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Determinants of Bank Stability in Indonesia Rahmatina Awaliah Kasri; Chairilisa Azzahra
Signifikan: Jurnal Ilmu Ekonomi Vol 9, No 2 (2020)
Publisher : Faculty of Economic and Business Syarif Hidayatullah State Islamic University of Jakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15408/sjie.v9i2.15598

This study aims to analyse the determinant of banks’ stability in Indonesia, which is very important to ensure that the country’s banking system could be more effective in supporting transmission of monetary policy and more resilient in facing financial crisis. To achieve the objective, this study collected a comprehensive dataset from 94 banks in Indonesia, covering both conventional and Islamic banks, during September 2015 - June 2019 period. The data is subsequently analysed by employing dynamic panel data model. The results show that the main factors that positively influenced banks’ stability in Indonesia are exchange rate, financial inclusion, asset returns, and credit/financing growth. However, interest rates are found to be negatively influenced the stability. The findings are expected to provide insights for policy makers and market players in ensuring that the banks’ stability could be well maintained in Indonesia. The results are also hoped to enrich literature in economics and banking, particularly in emerging markets like Indonesia.JEL Classification: G21.How to Cite:Kasri, R. A., & Azzahra, C. (2020). Determinants of Bank Stability in Indonesia. Signifikan: Jurnal Ilmu Ekonomi, 9(2), 153-166. doi: http://doi.org/10.15408/sjie.v9i2.15598.

Islamic Financial Literacy Amongst Muslim Students in Indonesia: A Multidimensional Approach Muhammad Raihan Aulia Firdausi; Rahmatina Awaliah Kasri
AL-MUZARA'AH AL-MUZARA'AH Special Issue 2022
Publisher : Department of Islamic Economics, IPB University

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.29244/jam.specialissue2022.77-94

Although Indonesia is the largest Muslim country in the world, the level of Islamic financial literacy in Indonesia is still very low. The Islamic financial literacy index in Indonesia is at 8.93%, much lower than the conventional financial literacy index which reached 37.72% in 2019. Therefore, this study aims to analyze the determinants of Islamic financial literacy in Indonesia amongst university students which is a group prioritized by government policies in improving Islamic financial literacy. To achieve this goal, this study develops a multidimensional Islamic financial literacy instrument that includes aspects of knowledge, attitudes and behavior and measures the multidimensional Islamic financial literacy amongst university students. The study collected primary data from 439 students from University of Indonesia and analyzed them using logistic regression method with Islamic financial literacy scores as the dependent variable and socio-demographic factors as the independent variables. The results of this study found that the majority of students (50.1%) had moderate levels of Islamic financial literacy, while 43.5% and 6.4% had high and low levels of Islamic financial literacy respectively. In addition, this study found a positive influence on the field of study, income, and Islamic bank account ownership on the level of Islamic financial literacy. In particular, students who come from the faculty of economics and business, have higher incomes, and have Islamic bank accounts tend to have higher Islamic financial literacy than other students. Based on these findings, relevant stakeholders in Indonesia are expected to continue improving Islamic financial literacy through various strategies and massive educational programs, especially for the groups which have low and moderate Islamic financial literacy. The results of this study are also expected to enrich the literature on Islamic financial literacy in Muslim countries.

Does Strategic Planning Matter in Enhancing Performance of Zakah Organization? Some Insights from Zakah Management in Indonesia Rahmatina Awaliah Kasri; Niken Iwani Surya Putri
International Journal of Zakat Vol 3 No 1 (2018)
Publisher : Center of Strategic Studies (PUSKAS) BAZNAS

The paper aims to explore strategic planning practices of zakah organizations in Indonesia and their impacts on the organizational performance. It uses qualitative research approach with semi-structured interviews and a quantitative approach based on financial data from the organizations. The study found several interesting findings. First, from mission statement analysis, different zakah organizations seem to have different idealized views and focus on achieving either particular organizational characteristics or organizational targets/outcomes. Second, the strategic planning processes tend to follow the “by-design” and the “by-flow” strategies which are implemented in all zakah agencies regardless of its type. However, it is notable that only the non-government zakah agencies were flexible enough to run programs based on recommendation of the zakah payers. Third, in terms of performance, it is found that corporate zakah agency has the highest collection capacity, while the private zakah agency has the highest distributional capacity. Based on the findings, it is suggested that the zakah organizations should focus on their targets/outcomes and properly design their programs. It is also argued that all zakah agency has formulated sound mission statements and it is reflected well in the organizational capacity. This implies that there is a positive relationship between strategic planning and organizational performance. Keywords: Zakat, Strategic Management, Zakah organization

Exploring the Potential of Zakah for Supporting Realization of Sustainable Development Goals (SDGs) in Indonesia Sarah Asmalia; Rahmatina Awaliah Kasri; Abdillah Ahsan
International Journal of Zakat Vol 3 No 4 (2018)
Publisher : Center of Strategic Studies (PUSKAS) BAZNAS

Sustainable Development Goals (SDGs) is a universal call to end poverty, protect the planet and ensure that all people enjoy peace and prosperity; goals which are strongly in line with the objective of Islam (maqasid al shariah). Despite of global acceptance of the concept, however, financing issues remain the biggest challenge for realizing the SDGs. Innovative financing through partnership with religious and other institutions, therefore, has been recommended. With this perspective, this study aims to explore the potential of zakah to support financing and realizing the goals in Indonesia. This is done by identifying factors that influence the intention of Muslims to pay zakah and exploring the SDGs’ clusters prioritized to be financed from the zakah funds. The study collected primary data from 304 respondents living in Greater Jakarta area of Indonesia and utilized the Theory of Planned Behaviors (TPB) approach to frame the intentions. It also used descriptive statistics and Structural Equation Modeling (SEM) to analyze the data. The findings suggest that three TPB variables, namely attitudes, subjective norms and behavioral control, have a positive influence on the Muslims’ intention to pay zakat. Additionally, attitudes are influenced by religiosity, knowledge and trust to zakah organizations. Furthermore, of the five objective clusters’ in the SDGs, the people cluster (which includes objectives such as poverty reduction, education and health improvement) received the highest priority in the perceptions of the Muslims regarding the use of zakah for financing SDGs. The findings highlight the potential of zakah in supporting achievement of SDGs in Indonesia, something that might be useful for government, NGOs, zakah organizations and other zakah stakeholders.

DETERMINANTS OF PUBLIC-PRIVATE PARTNERSHIP IMPLEMENTATION IN OIC COUNTRIES Rahmatina Awaliah Kasri; Muhammad Rizki Siddiq; Farid Arif Wibowo
Journal of Islamic Monetary Economics and Finance Vol 8 No 2 (2022)
Publisher : Bank Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21098/jimf.v8i2.1437

This study examines the Private-Public Partnership (PPP) implementation for financing public infrastructure and its determinants for the case of OIC countries during the period 2015–2019. Using the fixed-effects panel model and considering public resource constraints and market, macroeconomic, institutional and cultural variables as potential factors, it documents that the regulatory quality, political stability, Islamicity Index and inflation variables positively influence the implementation of PPP for financing public infrastructure in the OIC region. Meanwhile, aid is found to negatively affect the PPP implementation. These findings suggest that PPP implementation tends to be higher in countries with good institutions, stable macroeconomic conditions, low public resources, low levels of aid and strong adherence to Islamic values. The results are expected to provide insights for policymakers and private sectors involved in the implementation of PPP in OIC countries.

Hubungan Industri Keuangan Syariah dan Pertumbuhan Ekonomi Indonesia Dimas Andhio Sunaryo; Rahmatina Awaliah Kasri
Jurnal Pendidikan Tambusai Vol. 6 No. 2 (2022): Agustus 2022
Publisher : LPPM Universitas Pahlawan Tuanku Tambusai, Riau, Indonesia

Sektor keuangan syariah dipercaya berperan dalam mendorong pertumbuhan ekonomi negara. Walaupun industri keuangan syariah Indonesia masih didominasi sektor perbankan, peran industri keuangan non-bank (IKNB) dan pasar modal syariah semakin besar dan tidak bisa diabaikan. Penelitian ini bertujuan untuk menganalisis hubungan sektor keuangan syariah, yang mencakup sektor perbankan, IKNB dan pasar modal syariah, terhadap pertumbuhan ekonomi Indonesia. Penelitian ini menggunakan metode kuantitatif, dengan Vector Autoregression (VAR) dan Vector Error Correction Model (VECM), dan data sekunder periode Januari 2017 - Desember 2020. Variabel dependen studi ini adalah Indeks Produksi Industri (IPI), sedangkan variabel independennya adalah Sertifikat Bank Indonesia Syariah (SBIS), Sukuk Negara (SBSN), Dana Pihak Ketiga (DPK) Syariah, Pembiayaan Syariah, Asuransi Syariah, Financial Technology (Tekfin) Syariah, Keterbukaan Perdagangan, Covid-19 dan Inflasi. Penelitian ini menghasilkan beberapa temuan menarik. Pertama, sektor perbankan syariah tidak berpengaruh signifikan terhadap pertumbuhan ekonomi Indonesia dalam jangka pendek, namun berpengaruh signifikan pada jangka panjang. Kedua, sektor pasar modal berpengaruh signifikan terhadap pertumbuhan ekonomi dalam jangka pendek dan jangka panjang. Ketiga, sektor IKNB berpengaruh signifikan terhadap pertumbuhan ekonomi dalam jangka panjang. Secara khusus, SBIS dan SBSN berpengaruh positif dalam jangka pendek sementara asuransi syariah positif untuk jangka panjang. Keempat, variabel asuransi syariah dan dana pihak ketiga memberikan dampak yang fluktuatif dan positif terhadap variabel IPI. Variabel eksternal seperti pandemi Covid-19 dan keterbukaan perdagangan juga mempengaruhi pertumbuhan ekonomi Indonesia dalam jangka panjang. Terakhir, ditemukan variabel yang paling berpengaruh terhadap IPI adalah variabel IPI sendiri. Hasil penelitian memberikan bukti bahwa keuangan syariah, khususnya IKNB Syariah, berperan penting dalam mendorong pertumbuhan ekonomi Indonesia.

Understanding the Historical Emergence of Islamic Finance in Indonesia: An Institutional and Social Movement Perspetive Indrastomo, Banjaran Surya; Kasri, Rahmatina Awaliah; Hendranastiti, Nur Dhani
QIJIS Vol 11, No 1 (2023)
Publisher : IAIN Kudus

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21043/qijis.v11i1.16431

Despite the rapid growth of Islamic finance globally, studies have not yet attempted to rationalise how it emerged and developed. Therefore, drawing on a dialogue between institutional and social movement theories, this study aims to understand the process that led to the emergence and development of Islamic finance in Indonesia. Based on primary data collected from 32 Indonesian Islamic finance activists and other relevant sources, the study suggests that the emergence and development of the Islamic financial institution in Indonesia was an outcome of the changing approach of the Islamic economic movement in realising its goals, shifting from an experimental outsider initiative to an internally generated one that attempts to effect change from within. Furthermore, the dynamic development of Islamic finance in Indonesia can be framed and categorised into several periods: an introduction period (1983–1992), a recognition period (1993–2004), a crystallisation period (2005–2014), and a centralisation period (2014–present). These results are expected to enrich the literature on the emergence of Islamic finance and provide insights to develop and ‘reform’ the Islamic financial institution to realise its idealism.

Shariah board governance and sustainability performance: analysis of sharia banking in Indonesia Puspitasari, Novia Dwi; Kasri, Rahmatina Awaliah
Jurnal Ekonomi & Studi Pembangunan Vol 24, No 2: October 2023
Publisher : Universitas Muhammadiyah Yogyakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.18196/jesp.v24i2.20133

This study aims to investigate the relationship between sharia governance and sustainability performance in the Indonesian Islamic banking industry. Sharia governance is measured by the sharia supervisory board (SSB) score and the individual attributes of its members (size, number of meetings, educational background, and diversity). Sustainability performance (SP) is proxied by its economic, environmental, and social dimensions, as defined by the Global Reporting Initiative (GRI) framework. Secondary data from 2010—2020 company reports are used and analyzed using manual content analysis. Panel data regression is also employed to test the hypotheses and identify which individual attributes of the SSB influence sustainability performance. The results show that the SSB has a positive and significant effect on Indonesia’s overall SP of Islamic banking. Among the individual attributes, the frequency of SSB meetings has a positive and significant effect on overall SP, while the diversity of SSB members negatively affects economic and social SP. Meanwhile, SSB member’s size and educational background do not affect overall SP. The findings are expected to enhance understanding of Islamic bank’s development and approaches to addressing sustainability-related issues of Islamic bank. This study also contributes as consideration in the improvement of standard practices or the current implementation of sharia governance in Indonesia and to promote sustainable operations through Islamic corporate governance.

DETERMINANTS OF PUBLIC-PRIVATE PARTNERSHIP IMPLEMENTATION IN OIC COUNTRIES Kasri, Rahmatina Awaliah; Siddiq, Muhammad Rizki; Wibowo, Farid Arif
Journal of Islamic Monetary Economics and Finance Vol. 8 No. 2 (2022)
Publisher : Bank Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21098/jimf.v8i2.1437

This study examines the Private-Public Partnership (PPP) implementation for financing public infrastructure and its determinants for the case of OIC countries during the period 2015–2019. Using the fixed-effects panel model and considering public resource constraints and market, macroeconomic, institutional and cultural variables as potential factors, it documents that the regulatory quality, political stability, Islamicity Index and inflation variables positively influence the implementation of PPP for financing public infrastructure in the OIC region. Meanwhile, aid is found to negatively affect the PPP implementation. These findings suggest that PPP implementation tends to be higher in countries with good institutions, stable macroeconomic conditions, low public resources, low levels of aid and strong adherence to Islamic values. The results are expected to provide insights for policymakers and private sectors involved in the implementation of PPP in OIC countries.

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