MAQASID-SROI: PENGEMBANGAN MODEL KONSEPTUAL PENGUKURAN DAMPAK MULTIDIMENSI PADA ISLAMIC SOCIAL FINANCE
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Abstract
This study aims to develop a conceptual model that integrates Social
Return on Investment (SROI) with the Maq??id Syariah Index to
measure multidimensional impact in Islamic Social Finance (ISF)
institutions. The academic concern underlying this study is the value
incongruence between SROI, which is monetized and secular in
nature, and the Maq??id Index, which is normative but lacks
quantitative precision. Using a conceptual/theoretical paper approach
through literature synthesis and model building, this study develops
the Maq??id-SROI (M-SROI) framework, structured in three layers:
standard SROI input-output, a filtering and weighting mechanism
based on five maq??id dimensions, and composite impact valuation.
The model is accompanied by theoretical propositions intended for
further empirical testing. The contribution of this study is both
theoretical and practical: it extends the maq??id-based performance
measurement framework into the non-profit ISF domain, and offers
zakat and waqf institutions a foundation for developing more
substantively sharia-compliant impact reporting. The study also
illustrates the model’s application through a hypothetical productive
zakat case, demonstrating that the M-SROI ratio can reveal the
composition of maslahah dimensions behind an impact value that
conventional SROI cannot disclose. Limitations of the model including
the subjectivity of expert weighting and the absence of empirical
validation are acknowledged and translated into a future research
agenda, particularly the validation of maq??id weights through the
Analytic Hierarchy Process (AHP) or the Delphi method, and
empirical testing on real zakat, waqf, or Islamic microfinance
institutions.
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