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The main aim of the study is to provide an index for
the Islamic banking industry through which the performance of the
Islamic banks can be gauged on the maq¯as.
id al-Shar¯ı‘ah. Accordingly, we suggest an index for the Islamic banking industry based on
the maq¯as.
id al-Shar¯ı‘ah through which the Islamic banks’ performance can be appraised from the maq¯as.
id al-Shar¯ı‘ah perspective.
The index incorporates quantitative and qualitative information of
the Islamic banks and assigns the ratings accordingly. We also
applied the criteria to 5 Islamic banks in Pakistan and computed their
maq¯as.
id al-Shar¯ı‘ah index using detailed information. The index
is used to have a relative evaluation of the Islamic banks regarding
their advancement towards achieving the maq¯as.
id al-Shar¯ı‘ah. To
construct an index, we evaluate the Islamic banking services by the
four maqas.
id namely h.
ifz
.
al-mal¯ , h.
ifz
.
al-¯ım¯an, h.
ifz
.
al-‘aql, and h.
ifz
.
al-nafs. Using the quantitative and qualitative information, the index
shows each bank’s rating. The paper finds that the banks with more
prudent practices regarding the financial performance and Shar¯ı‘ah
compliance fullfil the maq¯as.
id al-Shar¯ı‘ah in a better manner and
accordingly get a higher index ranking. The stakeholders of the
Islamic banking would prefer to have the industry evaluated as per
maq¯as.
id al-Shar¯ı‘ah. This study has directly related the Islamic
banking services with the objectives of Shar¯ı‘ah and provided a
measurable index for the Islamic banking industry. The suggested
index can be used mainly by the regulatory bodies. Future studies
may focus more on the aspect and level of Shar¯ı‘ah compliance
of the products and services offered by various banks with a dual
objective to encourage the banks to raise their Shar¯ı‘ah compliance
level and rating, and also guide the stakeholders in the selection of
the banks.
Sajjad Zaheer, Warda Rasool. (2017) Maq¯as. id al-Shar¯ı‘ah Index for Islamic Banking Institutions, Journal of Islamic Business and Management, Volume 7, Issue 1.
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