Publication: Development of an Integrated Social Banking Framework: A Maqasidic Approach
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Date
2023
Journal Title
Journal ISSN
Volume Title
Publisher
Fakulti Ekonomi dan Muamalat, Universiti Sains Islam Malaysia
Abstract
Islamic banking should expand its scope beyond commercial banking and actively contribute to all levels of the community by offering products and services, utilizing effective distribution channels, and engaging in sustainable activities. Although Islamic banks are evaluated based on financial performance, there is a notable absence of a mechanism to assess their social impact on society. Presently, social themes related to Islamic banking are scattered across various sustainability agendassuch as SDG, ESG, SRI, and CSR. This paper aims to develop an integrative framework that addresses and reconciles the fragmented aspects of Islamic social banking in line with the principles of Maqasid Shariah. This study employeda qualitative method whichwas conducted in twophases. In the first phase, content analysis wasutilized to construct social themes under SDG, ESG, SRI, CSR, and Maqasid Shariah. In the subsequent phase,semi-structured interviews were conducted to gain input fortheframeworkdevelopment. The integrated framework incorporates five(5)dimensions of Maqasid Shariah with corresponding thirteen (13)themes to measure Islamic banking practices. This framework has the potential to serve as a significant contributor to the development of comprehensive performance indicators for the effective implementation of social banking within the Islamic banking sector. Moreover, it plays a pivotal role in realizing the objectives outlined in Malaysia's Shared Prosperity Vision 2030.
Description
10th INTERNATIONAL ISLAMIC ECONOMIC SYSTEM CONFERENCE 2023 (I-iECONS 2023) : “Sustainable Development through Innovative Economic Transformation” /Editors : Amalina Mursidi, Agoos Munalis Tahir, Suhaida Herni Suffarruddin, Norfhadzilawati Rahim, Murad Ali Ahmad Al-Zaqeba, Muhammad Iqmal Hisham Kamaruddin
Conference Dates: August 14 2023 | Conference Location: Millennium Makkah Al Naseem Hotel Mecca Saudi Arabia
Organized by Faculty of Economics and Muamalat
Keywords
Maqasid Shariah, sustainable development,social banking, Islamic bank