ACEH’S PEUKAN: Reimagining Value Creation in Islamic Banking through Maqasid-Aligned EVA
Keywords:
Islamic social finance, Maqāṣid al-Sharīʿah, MSME development, Aceh Tamiang, equitable growthAbstract
Purpose: This study resolves the epistemological disconnect between Sharia compliance and value creation, re-theorizing Economic Value Added (EVA) through Aceh’s intellectual legacy. We operationalize peukan (Acehnese customary stewardship) to develop a Maqasid-aligned EVA framework that transcends neoliberal valuation paradigms, empirically testing how Adat-Shariah synthesis redefines shareholder value in Indonesian Islamic banks (IIBs).
Method: Using panel data from all 5 IIBs listed on Indonesia’s IDX (2016–2022), we recalibrate EVA by embedding peukan: treating zakat as a social capital cost (validated by IAIN Langsa’s Shariah scholars) and linking kaseh (communal harmony) to ZIS distribution metrics. Multiple regression with Shariah-adjusted WACC isolates EVA’s impact on stock returns, rigorously contextualized within Al-Ghazali’s maslahah and Aceh’s Adat-Shariah heritage.
Findings: EVA—not EPS or MVA—drives stock returns (β=0.651, p<0.001), proving its role as a Maslahah proxy. Crucially, higher ZIS distribution positively correlates with returns (β=0.247, p<0.01), empirically validating that peukan-informed social investment enhances shareholder value. EPS proves irrelevant, debunking neoliberal orthodoxy
Limitations and Theoretical Implications: Limited to IIBs, yet the peukan-EVA framework decolonizes Islamic finance valuation by centering Acehnese epistemology. It resolves the Maqasid measurement void, proving Adat is not cultural heritage but a value-creation engine to reinterpret Aceh’s legacy for progressive finance.
Practical Implications: We propose the OJK mandate Adat-informed EVA reporting, integrate ZIS impact metrics, and recalibrate WACC using Peukan. This empowers IIBs to transform Sharia compliance from cost to competitive advantage, aligning Aceh’s wisdom with pan-Asian ethical finance.
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