Main Article Content
Abstract
Introduction
Sharia-compliant banking plays a vital role in Indonesia's Islamic financial sector, balancing ethical principles and market competitiveness. However, assessing the performance of these banks requires tools that capture both financial viability and alignment with maqasid al-shariah, or the higher objectives of Sharia.
Objectives
This study evaluates the performance of Indonesian Sharia-compliant banks using the Maqashid Index, which measures ethical contributions, and the Sharia Conformity and Profitability framework, which integrates financial outcomes with Sharia compliance. The research aims to identify key strengths and gaps in these banks' performance and compare the insights provided by these two frameworks.
Method
A quantitative approach was adopted, analyzing data from five prominent Sharia-compliant banks in Indonesia over the 2010–2018 period. The Maqashid Index assessed contributions to education, justice, and public welfare, while the Sharia Conformity and Profitability framework evaluated financial performance and compliance with Islamic principles. Comparative analysis was employed to identify areas of alignment and divergence between the frameworks.
Results
The findings revealed that while Bank Syariah Mandiri and Bank BNI Syariah excelled in both frameworks, others displayed significant gaps in education and public welfare contributions despite high Sharia compliance. Divergences between financial profitability and ethical objectives underscore the need for integrated performance metrics.
Implications
This study emphasizes the importance of balancing financial and ethical dimensions in Islamic banking. It provides actionable insights for policymakers and practitioners, suggesting a roadmap for enhancing both societal impact and financial sustainability.
Originality/Novelty
This study advances knowledge in Islamic banking by applying a dual-framework evaluation approach, highlighting the complementary roles of the Maqashid Index and Sharia Conformity and Profitability framework in assessing Sharia-compliant bank performance.
Keywords
Article Details
Copyright (c) 2023 Mohd. Dimasqi Abandi Asmar, Yuli Andriansyah, Mowafg Masuwd

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References
Alfadri, F. (2022). The comparison of Sharia banking performance in Indonesia and Malaysia reviewing from maqashid Sharia index. Ihtiyath : Jurnal Manajemen Keuangan Syariah, 6(1), 64–78. https://doi.org/10.32505/ihtiyath.v6i1.3825
Ammar, A. (2023). Performance assessment of Islamic banks in the light of maqasid al-Shariah: A global evidence. International Journal of Islamic Banking and Finance Research, 11(2), 20–31. https://doi.org/10.46281/ijibfr.v11i2.2124
Antonio, M. S., 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), 2–29. https://doi.org/10.31436/jif.v1i1.2
As-Salafiyah, A., & Radwan, M. (2023). Islamic economics and finance: Trend topics and thematic evolution. Journal of Islamic Economics Literatures, 4(2), Article 3. https://doi.org/10.58968/jiel.v4i2.315
Azwirman, Zulhelmy, & Suryadi, A. (2019). Analysis of Islamicity Performance Index on Sharia banks in Indonesia. International Journal of Innovation, Creativity and Change, 10(3), 25–36. https://www.ijicc.net/images/vol10iss3/10306_Azwirman_2019_E_R.pdf
Felani, H., Wahyuni, S., & Pratama, B. C. (2020). The analysis effect of Islamicity performance index on the financial performance of Sharia commercial banks in Indonesia. Journal of Economics Research and Social Sciences, 4(2), 129–139. https://doi.org/10.18196/jerss.v4i2.8389
Hamid, W., Salim, U., Djumahir, & Aisjah, S. (2019). The effect of Al-Bai’ and wadiah contracts on Sharia compliance and the Sharia banking system performance through the Maqashid Index in Sharia banks in Indonesia. Banks and Bank Systems, 14(4), 104–113. https://doi.org/10.21511/bbs.14(4).2019.10
Ibrahim, S. H. M., Wirman, A., Alrazi, B., Nor, M., & Pramono, S. (2004). Alternative disclosure & performance measures for Islamic banks. Second Conference on Administrative Sciences: Meeting the Challenges of the Globalization Age, King Fahd University of Petroleum & Minerals, Dhahran, Saudi Arabia, 19–21. https://faculty.kfupm.edu.sa/coe/sadiq/proceedings/SCAC2004/50.ASC089.EN.Shahul.Alternative%20Disclosure%20&%20Performance%20_1_.pdf
Jalaludin. (2022). Persepsi dan sikap masyarakat santri terhadap bank syari’ah [Perceptions and attitudes of the santri community towards shari’ah banks]. Journal of Economics and Business, 8(1), 45–59. https://doi.org/10.29303/ekonobis.v8i1.92
Javed, M. M., Bashir, A., & Waseemullah. (2023). Impact of partnership based and non-partnership based Shariah complaint products on the financial performance of Islamic banks. Audit and Accounting Review, 3(1), 78–100. https://doi.org/10.32350/aar.31.04
Karbaila, F. Z. T., Pratama, B. C., Fakhruddin, I., & Pandansari, T. (2022). Maqashid Shariah performance on Indonesian Islamic banking: The role of intellectual capital and Shariah supervisory board reputation and tenure. Jurnal Ilmiah Ekonomi Islam, 8(3), 3813–3822. https://doi.org/10.29040/jiei.v8i3.6943
Kiranawati, Y. C., Aziza, S. M., Nasim, A., & Ningsih, C. (2023). Islamic banking governance in maqashid Sharia perspectives: A systematic literature review. Share: Jurnal Ekonomi Dan Keuangan Islam, 12(1), 59–74. https://doi.org/10.22373/share.v12i1.15446
Kuppusamy, M. V., Saleh, A. S., & Samudhram, A. (2009). Measurement of Islamic banks performance using a Shari’ah conformity and profitablity model. Review of Islamic Economics : Journal of the International Association for Islamic Economics and the Islamic Foundation, 13(2), 35–48.
Mardini, R., Paramita Pramono, I., Hartanto, R., Marshall Avicenna, F., Aranni, I., & Adinda, R. (2023). Measuring the performance of Islamic banking in Indonesia with maqashid Sharia index: Pre-merger and post-merger period. KnE Social Sciences, 5th Social and Humaniora Research Symposium (5th SoRes), 810–820. https://doi.org/10.18502/kss.v8i18.14285
Mohammed, M. O., & Taib, F. M. (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), 55–78. https://doi.org/10.21098/jimf.v1i1.483
Mu’allim, A. (2003). Persepsi masyarakat terhadap lembaga keuangan syariah [Public perception of Islamic financial institutions]. Al-Mawarid: Jurnal Hukum Islam, 10, 17–31. https://journal.uii.ac.id/JHI/article/view/2614
Mutamimah, M., & Saputri, P. L. (2023). Corporate governance and financing risk in Islamic banks in Indonesia. Journal of Islamic Accounting and Business Research, 14(3), 436–450. https://doi.org/10.1108/JIABR-09-2021-0268
Mutia, E., Jannah, R., & Rahmawaty, R. (2019). Islamicity performance index of Islamic banking in Indonesia. 424–436. https://doi.org/10.2991/agc-18.2019.65
Nugroho, L., Badawi, A., Nugraha, E., & Putra, Y. M. (2021). What determines Islamic performance ratio of Islamic banking in Indonesia? An analysis using financing to deposit ratio as moderator. Share: Jurnal Ekonomi Dan Keuangan Islam, 10(1), 104–123. https://doi.org/10.22373/share.v10i1.9314
Pranata, M. W., & Laela, S. F. (2020). Board characteristic, good corporate governance and maqȃshid performance in Islamic banking. Journal of Islamic Monetary Economics and Finance, 6(2). https://doi.org/10.21098/jimf.v6i2.1189
Prasetyo, P. P., Pantas, P. E., Ashar, N. J., & Pertiwi, F. R. (2020). Performance comparison of Islamic banking in Indonesia and Malaysia Islamicity performance index approach. Journal of Islamic Economics Perspectives, 2(1), 92–103. https://doi.org/10.35719/jiep.v2i1.30
Prasetyowati, L. A., & Handoko, L. H. (2016). Pengukuran kinerja bank umum syariah dengan maqasid index dan sharia conformity and profitability (SCnP) [Performance measurement of Islamic commercial banks with maqasid index and sharia conformity and profitability (SCnP)]. Jurnal Akuntansi dan Keuangan Islam, 4(2), 107–130. https://doi.org/10.35836/jakis.v4i2.22
Pratiwi, F. D., Farhan, A., & Mulyono, R. D. A. P. (2023). Assessing Sharia banking commitment through the Shariah maqashid index. International Journal of Current Science Research and Review, 6(4), 2257–2264. https://doi.org/10.47191/ijcsrr/V6-i4-05
Ramdhoni, M. I. (2018). Assessing bank performance measurement in islamic banking industry. MATEC Web of Conferences, 218, Article Number 04020. https://doi.org/10.1051/matecconf/201821804020
Ramdhoni, M. I., & Fauzi, F. A. (2020). Islamic banks performance: An assessment using Sharia Maqashid Index, Sharia Conformity and Profitability and CAMELS. International Journal of Applied Business Research, 2(1), 15–30. https://doi.org/10.35313/ijabr.v2i01.79
Ratnaputri, W. (2013). The analysis of islamic bank financial performance by using CAMEL, shariah conformity and profitability (SCnP). Jurnal Dinamika Manajemen, 4(2), 220–232. https://doi.org/10.15294/jdm.v4i2.2765
Rianto, Fahruddin, M., Damayanti, A., & Ichwani, T. (2022). Performance analysis of Sharia banking in Indonesia and Malaysia using the Sharia maqashid index concept (Comparative study on Sharia banking in Indonesia and Malaysia 2015-2019 period). Inquisitive: International Journal of Economic, 2(2), 132–152. https://doi.org/10.35814/inquisitive.v2i2.3552
Rusydiana, A. S. (2016). Analisis masalah pengembangan perbankan syariah di Indonesia: Aplikasi metode analytic network process [Analysis of Islamic banking development issues in Indonesia: Application of analytic network process method]. Esensi: Jurnal Bisnis Dan Manajemen, 6(2), 237–246. https://doi.org/10.15408/ess.v6i2.3573
Salsabilla, V. F., Pratama, B. C., Pramono, H., & Hapsari, I. (2023). Maqashid Sharia performance in Indonesian Islamic banks: The role of intellectual capital and Sharia supervisory boards cross-membership and gender diversity. Sentralisasi, 12(1), 87–109. https://doi.org/10.33506/sl.v12i1.2028
Siregar, S., & Shifa, M. (2021). Analysis of financial performance measurement Sharia bank using RGEC and SCnp (Shariah conformity and profitability) model. Journal Research of Social Science, Economics, and Management, 1(5), 523–544. https://doi.org/10.59141/jrssem.v1i5.43
Sudirman, Blongkod, H., Rasjid, H., Hamin, D., Mahmud, M., & Ilham. (2023). Measuring the performance of Sharia commercial banks in Indonesia using the Islamicity Performance Index (IPI) and Maqashid Sharia Index (MSI). Quality - Access to Success, 24(196), 105–112. https://doi.org/10.47750/QAS/24.196.14
Suhada, S., & Sigit, P. (2014). Analisis kinerja perbankan syariah di Indonesia dengan pendekatan maqashid indeks [Analysis of Islamic banking performance in Indonesia with maqashid index approach]. Jurnal Akuntansi dan Keuangan Islam, 2(1), 5–37. https://doi.org/10.35836/jakis.v2i1.50
Suhartanto, A., Zulkarnain, I. A., & Yuda, Y. P. (2020). Simple additive weighting method for the assessment of Sharia banking performance. INTENSIF: Jurnal Ilmiah Penelitian Dan Penerapan Teknologi Sistem Informasi, 4(1), 108–122. https://doi.org/10.29407/intensif.v4i1.13799
Syaputri, A. R., & Nainggolan, Y. A. (2022). Does political connection affect sharia non-compliance risk? Evidence from Indonesian and Malaysian Islamic banks. Journal of Sustainable Finance & Investment. https://www.tandfonline.com/doi/abs/10.1080/20430795.2022.2124837
Tarique, K. M., Islam, R., Mohamed, M. O., Razak, D. A., & Hamdan, H. bin. (2020). Constructing a maqasid (objective) based performance measurement index for Islamic banks. International Journal of the Analytic Hierarchy Process, 12(2), 328–354. https://doi.org/10.13033/ijahp.v12i2.770
Tarique, K. M., Islam, R., & Mohammed, M. O. (2021). Developing and validating the components of Maqasid al-Shari’ah-based performance measurement model for Islamic banks. International Journal of Islamic and Middle Eastern Finance and Management, 14(2), 366–390. https://doi.org/10.1108/IMEFM-12-2018-0432
Tubarad, C. P. T., Mohammed, N. F., & Mohamad, M. (2022). Maqasid Shariah performance index conceptualisation: Examples from Malaysia and Indonesia. International Journal of Academic Research in Business and Social Sciences, 12(12), Pages 1146-1152. https://doi.org/10.6007/IJARBSS/v12-i12/15852
Ubaidillah. (2022). Financial performance measurement analysis of Shariah commercial banks in Indonesia using risk based bank rating (RBBR) and Shariah conformity and profitability (SCnP) methods. Wealth: Journal of Islamic Banking and Finance, 1(1), 51–70. https://doi.org/10.24090/wealth.v1i1.7003
Ullah, S., Harwood, I. A., & Jamali, D. (2018). ‘Fatwa repositioning’: The hidden struggle for shari’a compliance within Islamic financial institutions. Journal of Business Ethics, 149(4), 895–917. https://doi.org/10.1007/s10551-016-3090-1
Widarjono, A., Salandra, A., Susantun, I., & Ruchba, S. M. (2022). Determinant of Indonesian Islam bank’s profitability: Lessons from the BRI Syariah case. Jurnal Ilmiah Ekonomi Islam, 8(3), 3127–3135. https://doi.org/10.29040/jiei.v8i3.6542
References
Alfadri, F. (2022). The comparison of Sharia banking performance in Indonesia and Malaysia reviewing from maqashid Sharia index. Ihtiyath : Jurnal Manajemen Keuangan Syariah, 6(1), 64–78. https://doi.org/10.32505/ihtiyath.v6i1.3825
Ammar, A. (2023). Performance assessment of Islamic banks in the light of maqasid al-Shariah: A global evidence. International Journal of Islamic Banking and Finance Research, 11(2), 20–31. https://doi.org/10.46281/ijibfr.v11i2.2124
Antonio, M. S., 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), 2–29. https://doi.org/10.31436/jif.v1i1.2
As-Salafiyah, A., & Radwan, M. (2023). Islamic economics and finance: Trend topics and thematic evolution. Journal of Islamic Economics Literatures, 4(2), Article 3. https://doi.org/10.58968/jiel.v4i2.315
Azwirman, Zulhelmy, & Suryadi, A. (2019). Analysis of Islamicity Performance Index on Sharia banks in Indonesia. International Journal of Innovation, Creativity and Change, 10(3), 25–36. https://www.ijicc.net/images/vol10iss3/10306_Azwirman_2019_E_R.pdf
Felani, H., Wahyuni, S., & Pratama, B. C. (2020). The analysis effect of Islamicity performance index on the financial performance of Sharia commercial banks in Indonesia. Journal of Economics Research and Social Sciences, 4(2), 129–139. https://doi.org/10.18196/jerss.v4i2.8389
Hamid, W., Salim, U., Djumahir, & Aisjah, S. (2019). The effect of Al-Bai’ and wadiah contracts on Sharia compliance and the Sharia banking system performance through the Maqashid Index in Sharia banks in Indonesia. Banks and Bank Systems, 14(4), 104–113. https://doi.org/10.21511/bbs.14(4).2019.10
Ibrahim, S. H. M., Wirman, A., Alrazi, B., Nor, M., & Pramono, S. (2004). Alternative disclosure & performance measures for Islamic banks. Second Conference on Administrative Sciences: Meeting the Challenges of the Globalization Age, King Fahd University of Petroleum & Minerals, Dhahran, Saudi Arabia, 19–21. https://faculty.kfupm.edu.sa/coe/sadiq/proceedings/SCAC2004/50.ASC089.EN.Shahul.Alternative%20Disclosure%20&%20Performance%20_1_.pdf
Jalaludin. (2022). Persepsi dan sikap masyarakat santri terhadap bank syari’ah [Perceptions and attitudes of the santri community towards shari’ah banks]. Journal of Economics and Business, 8(1), 45–59. https://doi.org/10.29303/ekonobis.v8i1.92
Javed, M. M., Bashir, A., & Waseemullah. (2023). Impact of partnership based and non-partnership based Shariah complaint products on the financial performance of Islamic banks. Audit and Accounting Review, 3(1), 78–100. https://doi.org/10.32350/aar.31.04
Karbaila, F. Z. T., Pratama, B. C., Fakhruddin, I., & Pandansari, T. (2022). Maqashid Shariah performance on Indonesian Islamic banking: The role of intellectual capital and Shariah supervisory board reputation and tenure. Jurnal Ilmiah Ekonomi Islam, 8(3), 3813–3822. https://doi.org/10.29040/jiei.v8i3.6943
Kiranawati, Y. C., Aziza, S. M., Nasim, A., & Ningsih, C. (2023). Islamic banking governance in maqashid Sharia perspectives: A systematic literature review. Share: Jurnal Ekonomi Dan Keuangan Islam, 12(1), 59–74. https://doi.org/10.22373/share.v12i1.15446
Kuppusamy, M. V., Saleh, A. S., & Samudhram, A. (2009). Measurement of Islamic banks performance using a Shari’ah conformity and profitablity model. Review of Islamic Economics : Journal of the International Association for Islamic Economics and the Islamic Foundation, 13(2), 35–48.
Mardini, R., Paramita Pramono, I., Hartanto, R., Marshall Avicenna, F., Aranni, I., & Adinda, R. (2023). Measuring the performance of Islamic banking in Indonesia with maqashid Sharia index: Pre-merger and post-merger period. KnE Social Sciences, 5th Social and Humaniora Research Symposium (5th SoRes), 810–820. https://doi.org/10.18502/kss.v8i18.14285
Mohammed, M. O., & Taib, F. M. (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), 55–78. https://doi.org/10.21098/jimf.v1i1.483
Mu’allim, A. (2003). Persepsi masyarakat terhadap lembaga keuangan syariah [Public perception of Islamic financial institutions]. Al-Mawarid: Jurnal Hukum Islam, 10, 17–31. https://journal.uii.ac.id/JHI/article/view/2614
Mutamimah, M., & Saputri, P. L. (2023). Corporate governance and financing risk in Islamic banks in Indonesia. Journal of Islamic Accounting and Business Research, 14(3), 436–450. https://doi.org/10.1108/JIABR-09-2021-0268
Mutia, E., Jannah, R., & Rahmawaty, R. (2019). Islamicity performance index of Islamic banking in Indonesia. 424–436. https://doi.org/10.2991/agc-18.2019.65
Nugroho, L., Badawi, A., Nugraha, E., & Putra, Y. M. (2021). What determines Islamic performance ratio of Islamic banking in Indonesia? An analysis using financing to deposit ratio as moderator. Share: Jurnal Ekonomi Dan Keuangan Islam, 10(1), 104–123. https://doi.org/10.22373/share.v10i1.9314
Pranata, M. W., & Laela, S. F. (2020). Board characteristic, good corporate governance and maqȃshid performance in Islamic banking. Journal of Islamic Monetary Economics and Finance, 6(2). https://doi.org/10.21098/jimf.v6i2.1189
Prasetyo, P. P., Pantas, P. E., Ashar, N. J., & Pertiwi, F. R. (2020). Performance comparison of Islamic banking in Indonesia and Malaysia Islamicity performance index approach. Journal of Islamic Economics Perspectives, 2(1), 92–103. https://doi.org/10.35719/jiep.v2i1.30
Prasetyowati, L. A., & Handoko, L. H. (2016). Pengukuran kinerja bank umum syariah dengan maqasid index dan sharia conformity and profitability (SCnP) [Performance measurement of Islamic commercial banks with maqasid index and sharia conformity and profitability (SCnP)]. Jurnal Akuntansi dan Keuangan Islam, 4(2), 107–130. https://doi.org/10.35836/jakis.v4i2.22
Pratiwi, F. D., Farhan, A., & Mulyono, R. D. A. P. (2023). Assessing Sharia banking commitment through the Shariah maqashid index. International Journal of Current Science Research and Review, 6(4), 2257–2264. https://doi.org/10.47191/ijcsrr/V6-i4-05
Ramdhoni, M. I. (2018). Assessing bank performance measurement in islamic banking industry. MATEC Web of Conferences, 218, Article Number 04020. https://doi.org/10.1051/matecconf/201821804020
Ramdhoni, M. I., & Fauzi, F. A. (2020). Islamic banks performance: An assessment using Sharia Maqashid Index, Sharia Conformity and Profitability and CAMELS. International Journal of Applied Business Research, 2(1), 15–30. https://doi.org/10.35313/ijabr.v2i01.79
Ratnaputri, W. (2013). The analysis of islamic bank financial performance by using CAMEL, shariah conformity and profitability (SCnP). Jurnal Dinamika Manajemen, 4(2), 220–232. https://doi.org/10.15294/jdm.v4i2.2765
Rianto, Fahruddin, M., Damayanti, A., & Ichwani, T. (2022). Performance analysis of Sharia banking in Indonesia and Malaysia using the Sharia maqashid index concept (Comparative study on Sharia banking in Indonesia and Malaysia 2015-2019 period). Inquisitive: International Journal of Economic, 2(2), 132–152. https://doi.org/10.35814/inquisitive.v2i2.3552
Rusydiana, A. S. (2016). Analisis masalah pengembangan perbankan syariah di Indonesia: Aplikasi metode analytic network process [Analysis of Islamic banking development issues in Indonesia: Application of analytic network process method]. Esensi: Jurnal Bisnis Dan Manajemen, 6(2), 237–246. https://doi.org/10.15408/ess.v6i2.3573
Salsabilla, V. F., Pratama, B. C., Pramono, H., & Hapsari, I. (2023). Maqashid Sharia performance in Indonesian Islamic banks: The role of intellectual capital and Sharia supervisory boards cross-membership and gender diversity. Sentralisasi, 12(1), 87–109. https://doi.org/10.33506/sl.v12i1.2028
Siregar, S., & Shifa, M. (2021). Analysis of financial performance measurement Sharia bank using RGEC and SCnp (Shariah conformity and profitability) model. Journal Research of Social Science, Economics, and Management, 1(5), 523–544. https://doi.org/10.59141/jrssem.v1i5.43
Sudirman, Blongkod, H., Rasjid, H., Hamin, D., Mahmud, M., & Ilham. (2023). Measuring the performance of Sharia commercial banks in Indonesia using the Islamicity Performance Index (IPI) and Maqashid Sharia Index (MSI). Quality - Access to Success, 24(196), 105–112. https://doi.org/10.47750/QAS/24.196.14
Suhada, S., & Sigit, P. (2014). Analisis kinerja perbankan syariah di Indonesia dengan pendekatan maqashid indeks [Analysis of Islamic banking performance in Indonesia with maqashid index approach]. Jurnal Akuntansi dan Keuangan Islam, 2(1), 5–37. https://doi.org/10.35836/jakis.v2i1.50
Suhartanto, A., Zulkarnain, I. A., & Yuda, Y. P. (2020). Simple additive weighting method for the assessment of Sharia banking performance. INTENSIF: Jurnal Ilmiah Penelitian Dan Penerapan Teknologi Sistem Informasi, 4(1), 108–122. https://doi.org/10.29407/intensif.v4i1.13799
Syaputri, A. R., & Nainggolan, Y. A. (2022). Does political connection affect sharia non-compliance risk? Evidence from Indonesian and Malaysian Islamic banks. Journal of Sustainable Finance & Investment. https://www.tandfonline.com/doi/abs/10.1080/20430795.2022.2124837
Tarique, K. M., Islam, R., Mohamed, M. O., Razak, D. A., & Hamdan, H. bin. (2020). Constructing a maqasid (objective) based performance measurement index for Islamic banks. International Journal of the Analytic Hierarchy Process, 12(2), 328–354. https://doi.org/10.13033/ijahp.v12i2.770
Tarique, K. M., Islam, R., & Mohammed, M. O. (2021). Developing and validating the components of Maqasid al-Shari’ah-based performance measurement model for Islamic banks. International Journal of Islamic and Middle Eastern Finance and Management, 14(2), 366–390. https://doi.org/10.1108/IMEFM-12-2018-0432
Tubarad, C. P. T., Mohammed, N. F., & Mohamad, M. (2022). Maqasid Shariah performance index conceptualisation: Examples from Malaysia and Indonesia. International Journal of Academic Research in Business and Social Sciences, 12(12), Pages 1146-1152. https://doi.org/10.6007/IJARBSS/v12-i12/15852
Ubaidillah. (2022). Financial performance measurement analysis of Shariah commercial banks in Indonesia using risk based bank rating (RBBR) and Shariah conformity and profitability (SCnP) methods. Wealth: Journal of Islamic Banking and Finance, 1(1), 51–70. https://doi.org/10.24090/wealth.v1i1.7003
Ullah, S., Harwood, I. A., & Jamali, D. (2018). ‘Fatwa repositioning’: The hidden struggle for shari’a compliance within Islamic financial institutions. Journal of Business Ethics, 149(4), 895–917. https://doi.org/10.1007/s10551-016-3090-1
Widarjono, A., Salandra, A., Susantun, I., & Ruchba, S. M. (2022). Determinant of Indonesian Islam bank’s profitability: Lessons from the BRI Syariah case. Jurnal Ilmiah Ekonomi Islam, 8(3), 3127–3135. https://doi.org/10.29040/jiei.v8i3.6542