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All Journal Muqtasid: Jurnal Ekonomi dan Perbankan Syariah Journal of Islamic Economics Lariba
Munrokhim Misanam, Munrokhim
Unknown Affiliation
Religion Economics, Econometrics & Finance Social Sciences

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Determinant of Murabaha financing in Indonesian Sharia banking: The ARDL and NARDL approach Widarjono, Agus; Misanam, Munrokhim
Journal of Islamic Economics Lariba Vol. 9 No. 2 (2023)
Publisher : Universitas Islam Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20885/jielariba.vol9.iss2.art7

Abstract

IntroductionMurabaha financing accounts for the largest portion of Sharia bank financing, and many previous studies have analyzed this topic using symmetric impact. However, studies using the asymmetric link, a common phenomenon in economic theory, are limited.ObjectivesThis study explores the determinants of Murabaha financing with symmetric and asymmetric approaches. MethodThe explanatory variables are the bank-specific variables in the form of the Murabaha financing rate, the cost of borrowing money, and the macroeconomic conditions in the form of the Industrial Production Index, which is a proxy of domestic output. The period of study is from 2010 to 2021 using monthly data. The method is Autoregressive distributed lag (ARDL) for symmetric analysis and non-linear ARDL (NARDL) for asymmetric analysis.ResultsThe symmetric effect method indicates that the Murabaha financing rate negatively affects Murabaha financing, but the Industrial Production Index has no effect on Murabaha financing. The asymmetric effect method suggests that the Murabaha financing rate and Industrial Production Index asymmetrically affect Murabaha financing. ImplicationsMurabaha financing will experience a drastic fall if there is a rise in the Murabaha financing rate, but a fall in the Murabaha financing rate will not have an impact on an increase in Murabaha financing. Economic upturns boost Murabaha financing, but economic downturns have no impact on Murabaha financing.Originality/NoveltyThe main contribution of our research is evidence of the asymmetric response of Murabaha financing to bank-specific variables as well as macroeconomic conditions in which Sharia banks are resilient to the business cycle.
Market Concentration, Bank Characteristics, Macroeconomic Conditions, and Indonesian Islamic Bank Financing Misanam, Munrokhim; Widarjono, Agus
Muqtasid: Jurnal Ekonomi dan Perbankan Syariah Vol 14, No 2 (2023): MUQTASID: Jurnal Ekonomi dan Perbankan Syariah
Publisher : UIN Salatiga

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.18326/muqtasid.v14i2.165-184

Abstract

As the latest player in the banking market in Indonesia, Islamic banks are not as experienced as their counterpart conventional banks. In addition, the types of Islamic bank financing (loans) are different from conventional bank loans. Our work investigates the determinants of Islamic bank financing in Indonesia. Our concern variables are market concentration, bank fundamentals, and macroeconomic conditions, including Covid-19. This study examines all Islamic banks in Indonesia from 2015 to 2020 using quarterly data. Our data set is 724 observations with unbalanced panel data. We employ the dynamic panel data using the two-step system GMM that is more robust than two-step difference GMM. Market  concentration encourages financing. Profitability, bank size, and financing loss provision also enhance financing. However, a high degree of risk aversion and inefficiency reduces financing. Furthermore, Islamic bank financing also depends on macroeconomic conditions. Economic upturns strengthen financing. Strong bank fundamentals, particularly bank size, are the key to success for Islamic bank financing. The results draw an important practical implication. Large Islamic bank is a necessary condition to compete with a conventional bank. Accordingly, the spin off policy of Islamic bank windows to full-fledged Islamic bank should be implemented immediately.
Co-Authors Agus Widarjono