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All Journal Jurnal Iqtisad Economic Journal of Emerging Markets Jurnal Keuangan dan Perbankan Kinerja JEJAK Journal of Economics, Business, & Accountancy Ventura Journal of Indonesian Economy and Business Jurnal Ekonomi Pembangunan: Kajian Masalah Ekonomi dan Pembangunan Jurnal Ekonomi Syariah Teori dan Terapan Global Review of Islamic Economics and Business Jurnal Ekonomi dan Bisnis Islam Economica: Jurnal Ekonomi Islam Jurnal Ekonomi & Keuangan Islam Muqtasid: Jurnal Ekonomi dan Perbankan Syariah Shirkah: Journal of Economics and Business International Journal of Islamic Business and Economics (IJIBEC) EkBis: Jurnal Ekonomi dan Bisnis Share: Jurnal Ekonomi dan Keuangan Islam WELFARE Jurnal Ilmu Ekonomi Unisia Jurnal Keuangan dan Perbankan Jurnal Kebijakan Ekonomi dan Keuangan International Journal of Islamic Business and Economics (IJIBEC)
Agus Widarjono
Department Of Economics, Faculty Of Business And Economics, Universitas Islam Indonesia
Religion Humanities Economics, Econometrics & Finance Education Environmental Science Social Sciences Other

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The Impact of Sectoral Financing Diversification on Non-Performing Financing of Islamic Rural Banks Dityawarman El Aiyubbi; Agus Widarjono; Nabilah Amir
Jurnal Ekonomi Syariah Teori dan Terapan Vol. 9 No. 2 (2022): Maret-2022
Publisher : Universitas Airlangga

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20473/vol9iss20222pp140-155

Abstract

ABSTRAK Penelitian ini bertujuan untuk menganalisis pengaruh diversifikasi pembiayaan dengan beberapa kontrol variabel baik variabel internal bank maupun variabel eksternal terhadap NPF BPRS di Indonesia. Faktor internal terdiri dari aset, CAR, pembiayaan, efisiensi operasi, sedangkan variabel eksternal adalah kondisi ekonomi makro yaitu output domestik dan tingkat inflasi. Penelitian ini menggunakan data time series, bulan Januari 2010 sampai Desember 2019. Penelitian ini menggunakan metode Autoregressive Distributed Lag model (ARDL). Berdasarkan hasil uji kointegrasi terdapat hubungan jangka panjang dalam penelitian ini. Penelitian ini menunjukkan bahwa diversifikasi menyebabkan NPF yang tinggi. Selain itu, peningkatan CAR dan Inflasi menyebabkan meningkatkan NPF pada BPRS di Indonesia. Pembiayaan yang diproksi dengan rasio pembiayaan terhadap total aset menunjukkan pengaruh yang negatif terhadap NPF. Implikasi bagi BPRS yakni BPRS diharapkan lebih pada konsentrasi pembiayaan pada sektor tertentu karena akan mengurangi risiko pembiayaan bermasalah pada BPRS. selain itu BPRS dalam melakukan pembiayaan perlu menerapkan prinsip kehati-hatian agar dapat meningkatkan profitabilitas dan mengurangi pembiayaan bermasalah. kemudian bagi pemerintah diharapkan terus menjaga kondisi ekonomi sehingga dapat mengurangi risiko pembiayaan bermasalah. Kata Kunci: NPF, Diversifikasi, Pembiayaan, Inflasi, ARDL.   ABSTRACT This research aims to analyze the effect of financing diversification with some variable controls on both internal bank variables and external variables to NPF of BPRS in Indonesia. Internal factors consist of assets, CAR, financing, operating efficiency. While external variables are macroeconomic conditions, i.e., domestic output and inflation rate. This study uses time-series data, from January 2010 to December 2019. The study used the Autoregressive Distributed Lag Model (ARDL) method. Based on the cointegration test results, this study has a long-term relationship. This research shows that diversification leads to high NPF. In addition, the increase in CAR and Inflation led to an increase in NPF of BPRS in Indonesia. Projected financing with a ratio of financing to total assets negatively influences NPF. The implication for BPRS is that BPRS should focus on financing in specific segments because it will reduce the risk of non-performing financing. BPRS also needs to apply the prudential principle to increase profitability and reduce non-performing financing. In addition, the government must also maintain a stable economic condition to reduce the risk of non-performing financing. Keywords: NPF, Diversification, Financing, Inflation, ARDL.   DAFTAR PUSTAKA Abidin, Z., Rumbaf, A. S., Iqbal, M., & Prabantarikso, R. M. (2020). 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Apa dan bagaimana bank syariah. Yogyakarta: Dana Bhakti Wakaf. Kim, H., Batten, J. A. & Ryu, D. (2020). Financial crisis, bank diversification, and financial stability: OECD countries. International Review of Economics and Finance, 65(September 2019), 94–104. https://doi.org/10.1016/j.iref.2019.08.009 Kusi, B. A., Adzobu, L., Abasi, A. K. & Ansah-Adu, K. (2020). Sectoral loan portfolio concentration and bank stability: Evidence from an emerging economy. Journal of Emerging Market Finance, 19(1), 66–99. https://doi.org/10.1177/0972652719878597 Laestiani, N., Riani, W. & Haviz, M. (2020). Pengaruh inflasi, laju pertumbuhan ekonomi (LPE), dan return on asset (ROA) terhadap non performing financing (NPF) pada bank umum. Prosiding Ilmu Ekonomi, 6, 23–28. Liang, S., Moreira, F. & Lee, J. (2020). Diversification and bank stability. Economics Letters, 193,. https://doi.org/10.1016/j.econlet.2020.109312 Meriyati, M. & Hermanto, A. (2021). Sosialisasi sejarah bank perkreditan rakyat (BPR) dan bank perkreditan rakyat syariah (BPRS) kepada alumni pondok al-iman yang berada di Palembang. AKM: Aksi Kepada Masyarakat, 1(2), 43–52. https://doi.org/10.36908/akm.v1i2.187 Moudud-Ul-Huq, S., Ashraf, B. N., Gupta, A. Das & Zheng, C. (2018). Does bank diversification heterogeneously affect performance and risk-taking in ASEAN emerging economies? Research in International Business and Finance, 46(April), 342–362. https://doi.org/10.1016/j.ribaf.2018.04.007 Nugrohowati, R. N. I. & Bimo, S. (2019). Analisis pengaruh faktor internal bank dan eksternal terhadap Non-Performing Financing (NPF) pada Bank Perkreditan Rakyat Syariah di Indonesia. Jurnal Ekonomi & Keuangan Islam, 5(1), 42–49. https://doi.org/10.20885/jeki.vol5.iss1.art6 Otoritas Jasa Keuangan. (2010). Statistik perbankan syariah. Jakarta: OJK. Retrieved from https://www.ojk.go.id/ Otoritas Jasa Keuangan. (2011). Statistik perbankan syariah. Jakarta: OJK. 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Peraturan Otoritas Jasa Keuangan nomor 33/POJK.03/2018 tentang kualitas aset produktif dan pembentukan penyisihan penghapusan aset produktif bank perkreditan rakyat. Jakarta: Otoritas Jasa Keuangan. Otoritas Jasa Keuangan. (2018c). Statistik perbankan syariah. Jakarta: OJK. Retrieved from https://www.ojk.go.id/ Otoritas Jasa Keuangan. (2019a). Peraturan Otoritas Jasa Keuangan nomor 29/POJK.03/2019 tentang penilaian kualitas aset produktif dan pembentukan penyisihan penghapusan aset produktif bagi bank pembiayaan rakyat syariah. Jakarta: Otoritas Jasa Keuangan. Otoritas Jasa Keuangan. (2019b). Peraturan Otoritas Jasa Keuangan nomor 28/SEOJK.03/2019 tentang sistem penilaian tingkat kesehatan bank pembiayaan rakyat syariah. Jakarta: Otoritas Jasa Keuangan. Otoritas Jasa Keuangan. (2019c). Statistik perbankan syariah. Jakarta: OJK. https://www.ojk.go.id/ Prastiwi, I. E. & Anik, A. A. (2020). Diversifikasi kredit, monitoring, dan kinerja perbankan di Indonesia. Jurnal Ilmiah Ekonomi Islam, 6(1), 80–86. https://doi.org/10.29040/jiei.v6i1.775 Presiden Republik Indonesia (1992). Peraturan Pemerintah Republik Indonesia nomor 72 Tahun 1992 bank berdasarkan prinsip bagi hasil. Jakarta: Presiden RI. Priyadi, U., Utami, K. D. S., Muhammad, R., & Nugraheni, P. (2021). Determinants of credit risk of Indonesian Sharīʿah rural banks. ISRA International Journal of Islamic Finance, 13(3), 284-301. https://doi.org/10.1108/IJIF-09-2019-0134 Dewan Perwakilan Rakyat Republik Indonesia. (2013). Undang-Undang Republik Indonesia nomor 1 tahun 2013 tentang lembaga keuangan mikro. Jakarta: DPR RI. Dewan Perwakilan Rakyat Republik Indonesia. (1998). Undang-Undang Republik Indonesia nomor 10 tahun 1998 tentang perbankan. Jakarta: DPR RI. Dewan Perwakilan Rakyat Republik Indonesia. (2008). Undang-Undang Republik Indonesia nomor 21 tahun 2008 tentang perbankan syariah. Jakarta: DPR RI. Dewan Perwakilan Rakyat Republik Indonesia. (1999). Undang-Undang Republik Indonesia nomor 23 tahun 1999 tentang bank Indonesia. Jakarta: DPR RI. Rossi, S. P. S., Schwaiger, M. S., & Winkler, G. (2009). How loan portfolio diversification affects risk, efficiency and capitalization: A managerial behavior model for Austrian banks. Journal of Banking and Finance, 33(12), 2218–2226. https://doi.org/10.1016/j.jbankfin.2009.05.022 Safitri, M., Ismawanto, T. & Kusno, H. S. (2020). Pengaruh FDR dan BOPO terhadap NPF pada bank syariah anak perusahaan BUMN. Jurnal Bisnis dan Kewirausahaan, 16(3), 201–207. https://doi.org/10.31940/jbk.v16i3.2192 Setiawan, A. H. (2017). Analisis komparasi lembaga keuangan mikro (LKM) dalam penyaluran kredit mikro menurut preferensi usaha mikro di kota Semarang. Jurnal Dinamika Ekonomi dan Bisnis, 14(1), 1–16. https://doi.org/10.34001/jdeb.v14i1.566 Setyawati, I. (2018). Determinan pertumbuhan total aset dengan pendekatan variabel spesifik bank dan pangsa pasar pada perbankan syariah di Indonesia. 80–115. https://doi.org/10.31227/osf.io/yu9gs Shim, J. (2019). Loan portfolio diversification, market structure and bank stability. Journal of Banking and Finance, 104, 103–115. https://doi.org/10.1016/j.jbankfin.2019.04.006 Suhaimi & Asnaini. (2018). Pembiayaan bermasalah di bank syariah. Al-Intaj: Jurnal Ekonomi dan Perbankan Syariah, 4(2), 1–52. http://dx.doi.org/10.29300/aij.v4i2.1208 Tuasikal, M. A. (2009). Shahih sunan ibnu majah. Retrieved from https://gakopsyah.com/berita/detail/42/bahaya-orang-yang-enggan-melunasi-hutangnya.html Umami, D. R. & Rani, L. N. (2021). Faktor-faktor yang mempengaruhi non performing financing bank pembiayaan rakyat syariah periode 2015-2019. Jurnal Ekonomi Syariah Teori dan Terapan, 8(4), 483. https://doi.org/10.20473/vol8iss20214pp483-495 Widarjono, A. & Rudatin, A. (2021a). Financing diversification and Indonesian Islamic bank’s non-performing financing. Jurnal Ekonomi & Keuangan Islam, 7(1), 45–58. https://doi.org/10.20885/jeki.vol7.iss1.art4 Widarjono, A. & Rudatin, A. (2021b). The Determinants of Indonesian Islamic rural banks’ non-performing financing. Global Review of Islamic Economics and Business, 9(1), 29–041. https://doi.org/10.14421/grieb.2021.091-03
Analysis of Rice Imports in Indonesia: AIDS approach Agus Widarjono
Journal of Economics, Business, & Accountancy Ventura Vol 21, No 2 (2018): August - November 2018
Publisher : STIE Perbanas Surabaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.14414/jebav.v21i2.1212

Abstract

Rice is a staple food for Indonesian households. After achieving self-sufficiency of rice in 1984, Indonesia still had to import rice because the domestic rice consumption always exceeded the domestic rice production.  This study attempts to analyze a rice import during the 1998-2014 period. The rice import was analyzed based on the main partner of Indonesian rice imports encompassing of Vietnam, Thailand, USA, Other countries. This research applied the demand system method using Almost Ideal Demand System (AIDS). The results indicate that price elasticity of rice import from Vietnam and Thailand was inelastic while from other countries, they were elastic. Based on the expenditure elasticity of rice import, rice is the normal goods for rice import from Thailand and USA. The policy simulation shows that the increase in the price of rice import leads to the decrease of rice import.  However, rice import from certain countries such as Thailand still increase. Rice is the staple food, therefore, the government must set up policy to increase domestic rice production for reducing dependency on rice imports.
The Determinants of Indonesian Islamic Rural Banks' Non-Performing Financing Agus Widarjono; Ari Rudatin
Global Review of Islamic Economics and Business Vol 9, No 1 (2021)
Publisher : Faculty of Islamic Economics and Business, State Islamic University Sunan Kalijaga

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.14421/grieb.2021.091-03

Abstract

Islamic bank encounters a high financing risk because of scheme contract using the profit-loss sharing system leading to an agency problem. The non-performing financing of Islamic rural banks as small Islamic banks in Indonesia is above the maximum threshold and is higher than that of conventional rural banks as their competitors. This paper investigates the impact of bank characteristic variables and macroeconomic variables on the non-performing financing of Islamic rural banks. Our study employs aggregate Islamic rural banks data, spanning from January 2009 to December 2018. Non-linear autoregressive distributed lag model (NARDL) is applied to address this issue. Capital adequacy ratio obviously increases impaired financing and income diversification clearly reduces non-performing financing. More interestingly, domestic output and inflation have an asymmetric effect on non-performing financing. Economic downturns increase non-performing financing but economic upturns have no impact on non-performing financing. Meanwhile, inflation deteriorates non-performing financing but deflation does not reduce non-performing financing.
THE IMPACT OF REAL EXCHANGE RATE ON TRADE BALANCE Agus Widarjono
Journal of Indonesian Economy and Business (JIEB) Vol 20, No 3 (2005): July
Publisher : Faculty of Economics and Business, Universitas Gadjah Mada

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.22146/jieb.6578

Abstract

The purpose of this study is to investigate the relationship between the trade balanceand the real exchange rate for bilateral trade in merchandise goods between Indonesia and the US, Japan and Singapore as its major trading partner. This article employs theelasticity approach to analyze such a relationship. Johansen multivariate cointegration isproposed to examine the impact of depreciation of real exchange rate on trade balance. Totests for J-curve, a generalize impulse response function generated from a vector error-correction model is applied.Quarterly data over the period 1988:1-2003:4 are used for the analysis. Our findingsdemonstrate that the real exchange rate has a positive impact on the bilateral tradebalance between Indonesia and Japan and Singapore. The generalized Marshall-Lernercondition, however, seems to hold only for the bilateral trade balance between Indonesiaand Japan. This study also finds that there is an evidence for J-curve for Indonesia’sbilateral trade balance with the Japan.Keyword: real exchange rate, trade balance, Marshal-Lerner Condition and J-curve
HOUSEHOLD FOOD DEMAND IN INDONESIA: A TWO-STAGE BUDGETING APPROACH Agus Widarjono; Sarastri Mumpuni Rucbha
Journal of Indonesian Economy and Business (JIEB) Vol 31, No 2 (2016): May
Publisher : Faculty of Economics and Business, Universitas Gadjah Mada

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (354.215 KB) | DOI: 10.22146/jieb.15287

Abstract

A two-stage budgeting approach was applied to analyze the food demand in urban areas separated by geographical areas and classified by income groups. The demographically augmented Quadratic Almost Ideal Demand System (QUAIDS) was employed to estimate the demand elasticity. Data from the National Social and Economic Survey of Households (SUSENAS) in 2011 were used. The demand system is a censored model because the data contains zero expenditures and is estimated by employing the consistent two-step estimation procedure to solve biased estimation. The results show that price and income elasticities become less elastic from poor households to rich households. Demand by urban households in Java is more responsive to price but less responsive to income than urban households outside of Java. Simulation policies indicate that an increase in food prices would have more adverse impacts than a decrease in income levels. Poor families would suffer more than rich families from rising food prices and/or decreasing incomes. More importantly, urban households on Java are more vulnerable to an economic crisis, and would respond by reducing their food consumption. Economic policies to stabilize food prices are better than income policies, such as the cash transfer, to maintain the well-being of the population in Indonesia Keywords: Urban, Two-Stage Budgeting, QUAIDS, Price and Income elasticity 
Profit-Loss Sharing Financing and Stability of Indonesian Islamic Banking Agus Widarjono; Zhafira Mardhiyah
International Journal of Islamic Business and Economics (IJIBEC) Vol. 6 No. 1 (2022): IJIBEC VOL. 6 NO. 1 JUNE 2022
Publisher : Faculty of Islamic Economics and Business of UIN K.H. Abdurrahman Wahid Pekalongan

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.28918/ijibec.v6i1.4196

Abstract

The study analyzes the extent to which Profit-Loss Sharing (PLS) financings with some control variables influence the stability of Islamic banks. Because of different scheme financings between Musharakah and Mudarabah, we also split them. This study measures stability utilizing Z-score. We employ the Autoregressive distributed lag (ARDL) model using monthly aggregate data of Islamic banks, covering from 2010:M1 to 2019:M12. This study is among studies who are pioneer in analyzing the role of PLS financing on stability. The findings shows that the PLS financings strengthen Islamic banks' stability for which Musharakah financing enhances the stability but Mudarabah financing weakens stability. Evidence also underlines that bank capital adequacy ratio (CAR) support stability but non-performing financing (NPF) and inefficiency lower stability. Macroeconomic conditions persistently support stability for which economic upturn fortifies stability but sharp depreciation weakens stability. This study implies that, in addition to Murabahah, Islamic banks have to diversify their financing on Musharakah.
The Role of Equity Financing on the Profitability of Indonesian Islamic Banks Agus Widarjono
Muqtasid: Jurnal Ekonomi dan Perbankan Syariah Vol 12, No 2 (2021): MUQTASID: Jurnal Ekonomi dan Perbankan Syariah
Publisher : IAIN Salatiga

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.18326/muqtasid.v12i2.129-143

Abstract

Islamic banks provide financing in the form of equity financing and non-equity financing. Equity financing is profit-loss sharing financing which is the main core of Islamic bank business consisting of Mudharabah and Musyarakah. This paper examines the extent to which equity financing affects the profitability of Islamic banks in Indonesia with the control variables consisting of bank-specific variables such as capital adequacy ratio, cost-income ratio, non-performing financing, and macroeconomic conditions such as domestic output, exchange rate. This study employs aggregate data of Islamic banks from January 2010 to December 2019. The estimation method is the Autoregressive distributed lag (ARDL) model. The results prove evidence of the long-run relationship between the dependent andindependent variables. The results show that total equity financing increases Islamic banks' profitability in Indonesia, but only Musyarakah financing significantly boosts profitability. Furthermore, the bank-specific variables affecting profits are capital, efficiency, and nonperforming financing. High capital adequacy ratio (CAR) reduces profit and inefficient Islamic banks and non-performing financing lower profit. Evidence also highlights that worse economic conditions through the economic downturn and sharp depreciation obviously lower the profitability of Islamic banks. These results imply that Islamic banks must capitalize on Musyarakah financing to support the performance of Islamic banks.
Dampak penerbitan sukuk dan obligasi konvensional terhadap return saham perusahaan di Indonesia Nur Indah Hardianti; Agus Widarjono
Jurnal Ekonomi & Keuangan Islam Volume 3 No. 1, Januari 2017
Publisher : Faculty of Economics, Universitas Islam Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20885/jeki.vol3.iss1.art6

Abstract

Capital markets are an integral part of economic activity in many countries. One type of capital market is bonds. In Indonesia has developed two types of bonds are syariah-based bonds called sukuk and bonds are not based on sharia. The purpose of this study is to analyze the impact of issuance of sukuk and conventional bonds on stock returns. The company under study is a company that issues both sukuk and syariah bonds. This study uses event study to see the reaction of capital market to the event of issuance of sukuk and conventional bonds. The results showed that the abnormal return of stock is only influenced by variable of maturity value of sukuk and conventional bond. Thus, the stock market is not very responsive to the issuance of sukuk or conventional bonds.
Financing diversification and Indonesian Islamic bank's non-performing financing Agus Widarjono; Ari Rudatin
Jurnal Ekonomi & Keuangan Islam Volume 7 No. 1, January 2021
Publisher : Faculty of Economics, Universitas Islam Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20885/jeki.vol7.iss1.art4

Abstract

Purpose – This study empirically analyzes the effect of the financing diversification with some control variables including both bank-specific variables such as bank's size, CAR, efficiency and the macroeconomic variables such as the inflation and exchange rate, on the Islamic bank's non-performing financing (NPF).Methodology – The aggregate Islamic bank data encompassing Islamic commercial banks and Islamic business units are used. The Autoregressive Distributed Lag Model (ARDL) is employed using the monthly data covering January 2011 to December 2019.Findings – The cointegration test indicates that the long-run relationship among variables being studied exists. Our results document that higher concentrated financing generates high NPF. Higher asset significantly contributes to reducing NPF. In addition, higher operating efficiency can reduce NPF. The instability of the exchange rate also generates the high NPF.Research limitations – This study employs aggregate data but applying them may conceal for individual Islamic bank.Practical implications – Our results suggest that Islamic banks must lessen the high concentrated financing by optimizing both PLS and non-PLS contracts to reduce Islamic banks' financing risk.Originality – Our study includes financing diversification to examine Islamic bank's financing risk. The existing empirical studies, to the best of our knowledge, have not addressed the impact of financing diversification on financing risk. 
The Determinant of Indonesian Stock Returns’ Volatility: Evidence from Islamic and Conventional Stock Market Septiana Indarwati; Agus Widarjono
Shirkah: Journal of Economics and Business Vol 6, No 3 (2021)
Publisher : IAIN Surakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (826.001 KB) | DOI: 10.22515/shirkah.v6i3.431

Abstract

Islamic stock market is apparently different from the conventional stock market due to the prohibition of unlawful goods and excessive risk-taking behavior. This study explores the extent to which the Indonesian Islamic and conventional stock returns' volatility responds to the macroeconomic indicators. This study employs Jakarta Islamic Index (JII) and Indonesian Stock Exchange (IDX) and uses monthly time-series data covering 2001: M1 - 2019: M12. The volatility of stock returns is measured using Generalized Autoregressive Conditional Heteroskedasticity (GARCH). By employing the Autoregressive Distributed Lag Model (ARDL), the results validate the evidence of the long-run relationship between the stock market's volatility and macroeconomic variables. A rising in money supply and an economic upturn reduce the volatility of conventional stock returns but only an expansionary money supply diminishes the volatility of Islamic stock returns. Conversely, high inflation and sharp depreciation of the Rupiah boost the stock returns' volatility. The results further show an interesting finding that the Islamic stock market's volatility is more responsive to changes in macroeconomic indicators than the volatility of their counterpart conventional stock market. Policymakers should take strict rules during the worst economic conditions to minimize the negative impact of the instability of macroeconomic variables.
Co-Authors Akhsyim Afandi, Akhsyim Dityawarman El Aiyubbi Dyah Widhowaty Eko Purnomo Putri Firna Hayyu Nindya Maritsa Hendri, Zul M.Bekti Hendri Anto MB Hendrie Anto Mifrahi, Mustika Muhammad Akhyar Adnan Muhammad Muhammad Munrokhim Misanam, Munrokhim Nabilah Amir Nur Indah Hardianti Qonitat Az-Zahra Rudatin, Ari Sahabuddin Sidiq Sahabudin Sidiq Sidiq Sarastri Mumpuni Rucbha Septiana Indarwati Shuib, Sollehudin Sintarini, Fitriasari Sintia Dewi Nur Ajizah Wiranata, Bagas Zhafira Mardhiyah