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Abstract
Introduction
The increased development of Islamic banks in Indonesia is one way the government promotes state financial inclusion. On January 27, 2021, the Financial Services Authority (Otoritas Jasa Keuangan) formally granted permission for corporate mergers. Subsequently, on February 1, 2021, BRI Syariah, Bank Syariah Mandiri, and BNI Syariah, three state-owned Islamic banking companies, were officially merged to form Bank Syariah Indonesia. This study evaluates the performance efficiency of these three Islamic banks before and after the merger and compares it to other state-owned conventional banks using the Data Envelopment Analysis (DEA) approach with the BCC model framework.
Objectives
This study aims to compare Bank Syariah Indonesia's efficiency levels before and after the merger and assesses its performance relative to other state-owned conventional banks.
Method
This research utilizes the DEA method with the BCC model to analyze quarterly financial data from March 2019 to March 2023. The inputs considered are total deposits, personal expenses, and fixed assets, whereas the outputs are financing (loans) and income.
Results
The results indicate that Bank Syariah Indonesia is more efficient than other conventional state-owned banks after the merger. However, pre-merger, BRI Syariah and BNI Syariah ranked first in efficiency compared to conventional state-owned banks. The post-merger analysis shows a stable and high-efficiency level for Bank Syariah Indonesia despite fluctuations.
Implications
The findings suggest that the merger improved Bank Syariah Indonesia's performance efficiency, making it a benchmark for state-owned banks. The study highlights the importance of mergers in enhancing efficiency and suggests areas for further improvement, such as risk-mitigation strategies during economic downturns.
Originality/Novelty
This study provides additional literature on the impact of mergers on the efficiency of Islamic banks in Indonesia. It extends previous studies on Islamic bank mergers by offering insights into performance differences before and after the merger, using Bank Syariah Indonesia as a case study.
Keywords
Article Details
Copyright (c) 2024 Fifi Hakimi, Faricha Maf'ula, Rifyal Zuhdi Gultom
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References
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Goryunov, E. L., Drobyshevsky, S. M., Kudrin, A. L., & Trunin, P. V. (2023). Factors of global inflation in 2021–2022. Russian Journal of Economics, 9(3), 219–244. https://doi.org/10.32609/j.ruje.9.111967
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Hidayah, N. (2016). Studi komparatif tingkat efisiensi perbankan konvensional dan perbankan syariah di Indonesia [Comparative study of the efficiency levels of conventional banking and Islamic banking in Indonesia]. Jurnal Ekonomi & Keuangan Islam, 2(2), 28–37. https://doi.org/10.20885/jeki.vol2.iss2.art4
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Idris, N. H., Yazid, Z. A., Faique, F. A., Daud, S., Ismail, S., Bakri, M. H., & Taib, N. M. (2016). Financial literacy and debt burden among malay youth workers in Malaysia. Advanced Science Letters, 22(12), 4288–4292. https://doi.org/10.1166/asl.2016.8130
Jaouadi, S., & Zorgui, I. (2014). Exploring effectiveness and efficiency of banks in Switzerland. International Journal of Academic Research in Business and Social Sciences, 4(4), 313–325. https://doi.org/10.6007/IJARBSS/v4-i4/787
Kandil, T., & Chowdhury, D. (2014). Islamic banks’ mergers and acquisitions – impacts on performance and financial crisis in the United Kingdom. In F. H. Beseiso (Ed.), Contemporary Studies in Economic and Financial Analysis (pp. 119–140). Emerald Group Publishing Limited. https://doi.org/10.1108/S1569-3759(2014)0000095016
Karim, A. A. (2018). Ekonomi mikro Islam [Islamic microeconomics] (Tenth edition). Rajawali Pers.
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Khan, A., & Noreen, U. (2014). Efficiency measure of insurance v/s takaful firms using DEA approach: A case of Pakistan. Islamic Economic Studies, 22(1), 139–158. https://doi.org/10.12816/0004133
Kusumaningrum, D., Sari, P. A., Panjaitan, A. Y., & Panggiarti, E. K. (2023). Pengaruh kombinasi bisnis PT. Bank Syariah Indonesia (BSI) Tbk terhadap perkembangan ekonomi syariah di Indonesia [The influence of the business combination of PT. Bank Syariah Indonesia (BSI) Tbk on the development of the sharia economy in Indonesia]. Cemerlang : Jurnal Manajemen Dan Ekonomi Bisnis, 4(1), 183–194. https://doi.org/10.55606/cemerlang.v4i1.2304
Ling, P.-S., Abdul-Rahim, R., & Said, F. F. (2020). The effectiveness of technical strategies in Malaysian Sharīʿah vs conventional stocks. ISRA International Journal of Islamic Finance, 12(2), 195–215. https://doi.org/10.1108/IJIF-08-2018-0092
Masrizal, Sukmana, R., Fianto, B. A., & Gultom, R. Z. (2023). Does economic freedom fosters Islamic rural banks efficiency? Evidence from Indonesia. International Journal of Productivity and Performance Management, 72(9), 2538–2558. https://doi.org/10.1108/IJPPM-11-2021-0660
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References
Abdul Rahman, A. R., & Rosman, R. (2013). Efficiency of Islamic banks: A comparative analysis of MENA and Asian countries. Journal of Economic Cooperation and Development, 34(1), 63–92. https://jecd.sesric.org/pdf.php?file=ART12091001-2.pdf
Al-Khasawneh, J. A., Essaddam, N., & Hussain, T. (2020). Total productivity and cost efficiency dynamics of US merging banks: A non-parametric bootstrapped analysis of the fifth merger wave. The Quarterly Review of Economics and Finance, 78, 199–211. https://doi.org/10.1016/j.qref.2020.02.002
Anagnostopoulos, I., Noikokyris, E., & Giannopoulos, G. (2020). A meta-crisis banking efficiency study in the MENA region. Journal of Islamic Accounting and Business Research, 11(10), 2087–2112. https://doi.org/10.1108/JIABR-12-2019-0235
Badruzaman, J. (2020). Analisis efiensi dan kinerja bank syariah di Indonesia [Analysis of efficiency and performance of Islamic banks in Indonesia]. Jurnal Akuntansi, 15(1), 20–27. https://doi.org/10.37058/jak.v15i1.1812
Bank Syariah Indonesia. (2021, October 19). Sejarah perseroan [Company history] [HTML]. Bank Syariah Indonesia. https://ir.bankbsi.co.id/corporate_history.html
Bank Syariah Indonesia. (2022). Laporan tahunan 2021: Energi baru untuk Indonesia [Annual report 2021: New energy for Indonesia]. Bank Syariah Indonesia. https://ir.bankbsi.co.id/misc/AR/AR2021-IDN.pdf
Bank Syariah Indonesia. (2023a). Laporan tahunan 2022: Kolaborasi untuk akselerasi pertumbuhan [Annual report 2022: Collaboration to accelerate growth]. Bank Syariah Indonesia. https://ir.bankbsi.co.id/misc/AR/AR2022-ID.pdf
Bank Syariah Indonesia. (2023b, August 16). Sejarah dan perkembangan bank syariah di Indonesia [History and development of Islamic banking in Indonesia] [HTML]. Bank Syariah Indonesia. https://www.bankbsi.co.id/news-update/edukasi/sejarah-dan-perkembangan-bank-syariah-di-indonesia
Ben Rejeb, A., & Arfaoui, M. (2019). Do Islamic stock indexes outperform conventional stock indexes? A state space modeling approach. European Journal of Management and Business Economics, 28(3), 301–322. https://doi.org/10.1108/EJMBE-08-2018-0088
Benarda, B., Sumarwan, U., & Hosen, M. N. (2016). Tingkat efisiensi industri asuransi jiwa syariah menggunakan pendekatan Two Stage Data Envelopment Analysis [The efficiency level of the sharia life insurance industry using the Two Stage Data Envelopment Analysis approach]. Jurnal Aplikasi Bisnis Dan Manajemen (JABM), 2(1), 64–64. https://doi.org/10.17358/jabm.2.1.64
Cholik, A. A. (2013). Teori efisiensi dalam ekonomi Islam [Efficiency theory in Islamic economics]. Islamic Economics Journal, 1(2), 167–182. https://doi.org/10.21111/iej.v1i2.179
Dinçer, H., & Yüksel, S. (2020). Financial intermediaries. In A. Driouchi (Ed.), Monetary policies and independence of the central banks in E7 countries: IGI Global. https://doi.org/10.4018/978-1-7998-1643-0
Firdaus, M. F., & Hosen, M. N. (2014). Efisiensi bank umum syariah menggunakan pendekatan two-stage data envelopment analysis [Efficiency of Islamic commercial banks using a two-stage data envelopment analysis approach]. Buletin Ekonomi Moneter Dan Perbankan, 16(2), 167–188. https://doi.org/10.21098/bemp.v16i2.31
Goryunov, E. L., Drobyshevsky, S. M., Kudrin, A. L., & Trunin, P. V. (2023). Factors of global inflation in 2021–2022. Russian Journal of Economics, 9(3), 219–244. https://doi.org/10.32609/j.ruje.9.111967
Hata, F. Y., Suharno, S., & Alfarisy, M. F. (2020). Efficiency analysis of Islamic banking in Indonesia 2015—2018 using Stochastic Frontier Method. Al-Amwal : Jurnal Ekonomi Dan Perbankan Syari’ah, 12(2), 191–200. https://doi.org/10.24235/amwal.v12i2.7016
Hidayah, N. (2016). Studi komparatif tingkat efisiensi perbankan konvensional dan perbankan syariah di Indonesia [Comparative study of the efficiency levels of conventional banking and Islamic banking in Indonesia]. Jurnal Ekonomi & Keuangan Islam, 2(2), 28–37. https://doi.org/10.20885/jeki.vol2.iss2.art4
Hidayat, R. (2014). Efisiensi perbankan syariah: Teori dan praktik [Efficiency of Islamic banking: Theory and practice]. Gramata Publishing.
Idris, N. H., Yazid, Z. A., Faique, F. A., Daud, S., Ismail, S., Bakri, M. H., & Taib, N. M. (2016). Financial literacy and debt burden among malay youth workers in Malaysia. Advanced Science Letters, 22(12), 4288–4292. https://doi.org/10.1166/asl.2016.8130
Jaouadi, S., & Zorgui, I. (2014). Exploring effectiveness and efficiency of banks in Switzerland. International Journal of Academic Research in Business and Social Sciences, 4(4), 313–325. https://doi.org/10.6007/IJARBSS/v4-i4/787
Kandil, T., & Chowdhury, D. (2014). Islamic banks’ mergers and acquisitions – impacts on performance and financial crisis in the United Kingdom. In F. H. Beseiso (Ed.), Contemporary Studies in Economic and Financial Analysis (pp. 119–140). Emerald Group Publishing Limited. https://doi.org/10.1108/S1569-3759(2014)0000095016
Karim, A. A. (2018). Ekonomi mikro Islam [Islamic microeconomics] (Tenth edition). Rajawali Pers.
Karimah, S., Novianti, T., & Effendi, J. (2016). Kajian efisiensi bank umum syariah di Indonesia [Study of the efficiency of Islamic commercial banks in Indonesia]. Al-Muzara’ah, 4(1), 33–43. https://doi.org/10.29244/jam.4.1.33-43
Khan, A., & Noreen, U. (2014). Efficiency measure of insurance v/s takaful firms using DEA approach: A case of Pakistan. Islamic Economic Studies, 22(1), 139–158. https://doi.org/10.12816/0004133
Kusumaningrum, D., Sari, P. A., Panjaitan, A. Y., & Panggiarti, E. K. (2023). Pengaruh kombinasi bisnis PT. Bank Syariah Indonesia (BSI) Tbk terhadap perkembangan ekonomi syariah di Indonesia [The influence of the business combination of PT. Bank Syariah Indonesia (BSI) Tbk on the development of the sharia economy in Indonesia]. Cemerlang : Jurnal Manajemen Dan Ekonomi Bisnis, 4(1), 183–194. https://doi.org/10.55606/cemerlang.v4i1.2304
Ling, P.-S., Abdul-Rahim, R., & Said, F. F. (2020). The effectiveness of technical strategies in Malaysian Sharīʿah vs conventional stocks. ISRA International Journal of Islamic Finance, 12(2), 195–215. https://doi.org/10.1108/IJIF-08-2018-0092
Masrizal, Sukmana, R., Fianto, B. A., & Gultom, R. Z. (2023). Does economic freedom fosters Islamic rural banks efficiency? Evidence from Indonesia. International Journal of Productivity and Performance Management, 72(9), 2538–2558. https://doi.org/10.1108/IJPPM-11-2021-0660
Miniaoui, H., & Chaibi, A. (2014). Technical efficiency of takaful industry: A comparative study of Malaysia and GCC countries (IPAG Business School Working Paper Series 2014-055). IPAG Business School. https://faculty-research.ipag.edu/wp-content/uploads/recherche/WP/IPAG_WP_2014_055.pdf
Mohd Noor, N. H. H., Bakri, M. H., Wan Yusof, W. Y. R., Mohd Noor, N. R. A., & Zainal, N. (2020). The impact of the bank regulation and supervision on the efficiency of Islamic banks. The Journal of Asian Finance, Economics and Business, 7(11), 747–757. https://doi.org/10.13106/JAFEB.2020.VOL7.NO11.747
Musah, A., Abdulai, M., & Baffour, H. (2020). The effect of mergers and acquisitions on bank performance in Ghana. Asian Journal of Economics and Empirical Research, 7(1), 36–45. https://doi.org/10.20448/journal.501.2020.71.36.45
Nahar, F. H., Adha, M. A., & Rofiul Wahyudi. (2022). Efficiency in Islamic and conventional banking in Indonesia. Journal of Islamic Economics Lariba, 8(1), 179–195. https://doi.org/10.20885/jielariba.vol8.iss1.art11
Najib, M. I. A., & Iskandar, D. D. (2022). Efficiency analysis of sharia commercial banks (BUS) in Indonesia during 2015 – 2019. Journal of Islamic Economics Lariba, 8(1), 33–51. https://doi.org/10.20885/jielariba.vol8.iss1.art3
Nasehudin, T. S., & Gozali, N. (2015). Metode penelitian kuantitatif [Quantitative research methods]. CV Pustaka Setia.
Nguyen, P. H., & Pham, D. T. B. (2020). The cost efficiency of Vietnamese banks – the difference between DEA and SFA. Journal of Economics and Development, 22(2), 209–227. https://doi.org/10.1108/JED-12-2019-0075
Nofinawati, N. (2015). Perkembangan perbankan syariah di Indonesia [The development of Islamic banking in Indonesia]. Juris, 14(2), 168–183. https://doi.org/10.31958/juris.v14i2.305
Octrina, F., & Mariam, A. G. S. (2021). Islamic bank efficiency in Indonesia: Stochastic Frontier Analysis. The Journal of Asian Finance, Economics and Business, 8(1), 751–758. https://www.kci.go.kr/kciportal/landing/article.kci?arti_id=ART002681771
Pambuko, Z. B. (2016). Determinan tingkat efisiensi perbankan syariah di Indonesia: Two Stages Data Envelopment Analysis [Determinants of the efficiency level of Islamic banking in Indonesia: Two Stages Data Envelopment Analysis]. Cakrawala: Jurnal Studi Islam, 11(2), 178–194. https://doi.org/10.31603/cakrawala.v11i2.249
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