Good Corporate Governance and Maqashid Sharia Performance in Southeast Asian Sharia Banking
Keywords:
Good Corporate Governance, Maqashid Syariah, Performance, Sharia Banks
Abstract
Islamic banking has the characteristics of an operation that uses a profit-sharing system, and its main goal is to achieve Falah. This also affects the performance measurement of sharia banking, which also adapts to these two characteristics. One method of measuring the performance of Islamic banking is to use the Maqashid -Based Performance Evaluation Model (MPEM) method. This study aims to prove the effect of good corporate governance variables (board of commissioners, independent commissioners, sharia supervisory board, and audit committee) on the performance of Islamic banking based on the MPEM method. This study uses secondary data obtained from 20 Islamic banks in 4 Southeast Asian countries from 2016 to 2020 observation years. The method used a panel regression model with the random effect as the chosen model. This study found that the board of commissioners and the audit committee have a negative effect on the performance of Islamic banking in Southeast Asia based on Maqashid Sharia. The ratio of the independent commissioners and the sharia supervisory board doesn’t affect the performance of Islamic banking, and the average Maqashid performance index of sharia banking is only around 12.7%. The implication of this study is moreover, to help navigate the Shari‘ah identity through the implementation of an effective Good Corporate Governance (GCG) structure to improve the performance of Islamic banking. On the other hand, increasing the number of members of the board of commissioners doesn't always result in improved performance, thus requiring a more active role from the independent board of commissioners.
References
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bin Osman, M. D. H. (2022). Maqashid Al Shariah in Economic Development: Theoretical Review of Muhammad Umer Chapra’s Thoughts. Millah: Journal of Religious Studies, 583–612.
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Cholisoh, L., & Hadziq, M. F. (2021). Implementation of GCG (Good Corporate Governance) on the Prevention of Fraud Financing in Islamic Banks. El-Qish: Journal of Islamic Economics, 1(2), 98–108.
Danuri, M. S. N. B. M. (2021). The Comparative Review Model in Measuring Islamic and Conventional Banking System of the Islamic Banking Culture in Malaysia. Akademika 91, 5–16.
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Hassan, S. G. (2020). The Funding Liquidity Risk and Bank Risk: A Review on The Islamic and Conventional Banks in Pakistan. Hamdard Islamicus, 43(1).
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Maharani, S. N., Rahmawati, S. A., Syihhabudin, S., & Sin, L. G. (2020). Reconstruction of Islamic Banking Performance Measurement Models: A Critical Thought. Utopía y Praxis Latinoamericana: Revista Internacional de Filosofía Iberoamericana y Teoría Social, 1, 155–165.
Martínez‐Ferrero, J., & García‐Meca, E. (2020). Internal Corporate Governance Strength as a Mechanism for Achieving Sustainable Development Goals. Sustainable Development, 28(5), 1189–1198.
Meutia, I., Febriana, S., & Meirawati, E. (2020). Islamic Bank Performance (Maqasid Sharia Approach). Integrated Journal of Business and Economics, 4(3), 320–335.
Mifrahi, M. N., & Fakhrunnas, F. (2018). Islamic Bank peformance based on Maqasid Based Performance Evaluation Model (MPEM). Jurnal Ekonomi & Keuangan Islam, 93–103.
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Naveed, M., Farah, M. F., & Hasni, M. J. S. (2021). The Transformative Role of Firm Information Transparency in Triggering Retail Investor’s Perceived Financial Well-Being. International Journal of Bank Marketing, 39(7), 1091–1113.
Nelly, R., Siregar, S., & Sugianto, S. (2022). Analisis Manajemen Risiko Pada Bank Syariah: Tinjauan Literatur. Reslaj: Religion Education Social Laa Roiba Journal, 4(4), 918–930.
Nugroho, A. P. (2024). Comparative Analysis of the Efficiency of Islamic and Conventional Banking Systems: A literature review. Journal of Economic, Bussines and Accounting (COSTING), 7(2), 2815–2826.
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Rosmanidar, E., Al Hadi, A. A., & Ahsan, M. (2021). Islamic banking performance measurement: A conceptual review of two decades. International Journal of Islamic Banking and Finance Research, 5(1), 16–33.
Rustam, A. R., & Narsa, I. M. (2021). Good Corporate Governance: A Case Study of Family Business in Indonesia. , 8(5), 69–79. Journal of Asian Finance, Economics and Business, 8(5), 69–79.
Safitri, R., & Mukhibad, H. (2020). The Influence of Islamic Corporate Governance on The Performance of Maqashid Sharia in Sharia Banking in Indonesia. Accounting Analysis Journal, 9(2), 88–94.
Siampondo, G., & Sumbwanyambe, M. (2023). A Review of the Role of Risk Management in Online Transactions: The Growing Issues of Network and System Security among Zambia’s Financial Institutions. American Journal of Finance, 8(2), 1–12.
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Tekin, H., & Polat, A. Y. (2020). Agency Theory: A Review in Finance. Anemon Muş Alparslan Üniversitesi Sosyal Bilimler Dergisi, 8(4), 1323–1329.
Vosooghidizaji, M., Taghipour, A., & Canel-Depitre, B. (2020). Supply Chain Coordination Under Information Asymmetry: A review. International Journal of Production Research, 58(6), 1805–1834.
Wahyuni, S., Pujiharto, P., & Hartikasari, A. I. (2020). Sharia Maqashid Index and Its Effect on The Value of The Firm of Islamic Commercial Bank in Indonesia. Riset Akuntansi Dan Keuangan Indonesia, 5(1), 36–45.
Wijayanti, R., & Setiawan, D. (2022). Social Reporting by Islamic Banks: The Role Of Sharia Supervisory Board And The Effect On Firm Performance. Sustainability, 14(17), 10965.
Witro, D. (2020). Maqashid syari’ah as a filter of hoax through al-Quran perspective. Jurnal Ilmiah Al-Syir’ah, 18(2), 187–200.
Yustiardhi, A. F., Diniyya, A. A., Faiz, F. A. A., Subri, N. S., & Kurnia, Z. N. (2020). Issues and challenges of the application of Mudarabah and Musharakah in Islamic bank financing products. Journal of Islamic Finance, 9(2), 26–41.
Zulfikar, R., Lukviarman, N., Suhardjanto, D., Ismail, T., Dwi Astuti, K., & Meutia, M. (2020). Corporate Governance Compliance in Banking Industry: The Role of The Board. Journal of Open Innovation: Technology, Market, and Complexity, 6(4), 137.
Alandejani, M. (2022). An overview of efficiency and profitability in Islamic banking: A comparative study between Islamic banking and conventional banking. Social and Management Research Journal (SMRJ), 19(1), 209–234.
Alhammadi, M. A. A., Fernandez, A. I., & Romero, A. V. (2024). Credit Scoring and Risk Management In Islamic Banking: The case of Al Etihad Credit Bureau. Revista Venezolana de Gerencia: RVG, 29(105), 111–124.
Alhammadi, S., Alotaibi, K. O., & Hakam, D. F. (2022). Analysing Islamic Banking Ethical Performance from Maqāṣid al-Sharī‘ah Perspective: Evidence from Indonesia. Journal of Sustainable Finance & Investment, 12(4), 1171–1193.
Andriana, A. V., & Rini, R. (2018). Analisis Kinerja Perbankan Syariah Dengan Maqasid Based Performance Evaluation Model (MPEM). Jurnal Ilmiah Wahana Akuntansi, 13(1), Article 1
Andriani, E., Al Jauhari, M. A. M., Sholicha, S., & Ma’ani, A. (2023). Maqashid Sharia, Business Ethics and Sharia Economic Transactions (A Review of the Hadith of the Prophet Muhammad). International Journal of Economics (IJEC), 2(1), 135–142.
Berger, A. N., Molyneux, P., & Wilson, J. O. (2020). Banks and the real economy: An assessment of the research. Journal of Corporate Finance, 62, 101513.
bin Osman, M. D. H. (2022). Maqashid Al Shariah in Economic Development: Theoretical Review of Muhammad Umer Chapra’s Thoughts. Millah: Journal of Religious Studies, 583–612.
Bustamin, A., Muthia, A. A., & Barus, S. I. (2022). The Protection of Spiritual Rights in the Sharia Banking Dispute Settlement: Overview of the Sharia Banking Law in Indonesia. PADJADJARAN Jurnal Ilmu Hukum (Journal of Law), 9(3), 388–407.
Cholisoh, L., & Hadziq, M. F. (2021). Implementation of GCG (Good Corporate Governance) on the Prevention of Fraud Financing in Islamic Banks. El-Qish: Journal of Islamic Economics, 1(2), 98–108.
Danuri, M. S. N. B. M. (2021). The Comparative Review Model in Measuring Islamic and Conventional Banking System of the Islamic Banking Culture in Malaysia. Akademika 91, 5–16.
Deza, R. L. R., & Sofyani, H. (2022). Syariah Governance dan Maqashid Syariah di Perbankan Syariah di Indonesia. Reviu Akuntansi Dan Bisnis Indonesia, 6(2), 11–34.
Gati, V., Nasih, M., Agustia, D., & Harymawan, I. (2020). Islamic index, independent commissioner and firm performance. Cogent Business & Management, 7(1), 1824440. https://doi.org/10.1080/23311975.2020.1824440
Ghozali, I. (2019). Aplikasi Analisis Multivariate dengan Program IBM SPSS 23. BPFE Universitas Diponegoro.
Haddad, A., El Ammari, A., & Bouri, A. (2021). Impact of Audit Committee Quality on The Financial Performance of Conventional and Islamic Banks. Journal of Risk and Financial Management, 14(4), 176.
Hassan, S. G. (2020). The Funding Liquidity Risk and Bank Risk: A Review on The Islamic and Conventional Banks in Pakistan. Hamdard Islamicus, 43(1).
Indriastuti, M., & Najihah, N. (2020). Improving Financial Performance Through Islamic Corporate Social Responsibility and Islamic Corporate Governance. Jurnal Riset Akuntansi Dan Bisnis Airlangga, 5(1), 818–833.
Iskandar, E. (2023). Exploring The Impact Of Islamic Banking on Economic Growth: A Review Study of Conventional and Islamic Banking Systems. International Journal of Management, Economic, Business and Accounting, 2(1), 53–59.
Islam, M. M., Bhuiyan, A. B., Kassim, A. A. M., & Rasli, S. (2021). The Corporate Governance Characteristics and Risk-Taking in The Islamic Financial Institutions: A Theoretical Review. International Journal of Shari’ah and Corporate Governance Research, 4(1), 16–27.
Islamic Financial Services Board. (2022). The Islamic Financial Services Industry (IFSI) Stability Report 2022.
Karim, M. R., & Shetu, S. A. (2020). Shariah Audit in Islamic Financial Institutions (IFIs): A Literature Review. BUFT Journal of Business & Economics (BJBE), 1, 45–66.
Khairiah, N., & Inayah, N. (2023). The Effect of Implementing Good Corporate Governance (GCG) on the Financial Performance of Islamic Banks in Indonesia. Accounting and Sustainability, 2(2).
Kibwage, H. N. (2021). Influence of audit committee roles on quality of public service delivery at Nairobi County Government in Kenya [PhD Thesis, Africa Nazarene University].
Maharani, S. N., & Rahmawati, S. A. (2021). Measuring Islamic banking performance using Islamic ethics perspective. Conference on International Issues in Business and Economics Research (CIIBER 2019), 55–62.
Maharani, S. N., Rahmawati, S. A., Syihhabudin, S., & Sin, L. G. (2020). Reconstruction of Islamic Banking Performance Measurement Models: A Critical Thought. Utopía y Praxis Latinoamericana: Revista Internacional de Filosofía Iberoamericana y Teoría Social, 1, 155–165.
Martínez‐Ferrero, J., & García‐Meca, E. (2020). Internal Corporate Governance Strength as a Mechanism for Achieving Sustainable Development Goals. Sustainable Development, 28(5), 1189–1198.
Meutia, I., Febriana, S., & Meirawati, E. (2020). Islamic Bank Performance (Maqasid Sharia Approach). Integrated Journal of Business and Economics, 4(3), 320–335.
Mifrahi, M. N., & Fakhrunnas, F. (2018). Islamic Bank peformance based on Maqasid Based Performance Evaluation Model (MPEM). Jurnal Ekonomi & Keuangan Islam, 93–103.
Milenia, H. F., Pratiwi, S. S., Syafei, A. W., & Rahmi, A. N. (2022). Analysis of the Effect of Sharia Compliance and Islamic Corporate Governance on Fraud in Islamic Banks in Indonesia 2017-2019. Asia Pacific Fraud Journal, 6(2), 223–233.
Muhamad, S. F., Yasoa, M. R., Samad, N. S. A., Said, N. M., Zainuddin, S. A., Abdullah, T., Nasir, N. A. M., & Yusoff, M. N. H. (2021). The Development of Maqasid Shariah-based Performance Measurement of Islamic Banks: A Review.
Muhamad, S. F., Zain, F. A. M., Samad, N. S. A., Rahman, A. H. A., & Yasoa, M. R. (2022). Measuring Sustainable Performance of Islamic Banks: Integrating the principles of Environmental, Social and Governance (ESG) and Maqasid Shari’ah. IOP Conference Series: Earth and Environmental Science, 1102(1), 012080.
Musta, E., & Macka, B. (2022). Challenges and Opportunities of Islamic Finance in Albania.
Naveed, M., Farah, M. F., & Hasni, M. J. S. (2021). The Transformative Role of Firm Information Transparency in Triggering Retail Investor’s Perceived Financial Well-Being. International Journal of Bank Marketing, 39(7), 1091–1113.
Nelly, R., Siregar, S., & Sugianto, S. (2022). Analisis Manajemen Risiko Pada Bank Syariah: Tinjauan Literatur. Reslaj: Religion Education Social Laa Roiba Journal, 4(4), 918–930.
Nugroho, A. P. (2024). Comparative Analysis of the Efficiency of Islamic and Conventional Banking Systems: A literature review. Journal of Economic, Bussines and Accounting (COSTING), 7(2), 2815–2826.
Organization for Economic Cooperation and Development. (2023). G20/OECD Principles of Corporate Governance 2023. OECD Publishing.
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.
Rahman, A. S., & Haron, R. (2019). The Effect of Corporate Governance on Islamic Banking Performance: A Maqasid Shari’ah Index Approach on Indonesian Islamic Banks. Journal of Islamic Finance, 8(Special Issue), 1–18.
Rosmanidar, E., Al Hadi, A. A., & Ahsan, M. (2021). Islamic banking performance measurement: A conceptual review of two decades. International Journal of Islamic Banking and Finance Research, 5(1), 16–33.
Rustam, A. R., & Narsa, I. M. (2021). Good Corporate Governance: A Case Study of Family Business in Indonesia. , 8(5), 69–79. Journal of Asian Finance, Economics and Business, 8(5), 69–79.
Safitri, R., & Mukhibad, H. (2020). The Influence of Islamic Corporate Governance on The Performance of Maqashid Sharia in Sharia Banking in Indonesia. Accounting Analysis Journal, 9(2), 88–94.
Siampondo, G., & Sumbwanyambe, M. (2023). A Review of the Role of Risk Management in Online Transactions: The Growing Issues of Network and System Security among Zambia’s Financial Institutions. American Journal of Finance, 8(2), 1–12.
Sri, W., Pujiharto, P., & Annisa, I. H. (2020). Sharia Maqashid Index and Its Effect on The Value of The Firm of Islamic Commercial Bank in Indonesia. Similarity.
Sulistyawati, A. I., Ati, H., & Santoso, A. (2020). Telisik Faktor Pengaruh Kinerja Maqashid Syariah Bank Syariah Di Indonesia. Jurnal Ilmiah Ekonomi Islam, 6(2), 142–150.
Syarifah, L., Muhfiatun, M., Fitrijanti, T., & Prasojo, P. (2021). Maqasid Sharia and Islamic Bank Performance: A Systematic Review. I-Economics: A Research Journal on Islamic Economics, 7(2), 94–111.
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.
Tekin, H., & Polat, A. Y. (2020). Agency Theory: A Review in Finance. Anemon Muş Alparslan Üniversitesi Sosyal Bilimler Dergisi, 8(4), 1323–1329.
Vosooghidizaji, M., Taghipour, A., & Canel-Depitre, B. (2020). Supply Chain Coordination Under Information Asymmetry: A review. International Journal of Production Research, 58(6), 1805–1834.
Wahyuni, S., Pujiharto, P., & Hartikasari, A. I. (2020). Sharia Maqashid Index and Its Effect on The Value of The Firm of Islamic Commercial Bank in Indonesia. Riset Akuntansi Dan Keuangan Indonesia, 5(1), 36–45.
Wijayanti, R., & Setiawan, D. (2022). Social Reporting by Islamic Banks: The Role Of Sharia Supervisory Board And The Effect On Firm Performance. Sustainability, 14(17), 10965.
Witro, D. (2020). Maqashid syari’ah as a filter of hoax through al-Quran perspective. Jurnal Ilmiah Al-Syir’ah, 18(2), 187–200.
Yustiardhi, A. F., Diniyya, A. A., Faiz, F. A. A., Subri, N. S., & Kurnia, Z. N. (2020). Issues and challenges of the application of Mudarabah and Musharakah in Islamic bank financing products. Journal of Islamic Finance, 9(2), 26–41.
Zulfikar, R., Lukviarman, N., Suhardjanto, D., Ismail, T., Dwi Astuti, K., & Meutia, M. (2020). Corporate Governance Compliance in Banking Industry: The Role of The Board. Journal of Open Innovation: Technology, Market, and Complexity, 6(4), 137.
Published
2023-11-26
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Articles
Copyright (c) 2023 Mohammad Dedi Yulianto, Darwanto Darwanto
This work is licensed under a Creative Commons Attribution-NonCommercial 4.0 International License.
