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To What Extent Collateral in PLS Financing Brings Maṣlaḥah? An Analytical Comparison from Islamic Law Outlook with Maqāṣid al-Sharī’ah Index

Al-Manahij: Jurnal Kajian Hukum Islam · Vol. 18 No. 1 (2024) · pp. 109–124

DOI
10.24090/mnh.v18i1.10575
ISSN
2579-4167, 1978-6670
Published
2024-05-22
Publisher
Universitas Islam Negeri Profesor Kiai Haji Saifuddin Zuhri Purwokerto
Language
eng
License
creativecommons.org/licenses/by-sa/4.0

Abstract

This study aims to compare the level of maṣlaḥah regarding the existence of collateral in Profit and Loss Sharing (PLS) financing from Islamic banking customers and employees standpoints. This is crucial as PLS financing becomes the main characteristic product of Islamic banks, but it emerges as an unfavorable product due to the high financial risk. The existence of collateral plays a pivotal role in this situation to realize maṣlaḥah. This is an explanatory study with a quantitative approach and survey method, considering 400 respondents, particularly 200 Islamic banking customers and 200 Islamic banking employees, who were conveniently obtained at certain time intervals for a one-shot. An Independent sample t-test is used to calculate the comparison level of maṣlaḥah among these two groups. At the same time, Rasch Model analysis is also used to measure the data based on the demographic characteristics of respondents. The result discovers that although there is a slightly different level of maṣlaḥah between Islamic banking customers and employees in PLS finance practice regarding collateral, it still significantly brings benefit, as it aligns with the concept of ta’widh to prevent financial risk. This finding contributes to Islamic banks as a guideline to understand how to operate and enhance the market share of this financing product based on the Rasch Model Analysis.

Keywords

Collaboration network of the authors

19 authors · 38 co-authorship links

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  • Universitas Gadjah Mada
  • Affiliation unknown
  • Different organisations
  • Same organisation
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Co-authorOrganisationJoint articles
Reni FurwantiAffiliation unknown2
Hardiyono HardiyonoAffiliation unknown1
Reni FurwantiAffiliation unknown1
Hardiyono HardiyonoAffiliation unknown1
Dini Maulana LestariAffiliation unknown1
Mamduh Mahmadah HanafiUniversitas Gadjah Mada1
Moh. KhoiruddinAffiliation unknown1
Asma Hakimah Ab HalimAffiliation unknown1
Busthanul ArifinAffiliation unknown1
Erika Setyanti KusumaputriAffiliation unknown1
Fitri UtamiAffiliation unknown1
Khaerusoalikhin KhaerusoalikhinAffiliation unknown1
Aditya Pandu WicaksonoAffiliation unknown1
Riana MahfurohAffiliation unknown1
Raden Roro Fosa SarassinaAffiliation 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://ejournal.uinsaizu.ac.id/index.php/almanahij/oai, first harvested 8 Nov 2026, last seen 8 Nov 2026.
Original metadata (oai_dc) 
<oai_dc:dc xmlns="http://www.openarchives.org/OAI/2.0/" xmlns:dc="http://purl.org/dc/elements/1.1/" xmlns:oai_dc="http://www.openarchives.org/OAI/2.0/oai_dc/" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xsi:schemaLocation="http://www.openarchives.org/OAI/2.0/oai_dc/  http://www.openarchives.org/OAI/2.0/oai_dc.xsd">
	<dc:title xml:lang="en">To What Extent Collateral in PLS Financing Brings Maṣlaḥah? An Analytical Comparison from Islamic Law Outlook with Maqāṣid al-Sharī’ah Index</dc:title>
	<dc:creator xml:lang="en">Lestari, Dini Maulana</dc:creator>
	<dc:creator xml:lang="en">Kusuma, Hadri</dc:creator>
	<dc:creator xml:lang="en">Sunaryati</dc:creator>
	<dc:creator xml:lang="id">Dini Maulana</dc:creator>
	<dc:subject xml:lang="en">Islamic Finance</dc:subject>
	<dc:subject xml:lang="en">Maṣlaḥah</dc:subject>
	<dc:subject xml:lang="en">Collateral</dc:subject>
	<dc:subject xml:lang="en">Rasch Model</dc:subject>
	<dc:description xml:lang="en">This study aims to compare the level of maṣlaḥah regarding the existence of collateral in Profit and Loss Sharing (PLS) financing from Islamic banking customers and employees standpoints. This is crucial as PLS financing becomes the main characteristic product of Islamic banks, but it emerges as an unfavorable product due to the high financial risk. The existence of collateral plays a pivotal role in this situation to realize maṣlaḥah. This is an explanatory study with a quantitative approach and survey method, considering 400 respondents, particularly 200 Islamic banking customers and 200 Islamic banking employees, who were conveniently obtained at certain time intervals for a one-shot. An Independent sample t-test is used to calculate the comparison level of maṣlaḥah among these two groups. At the same time, Rasch Model analysis is also used to measure the data based on the demographic characteristics of respondents. The result discovers that although there is a slightly different level of maṣlaḥah between Islamic banking customers and employees in PLS finance practice regarding collateral, it still significantly brings benefit, as it aligns with the concept of ta’widh to prevent financial risk. This finding contributes to Islamic banks as a guideline to understand how to operate and enhance the market share of this financing product based on the Rasch Model Analysis.</dc:description>
	<dc:publisher xml:lang="en">Universitas Islam Negeri Profesor Kiai Haji Saifuddin Zuhri Purwokerto</dc:publisher>
	<dc:date>2024-05-22</dc:date>
	<dc:type>info:eu-repo/semantics/article</dc:type>
	<dc:type>info:eu-repo/semantics/publishedVersion</dc:type>
	<dc:format>application/pdf</dc:format>
	<dc:identifier>https://ejournal.uinsaizu.ac.id/index.php/almanahij/article/view/10575</dc:identifier>
	<dc:identifier>10.24090/mnh.v18i1.10575</dc:identifier>
	<dc:source xml:lang="en">Al-Manahij: Jurnal Kajian Hukum Islam; Vol. 18 No. 1 (2024); 109-124</dc:source>
	<dc:source>2579-4167</dc:source>
	<dc:source>1978-6670</dc:source>
	<dc:source>10.24090/mnh.v18i1</dc:source>
	<dc:language>eng</dc:language>
	<dc:relation>https://ejournal.uinsaizu.ac.id/index.php/almanahij/article/view/10575/3747</dc:relation>
	<dc:rights xml:lang="en">Copyright (c) 2024 Dini Maulana Lestari, Hadri Kusuma, Sunaryati</dc:rights>
	<dc:rights xml:lang="en">http://creativecommons.org/licenses/by-sa/4.0</dc:rights>
</oai_dc:dc>