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All Journal Jihbiz: Jurnal Ekonomi, Keuangan dan Perbankan Syariah Muslim Business and Economic Review
Katri, Fatin Salwa Binti Haji
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Economics, Econometrics & Finance

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Technical Efficiency Performance of Halal Food and Beverages Companies in Indonesia and Malaysia Ramadhani, Indria; Katri, Fatin Salwa Binti Haji
Muslim Business and Economics Review Vol. 3 No. 2 (2024)
Publisher : Universitas Islam Internasional Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.56529/mber.v3i2.301

Abstract

Indonesia and Malaysia are among the top most influential countries globally for halal food and beverages (HF&B). As a result, there is a perception that these nations’ HF&B companies are mature enough to have robust operational and managerial systems. This leads to a question on how HF&B companies handle unprecedented events. This paper examines the efficiency of HF&B companies, proxied by technical efficiency (TE) score in Indonesia and Malaysia over a five year period – covering the pre-COVID-19 period (2018-2019) and during the pandemic (2020-2022) –using Stochastic Frontier Analysis. The findings indicate that Indonesia's HF&B perform better over the period by showing 60% TE, whereas Malaysia's was at 50%. Interestingly, Malaysia's TE slightly increased during the COVID outbreak, whereas Indonesia showed a reverse pattern, with decreasing TE during the first year of the pandemic. Furthermore, both countries’ HF&B require further improvement, as because between 40% and 50% of the production input is inefficient, which means the production outputs are not optimal for profit. The significant factors requiring improvement from industry players are managing the cash and inventory cycle, along with adding or upgrading any necessary fixed assets such as equipment to reach productivity at an optimum level. This findings also indicate the benchmark for the HF&B industry as well as the current stage for competitiveness among the countries.
Mengestimasi Expected Default Probability dan Credit Risk Spread Menggunakan Model KMV Merton: Studi Kasus Bank Islam Malaysia Berhad Septiana, Nurul Izzati; Katri, Fatin Salwa Binti Haji; Ideris, Azlina Binti; Noryatim, Nadiana
Jihbiz : Jurnal Ekonomi, Keuangan dan Perbankan Syariah Vol 9 No 1 (2025)
Publisher : Universitas Islam Raden Rahmat

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.33379/jihbiz.v9i1.6373

Abstract

The objective of the paper is to estimate the expected default probability and credit risk spread of Bank Islam Malaysia using the KMV Merton Model and analyse the strengths of the KMV model. The data used in this research are short term and long-term liabilities data of Bank Islam Malaysia Berhad that we obtained from the financial statements, stock prices and number of stocks traded of BIMB and Islamic Bank-relevant interest rates data that we obtained from the Overnight Policy Rate Decision (OPR) by Bank Negara Malaysia. The data is then prepared and interpolated to match weekly period before applying the KMV Model using Microsoft Excel to calculate the default probability and credit risk spread of BIMB. The result shows that the Probability of Default for BIMB is nearly 0.0001 for the first 3 years of its debt maturity period and nearly 0.0007 and 0.002 for the maturity period of 4 and 5 years respectively. Credit risk spread for BIMB is nearly null for the first 2 years maturity period then gradually increases each year to 0.01, 0.05 and 0.14. BIMB’s distance to default ranges between 9.17-10.01. The research indicates that the BIMB’s calculated PD is reliable and that the KMV Merton Model provides high accuracy and reliability of credit risk measurements. The KMV Model can be applied to different types of companies including Islamic Bank.
Co-Authors Ideris, Azlina Binti Noryatim, Nadiana Ramadhani, Indria Septiana, Nurul Izzati