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Received: 18 March 2019 Accepted: 05 May 2020 Abstract. In the context of fulfillment of maqās.id al-Sharı̄‘ah, Islamic banks’ performance has been measured by some researchers by adding many dimensions and elements to the five objectives of Sharı̄‘ah, and resultantly many indices have been developed. However, these dimensions and elements are either not comprehensive, or not relevant. The objective of the present study is to provide an improved maqās.id al-Sharı̄‘ah oriented performance index that includes all the five objectives of Ghazali’s theory of maqās.id al-Sharı̄‘ah, namely protection of faith, life, intellect, family and wealth. Additionally, the present study proposed more reflective measures to assess maqās.id oriented performance including share of financing based on non-controversial modes and percentage of value added that is distributed to various stakeholders. The study applied Sekaran’s behavior science method and applied social accounting concept of value added statement and service profit chain as a logic to develop maqās.id index which is later on validated through experts’ interviews. In addition, the study has also applied the proposed index using eight years data (2010-2017) from full-fledged Islamic banks of Pakistan to assess their maqās.id oriented performance. The findings reveal that only protection of intellect oriented performance of Islamic banks is improving whereas other maqās.id oriented performances are deteriorating.

Revisiting the Index to Measure Maqas¯ . id al-Shar¯ı‘ah Oriented Performance of Islamic Banks: Evidence from Pakistan