia banking. Within the framework of
Maqasid Sharia performance, the Stewardship Theory can provide a basis for
companies to achieve broader Sharia goals. The preservation the tenets of
24 Jurnal Akuntansi dan Keuangan Islam Vol. 12, No. 1 (April 2024)

Maqasid Sharia—religion, life, family, intelligence, and wealth—can be

reinforced via the stewardship approach. Responsible management, conscious
of long-term interests, is more capable of integrating Sharia values into its
business decisions. Moreover, the Stewardship Theory can also support the
execution of corporate social responsibility. and a positive contribution to
society. By ensuring that corporate policies and practices align with Maqasid
Sharia, companies can build a positive image and contribute to the general
well-being

2.3 SHARIA MAQASHID PERFORMANCE

Shinkafi et al., (2017) explained that sharia maqashid means facilitates the
development of society and the well-being of humanity to attain human
perfection in the world and the hereafter. Mohammed & Taib (2015) say that
almost all scholars agree on the general purpose of sharia maqashid which is
to improve welfare (jalb al-maslahah) and avoid ugliness (dar'al mafasid).

2.4 SHARIA GOVERNANCE

The Sharia governance system comprises institutional and organizational

structures that enable Islamic financial institutions to guarantee an impartial
assessment of Sharia compliance. This involves the issuance of pertinent
Sharia fatwas, the dissemination of fatwa information, and an internal review
of Sharia adherence (Puspitasari & Muhammad, 2019).

2.5 HYPOTHESIS

The relation of financing risk with sharia maqashid performance

According to Wahyudi (2013), Financing risk is a risk that emerges when
customers fail to meet their obligations to Islamic banks in accordance with
the agreed-upon terms. Non-performing financing serves as one of the
evaluation tools for an Islamic bank, representing an interpretation of the
assessment of productive assets, particularly in the evaluation of problematic
financing. The higher the extent of non-performing financing in the banking
sector caused by failure in credit repayment and congestion in financing
activities indicates non compliance with the applicable sharia, then this will
reduce the sharia maqashid performance in bank. This is supported by research
conducted by Prilevi et al., (2020), Rachmat & Komariah (2017), and
Rokhmana (2015) which shows that financing risk has a significant negative
effect on sharia maqashid performance.
H1: financing risk has a significant negative effect on sharia maqashid
performance

The relation of temporary shirkah funds with sharia maqashid

performance
According to Putri & Syariah (2020), temporary shirkah funds refer to funds
acquired as investments for a specified duration from individuals and other
Puspasari, Hamzah & Annisaa: Analyisis Of Determining The Performance … 25

entities, granting banks the authority to oversee and invest these funds, with
the distribution of investment returns being contingent on pre-established
agreements.
More funds can be raised by bank, then the bank will have better
intermediary function. Banks that have a good financial intermediary function
can be said have good sharia maqashid performance because can achieve their
goals (Kholid & Bachtiar, 2015). This is supported by research conducted by
Artika (2021), Sulistyawati et al., (2020), and Kholid & Bachtiar (2015) which
shows that temporary shirkah funds has a considerable positive impact on
sharia maqashid performance.
H2: temporary shirkah funds shows a notable improvement in sharia
maqashid performance

The relation of capital adequacy with sharia maqashid performance

Capital adequacy signifies the bank's capacity to identify, assess, and oversee
risks that could impact bank capital. The increased degree of capital adequacy
Indicates the bank's capability to withstand the risk associated with risky
productive credit/assets. A high sufficient capital to allow the bank to fund
operational activities and significantly contribute to profitability, thus the
increased degree of capital sufficiency, will cause greater credit that can be
disbursed (Almunawwaroh & Marliana, 2018).
Sharia maqashid offered a performance based on public trust. With
higher public trust in bank, so the role of Islamic banks as financing
distributors will be better and the function of Islamic banks can be better in the
community's well-being. Research backs this up conducted by Prilevi et al.,
(2020), Hidayat (2020), and Mulyani dkk., (2018) This demonstrates that
sharia maqashid performance is significantly improved by capital adequacy.
H3: capital adequacy has a notable improvement in sharia maqashid
performance

The relation of sharia supervisory board with sharia maqashid

performance
Sharia supervisory boards are expected to have measurable work procedures
to be able to produce supervisory reports that are able to provide relevant
information for competent Islamic bank stakeholders (Islam & Bhuiyan, 2019).
More number of sharia supervisory boards is expected to be able to supervise
better because they have more expertise and experience. Results from studies
carried out by Rahma & Arifin (2022), Rahma (2021), and Anton (2018) It
suggests that Sharia Maqashid performance is significantly improved by the
Sharia Supervisory Board.
H4: sharia supervisory board has a significant positive effect on sharia
maqashid performance

The relation of concurrent positions of sharia supervisory board with

sharia maqashid performance
26 Jurnal Akuntansi dan Keuangan Islam Vol. 12, No. 1 (April 2024)

The expertise and experience of members of the sharia supervision board in

concurrently becoming sharia supervisory board at other the practices of
multiple Islamic banks result in comparable decisions and have the potential
to establish industry standards for Islamic banking, so that it is expected to
provide performance that is increasingly in accordance with the principles of
Islamic law. Therefore, additional sharia supervisory boards that have
concurrent positions with good performance, sharia maqashid performance
will be better. Research backs this up conducted by Ahzar et al., (2021),
Sulistyawati dkk., (2020), and Agustina & Maria (2017) which shows that
concurrent positions of sharia supervisory board has a considerable positive
impact on sharia maqashid performance.
H5: concurrent positions of sharia supervisory board have a significant
positive effect on sharia maqashid performance

The relation board of commissioners with sharia maqashid performance

In accordance with Sulistyawati et al., (2020), The commissioners' board is an
internal control mechanism that has task to offering guidance and overseeing
the tasks and obligations of directors in connection with bank operations.
Moreover, the commissioners' board is is obliged to make certain that the
directors' board has acted upon recommendations and findings related to the
operational Islamic banks' adherence to Islamic sharia have been provided by
sharia supervisory board.
If numbers of the commissioners' board with good performance
increases, it is what make sharia maqashid performance in Islamic banks will
be better. Results from studies carried out by Sulistyawati et al., (2020), M.
Azis (2020), and Krisnawati (2018) which shows that board of commissioners
has a considerable positive impact on sharia maqashid performance.
H6: board of commissioners has a significant positive effect on sharia
maqashid performance

The relation of audit committee with sharia maqashid performance

The audit committee's job is to evaluate how well the board of directors has
carried out any follow-up measures in relation to the conclusions or
suggestions. the outcomes of the Sharia Supervisory Board's oversight. When
an audit committee is present, transparency and reliability of financial
statements are getting better, especially the reports activities related with
Islamic principles. Reliable and transparent information on statements
financial is important because it is one of the efforts to achieve justice which
is one of the goals of sharia maqashid (Kholid & Bachtiar, 2015).
If numbers of the committee audit members with good performance
increases, it is what make sharia maqashid performance in Islamic banks will
be better. This is supported by research by Sulistyawati et al., (2020) and
Krisnawati (2018) which shows that audit committee has a considerable
positive impact effect on sharia maqashid performance.
Puspasari, Hamzah & Annisaa: Analyisis Of Determining The Performance … 27

H7: audit committee has a significant positive effect on sharia maqashid

performance

3. RESEARCH METHODS

The research methods employed in this study are descriptive and verificative
methods. The study population encompasses all data from Sharia Commercial
Banks (BUS) in Indonesia during the study period, which spans from 2017 to
2021, consisting of 14 Sharia Commercial Banks (BUS) over 5 years, resulting
in a total of 70 observation data. These data were obtained from secondary
sources, specifically the websites of each Sharia Commercial Bank (BUS).
Saturated sampling was the method used in this investigation to determine the
sample size, including all 14 Sharia Indonesian Commercial Banks for the
Years 2017–2021. The data processing was conducted using the EViews 9
program. Panel data regression is the method of data analysis used, with stages
including Classic Assumption Test, Model Estimation Test, Model Selection
Test, Coefficient Determination Test, and Hypothesis Testing. The regression
equation model is outlined as follows:

Information:
Yit : Sharia Maqashid Performance (MSI)
𝛽0 : Constant
𝛽1 , 𝛽2 ,..., 𝛽7 : Coefficient of Independent Variable
𝑋1𝑖𝑡 : Financing Risk (NPF)
𝑋2𝑖𝑡 : Temporary Shirkah Funds
𝑋3𝑖𝑡 : Capital Adequacy (CAR)
𝑋4𝑖𝑡 : Sharia Supervisory Board
𝑋5𝑖𝑡 : Concurrent Position of Sharia Supervisory Board
𝑋6𝑖𝑡 : Board of Commissioners
𝑋7𝑖𝑡 : Audit Committee
i : Sample Company
t : Year Period
𝜀 : Error Term

3.1 VARIABLE OPERATIONALIZATION

Measurement of Sharia Maqashid Performance

Mohammed & Taib (2015) establishes measurable elements to calculate sharia
maqashid performance based on Abu Zahrah's concept namely tahdzib al-fard
(educating individual), iqomah al-adl (establishing justice), and jalb al-
maslahah (maslahah). The three variables are broken down into 9 dimensions
28 Jurnal Akuntansi dan Keuangan Islam Vol. 12, No. 1 (April 2024)

which are then categorized into 10 elements. The next 10 elements are called
performance ratios. The three objectives of maqashid sharia developed by
Mohammed & Taib (2015) can be explained as follows:
Table 1. Sharia Maqashid Index Performance Measurement Model with the
Weight of Each Purpose and Element
Weig Weig
Performance
Concepts ht Dimensions Elements ht
Ratios
(%) (%)
D1. E1. 24 R1. Education
Advanceme Educatio Grant of
nt of n Grant Scholarship/To
Knowledge tal Expenses
E2. 27 R2. Research
Research Expense/Total
Expenses

D2. E3. 26 R3. Training

Educating Instilling Training Expense/Total
30
Individua New Skills Expenses
l and
Improveme
nts

D3. E4. 23 R4. Publicity

Creating Publicity Expense/Total
Awareness Expenses
of Islamic
Banking
Total 100
D4. Fair E5. Fair 30 R5. Profit
Returns Return Equalization
Reserves
(PER)/Net or
Establishi Investment
41
ng Justice Income

D5. Cheap E6. 32 R6.

Product and Functiona Mudharabah &
Services l Musyarakah/T
Puspasari, Hamzah & Annisaa: Analyisis Of Determining The Performance … 29

Weig Weig
Performance
Concepts ht Dimensions Elements ht
Ratios
(%) (%)
Distributi otal Financing
on
D6. E7. 38 R7. Interest
Elimination Interest Free
of Negative Free Income/Total
Elements Product Income
That Breed
Injustices
Total 100
D7. E8. Profit 33 R8. Net
Profitabilit Ratios Income/Total
y of Bank Assets

D8. E9. 30 R9. Zakah/Net

Redistributi Personal Asset
on of Income
Maslahah 29 Income &
Wealth

D9. E10. 37 R10.

Investment Investme Investment in
in Vital nt ratios real economic
Real Sector in real sector/Total
sector Investment
Total 100 Total 100

1) Educating individual (tahdzib al-fard) means the need to develop

knowledge and expertise for each individual so that there is an increase in
spiritual value. 2) Establishing justice (iqamah al-adl) means that Islamic banks
must be honest and fair in transacting and conducting business activities which
include products, prices, and contractual agreements. 3) Maslahah (jalb al-
maslahah) means that Islamic banks must be able to develop investment
projects and social services in improving community welfare. After being
classified into 10 ratios, weighting is carried out.
Table 2. Variable Operationalization
Variable Indicators Scale
Sharia MSI = IK (T1) + IK (T2) + IK (T3) x 100% Ratio
30 Jurnal Akuntansi dan Keuangan Islam Vol. 12, No. 1 (April 2024)

Variable Indicators Scale

Maqashid Ket :
Performance MSI = Sharia Maqashid Index Value
(Y) IK(T1) = Total performance indicators of the first
goal (educating individual)
IK(T2) = Total performance indicators of the
second goal (establishing justice)
IK (T3) = Total performance indicators of the third
goal (maslahah)
Financing Risk
𝑁𝑃𝐹= (𝑃𝑟𝑜𝑏𝑙𝑒𝑚𝑎𝑡𝑖𝑐 𝐹𝑖𝑛𝑎𝑛𝑐𝑖𝑛𝑔)/
(X1) Ratio
(𝑇𝑜𝑡𝑎𝑙 𝐹𝑖𝑛𝑎𝑛𝑐𝑖𝑛𝑔) × 100%

Temporary
Shirkah Funds DST = Ln total temporary shirkah funds Ratio
(X2)
Capital 𝐶𝐴𝑅 = (𝑇𝑜𝑡𝑎𝑙 𝐶𝑎𝑝𝑖𝑡𝑎𝑙)/(𝑇𝑜𝑡𝑎𝑙 𝐴𝑇𝑀𝑅) ×
Ratio
Adequacy (X3) 100%
Sharia
Sharia Supervisory Board = Number of Sharia
Supervisory Ratio
Supervisory Board (DPS)
Board (X4)
Concurrent
Concurrent Positions of Sharia Supervisory Board
Positions of
= Number of Sharia Supervisory Board Members
Sharia Ratio
Who Have Sharia Supervisory Board Positions in
Supervisory
Other Banks
Board (X5)
Board of
Board of Commissioners = Number of Board of
Commissioners Ratio
Commissioners
(X6)
Audit
Audit Committee = Number of Audit Committee Ratio
Committee (X7)

4. RESULTS AND DISCUSSION

4.1 RESULTS

Table 3. t-Test Results

Variable Coefficient Std. Error t-Statistic Prob
C 0.192067 0.050507 3.802752 0.0003
NPF? -0.464588 0.080344 -5.782463 0.0000
Puspasari, Hamzah & Annisaa: Analyisis Of Determining The Performance … 31

DST? 0.809919 0.187600 4.317274 0.0001

CAR? 0.272893 0.090661 3.010046 0.0038
DPS? 0.166675 0.063650 2.618620 0.0117
RJDPS? 0.124628 0.034938 3.567121 0.0010
DK? 0.174722 0.054429 3.210106 0.0015
KA? 0.098571 0.041921 2.351361 0.0230
Source: Output Eviews 9

The table above shows the results of panel data regression, analyzing
data through the utilization of EViews 9 software. Derived from the conducted
panel regression analysis, the selected model is a random effect model. Hence,
the regression equation in this study can be expressed as:
𝑀𝑆𝐼 = 0.192067 − 0.464588𝑁𝑃𝐹 + 0.809919𝐷𝑆𝑇 +
0.272893𝐶𝐴𝑅 + 0.166675𝐷𝑃𝑆 + 0.124628𝑅𝐽𝐷𝑃𝑆 + 0.174722𝐷𝐾 +
0.098571𝐾𝐴 − 0.005659𝐵𝐴𝐶𝑆 − 0.003072𝐵𝐴𝑆 − 0.012761𝐵𝐶𝐴𝑆 +
0.000231𝐵𝐽𝐵𝑆 + 0.001838𝐵𝑀𝐼 + 0.010048𝐵𝑀𝑆 + 0.003168𝐵𝑁𝐼𝑆 −
0.000366𝐵𝑃𝐷𝑆 + 0.005824𝐵𝑅𝐼𝑆 − 0.000399𝐵𝑆𝐵 + 0.018781𝐵𝑆𝑀 −
0.007513𝐵𝑇𝑃𝑁𝑆 − 0.006205𝐵𝑉𝑆 − 0.003915𝑁𝑇𝐵𝑆 + 𝜀𝑖𝑡

4.1.1 The Effect of Financing Risk on Sharia Maqashid Performance

The t test's outcome for financing risk is -5,782463, with a significance value
of 0,0000 < 0,05, so financing risk exhibits a notably significant negative
impact on sharia maqashid performance.
4.1.2 The Effect of Temporary Shirkah Funds on Sharia Maqashid
Performance
The result of the t test for temporary shirkah funds is 4,317274, with a
significance value of 0,0001 < 0,05, so temporary shirkah funds exerts a
noteworthy positive influence on Sharia Maqashid performance.
4.1.3 The Effect of Capital Adequacy on Sharia Maqashid Performance
The result of the t test for capital adequacy is 3,010046, with a significance
value of 0,0038 < 0,05, so capital adequacy has a significant positive effect on
sharia maqashid performance.
4.1.4 The Effect of Sharia Supervisory Board on Sharia Maqashid Performance
The result of the t test for sharia supervisory board is 2,618620, with a
significance value of 0,0117 < 0,05, so sharia supervisory board has a
significant positive effect on sharia maqashid performance.
4.1.5 The Effect of Concurrent Positions of Sharia Supervisory Board on
Sharia Maqashid Performance
32 Jurnal Akuntansi dan Keuangan Islam Vol. 12, No. 1 (April 2024)

The result of the t test for concurrent positions of sharia supervisory board is
3,567121, with a significance value of 0,0010 < 0,05, so concurrent positions
of sharia supervisory board has a significant positive effect on sharia maqashid
performance.
4.1.6 The Effect of the Board of Commissioners on Sharia Maqashid
Performance
The t-test result for the board of commissioners is 3,210106, with a
significance value of 0,0015, < than 0,05. Hence, it can be concluded that the
board of commissioners has a significantly positive impact on Sharia Maqashid
performance.
4.1.7 The Effect of Audit Committee on Sharia Maqashid Performance
The result of the t test for audit committee is 2,351361, with a significance
value of 0,0230 < 0,05, so audit committee has a significant positive effect on
sharia maqashid performance.

4.2 DISCUSSION

4.2.1 The Effect of Financing Risk on Sharia Maqashid Performance

The findings indicate that financing risk exerts a notably significant adverse
impact on Sharia Maqashid performance. The non-performing financing ratio
is employed to assess or ascertain the extent of problematic financing in the
banking sector. Problematic financing includes financing with less liquid,
doubtful, and defaulted qualities. Issues within financing can impact a bank's
revenue and pose the risk of losses. This situation may arise because the bank's
income decreases while the costs for setting aside provisions for bad debts
increase, resulting in a decline in profits and an increase in losses. Therefore,
the magnitude of the risk in financing can affect the financial well-being or
effectiveness of the bank. The higher the level of non-performing financing in
a bank, resulting from failures in loan repayment and delays in financing
activities, indicates non-compliance with applicable Sharia principles. This,
consequently, can result in a decrease in the overall performance of Sharia
objectives (maqashid syariah) within that banking institution.
Aligned with the Sharia Enterprise Theory, which positions God as the
utmost stakeholder and the ultimate goal of human existence, Allah serves as
the primary source of trust in this theory. All activities undertaken by a Muslim
should be based on Islamic Sharia. The stagnation in financing activities
indicates non-compliance by customers in fulfilling their obligations as per the
agreed-upon contract. This shows that the customer is neglecting the
responsibilities and trust bestowed upon them. The study's findings are
consistent with the findings from research conducted by Prilevi et al. (2020),
Rachmat & Komariah (2017), and Rokhmana (2015) which shows that
financing risks has a significant negative effect on sharia maqashid
performance.
Puspasari, Hamzah & Annisaa: Analyisis Of Determining The Performance … 33

4.2.2 The Effect of Temporary Shirkah Funds on Sharia Maqashid

Performance
The outcomes of this study indicate that temporary shirkah funds possesses a
significant favorable impact on Sharia maqashid performance. The positive
impact of temporary syirkah funds indicates that the more funds a bank can
gather, the better it can perform its intermediary function. Therefore, the
greater the amount of temporary syirkah funds, the better the bank's
performance in attaining its Sharia objectives (maqashid Shariah). Banks
achieve Sharia objectives by serving as financial intermediaries, bridging
parties with surplus funds to those with a deficit, all while adhering to Islamic
principles. A bank with a well-functioning financial intermediary role is
considered to have good maqashid syariah performance because it can
effectively attain its intended goals.
Aligned with the stewardship theory, banks are entrusted with the
responsibility of managing funds on behalf of their clients. In operationalizing
temporary syirkah funds, banks operate in accordance with Islamic principles
and agreements made with clients. The stewardship theory assumes that
humans are inherently trustworthy, act responsibly, uphold high integrity, and
prioritize honesty towards others. Sharia banking should not prioritize its own
organization but must also provide benefits to all parties to promote prosperity
through the products offered by Islamic banking. The results of this
investigation are consistent with studies carried by Artika (2021), Sulistyawati
et al., (2020), and Kholid & Bachtiar (2015) which shows that temporary
shirkah funds has a significant positive effect on sharia maqashid performance.
4.2.3 The Effect of Capital Adequacy on Sharia Maqashid Performance
The findings in This research indicates that capital adequacy exerts a
significantly positive influence on sharia maqashid performance. The positive
influence of capital adequacy signifies that the elevated the value of the
superior the performance of Sharia objectives (maqashid syariah) the financial
institution. The ratio of capital adequacy mirrors the capital of the bank to make
money. A higher capital level enhances the bank's opportunities for profit
generation. Bank management will also have greater flexibility in allocating
funds for profitable investment activities to support operational development
and the bank's sustainability. Moreover, the bank can absorb risks, thus
improving profitability. With better operational performance, there is a
positive impact on the community's trust in the bank. The Sharia objectives
offered by the bank are based on the trust of the community. With high
community trust in the bank, the function of Islamic banks as financiers will
be more effective.
This aligns with the stewardship theory, stating that Sharia banking
should not prioritize its own organization but should also provide benefits to
all parties. This way, all parties can receive benefits and contribute to the well-
being of society through the products offered. The outcomes of this study are
consistent with findings from other research by Prilevi et al., (2020), Hidayat
34 Jurnal Akuntansi dan Keuangan Islam Vol. 12, No. 1 (April 2024)

(2020), and Mulyani dkk., (2018) which shows that capital adequacy has a
significant positive effect on sharia maqashid performance.
4.2.4 The Effect of Sharia Supervisory Board on Sharia Maqashid Performance
The outcomes indicated that the Sharia Supervisory Board has a notably
positive impact on sharia maqashid performance. The positive influence of the
Sharia Supervisory Board (Dewan Pengawas Syariah, DPS) implies that a
higher number of DPS members, the better the performance of the Sharia
objectives (maqashid syariah) for the Islamic bank. A growing number of DPS
members is expected to enhance supervision as they bring more expertise and
experience, ultimately improving compliance levels and the overall
performance of the bank in adhering to Sharia objectives. A well-functioning
Sharia Supervisory Board ensures that the Islamic bank complies with agreed-
upon Sharia principles, preventing management from exploiting utilize their
ability to influence negotiations to deceive clients and benefit themselves.
Aligned with the Sharia Enterprise Theory, which emphasizes that all
activities undertaken by a Muslim should be based on Islamic Sharia, this
applies equally to economic activities. Therefore, Sharia-compliant banks are
required to practice Islamic legal principles in their operational activities,
grounding their actions in the belief that God is the highest stakeholder, as
stated in the Sharia Enterprise Theory. This is where the function of the Sharia
Supervisory Board comes into play becomes crucial – to ensure that Islamic
banks conduct their business in accordance with Islamic Sharia. The findings
of this study align with research conducted by Rahma & Arifin (2022), Rahma
(2021), and Anton (2018) which demonstrates that the performance of the
Sharia Maqashid is significantly improved by the Sharia Supervisory Board.
4.2.5 The Effect of Concurrent Positions of Sharia Supervisory Board on
Sharia Maqashid Performance
The outcomes indicated that the simultaneous position of sharia supervisory
board has a significant positive impact on sharia maqashid performance. The
positive influence of holding multiple positions in the Sharia Supervisory
Board DPS (Dewan Pengawas Syariah) indicates that the more concurrent
positions held by DPS members, the better the performance of the Sharia
Supervisory Board objectives (maqashid syariah) for the Islamic bank. This
suggests that the expertise and skills of DPS members, who have extensive
experience holding multiple positions in the Sharia Supervisory Board of
various Islamic institutions and banks, will have a positive impact on a Sharia
financial institution. Consequently, this may lead to similar decisions among
Islamic banks, aligning their policies more closely with the principles of
Islamic Sharia.
Despite the indication that holding multiple positions signifies expertise
and skills within the DPS, The Republic of Indonesia's Financial Services
Authority No. 16/POJK.03/2022 Regulation Concerning Sharia Commercial
Banks, Article 59 Paragraph 4 elucidates that "DPS members can concurrently
Puspasari, Hamzah & Annisaa: Analyisis Of Determining The Performance … 35

hold positions as DPS members in up to 4 (four) other Sharia financial

institutions." Therefore, even if a Sharia Supervisory Board member holds a
position as DPS in several Islamic banks, they cannot hold more than 4
positions concurrently.
Aligned with the Sharia Enterprise Theory, which emphasizes that all
activities undertaken by a Muslim should be based on Islamic Sharia, this
applies to economic activities as well. Thus, the Sharia Supervisory Board,
with its wealth of experience and comprehensive knowledge, is expected to
guide and ensure that Islamic banks adhere to Islamic Sharia and provide
benefits in line with the objectives of the maqashid syariah concept. Moreover,
DPS members holding concurrent positions in other banks will standardize
decision-making among Islamic banks, resulting in improved performance and
adherence to the tenets of Islamic Sharia. The study's conclusions are
consistent with the research that was done. by Ahzar et al., (2021), Sulistyawati
dkk., (2020), and Agustina & Maria (2017) which shows that concurrent
positions of there is a sharia supervisory board significant favourable impact
on sharia maqashid performance.
4.2.6 The Effect of the Board of Commissioners on Sharia Maqashid
Performance
The outcomes revealed that the board of commissioners exerts a significantly
positive influence on Sharia Maqashid performance. The positive influence of
the Board of Commissioners indicates that a greater number of members there
are in the Board of Commissioners of an Islamic bank, the better the
performance of the Sharia objectives (maqashid syariah) for that Islamic bank.
This is because the intensity of supervision conducted by the Board of
Commissioners over the Board of Directors, in response to findings or
recommendations provided by the Sharia Supervisory Board regarding the
operational compliance of the Islamic bank with Islamic Sharia, becomes more
effective.
The Board of Commissioners is a crucial aspect in coordinating the
supervision of the management of Islamic banks and making informed
decisions. The number of commissioners will impact the enhancement of their
ability to accommodate and facilitate the interests of all parties to create added
value for the Islamic bank. The Board of Commissioners cannot effectively
perform all these tasks if they prioritize self-interest and neglect the interests
of stakeholders. Therefore, an increasing number of commissioners can
maximize their roles and responsibilities, ultimately improving the maqashid
syariah performance of the Islamic bank.
From the perspective of stewardship theory, the interrelated tasks
within the structure of Islamic banking signify that stewards work based on the
primary interests of the bank rather than prioritizing individual interests. A
Board of Commissioners that fulfills its responsibilities in accordance with
established rules can enhance performance, ensuring that organizational goals
are achieved. When organizational goals are met, it indicates that all
36 Jurnal Akuntansi dan Keuangan Islam Vol. 12, No. 1 (April 2024)

organizational activities are running smoothly. Therefore, the presence of a

Board of Commissioners can bridge the interests of stakeholders in the
company and control management to fulfill and achieve the primary goals of
Islamic banking. The findings of this study align with the research conducted
by Sulistyawati et al. (2020)., M. Azis (2020), and Krisnawati (2018)
demonstrating that the board of commissioners has a significant positive effect
on sharia maqashid performance.
4.2.7 The Effect of Audit Committee on Sharia Maqashid Performance
The results showed that the audit committee has a notable positive impact on
sharia maqashid performance. The positive influence of the Audit Committee
indicates that an increased number of members there are in the Audit
Committee of a bank, the better the performance of Sharia objectives
(maqashid syariah) for that bank. This is because the Audit Committee can
provide better protection and control. The Audit Committee is responsible for
evaluating the continuance of actions taken by the directors regarding findings
or recommendations arising from the oversight carried out by the Sharia
Supervisory Board, especially concerning the financial reporting processes
carried out by management to enhance the credibility of financial reports. This
indirectly signifies that the Audit Committee is empowered to oversee the
compliance of the Islamic bank with Islamic Sharia.
Aligned with the Sharia Enterprise Theory, which places God as the
highest stakeholder, Islamic banking needs to uphold Islamic ethical values
such as honesty, truthfulness, piety, and responsibility. With an Audit
Committee overseeing particularly the financial reporting processes, it is
expected to eliminate any dishonesty in the preparation of financial reports.
The outcomes of this study align with the investigation carried out by
Sulistyawati et al., (2020) and Krisnawati (2018) which shows that the audit
committee exerts a notably positive impact on sharia maqashid performance.

5. CONCLUSION

The outcomes of research, the examination and conversation that have been
conducted out and described, consequently it may be said that partially
financing risk has a significant negative effect on sharia maqashid
performance. Temporary shirkah funds, capital adequacy, sharia supervisory
board, concurrent positions of sharia supervisory board, board of
commissioners, and audit committee have a significant positive effect on sharia
maqashid performance.
In light of the study's findings, to improve the performance of sharia
maqashid, Islamic banks are advised to pay attention to financing risks,
temporary shirkah funds, capital adequacy, and sharia governance so the
performance of sharia maqashid at these banks can continue to increase. This
study still has many shortcomings and limitations, It is recommended that more
Puspasari, Hamzah & Annisaa: Analyisis Of Determining The Performance … 37

researchers be allowed to include more independent variables that are not

studied such as Islamic Social Reporting disclosure, profitability, and
institutional ownership, or other variables that can affect sharia maqashid
performance. And can be done additional samples to be studied so the results
are more relevant and reliable, for example adding Islamic Commercial Banks
in other countries such as Malaysia or by adding the period studied.

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