Maqashid sharia: relevance of sharia compliance in modern Islamic banking / Henny Sulastri ... [et al.]

This study aims to compare the performance of Islamic banking in Indonesia and Malaysia using the Maqashid Sharia Index (MSI). The data were processed quantitatively with a total sample of 18 Islamic commercial banks through purposive sampling in Indonesia and Malaysia. Disclosure of MSI is carried out by analyzing annual banking reports for the period 2016−2021 obtained from the central banks of each country and the website of each bank concerned. They tested the hypothesis using the Independent Sample t-Test with the SPSS application version 26. This study proves that the performance of Islamic banks in Indonesia and Malaysia in 2016−2021 experienced differences in achieving Islamic maqashid educational goals (sig. 0.016 < 0.05). On the other hand, this study proves that there is no difference in the performance of Islamic banks in Indonesia and Malaysia in 2016−2021 in achieving maqashid sharia, the goal of justice (sig. 0.321 > 0.05), the purpose of maslahah (sig. 0.920 > 0.05), and the overall maqashid index (sig. 0.416 > 0.05).