Analysis of Islamic Bank Performance Through Evaluation Maqasid Syariah Index (Comparative Study of Bank Muamalat and Bank Syariah Indonesia for the 2021-2025 Period)

This research explores and contrasts the performance of Bank Muamalat Indonesia and Bank Syariah Indonesia as evaluated through the Maqasid Syariah Index (MSI) for the period from 2021 to 2025. The study is driven by the need to assess Islamic banking performance in Indonesia, which continues to primarily rely on traditional financial metrics and fails to adequately capture the attainment of Islamic principles and values. A quantitative methodology is utilized, incorporating both descriptive comparative and inferential analytical techniques. Secondary information was sourced from the yearly financial reports and annual statements of Bank Muamalat Indonesia and Bank Syariah Indonesia that encompass the years 2021 to 2025. The MSI assessment utilizes the Simple Additive Weighting (SAW) approach, which is derived from three aspects of Abu Zahrah’s maqasid syariah: tahdzib al-fard (individual improvement), iqamah al-'adl (justice establishment), and jalb al-maslahah (welfare promotion). The analysis methods include trend examination, descriptive statistics, the Shapiro-Wilk normality assessment, and the Independent Sample t-test to analyze performance differences. The results reveal that Bank Syariah Indonesia exhibited a more consistent MSI performance throughout the analyzed timeframe, albeit with some fluctuations. Conversely, Bank Muamalat Indonesia displayed a higher level of variability in its MSI ratings. Nevertheless, the differential testing results indicate that the MSI performance of both banks does not show significant variance, as evidenced by a significance level of 0.771 (p > 0.05). This outcome implies that variations in asset size, service range, and organizational traits do not necessarily dictate how well an Islamic bank achieves the objectives of maqasid syariah. Consequently, the Maqasid Syariah Index can be considered a viable alternative framework for assessing the performance of Islamic banks, as it extends beyond mere financial indicators to include justice, welfare, and the social responsibilities associated with Islamic banking.