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Abstract
Introduction
Profitability is a crucial indicator of financial sustainability and competitiveness in the banking industry. For Islamic banks, profitability is influenced by both internal financial management and external macroeconomic factors, shaped by their adherence to Sharia principles. Indonesian Islamic banks operate in a dynamic financial environment that presents unique challenges and opportunities for sustaining profitability.
Objectives
This study examines the determinants of profitability in Indonesian Islamic banks, focusing on the effects of internal financial ratios—Financing to Deposit Ratio (FDR), Capital Adequacy Ratio (CAR), Non-Performing Financing (NPF), and operating efficiency (BOPO)—as well as external factors such as interest rates and inflation.
Method
A quantitative approach was employed, analyzing secondary data from 12 Islamic banks in Indonesia over the 2014–2018 period. Multiple regression analysis was used to evaluate the relationships between these variables and profitability, measured by Return on Assets (ROA). Diagnostic tests ensured the robustness and validity of the statistical model.
Results
The findings reveal that FDR positively influences profitability, while NPF and BOPO have significant negative effects. CAR and inflation show no significant impact, and interest rates indirectly affect profitability despite the interest-free nature of Islamic banking. These results highlight the interplay of internal management practices and macroeconomic factors in shaping financial performance.
Implications
This study emphasizes the need for Islamic banks to enhance credit risk management, optimize operational efficiency, and adapt to macroeconomic conditions to sustain profitability. The findings provide actionable insights for policymakers, regulators, and practitioners aiming to strengthen the financial sustainability of Islamic banking in Indonesia.
Originality/Novelty
This research integrates internal and macroeconomic determinants to offer a comprehensive analysis of profitability in Indonesian Islamic banks. By bridging gaps in the literature, it contributes to the development of strategies for financial performance optimization in Sharia-compliant banking.
Keywords
Article Details
Copyright (c) 2023 Khilyatun Nisa', Yuli Andriansyah, Barham Bakr Hasan
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References
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Ali, M. A., Shuib, M. S., & Nor, A. M. (2021). Protection of bank’s wealth: How is Islamic banks’s financial performance affected by asset quality and operational efficiency. Universal Journal of Accounting and Finance, 9(4), 745–756. https://doi.org/10.13189/ujaf.2021.090420
Athanasoglou, P. P., Brissimis, S. N., & Delis, M. D. (2008). Bank-specific, industry-specific and macroeconomic determinants of bank profitability. Journal of International Financial Markets, Institutions and Money, 18(2), 121–136. https://doi.org/10.1016/j.intfin.2006.07.001
Bashir, A., & Hassan, A. (2017). Interrelationship among Basel capital regulation, risk, and efficiency in Pakistani commercial banks. Business & Economic Review, 9(2), 165–186. https://doi.org/10.22547/BER/9.2.7
Bashir, A.-H. M. (2003). Determinants of profitability in Islamic banks: Some evidence from the Middle East. Islamic Economic Studies, 11(1), 31–57. http://iesjournal.org/english/Docs/103.pdf
Berniz, Y. M., Najmudin, N., Jayanti, E., Rahmawati, I. Y., & Utami, Y. (2023). The influence of third-party funds; asset quality, profit, and lost sharing to the Islamic bank liquidity in Indonesia. International Journal of Science, Technology & Management, 4(4), 1023–1033. https://doi.org/10.46729/ijstm.v4i4.876
Chong, B. S., & Liu, M.-H. (2009). Islamic banking: Interest-free or interest-based? Pacific-Basin Finance Journal, 17(1), 125–144. https://doi.org/10.1016/j.pacfin.2007.12.003
Darma, E. S., & Afandi, A. (2021). The role of Islamic corporate governance and risk toward Islamic banking performance: Evidence from Indonesia. Journal of Accounting and Investment, 22(3), 517–538. https://doi.org/10.18196/jai.v22i3.12339
Gharbi, L., & Khamoussi, H. (2016). Fair value and banking contagion: Empirical evidence from Islamic and conventional banking sectors in GCC region. Journal of Islamic Accounting and Business Research, 7(3), 215–236. https://doi.org/10.1108/JIABR-12-2014-0042
Halim, S., & Buana, M. T. L. (2021). The influence of non-performed financing (NPF), operational costs, financing to deposit ratio (FDR) and net operating margin to return on assets at Indonesian Sharia commercial banks. Falah: Jurnal Ekonomi Syariah, 6(2), 44–59. https://doi.org/10.22219/jes.v6i1.16179
Hasibuan, A. A., Zulpahmi, Z., Wahyudin, N., & Nurlaila, A. (2022). The effect of financing to deposit ratio (FDR), non-performing financing (NPF), capital adequacy ratio (CAR), operating expenses and operating income (BOPO) on ROA in Islamic commercial bank. AL-FALAH : Journal of Islamic Economics, 7(2), 289–308. https://doi.org/10.29240/alfalah.v7i2.5395
Hasyim, F., Pratiwi, N., Asmaradhan, N. S., & Kurniyadi, K. (2023). The effect of exchange rates, inflation and BI Rates on profitability in Islamic commercial banks during the 2016-2022 period. Asy Syar’iyyah: Jurnal Ilmu Syari’ah Dan Perbankan Islam, 8(2), 162–184. https://doi.org/10.32923/asy.v8i2.3040
Hidayat, N. W., Wardini, A. K., & Wati, L. N. (2021). Determining the performance of Sharia commercial banks with moderation of non performing financing ratio in Indonesia. Riset, 3(2), 563–580. https://doi.org/10.37641/riset.v3i2.92
Hosen, M. N., & Rahmawati, R. (2016). Efficiency and profitability in the Indonesian Islamic banking industry. Al-Iqtishad: Jurnal Ilmu Ekonomi Syariah, 8(1), 33–48. https://doi.org/10.15408/aiq.v8i1.2507
’Izza, A. H., & Utomo, B. (2022). Pengaruh capital adequacy ratio (car) dan financing to deposito ratio (FDR) terhadap profitabilitas dengan non performing financing (NPF) sebagai variabel intervening pada bank umum syariah [The effect of capital adequacy ratio (car) and financing to deposit ratio (FDR) on profitability with non-performing financing (NPF) as intervening variable in Islamic commercial banks]. Jurnal Revenue : Jurnal Ilmiah Akuntansi, 2(2), 289–301. https://doi.org/10.46306/rev.v2i2.73
Katili, C. Y., & Kadir, R. D. (2023). Long term impact profitability of market share Islamic bank in Indonesia. Al-Amwal : Jurnal Ekonomi Dan Perbankan Syari’ah, 15(1), 112–122. https://doi.org/10.24235/amwal.v15i1.13316
Khalidin, B., & Masbar, R. (2017). Interest rate and financing of Islamic banks in Indonesia (A vector auto regression approach). International Journal of Economics and Finance, 9(7), 154–164. https://doi.org/10.5539/ijef.v9n7p154
Liu, H., & Wilson, J. O. S. (2010). The profitability of banks in Japan. Applied Financial Economics, 20(24), 1851–1866. https://doi.org/10.1080/09603107.2010.526577
Malek, M. A., & Rao, G. V. (2022). Profitability of Islamic banking – A study of select Islamic banks from Asia. International Journal of Islamic Economics and Finance Studies, 8(1), 57–77. https://doi.org/10.54427/ijisef.1027563
Maulidar, A., & Majid, M. S. Abd. (2020). Do good corporate governance and financing risk management matter for Islamic banks’ performance in Indonesia? Etikonomi, 19(2), 169–184. https://doi.org/10.15408/etk.v19i2.15080
Megeid, N. S. A. (2017). Liquidity risk management: Conventional versus Islamic banking system in Egypt. Journal of Islamic Accounting and Business Research, 8(1), 100–128. https://doi.org/10.1108/JIABR-05-2014-0018
Muhammad, R., & Triharyono, C. (2019). Analysis of islamic banking financial performance before, during and after global financial crisis. Jurnal Ekonomi & Keuangan Islam, 5(2), 80–86. https://doi.org/10.20885/jeki.vol5.iss2.art5
Mukhibad, H., & Anisykurlillah, I. (2020). Evaluation study: Does the sharia supervisory board have a direct effect on profitability? Muqtasid: Jurnal Ekonomi Dan Perbankan Syariah, 11(1), 55–69. https://doi.org/10.18326/muqtasid.v11i1.55-69
Mukhibad, H., & Khafid, M. (2018). Financial performance determinant of Islamic banking in Indonesia. Jurnal Keuangan Dan Perbankan, 22(3), 506–517. https://doi.org/10.26905/jkdp.v22i3.2061
Nurkhin, A., Kusmuriyanto, Widiyanto, W., Kania Widiatami, A., & Nur Aeni, I. (2023). Do corporate governance implementation and bank characteristics improve the performance of Indonesian Islamic banking? Before-COVID-19 pandemic analysis. Banks and Bank Systems, 18(3), 126–135. https://doi.org/10.21511/bbs.18(3).2023.11
Nursyamsiah, T. (2018). Macroeconomic determinants of Islamic banking financing. Tazkia Islamic Finance and Business Review, 11(2), 145–164. https://doi.org/10.30993/tifbr.v11i2.136
Putri, P., Fakhruddin, I., Santos, S. B., & Inayati, N. I. (2023). The effect of sharia supervisiory board size and the health ratio of bank Sharia to profitability. Indonesian Journal of Business Analytics, 3(3), 681–700. https://doi.org/10.55927/ijba.v3i3.2426
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Rizal, R., Marlion, F. A., Pasrizal, H., & Anita, R. (2021). Internal and external factors effects towards return on assets in Indonesian foreign exchange Sharia bank. Muqtasid: Jurnal Ekonomi Dan Perbankan Syariah, 12(1), 49–62. https://doi.org/10.18326/muqtasid.v12i1.49-62
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Sari, E. Y., & Riyadi, S. (2022). The determinant effect of financial performance on return on assets (ROA) in full-fledged Islamic banks in Indonesia for the 2015-2019 period. International Journal of Management and Economics Invention, 8(7), 2507–2514. https://doi.org/10.47191/ijmei/v8i7.03
Sharma, R. (2023). Beyond profit: Understanding the foundations and future of Islamic banking. Journal for ReAttach Therapy and Developmental Diversities, 6(9s), Article 9s. https://doi.org/10.53555/jrtdd.v6i9s.2325
Sholikhin, M. Y., Supriani, I., & Amijaya, R. N. F. (2021). Examining the correlation between Islamic banks profitability and the business cycle in Indonesia. International Journal of Islamic Business Ethics, 6(1), 37–53. https://doi.org/10.30659/ijibe.6.1.37-53
Sjarief, L., Ghoni, M. A., & Affandi, M. T. (2023). The role of financial performance on the profitability of Indonesian Islamic banks. Jurnal Ekonomi & Keuangan Islam, 9(2), 277–285. https://doi.org/10.20885/JEKI.vol9.iss2.art9
Sopingi, I., Tjiptohadi Sawarjuwono, Imron Mawardi, & Kusnul Ciptanila Yuni K. (2023). The influence of internal and external factors on the profitability of Islamic commercial banks in Indonesia. Jurnal RAK (Riset Akuntansi Keuangan), 8(2), 194–207. https://doi.org/10.31002/rak.v8i2.1136
Srairi, S. A. (2010). Cost and profit efficiency of conventional and Islamic banks in GCC countries. Journal of Productivity Analysis, 34(1), 45–62. https://doi.org/10.1007/s11123-009-0161-7
Sudarsono, H., & Shiddiqi, J. S. A. (2022). Equity financing, debt financing, and financial performance in Islamic banks. Muqtasid: Jurnal Ekonomi Dan Perbankan Syariah, 12(2), 89–104. https://doi.org/10.18326/muqtasid.v12i2.89-104
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Tok, E., & Yesuf, A. J. (2022). Embedding value-based principles in the culture of Islamic banks to enhance their sustainability, resilience, and social impact. Sustainability, 14(2), 916. https://doi.org/10.3390/su14020916
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References
Ajizah, S. D. N., & Widarjono, A. (2022). Dampak COVID-19 terhadap keuntungan bank umum syariah (BUS) di Indonesia [The impact of COVID-19 on the profits of Islamic commercial banks (BUS) in Indonesia]. Jurnal Kebijakan Ekonomi Dan Keuangan, 1(2), 145–152. https://doi.org/10.20885/JKEK.vol1.iss2.art1
Alhammadi, S., Alotaibi, K. O., & Hakam, D. F. (2022). Analysing Islamic banking ethical performance from Maqāṣid al-Sharī‘ah perspective: Evidence from Indonesia. Journal of Sustainable Finance & Investment, 12(4), 1171–1193. https://doi.org/10.1080/20430795.2020.1848179
Ali, M. A., Shuib, M. S., & Nor, A. M. (2021). Protection of bank’s wealth: How is Islamic banks’s financial performance affected by asset quality and operational efficiency. Universal Journal of Accounting and Finance, 9(4), 745–756. https://doi.org/10.13189/ujaf.2021.090420
Athanasoglou, P. P., Brissimis, S. N., & Delis, M. D. (2008). Bank-specific, industry-specific and macroeconomic determinants of bank profitability. Journal of International Financial Markets, Institutions and Money, 18(2), 121–136. https://doi.org/10.1016/j.intfin.2006.07.001
Bashir, A., & Hassan, A. (2017). Interrelationship among Basel capital regulation, risk, and efficiency in Pakistani commercial banks. Business & Economic Review, 9(2), 165–186. https://doi.org/10.22547/BER/9.2.7
Bashir, A.-H. M. (2003). Determinants of profitability in Islamic banks: Some evidence from the Middle East. Islamic Economic Studies, 11(1), 31–57. http://iesjournal.org/english/Docs/103.pdf
Berniz, Y. M., Najmudin, N., Jayanti, E., Rahmawati, I. Y., & Utami, Y. (2023). The influence of third-party funds; asset quality, profit, and lost sharing to the Islamic bank liquidity in Indonesia. International Journal of Science, Technology & Management, 4(4), 1023–1033. https://doi.org/10.46729/ijstm.v4i4.876
Chong, B. S., & Liu, M.-H. (2009). Islamic banking: Interest-free or interest-based? Pacific-Basin Finance Journal, 17(1), 125–144. https://doi.org/10.1016/j.pacfin.2007.12.003
Darma, E. S., & Afandi, A. (2021). The role of Islamic corporate governance and risk toward Islamic banking performance: Evidence from Indonesia. Journal of Accounting and Investment, 22(3), 517–538. https://doi.org/10.18196/jai.v22i3.12339
Gharbi, L., & Khamoussi, H. (2016). Fair value and banking contagion: Empirical evidence from Islamic and conventional banking sectors in GCC region. Journal of Islamic Accounting and Business Research, 7(3), 215–236. https://doi.org/10.1108/JIABR-12-2014-0042
Halim, S., & Buana, M. T. L. (2021). The influence of non-performed financing (NPF), operational costs, financing to deposit ratio (FDR) and net operating margin to return on assets at Indonesian Sharia commercial banks. Falah: Jurnal Ekonomi Syariah, 6(2), 44–59. https://doi.org/10.22219/jes.v6i1.16179
Hasibuan, A. A., Zulpahmi, Z., Wahyudin, N., & Nurlaila, A. (2022). The effect of financing to deposit ratio (FDR), non-performing financing (NPF), capital adequacy ratio (CAR), operating expenses and operating income (BOPO) on ROA in Islamic commercial bank. AL-FALAH : Journal of Islamic Economics, 7(2), 289–308. https://doi.org/10.29240/alfalah.v7i2.5395
Hasyim, F., Pratiwi, N., Asmaradhan, N. S., & Kurniyadi, K. (2023). The effect of exchange rates, inflation and BI Rates on profitability in Islamic commercial banks during the 2016-2022 period. Asy Syar’iyyah: Jurnal Ilmu Syari’ah Dan Perbankan Islam, 8(2), 162–184. https://doi.org/10.32923/asy.v8i2.3040
Hidayat, N. W., Wardini, A. K., & Wati, L. N. (2021). Determining the performance of Sharia commercial banks with moderation of non performing financing ratio in Indonesia. Riset, 3(2), 563–580. https://doi.org/10.37641/riset.v3i2.92
Hosen, M. N., & Rahmawati, R. (2016). Efficiency and profitability in the Indonesian Islamic banking industry. Al-Iqtishad: Jurnal Ilmu Ekonomi Syariah, 8(1), 33–48. https://doi.org/10.15408/aiq.v8i1.2507
’Izza, A. H., & Utomo, B. (2022). Pengaruh capital adequacy ratio (car) dan financing to deposito ratio (FDR) terhadap profitabilitas dengan non performing financing (NPF) sebagai variabel intervening pada bank umum syariah [The effect of capital adequacy ratio (car) and financing to deposit ratio (FDR) on profitability with non-performing financing (NPF) as intervening variable in Islamic commercial banks]. Jurnal Revenue : Jurnal Ilmiah Akuntansi, 2(2), 289–301. https://doi.org/10.46306/rev.v2i2.73
Katili, C. Y., & Kadir, R. D. (2023). Long term impact profitability of market share Islamic bank in Indonesia. Al-Amwal : Jurnal Ekonomi Dan Perbankan Syari’ah, 15(1), 112–122. https://doi.org/10.24235/amwal.v15i1.13316
Khalidin, B., & Masbar, R. (2017). Interest rate and financing of Islamic banks in Indonesia (A vector auto regression approach). International Journal of Economics and Finance, 9(7), 154–164. https://doi.org/10.5539/ijef.v9n7p154
Liu, H., & Wilson, J. O. S. (2010). The profitability of banks in Japan. Applied Financial Economics, 20(24), 1851–1866. https://doi.org/10.1080/09603107.2010.526577
Malek, M. A., & Rao, G. V. (2022). Profitability of Islamic banking – A study of select Islamic banks from Asia. International Journal of Islamic Economics and Finance Studies, 8(1), 57–77. https://doi.org/10.54427/ijisef.1027563
Maulidar, A., & Majid, M. S. Abd. (2020). Do good corporate governance and financing risk management matter for Islamic banks’ performance in Indonesia? Etikonomi, 19(2), 169–184. https://doi.org/10.15408/etk.v19i2.15080
Megeid, N. S. A. (2017). Liquidity risk management: Conventional versus Islamic banking system in Egypt. Journal of Islamic Accounting and Business Research, 8(1), 100–128. https://doi.org/10.1108/JIABR-05-2014-0018
Muhammad, R., & Triharyono, C. (2019). Analysis of islamic banking financial performance before, during and after global financial crisis. Jurnal Ekonomi & Keuangan Islam, 5(2), 80–86. https://doi.org/10.20885/jeki.vol5.iss2.art5
Mukhibad, H., & Anisykurlillah, I. (2020). Evaluation study: Does the sharia supervisory board have a direct effect on profitability? Muqtasid: Jurnal Ekonomi Dan Perbankan Syariah, 11(1), 55–69. https://doi.org/10.18326/muqtasid.v11i1.55-69
Mukhibad, H., & Khafid, M. (2018). Financial performance determinant of Islamic banking in Indonesia. Jurnal Keuangan Dan Perbankan, 22(3), 506–517. https://doi.org/10.26905/jkdp.v22i3.2061
Nurkhin, A., Kusmuriyanto, Widiyanto, W., Kania Widiatami, A., & Nur Aeni, I. (2023). Do corporate governance implementation and bank characteristics improve the performance of Indonesian Islamic banking? Before-COVID-19 pandemic analysis. Banks and Bank Systems, 18(3), 126–135. https://doi.org/10.21511/bbs.18(3).2023.11
Nursyamsiah, T. (2018). Macroeconomic determinants of Islamic banking financing. Tazkia Islamic Finance and Business Review, 11(2), 145–164. https://doi.org/10.30993/tifbr.v11i2.136
Putri, P., Fakhruddin, I., Santos, S. B., & Inayati, N. I. (2023). The effect of sharia supervisiory board size and the health ratio of bank Sharia to profitability. Indonesian Journal of Business Analytics, 3(3), 681–700. https://doi.org/10.55927/ijba.v3i3.2426
Rizal, F. (2022). Analysis of the robustness of Islamic commercial banks in Indonesia during the COVID-19 pandemic. Journal of Islamic Economics and Finance Studies, 3(1), 12–23. https://doi.org/10.47700/jiefes.v3i1.4251
Rizal, R., Marlion, F. A., Pasrizal, H., & Anita, R. (2021). Internal and external factors effects towards return on assets in Indonesian foreign exchange Sharia bank. Muqtasid: Jurnal Ekonomi Dan Perbankan Syariah, 12(1), 49–62. https://doi.org/10.18326/muqtasid.v12i1.49-62
Rustam, A., & Adil, M. (2022). Financial sustainability ratio and aspects that affect it. Jurnal Akuntansi, 26(1), 144–160. https://doi.org/10.24912/ja.v26i1.822
Samad, A., & Hassan, M. K. (1999). The performance of Malaysian Islamic bank during 1984–1997: An exploratory study. International Journal of Islamic Financial Services, 1(3), Article 1. https://www.iiibf.org/journals/journal3/art1.pdf
Sari, E. Y., & Riyadi, S. (2022). The determinant effect of financial performance on return on assets (ROA) in full-fledged Islamic banks in Indonesia for the 2015-2019 period. International Journal of Management and Economics Invention, 8(7), 2507–2514. https://doi.org/10.47191/ijmei/v8i7.03
Sharma, R. (2023). Beyond profit: Understanding the foundations and future of Islamic banking. Journal for ReAttach Therapy and Developmental Diversities, 6(9s), Article 9s. https://doi.org/10.53555/jrtdd.v6i9s.2325
Sholikhin, M. Y., Supriani, I., & Amijaya, R. N. F. (2021). Examining the correlation between Islamic banks profitability and the business cycle in Indonesia. International Journal of Islamic Business Ethics, 6(1), 37–53. https://doi.org/10.30659/ijibe.6.1.37-53
Sjarief, L., Ghoni, M. A., & Affandi, M. T. (2023). The role of financial performance on the profitability of Indonesian Islamic banks. Jurnal Ekonomi & Keuangan Islam, 9(2), 277–285. https://doi.org/10.20885/JEKI.vol9.iss2.art9
Sopingi, I., Tjiptohadi Sawarjuwono, Imron Mawardi, & Kusnul Ciptanila Yuni K. (2023). The influence of internal and external factors on the profitability of Islamic commercial banks in Indonesia. Jurnal RAK (Riset Akuntansi Keuangan), 8(2), 194–207. https://doi.org/10.31002/rak.v8i2.1136
Srairi, S. A. (2010). Cost and profit efficiency of conventional and Islamic banks in GCC countries. Journal of Productivity Analysis, 34(1), 45–62. https://doi.org/10.1007/s11123-009-0161-7
Sudarsono, H., & Shiddiqi, J. S. A. (2022). Equity financing, debt financing, and financial performance in Islamic banks. Muqtasid: Jurnal Ekonomi Dan Perbankan Syariah, 12(2), 89–104. https://doi.org/10.18326/muqtasid.v12i2.89-104
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