Main Article Content
Abstract
Purpose – This study aims to evaluate the impact of financial services authority's regulation (POJK) regarding the implementation of Covid-19 Countercyclical in Islamic rural banks.
Methodology – This study uses time-series data taken from Financial Services Authority (OJK)'s database covering the period from March 2020 - March 2022. Cointegration test show that there is no cointeggration and the variable is not stationary at the same order/degree, therefore the VAR method is used.
Findings – This study reveals that POJK have significant impact on CAR, EAQ, and REO ratios and integrated in the long term. Moreover, this study also find that POJK have a causal or reciprocal effect on CAR and REO which occur in one direction. Futhermore, this study portrays that POJK have a positive impact in returning CAR, EAQ and REO ratios to a positive condition at least 10 months since POJK published, except for CR that before pandemic was in a positive condition.
Implications – It is necessary for the BPRS to conduct a stress test on the implementation of the said restructuring and its impact on the finances and ratios of the BPRS as the first step for the BPRS to carry out mitigation if things that are not desired by the BPRS occur.
Originality – This paper examines the effect of the implementation of POJK Number 11/POJK.03/2020 which is further amended through POJK Number 48/POJK.03/2020 concerning national economic stimulus as a countercyclical policy impact of the spread of coronavirus disease 2019 on the Islamic rural bank soundness level during Covid 19 pandemic.
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References
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- Ariffin, N. M., Kassim, S. H., & Razak, D. A. (2015). Exploring application of equity-based financing through mushārakah mutanāqiṣah in Islamic banks in Malaysia: Perspective from the industry players, International Journal of Economics, Management and Accounting, 2, 241-261. https://journals.iium.edu. my/enmjournal/index.php/enmj/article/view/338.
- Arianto, B. (2020). Dampak pandemi Covid-19 terhadap perekonomian dunia. Jurnal Ekonomi Perjuangan, 2(2), 106-126. https://doi.org/10.36423/jumper.v2i2.665
- Aziz, M. I. A., & Dahalan, J. (2015). Oil price shocks and macroeconomic activities in Asean-5 countries: A panel VAR approach. Eurasian Journal of Business and Economics, 8(16), 101-120. https://www.ejbe.org/index.php/EJBE/article/view/156
- Dipoyanti, M. P., Fasa, M. I., & Suharto, S. (2022). Pengaruh implementasi POJK No.11/POJK.03/2020 terhadap non performing financing (NPF) di bank syariah Mandiri. JIHBIZ: Global Journal of Islamic Banking and Finance, 4(1), 51-52. http://dx.doi.org/10.22373/jihbiz.v4i1.12430
- Effendi, I., & Hariani, P. R. S . (2020). Dampak Covid 19 terhadap bank syariah. Ekonomikawan: Jurnal Ilmu ekonomi dan Studi Pembangunan. 20(2), 221-230. https://doi.org/ 10.30596/ekonomikawan.v%vi%i.5553
- Hasan, N. F. (2022). Performance of Indonesian sharia rural bank during Covid-19 pandemic: A descriptive analysis, Velocity: Journal of Sharia Finance and Banking. 2(1), 25-33. https://doi.org/10.28918/velocity.v2i1.5192
- Kadir, R. D. (2019). Estimasi jangka pendek dan jangka panjang risiko pembiayaan BPR Syariah di Indonesia. Nisbah: Jurnal Perbankan Syariah, 5(2), 100–105. https://doi.org/10.30997/jn.v5i2.2166
- Maghfiroh, R. N. (2021). Analisis dampak covid-19 terhadap kinerja keuangan bank di Indonesia. Thesis, State University of Islam Maulana Malik Ibrahim. http://etheses.uin-malang.ac.id/29093/1/17540025.pdf
- Morakinyo, A., Muller, C. & Sibanda, M. (2018). Non-performing loans, banking system and macroeconomy. Studia Universitatis Babes-Bolyai Oeconomica, 63(2) 67-86. https://doi.org/10.2478/subboec-2018-0009
- Nabila, S., Buchari, N. S., & Suprapto, E. (2022). Analysis on the soundness level of shariah commercial banks using RGEC during the Covid-19. Jurnal Ekonomi dan Perbankan Syariah, 10(1), 66-85. https://doi.org/10.46899/jeps.v10i1.316
- Otoritas Jasa Keuangan. (2020). Peraturan Otoritas Jasa Keuangan Nomor 11/POJK.03/2020 yang diubah lebih lanjut melalui POJK Nomor 48/POJK.03/2020 tentang stimulus perekonomian nasional sebagai kebijakan countercyclical dampak penyebaran coronavirus disease 2019. https://www.ojk.go.id/id/berita-dan-kegiatan/siaran-pers/Pages/Siaran-Pers-OJK-Keluarkan-Peraturan-Perpanjangan-Kebijakan-Stimulus-Covid-19.aspx
- Otoritas Jasa Keuangan. (2019). Surat Edaran Otoritas Jasa Keuangan nomor 28/SEOJK.03/2019 tentang sistem penilaian tingkat kesehatan bank perkreditan rakyat syariah. https://ojk.go.id/id/regulasi/Pages/-Sistem-Penilaian-Tingkat-Kesehatan-Bank-Pembiayaan-Rakyat-Syariah.aspx
- Pravasanti, Y. A (2018). Pengaruh NPF dan FDR terhadap CAR dan dampaknya terhadap ROA pada Perbankan Syariah di Indonesia. Jurnal Ilmiah Ekonomi Islam, 4(3), 156. http://dx.doi.org/10.29040/jiei.v4i03.302
- Rachmad, M. H. F., & Fitria, S. (2021). Analisis perbandingan kinerja bank pembiayaan rakyat syariah (BPRS) sebelum dan selama pandemi Covid- 19. Undergraduate thesis, Universitas Diponegoro. https://repofeb.undip.ac.id/9940/
- Rehman, O. U. (2017). Determinants of non-performing loan in South Asia: The role of financial crisis. Eurasian Journal of Business and Economics, 10(20), 105-124. https://doi.org/10.17015/ejbe.2017.020.07.
- Rolianah, W. S., Miftahurrahman, M., & Sari, D. P. (2021). Analisis rasio keuangan bank pembiayaan rakyat syariah sebelum dan selama pandemi Covid-19. Iqtishaduna, 12(2), 136–149. https://doi.org/10.20414/iqtishaduna.v12i2.3457
- Sriyana, J., (2020). Metode Regresi Dinamik, Ekonesia, Yogyakarta.
- Sudarsono, H. (2017). Modelling respon rasio keuangan terhadap pembiayaan pada bank syariah di Indonesia, Jurnal Ekonomi Syariah Indonesia, 7(1), 1-13. http://dx.doi.org/10.21927/jesi.2017.7(1).1-13
- Widarjono, A. (2013). Pengantar ekonometrika dan aplikasinya dengan panduan untuk Eviews (ed. ke-4). UPP STIM YKPN.
- Zuhroh, I., Kusuma, H., & Kurniawati, S. (2017). An approach of vector autoregression model for inflation analysis in Indonesia. Ventura: Journal of Economics, Business, & Accountancy, 20(3), 261-268. http://dx.doi.org/10.14414/jebav.v20i3.1019
References
Africano, F. (2016). Pengaruh NPF terhadap CAR serta dampaknya terhadap profitabilitas bank umum syariah di Indonesia, Jurnal Ilmiah STIE MDP, 6(1), 61-70. http://forbiswira.stie-mdp.ac.id/wp-content/uploads/2016/09/6.-Jurnal-Fernando.pdf
Amelia, E., & Hardini, E. F. (2017). Determinant of mudharabah financing: A study at Indonesian Islamic rural banking. Etikonomi, 16(1), 43–52. https://doi.org/10.15408 /etk.v16i1.4638.
Ariffin, N. M., Kassim, S. H., & Razak, D. A. (2015). Exploring application of equity-based financing through mushārakah mutanāqiṣah in Islamic banks in Malaysia: Perspective from the industry players, International Journal of Economics, Management and Accounting, 2, 241-261. https://journals.iium.edu. my/enmjournal/index.php/enmj/article/view/338.
Arianto, B. (2020). Dampak pandemi Covid-19 terhadap perekonomian dunia. Jurnal Ekonomi Perjuangan, 2(2), 106-126. https://doi.org/10.36423/jumper.v2i2.665
Aziz, M. I. A., & Dahalan, J. (2015). Oil price shocks and macroeconomic activities in Asean-5 countries: A panel VAR approach. Eurasian Journal of Business and Economics, 8(16), 101-120. https://www.ejbe.org/index.php/EJBE/article/view/156
Dipoyanti, M. P., Fasa, M. I., & Suharto, S. (2022). Pengaruh implementasi POJK No.11/POJK.03/2020 terhadap non performing financing (NPF) di bank syariah Mandiri. JIHBIZ: Global Journal of Islamic Banking and Finance, 4(1), 51-52. http://dx.doi.org/10.22373/jihbiz.v4i1.12430
Effendi, I., & Hariani, P. R. S . (2020). Dampak Covid 19 terhadap bank syariah. Ekonomikawan: Jurnal Ilmu ekonomi dan Studi Pembangunan. 20(2), 221-230. https://doi.org/ 10.30596/ekonomikawan.v%vi%i.5553
Hasan, N. F. (2022). Performance of Indonesian sharia rural bank during Covid-19 pandemic: A descriptive analysis, Velocity: Journal of Sharia Finance and Banking. 2(1), 25-33. https://doi.org/10.28918/velocity.v2i1.5192
Kadir, R. D. (2019). Estimasi jangka pendek dan jangka panjang risiko pembiayaan BPR Syariah di Indonesia. Nisbah: Jurnal Perbankan Syariah, 5(2), 100–105. https://doi.org/10.30997/jn.v5i2.2166
Maghfiroh, R. N. (2021). Analisis dampak covid-19 terhadap kinerja keuangan bank di Indonesia. Thesis, State University of Islam Maulana Malik Ibrahim. http://etheses.uin-malang.ac.id/29093/1/17540025.pdf
Morakinyo, A., Muller, C. & Sibanda, M. (2018). Non-performing loans, banking system and macroeconomy. Studia Universitatis Babes-Bolyai Oeconomica, 63(2) 67-86. https://doi.org/10.2478/subboec-2018-0009
Nabila, S., Buchari, N. S., & Suprapto, E. (2022). Analysis on the soundness level of shariah commercial banks using RGEC during the Covid-19. Jurnal Ekonomi dan Perbankan Syariah, 10(1), 66-85. https://doi.org/10.46899/jeps.v10i1.316
Otoritas Jasa Keuangan. (2020). Peraturan Otoritas Jasa Keuangan Nomor 11/POJK.03/2020 yang diubah lebih lanjut melalui POJK Nomor 48/POJK.03/2020 tentang stimulus perekonomian nasional sebagai kebijakan countercyclical dampak penyebaran coronavirus disease 2019. https://www.ojk.go.id/id/berita-dan-kegiatan/siaran-pers/Pages/Siaran-Pers-OJK-Keluarkan-Peraturan-Perpanjangan-Kebijakan-Stimulus-Covid-19.aspx
Otoritas Jasa Keuangan. (2019). Surat Edaran Otoritas Jasa Keuangan nomor 28/SEOJK.03/2019 tentang sistem penilaian tingkat kesehatan bank perkreditan rakyat syariah. https://ojk.go.id/id/regulasi/Pages/-Sistem-Penilaian-Tingkat-Kesehatan-Bank-Pembiayaan-Rakyat-Syariah.aspx
Pravasanti, Y. A (2018). Pengaruh NPF dan FDR terhadap CAR dan dampaknya terhadap ROA pada Perbankan Syariah di Indonesia. Jurnal Ilmiah Ekonomi Islam, 4(3), 156. http://dx.doi.org/10.29040/jiei.v4i03.302
Rachmad, M. H. F., & Fitria, S. (2021). Analisis perbandingan kinerja bank pembiayaan rakyat syariah (BPRS) sebelum dan selama pandemi Covid- 19. Undergraduate thesis, Universitas Diponegoro. https://repofeb.undip.ac.id/9940/
Rehman, O. U. (2017). Determinants of non-performing loan in South Asia: The role of financial crisis. Eurasian Journal of Business and Economics, 10(20), 105-124. https://doi.org/10.17015/ejbe.2017.020.07.
Rolianah, W. S., Miftahurrahman, M., & Sari, D. P. (2021). Analisis rasio keuangan bank pembiayaan rakyat syariah sebelum dan selama pandemi Covid-19. Iqtishaduna, 12(2), 136–149. https://doi.org/10.20414/iqtishaduna.v12i2.3457
Sriyana, J., (2020). Metode Regresi Dinamik, Ekonesia, Yogyakarta.
Sudarsono, H. (2017). Modelling respon rasio keuangan terhadap pembiayaan pada bank syariah di Indonesia, Jurnal Ekonomi Syariah Indonesia, 7(1), 1-13. http://dx.doi.org/10.21927/jesi.2017.7(1).1-13
Widarjono, A. (2013). Pengantar ekonometrika dan aplikasinya dengan panduan untuk Eviews (ed. ke-4). UPP STIM YKPN.
Zuhroh, I., Kusuma, H., & Kurniawati, S. (2017). An approach of vector autoregression model for inflation analysis in Indonesia. Ventura: Journal of Economics, Business, & Accountancy, 20(3), 261-268. http://dx.doi.org/10.14414/jebav.v20i3.1019