Comparative Health Analysis of Bank Syariah Indonesia and Maybank Islamic Berhad (2022–2024): Evidence from RGEC-Based Financial Ratios

Abstract

This study aims to compare the financial health of Bank Syariah Indonesia (BSI) and Maybank Islamic Berhad (MIB) during the period 2022–2024 by employing the Risk Profile, Good Corporate Governance, Earnings, and Capital (RGEC) framework. The analysis focuses on several key financial indicators—namely, Non-Performing Financing (NPF), Financing to Deposit Ratio (FDR), Return on Assets (ROA), Return on Equity (ROE), Net Income (NI), Operating Expenses to Operating Income Ratio (BOPO), and Capital Adequacy Ratio (CAR). Using a descriptive–comparative design supported by quantitative ratio analysis, the study evaluates the relative soundness of the two leading Islamic banks in Indonesia and Malaysia. The findings reveal that BSI exhibits stronger overall financial health, particularly in profitability (ROA, ROE) and efficiency (BOPO). At the same time, MIB demonstrates superior asset quality, as indicated by a lower NPF ratio. The differences suggest that BSI’s post-merger integration and market expansion contributed positively to its financial stability, whereas MIB’s conservative credit risk management maintained its financing quality. The study provides empirical evidence of how structural and operational dynamics influence the performance of Islamic banking institutions across distinct regulatory environments. These insights are expected to support policymakers and practitioners in enhancing risk management and competitiveness in Islamic financial systems.