Holistic Performance Evaluation of BPRS Bhakti Sumekar: Integrating RGEC, Maqashid Shariah Index, and Service Quality (2015–2019)

Abstract

Islamic banking in Indonesia is tasked with balancing financial soundness and Sharia compliance while promoting inclusive development. Bank Pembiayaan Rakyat Syariah (BPRS), as a community-based financial institution, plays a pivotal role in serving micro and small enterprises, yet its performance evaluation remains challenging when assessed only through conventional financial frameworks. This study examines the performance of BPRS Bhakti Sumekar (2015–2019) using an integrated approach that combines the RGEC framework (Risk Profile, Good Corporate Governance, Earnings, Capital), the Maqashid Shariah Index (MSI), and the Quality Assurance Model (QAM).

The study applied a descriptive-qualitative design supported by quantitative ratio analysis. Secondary data were drawn from audited financial statements, annual reports, and OJK regulations, while service quality indicators were supplemented by survey reports and customer evaluations. RGEC indicators (NPF, FDR, ROA, ROE, CAR) were calculated to assess regulatory soundness. MSI was operationalized through proxies for education (tahdzib al-fard), justice (iqamah al-adl), and public interest (maslahah). QAM focused on service dimensions of reliability, responsiveness, assurance, empathy, and tangibles.

Findings show that BPRS Bhakti Sumekar maintained a healthy financial profile, with low NPF, stable FDR, strong profitability, and capital adequacy exceeding regulatory standards. MSI results highlight strong performance in justice-oriented financing for micro-enterprises but modest contributions to education and social welfare, reflecting resource limitations. QAM analysis reveals high customer trust and satisfaction in reliability, assurance, and responsiveness, but weaker performance in tangibles, particularly digital infrastructure.

The integration of RGEC, MSI, and QAM offers a holistic assessment, demonstrating that financial stability alone is insufficient without Sharia-based accountability and service quality. The study underscores the relevance of Sharia Enterprise Theory, which emphasizes accountability to God, society, and the environment. Policy implications include the need for BPRS to strengthen digital transformation, expand collaborative partnerships, and embed maqashid-oriented objectives in strategic planning. The case of BPRS Bhakti Sumekar illustrates both the potential and constraints of community-based Islamic banks in advancing inclusive and accountable Islamic finance