Maqashid Sharia Approaches in Pension Fund Programs: Bank Muamalat Indonesia and Taspen Comparison
DOI:
https://doi.org/10.15575/as.v27i2.45295Keywords:
Maqashid Shariah, Pension Funds, Fiscal Sustainability, Investment Management, Islamic FinanceAbstract
Pension funds function as instruments for long-term welfare protection; however, their development in Indonesia remains constrained by low financial literacy, limited public participation, and governance and fiscal sustainability issues, including investment irregularities in state pension institutions. In line with rising demand for sharia-compliant financial instruments, the Maqashid Sharia framework emphasizes welfare (maslahah), accountability, and risk mitigation. This study aims to analyze the implementation of pension fund programs at Bank Muamalat Indonesia and Taspen through a Maqashid Sharia lens, by examining governance structures, investment mechanisms, and the alignment of programs with welfare objectives and system sustainability. This qualitative case study relies on secondary data, including corporate profiles, portfolios, participant statistics, and financial reports of Taspen and DPLK Syariah Muamalat. The findings indicate that Taspen’s defined benefit, pay-as-you-go scheme provides benefit certainty for civil servants and their heirs, thereby fulfilling individual-level maslahah (hifz al-nafs, hifz al-nasl). However, from a macro-Maqashid perspective, it imposes a heavy fiscal burden on the state budget, undermines hifz al-mal at the state level, and exposes the state to governance and investment risks. Conversely, DPLK Syariah Muamalat program, grounded in sharia principles, supervised by a Sharia Supervisory Board, and operated under a defined contribution scheme with selectable investment packages, is more closely aligned with Maqashid Sharia (hifz al-din, al-mal, al-nafs, al-nasl, al-‘aql), although its outreach remains limited. The study recommends gradual reform toward a fully funded model based on business-to-business partnerships and sharia-compliant investment instruments as an alternative pension design that is more equitable, sustainable, and consistent with Maqashid Sharia.
References
Ananta, A, R Setiawan, and D Putri. “Civil Service Employment Trends in Indonesia (1970–1980).” Indonesian Journal of Public Policy 9, no. 3 (2021): 155–70.
Djazuli, A. Kaidah-Kaidah Fikih: Kaidah-Kaidah Hukum Islam Dalam Masalah-Masalah Yang Praktis. Jakarta: Kencana, 2006.
DPLK Muamalat. “DPLK Syariah Muamalat,” 2024.
Febriadi, Sandy Rizki. “Aplikasi Maqashid Syariah Dalam Bidang Perbankan Syariah.” Amwaluna: Jurnal Ekonomi Dan Keuangan Syariah 1, no. 2 (2017): 231–45. https://doi.org/10.29313/amwaluna.v1i2.2585.
Ghulam, Zainil. “Implementasi Maqashid Syariah Dalam Koperasi Syariah.” Iqtishoduna 7, no. 1 (2016): 90–112. https://ejournal.iaisyarifuddin.ac.id/index.php/iqtishoduna/article/view/85.
Haryanto, Joko Tri. “Analisis Beban Fiskal Manajemen Pegawai Pemerintah Dengan Perjanjian Kerja.” Jurnal Kebijakan Dan Manajemen PNS 9, no. 2 November (2015).
Isepputri, Nurul Karimah, Riska Dwi Amalia, Annisa Shofiana, Muhammad Taufiq Abadi, and Taufiq. “Manajemen Strategi Perkembangan Dana Pensiun Syariah Di Indonesia.” Jurnal Ilmiah Research and Development Student (JIS) 2, no. 1 (2024): 1–9. https://doi.org/10.59024/jis.v2i1.567.
Johari, Muhamad. “Dana Pensiun Dalam Perspektif Ekonomi Islam.” Muamalat: Jurnal Kajian Hukum Ekonomi Syariah 8, no. 2 (2016): 125–32.
Kamal, Husni, and Arinal Rahmati. “Konsep Maqashid Syariah Dalam Pengembangan Produk Lembaga Keuangan Islam.” AT-TIJARAH: Jurnal Penelitian Keuangan Dan Perbankan Syariah 2, no. 2 (2020): 120–33. https://doi.org/10.52490/at-tijarah.v2i2.962.
Ketenagakerjaan, BPJS. “BP Jamsostek Bidik Jumlah Peserta Aktif 53,86 Juta Pada 2024, Begini Strateginya.” www.bpjsketenagakerjaan.go.id, 2024.
Ketenagakerjaan, Kementerian. “Ketenagakerjaan Dalam Data.” satudata.kemnaker.go.id, 2024.
Khaerunnisa, Rizka. “Hasil Usaha DPLK Syariah Muamalat Naik 36,6 Persen Di Kuartal I-2024.” antaranews.com, 2024.
Khai, N, and M Rahman. “Understanding Pension Awareness in Southeast Asia.” Asian Economic Review 18, no. 2 (2024): 112–29.
Marwa, Muhammad Habibi Miftakhul. “Urgensi Penegakan Kode Etik Pada Dana Pensiun Syariah Muhammadiyah.” Kanun Jurnal Ilmu Hukum 22, no. 3 (2020): 395–416.
Moeis, J, and R Tambunan. “Fiscal Sustainability of Indonesia’s Pension System.” Journal of Fiscal Studies 7, no. 1 (2022): 1–21.
Musanna, A. “Islamic Perspectives on Work and Livelihood.” Journal of Islamic Economics and Ethics 4, no. 1 (2023): 22–35.
Nasution, Lokot Zein, and Muhammad Khoirul Fuddin. “Dana Pensiun Pendorong Kesejahteraan Pekerja Dan Penjaga Eksistensi Umkm Dalam Menghadapi Masyarakat Ekonomi Asia.” Jurnal Ekonomi Pembangunan 13, no. 2 (2015): 178–98.
Norman, Efrita, and Enah Pahlawati. “Manajemen Dana Pensiun Syariah.” Reslaj: Religion Education Social Laa Roiba Journal 3, no. 2 (2021): 226–35.
Nurhanisah, Yuli. “Jumlah ASN Di Indonesia.” Indonesiabaik.id, 2023.
Pangastuti, Triyan. “Menkeu Beberkan Faktor Rendahnya Penetrasi Dana Pensiun Di Indonesia.” investor.id, 2022.
Qolbi, Risyda Nurul. “Lembaga Dana Pensiun Syariah Di Indonesia.” Sharecom: Jurnal Ekonomi Syariah Dan Keuangan Islam 1, no. 1 (2023): 1–18.
RI, BPK. “Memberatkan Apbn Hingga Rp 2.800 Triliun, Kemenkeu Akan Rombak Skema Dana Pensiun.” jdih.bpk.go.id, 2022.
Rosdiana, Yane. “Hambatan Dalam Pemenuhan Hak Pekerja Atas Pembayaran Manfaat Pensiun Dari Lembaga Dana Pensiun Astra (Studi Di PT Astra Internasional Tbk Jakarta).” Brawijaya University, 2014.
Santika, Erlina F. “Potensi Rugi Taspen Atas Investasi Saham Di 13 Emiten Bisa Mencapai Rp762,82 Miliar.” databoks.katadata.co.id, 2023.
Sanyoto, Edy, Yusup Hidayat, Fokky Fuad, and Aris Machmud. “Optimalisasi Investasi Dana Pensiun Milik Negara: Studi Kasus Dana Pensiun Hutama Karya.” Binamulia Hukum 12, no. 2 (2023): 417–27.
Srisusilawati, Popon, Putri Diani Hardianti, Neli Erlianti, Isfi Rizka Pitsyahara, and Siti Karomah Nuraeni. “Implementasi Maqashid Syariah Terhadap Produk Perbankan Syariah.” Al-Mustashfa: Jurnal Penelitian Hukum Ekonomi Syariah 7, no. 1 (2022): 1. https://doi.org/10.24235/jm.v7i1.8409.
Syahputra, Angga, Asmuni Asmuni, and Tuti Anggraini. “Urgensi Maqashid Syariah Dalam Pengelolaan Harta.” Jurnal Iqtisaduna 9, no. 1 (2023): 14–27. https://doi.org/10.24252/iqtisaduna.v9i1.36636.
Wulandari, Efriza Pahlevi, Kasuwi Saiban, and Misbahul Munir. “Implementasi Maqashid Syariah Dalam Pemberdayaan Ekonomi Masyarakat.” Invest Journal of Sharia & Economic Law 2, no. 1 (2022): 1–15. https://doi.org/10.21154/invest.v2i1.3661.
Yuliani, Marifah. “Manajemen Lembaga Keuangan Non Bank Dana Pensiun Berdasarkan Prinsip Syariah.” Dinamika Penelitian: Media Komunikasi Penelitian Sosial Keagamaan 17, no. 2 (2017): 221–40.
Yunus, M, and M Elsyarif. “Pension Literacy and Inclusion in Developing Countries.” Journal of Social Economics 12, no. 1 (2025): 45–60.
Downloads
Published
How to Cite
Issue
Section
Citation Check
License
Copyright (c) 2025 M. Iqbal, Pamuji, Ajeng Permata Sari, Fernandho, Paul Atagamen Aidonojie
This work is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.
The author whose published manuscript approved the following provisions:
- Authors retain copyright and grant the journal right of first publication with the work simultaneously licensed under a Attribution-ShareAlike 4.0 International (CC BY-SA 4.0) License that allows others to share the work with an acknowledgment of the work's authorship and initial publication in this journal.
- Authors are able to enter into separate, additional contractual arrangements for the non-exclusive distribution of the journal's published version of the work (e.g., post it to an institutional repository or publish it in a book), with an acknowledgment of its initial publication in this journal.
- Authors are permitted and encouraged to post their work online (e.g., in institutional repositories or on their website) prior to and during the submission process, as it can lead to productive exchanges, as well as earlier and greater citation of published work (See The Effect of Open Access).
