Main Article Content
Abstract
Purpose – This study analyzes the relationship between Islamic banking financing and macroeconomic variables as well as its response to key economic variables.
Methodology – The research design uses quantitative analysis with Islamic banking panel data for the period 2019-2022 with monthly data, and the study used the Vector Error Correction Model (VECM).
Findings – Non Performing Financing (NPF) and Inflation negatively impact Islamic banking financing. Meanwhile, Third Party Funds (Dana Pihak Ketiga, DPK), Net Operating Margin (NOM), Return on Assets (ROA), Equivalent Rate of Musyarakah (ERPMUSY), and BI rates have a positive direction of significance for Islamic banking financing. In the Granger causality test, the interaction between the variables was unidirectional. While Islamic banking financing responds to shocks, many financings respond negatively to the shocks that occur.
Implications – Islamic Financing responds significantly in a negative direction as a result of the shocks that occur in each variable and based on long-term estimates. Therefore, Islamic banking needs to supervise and resolve the internal influence of each bank, as well as the macro influence that can be felt in the long term on Islamic banking financing.
Originality – This research integrates Islamic banking finance in Indonesia and examines how internal and macro variables can influence the financing disbursed to Islamic banking in Indonesia. This study also examines shocks between variables and tests the Granger causality between variables. Islamic banking needs to pay attention to many factors to minimize bad financing or lack of interest in applying for financing.
Keywords
Article Details
Copyright (c) 2023 Dini Rahmayanti, Mail Hilian Batin, Suryati Suryati, Diyah Ariyani, Khusnul Ifada
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- Shamsudin, M. Y., Salamon, H., Abu-Hussin, M. F., & Muhamad, N. H. N. (2015). Islamic banking and finance: Traders not mere financial intermediary. Mediterranean Journal of Social Sciences, 6(3), 181–188. https://doi.org/10.5901/mjss.2015.v6n3p181
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References
Apriliani, W., Azizah, S. N., Santoso, S. B., & Hapsari, I. (2021). Analysis of the effect of TPF , CAR , NPL, Inflation and BI Rate on loan distribution (Empirical study on Commercial Banks listed on the Indonesia stock exchange for the period 2017-2019). International Journal of Accounting, Taxation, and Business, 2(2), 26–34. https://journal.unsika.ac.id/index.php/IJATB%0AANALYSIS
Arbi, H., Ahmadsyah, I., & Zainul, Z. R. (2019). The influence of non performing financing (NPF), financing to deposit ratio (FDR) and conventional bank deposit interest rates on mudharabah financing at syari’ah commercial banks in Aceh. JIHBIZ :Global Journal of Islamic Banking and Finance., 1(1), 1–15. https://doi.org/10.22373/jihbiz.v1i1.4598
Astarini, R. P., Hartoyo, S., & Maulana, T. N. A. (2016). Impact of internal and external factors on the net interest margin of banks in Indonesia. International Journal of Science and Research (IJSR), 5(9), 99–107. https://doi.org/10.21511/bbs.15(4).2020.09
Banu, I. M. (2013). The impact of credit on economic growth in the global crisis context. Procedia Economics and Finance, 6, 25–30. https://doi.org/10.1016/s2212-5671(13)00109-3
Beck, T. (2020). Finance in the times of Coronavirus. Economics in the Time of Covid-19, 73, 73–76. https://cepr.org/publications/books-and-reports/economics-time-covid-19
Boďa, M., & Zimková, E. (2021). Overcoming the loan-to-deposit ratio by a financial intermediation measure — A perspective instrument of financial stability policy. Journal of Policy Modeling, 43(5), 1051–1069. https://doi.org/https://doi.org/10.1016/j.jpolmod.2021.03.012.
Budianto, E. W. H., & Dewi, N. D. T. (2023). Net operating margin (NOM) on Islamic banking: mapping research topics using VOSviewer bibliometric and library research. Zenodo, 13, 1-12. https://doi.org/10.5281/zenodo.10117323
Büyükbaşaran, T., Karasoy-Can, G., & Küçük, H. (2022). Macroeconomic effects of bank lending in an emerging economy: Evidence from Turkey. Economic Modelling, 115. https://doi.org/https://doi.org/10.1016/j.econmod.2022.105946
Chapra, U. (1992). Islam and the economic challenge. American Journal of Islam and Society, 9. https://doi.org/10.35632/ajis.v9i4.2540
Enders, W. (2014). Applied Econometric Time Series, 4th Edition (4th ed.). John Wiley & Sons.
Fakhri, U. N., & Darmawan, A. (2021). Comparison of Islamic and conventional banking financial performance during the Covid-19 period. International Journal of Islamic Economics and Finance (IJIEF), 4, 19–40. https://doi.org/10.18196/ijief.v4i0.10080
Farianti, R., Pramuka, B. A., & Purwati, A. S. (2020). The influence of NPF, NOM and FDR on murabahah financing with DPK as a moderating variable. MALIA: Journal of Islamic Banking and Finance, 3(1), 17. https://doi.org/10.21043/malia.v3i1.5665.
Fleming, M. (1964). The timing of payments and the demand for money. Economica, 31(122), 132–157. https://doi.org/10.2307/2551351
García, A. (2007). The post Keynesian theory of banking and the endogenous money supply. Revista Venezolana de Análisis de Coyuntura, 13(1), 69–120. https://www.redalyc.org/pdf/364/36413105.pdf
Giri, N. P., Rediatni, P., Sri, A. A. G., Luh Sri, P. J., Made, I. M., & Amerta, S. (2019). Effect of third party funds and BI rate on credit distribution of BNI. International Journal of Social Sciences and Humanities, 3(3), 147–156. https://doi.org/https://doi.org/10.29332/ijssh.v3n3.371
González, O., & Keddad, B. (2024). The piggy bank index: An intuitive risk measure to assess liquidity and capital adequacy in banks. Finance Research Letters, 60. https://doi.org/ttps://doi.org/10.1016/j.frl.2023.104846.
Goyal, S., Singhal, N., Mishra, N., & Verma, S. K. (2023). The impact of macroeconomic and institutional environment on NPL of developing and developed countries. Future Business Journal, 9(1), 1–15. https://doi.org/10.1186/s43093-023-00216-1
Gulati, R., Charles, V., Hassan, M. K., & Kumar, S. (2023). Covid-19 crisis and the efficiency of Indian banks: Have they weathered the storm? Socio-Economic Planning Sciences, 88. https://doi.org/https://doi.org/10.1016/j.seps.2023.101661.
Hermuningsih, S., Sari, P. P., & Rahmawati, A. D. (2020). The influence of DPK, non-performing loans (NPL) on credit distribution with profitability as intervening variable in commercial banks. International Journal of Economics, Business and Accounting Research (IJEBAR), 4(2), 40–50. https://doi.org/10.29040/ijebar.v4i02.988
Huljak, I., Martin, R., Moccero, D., & Pancaro, C. (2022). Do non-performing loans matter for bank lending and the business cycle in euro area countries? Journal of Applied Economics, 25(1), 1050–1080. https://doi.org/10.1080/15140326.2022.2094668
Husaeni, U. A. (2016). The variables effects of murabahah in Islamic commercial banks. International Journal of Nusantara Islam, 4(2), 1–16. https://journal.uinsgd.ac.id/index.php/ijni/article/view/1446
Ivakhnenkov, S., Hlushchenko, S., & Sverenko, K. (2021). Macroeconomic factors that influence the bank loans rate in international and Ukrainian practice. Economics of Development, 19(4), 35–47. https://doi.org/10.21511/ed.19(4).2020.04
Jayawarsa, A. K., Wulandari, I. G. A. A., Saputra, K. A. K., & Saputri, N. M. M. D. (2021). Public financial deposits in state owned banks: from an inflation perspective and bank Indonesia interest rates. International Journal of Business, Economics and Law, 24(1), 105–112.
Jessica, T., & Chalid, D. A. (2021). Determinants of bank loans in Indonesia. Proceedings of the Asia-Pacific Research in Social Sciences and Humanities Universitas Indonesia Conference (APRISH 2019), 558, 505–512. https://doi.org/10.2991/assehr.k.210531.064
Jin, J. Y., Kanagaretnam, K., & Liu, Y. (2018). Banks’ funding structure and earnings quality. International Review of Financial Analysis, 59, 163–178. https://doi.org/https://doi.org/10.1016/j.irfa.2018.08.009.
Karvopa, T. S. (2019). The essence of the credit policy of banks with foreign capital and the peculiarities of its implementation. Herald of Kiev Institute of Business and Technology, 42(4), 51–56. https://doi.org/10.37203/kibit.2019.42.08
Khotmi, H., Wahyullah, M., & Fachrozi. (2021). Determinan pembiayaan yang diberikan(studi pada bank umum syariah di Indonesia periode 2018-2020). Journal Ilmiah Rinjani : Media Informasi Ilmiah Universitas Gunung Rinjani, 9(2), 1–10. https://doi.org/10.53952/jir.v9i2.337
Klein, N. (2013). Non-performing loans in CESEE: Determinants and impact on macroeconomic performance. IMF Working Papers, 13(72), 1. https://doi.org/10.5089/9781484318522.001
Kurniawanti, A. (2014). Analisis faktor-faktor yang mempengaruhi volume pembiayaan berbasis bagi hasil pada bank umum Syariah di Indonesia. [Thesis UMS] https://eprints.ums.ac.id/30337/13/APS_10_AGUSTINA_K-ZULFIKAR-SYARIAH_PAPER_FEB_UMS_2014.pdf
Lintangsari, N. N., Hidayati, N., Purnamasari, Y., Carolina, H., & Ramadhan, W. F. (2018). Analisis pengaruh instrumen pembayaran non-tunai terhadap stabilitas sistem keuangan di Indonesia. Jurnal Dinamika Ekonomi Pembangunan, 1(1), 47-62. https://doi.org/10.14710/jdep.1.1.47-62
Majeed, M. T., & Zainab, A. (2017). How Islamic is Islamic banking in Pakistan? International Journal of Islamic and Middle Eastern Finance and Management, 10(4), 470–483. https://doi.org/10.1108/IMEFM-03-2017-0083
Mughits, M., & Wulandari, R. (2016). Contribution of Islamic bank financing to the agricultural sector in Indonesia. Al-Muzara’ah, 4(1), 61–75. https://doi.org/10.29244/jam.4.1.61-75.
Nadya, A., Tanjung, M., & Sugianto, S. (2020). Analysis of external and internal factors on financing in islamic commercial banks registered at OJK. Journal of Islamic Economics and Finance Studies, 1(2), 153. https://doi.org/10.47700/jiefes.v1i2.2095.
Nouman M, Hashim M, Trifan VA, Spinu AE, Siddiqi MF, & Khan FU (2022) Interest rate volatility and financing of Islamic banks. PLoS ONE 17(7), e0268906. https://doi.org/10.1371/journal.pone.0268906
Nur’aeni, N., & Setiawan, S. (2020). Third party funds and non-performing financing for mudharabah financing in Indonesia’s Islamic banking. International Journal of Business, Economics, and Social Development, 1(4), 178–184. https://doi.org/10.46336/ijbesd.v1i4.96
Odah, M. H., Sadig, A., Bager, M., & Mohammed, B. K. (2017). Tobit regression analysis applied on Iraqi bank loans. American Journal of Mathematics and Statistics, 7(4), 179–182. https://doi.org/10.5923/j.ajms.20170704.06.
Pigou, A. C. (1936). Mr. J. M. Keynes’ general theory of employment, interest and money. Economica, 3(10), 115–132. https://doi.org/10.2307/2549064.
Pontines, V., & Siregar, R. (2012). How should we bank with foreigners? An empirical assessment of lending behavior of international banks to six East Asian Economies. CAMA Working Paper No. 4/2012, http://dx.doi.org/10.2139/ssrn.2002423
Pradesyah, R., & Triandhini, Y. (2021). The effect of third party funds (DPK), non performing financing (NPF), and Indonesian Islamic bank certificates (SBIS) on Islamic banking financing distribution in Indonesia. International Journal of Business, Economics, and Social Development, 2(2), 72–77. https://doi.org/10.46336/ijbesd.v2i2.132
Rahmananingtyas, N. A. (2022). The effect of interest rates and inflation on loan growth and non performing loan. Dinasti International Journal of Education Management and Social Science, 4(1), 128–137. https://doi.org/10.31933/dijemss.v4i1.1522
Saputri, S. & Wibowo, M. G. (2018). Determinan pembiayaan UMKM di Indonesia Tahun 2011-2015: Pendekatan generalized method of moment (GMM). Al-Amwal, 10(1), 32–47. https://doi.org/10.24235/amwal.v10i1.2809.g1593
Setiyoaji, S. & Mawardi, I. (2019). Level of deposit return sharing through intervening variables of third party funds on mudharabah financing of Islamic bank. Journal of Theory and Applied Islamic Economics, 6(5), 957–967. http://dx.doi.org/10.20473/vol6iss20195pp957-967
Shamsudin, M. Y., Salamon, H., Abu-Hussin, M. F., & Muhamad, N. H. N. (2015). Islamic banking and finance: Traders not mere financial intermediary. Mediterranean Journal of Social Sciences, 6(3), 181–188. https://doi.org/10.5901/mjss.2015.v6n3p181
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