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Maqashid Sharia Approaches in Pension Fund Programs: Bank Muamalat Indonesia and Taspen Comparison

Asy-Syari'ah · Vol. 27 No. 2 (2025) · pp. 211–236

DOI
10.15575/as.v27i2.45295
ISSN
2654-5675, 2086-9029
Published
2025-12-30
Publisher
Faculty of Sharia and Law, Sunan Gunung Djati Islamic State University of Bandung
Language
eng
License
creativecommons.org/licenses/by-sa/4.0

Abstract

Pension funds function as instruments for long-term welfare protection; however, their development in Indonesia remains constrained by low financial literacy, limited public participation, and governance and fiscal sustainability issues, including investment irregularities in state pension institutions. In line with rising demand for sharia-compliant financial instruments, the Maqashid Sharia framework emphasizes welfare (maslahah), accountability, and risk mitigation. This study aims to analyze the implementation of pension fund programs at Bank Muamalat Indonesia and Taspen through a Maqashid Sharia lens, by examining governance structures, investment mechanisms, and the alignment of programs with welfare objectives and system sustainability. This qualitative case study relies on secondary data, including corporate profiles, portfolios, participant statistics, and financial reports of Taspen and DPLK Syariah Muamalat. The findings indicate that Taspen’s defined benefit, pay-as-you-go scheme provides benefit certainty for civil servants and their heirs, thereby fulfilling individual-level maslahah (hifz al-nafs, hifz al-nasl). However, from a macro-Maqashid perspective, it imposes a heavy fiscal burden on the state budget, undermines hifz al-mal at the state level, and exposes the state to governance and investment risks. Conversely, DPLK Syariah Muamalat program, grounded in sharia principles, supervised by a Sharia Supervisory Board, and operated under a defined contribution scheme with selectable investment packages, is more closely aligned with Maqashid Sharia (hifz al-din, al-mal, al-nafs, al-nasl, al-‘aql), although its outreach remains limited. The study recommends gradual reform toward a fully funded model based on business-to-business partnerships and sharia-compliant investment instruments as an alternative pension design that is more equitable, sustainable, and consistent with Maqashid Sharia.

Keywords

Collaboration network of the authors

40 authors · 105 co-authorship links · showing the 40 most connected

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Co-authorOrganisationJoint articles
Muwaffiq JufriAffiliation unknown7
Oluwaseye Oluwayomi IkubanniAffiliation unknown4
Alade Adeniyi OyebadeAffiliation unknown4
Esther Chetachukwu AidonojieAffiliation unknown3
Oaihimire Idemudia EdetalehnAffiliation unknown2
Erma RusdianaAffiliation unknown2
Nathan IbrahimAffiliation unknown2
Obieshi EregbuonyeAffiliation unknown2
Evis GarunjaAffiliation unknown2
Ousu MendyAffiliation unknown2
- HasliantiAffiliation unknown1
Farid YasidiAffiliation unknown1
Hassan IsmailaAffiliation unknown1
Mukhlish MukhlishAffiliation unknown1
Mercy Osemudiame OkpokoAffiliation unknown1
Eregbuonye ObieshiAffiliation unknown1
Yusuf Abass AleshinloyeAffiliation unknown1
Ogoma Sunday AniAffiliation unknown1
Ismaila HassanAffiliation unknown1
Souad EzzeroualiAffiliation unknown1
Lindra DarnelaAffiliation unknown1
Mukhlis MukhlisAffiliation unknown1
Raphael D. Jackson-OrtizAffiliation unknown1
Ebrima SarrAffiliation unknown1
Raphael Daoud Jackson-OrtizAffiliation unknown1
M. Misbahul MujibAffiliation unknown1
Yuliannova LestariAffiliation unknown1
I. SaptiamaAffiliation unknown1
F. RindiyantonoAffiliation unknown1
A. AriesAffiliation unknown1
Y. V. KanetiAffiliation unknown1
Safi' Safi'Affiliation unknown1
Ong Argo VictoriaAffiliation unknown1
Toyin Afolabi MajekodunmiAffiliation unknown1
Majekodunmi Toyin AfolabiAffiliation unknown1

Affiliations come from OpenAlex; journal OAI-PMH metadata carries none. Authors without an OpenAlex ID are matched by name, which can merge or split people.

Metadata source: OAI-PMH (metadata jurnal) https://journal.uinsgd.ac.id/index.php/asy-syariah/oai, first harvested 7 Nov 2026, last seen 8 Nov 2026.
Original metadata (oai_dc) 
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	<dc:title xml:lang="en-US">Maqashid Sharia Approaches in Pension Fund Programs: Bank Muamalat Indonesia and Taspen Comparison</dc:title>
	<dc:creator>M. Iqbal</dc:creator>
	<dc:creator>Pamuji</dc:creator>
	<dc:creator>Sari, Ajeng Permata</dc:creator>
	<dc:creator>Fernandho</dc:creator>
	<dc:creator>Aidonojie, Paul Atagamen</dc:creator>
	<dc:subject xml:lang="en-US">Maqashid Shariah</dc:subject>
	<dc:subject xml:lang="en-US">Pension Funds</dc:subject>
	<dc:subject xml:lang="en-US">Fiscal Sustainability</dc:subject>
	<dc:subject xml:lang="en-US">Investment Management</dc:subject>
	<dc:subject xml:lang="en-US">Islamic Finance</dc:subject>
	<dc:description xml:lang="en-US">Pension funds function as instruments for long-term welfare protection; however, their development in Indonesia remains constrained by low financial literacy, limited public participation, and governance and fiscal sustainability issues, including investment irregularities in state pension institutions. In line with rising demand for sharia-compliant financial instruments, the Maqashid Sharia framework emphasizes welfare (maslahah), accountability, and risk mitigation. This study aims to analyze the implementation of pension fund programs at Bank Muamalat Indonesia and Taspen through a Maqashid Sharia lens, by examining governance structures, investment mechanisms, and the alignment of programs with welfare objectives and system sustainability. This qualitative case study relies on secondary data, including corporate profiles, portfolios, participant statistics, and financial reports of Taspen and DPLK Syariah Muamalat. The findings indicate that Taspen’s defined benefit, pay-as-you-go scheme provides benefit certainty for civil servants and their heirs, thereby fulfilling individual-level maslahah (hifz al-nafs, hifz al-nasl). However, from a macro-Maqashid perspective, it imposes a heavy fiscal burden on the state budget, undermines hifz al-mal at the state level, and exposes the state to governance and investment risks. Conversely, DPLK Syariah Muamalat program, grounded in sharia principles, supervised by a Sharia Supervisory Board, and operated under a defined contribution scheme with selectable investment packages, is more closely aligned with Maqashid Sharia (hifz al-din, al-mal, al-nafs, al-nasl, al-‘aql), although its outreach remains limited. The study recommends gradual reform toward a fully funded model based on business-to-business partnerships and sharia-compliant investment instruments as an alternative pension design that is more equitable, sustainable, and consistent with Maqashid Sharia.</dc:description>
	<dc:publisher xml:lang="en-US">Faculty of Sharia and Law, Sunan Gunung Djati Islamic State University of Bandung</dc:publisher>
	<dc:date>2025-12-30</dc:date>
	<dc:type>info:eu-repo/semantics/article</dc:type>
	<dc:type>info:eu-repo/semantics/publishedVersion</dc:type>
	<dc:type xml:lang="en-US">Peer-reviewed Article</dc:type>
	<dc:format>application/pdf</dc:format>
	<dc:identifier>https://journal.uinsgd.ac.id/index.php/asy-syariah/article/view/45295</dc:identifier>
	<dc:identifier>10.15575/as.v27i2.45295</dc:identifier>
	<dc:source xml:lang="en-US">Asy-Syari'ah; Vol. 27 No. 2 (2025): Asy-Syari'ah; 211-236</dc:source>
	<dc:source>2654-5675</dc:source>
	<dc:source>2086-9029</dc:source>
	<dc:language>eng</dc:language>
	<dc:relation>https://journal.uinsgd.ac.id/index.php/asy-syariah/article/view/45295/15799</dc:relation>
	<dc:rights xml:lang="en-US">Copyright (c) 2025 M. Iqbal, Pamuji, Ajeng Permata Sari, Fernandho, Paul Atagamen Aidonojie</dc:rights>
	<dc:rights xml:lang="en-US">https://creativecommons.org/licenses/by-sa/4.0</dc:rights>
</oai_dc:dc>