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Tasyrih Bank of Indonesia Sharia and Malaysia

Julia1*, Rulyanti Susi Wardhani1*, Karmawan1

1 Accounting Department, Faculty of Economics, University Bangka Belitung

*Corresponding Author: saputrajulia07@gmail.com, rulyantiwardhani67@gmail.com

Accepted: 15 September 2020 | Published: 30 September 2020

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Abstract: Islamic banks experiencing extraordinary expansion in the global Islamic finance industry. This study will compare financial ratios Islamic banks in Indonesia and Malaysia.

Both countries are ASEAN countries that are at the top byIslamic Finance Country Index (IFCI) in 2019 by using three factors of factors at REGC existing method, the Risk Profile (Risk Profile) using the ratio NPF (Non Performing Financing)Profitability (earnings) make use of ROA (Return on Assets) and ROA (Against Operating Expenses Operating Income), and the capital factor (Capital) using CAR (Capital Adequacy Ratio). GCG factor is not used considering the acquisition of information regarding confidentiality GCG owned by the bank for which data could not be obtained. This study uses secondary data from the financial statements of Islamic Banks with a purposive sample technique. Samples used twelve banks, namely Bank Muamalat Indonesia, BRI Syariah, BNI Syariah, Bank Syariah Mandiri, Bank Mega Syariah, BCA Syariah, Affin Islamic Bank Berhad, Bank Islam Malaysia Berhad, RHB Islamic Malaysia Berhad, Hong Leong Islamic Bank Berhad, Maybank Islamic Berhad and Public Islamic Bank Berhad. The results of this study are significant differences from the NPF, ROA, ROA and CAR of Bank Indonesia Sharia and Islamic Bank in Malaysia. Islamic Banking in Indonesia ROA and CAR is better than the Islamic Bank in Malaysia. NPF value and ROA of Islamic banking in Malaysia is better than in Indonesia.

Keywords: Financial Ratios, Bank Syariah Indonesia, Malaysia

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1. Introduction

Islamic banking industry is often called Islamic banking already exists and has grown rapidly and quickly in recent decades is in line with the growth in the global prekonomian. It offers a Sharia system of justice, transparency, accountability and trust among economic actors.

Islamic banking popularity since the early 1970s and registered with substantial growth over the years (Rilanda, 2017). Islamic banks experiencing extraordinary expansion in the global Islamic finance industry.

According to the assessment of Global Islamic Financial Report (GIFR) 2016 Indonesia entered as the top ten on Islamic Finance Country Index (IFCI) and more precisely on the order of 6 while in 2017 Indonesia is impaired so that Indonesia was ranked number 7. Next year 2018 Indonesia back to the top of the order of 6 GIFR assessment. Malaysia and Iran consistently comes out top in IFCI assessment year 2016-2018. One of the biggest factors in the assessment reported this GIFR is the size of Islamic banking which is owned by the Islamic countries around the world.

The recent news that Indonesia has become the first in the Islamic Finance Country Index (IFCI) 2019. The significant achieved by Indonesia by jumping five positions from the

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previous year was ranked 6. Beat the position of Malaysia and Iran are usually located at the top. Seeing the results achieved, Indonesia became more optimistic about the pace of institutional expansion and acceleration of the growth of Islamic banking assets are very high, coupled with the volume of sukuk which continues

Based IFCI, countries including the ASEAN region into the top, namely Indonesia and Malaysia. Islamic banking development between the two countries is fairly fast. Financial Services Authority (FSA) noted the national Islamic finance industry to May 2019 amounted to 11.25% lower than the last position in 2018 with 13.98%. Islamic banking in Malaysia is acknowledged to be more rapid than Indonesia, the market share of Islamic banks in Malaysia is already above 21%, while in Indonesia only reached 5.94%.

There are several factors that influence the acceleration of the development of Islamic banking in these countries. Factors in the Malaysian state government was instrumental in the advancement of sharia, while in Indonesia is more market driven and bottom-up impetus in meeting social needs that are more reliant on the real sector is also a distinct advantage (Alam, 2012). Although growth is still a bit slow compared to Malaysia, but Islamic banks in Indonesia has the potential to grow more rapidly, either because the number of people far more than in Malaysia. Potential development of Islamic banking in the premises very prospectively because of the number of Muslims who owned large enough.

This study will compare financial ratios Islamic banks in Indonesia and Malaysia. Both countries are ASEAN countries that are at the top by Islamic Finance Country Index (IFCI) in 2019 by using three factors of factors at REGC existing method, the Risk Profile (Risk Profile) using the ratio NPF (Non Performing Financing) Profitability (earnings) make use of ROA (Return on Assets) and ROA (Against Operating Expenses Operating Income), and the capital factor (Capital) using CAR (Capital Adequacy Ratio), GCG factor is not used considering the acquisition of information regarding confidentiality GCG owned by the bank whose data. The aim of this research is : 1) To find a significant difference from NPF ratio in Islamic banking financial ratios between Indonesia and Malaysia the period 2016-2018. 2) To find a significant difference of ROA on Islamic banking financial ratios between Indonesia and Malaysia the period 2016-2018. 3) To find a significant difference in the ratio of ROA ratio of Islamic Banking between Indonesia and Malaysia the period 2016-2018.4) To find a significant difference from the CAR on Islamic banking financial ratios between Indonesia and Malaysia the period 2016-2018.

2. Literature Review The Signal Theory

The theory used in this research is the Signal Theory suggests about how a company should provide signals to users of financial statements. This signal is in the form of information about what management has done to realize the owner's wishes. The signal given can be done through disclosing accounting information such as the publication of financial reports.

Managers publish financial reports to inform the market. Information published as a form of signal for investors in making investment decisions. When the information is announced and market participants have received the information, market participants first interpret and analyze the information as a good signal (good news) or a bad signal (bad news). This research is supported by several studies as follows:

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Table 1: Literature Review

Researchers Research title Research Result

Chunhui et.al (2013) Ratio analysis comparability between Chinese and Japanese firm

The level of liquidity and solvency in China is fairly low. For the activity ratio, there is a significant difference where the turnover of accounts receivable is higher and inventory is lower. In the profitability ratio only the asset turnover ratio shows a significant difference.

Nofitasari (2015) Comparative analysis of Islamic banking financial performance using the CAMELS method (Case study of Indonesian and Malaysian Islamic banking for the period 2013-2014)

The average value of the CAR, NPM, ROA, and MR ratios shows that the financial performance of Islamic banking in Indonesia is better than Malaysian Islamic banking, except for the ratios of BDR, BOPO and LDR.

Iriyanto(2015) Comparative analysis of

the financial

performance of Islamic banking in Indonesia and Malaysia for the 2014 period

There is a significant difference in the FDR ratio of Islamic banking in Indonesia which is much better than Islamic banking in Malaysia, this shows that the use of incoming funds for financing Islamic banking companies in Indonesia is more efficient than Islamic banking companies in Malaysia. However, for the ROA ratio, it shows that the profitability of Islamic banking in Malaysia is much better, business efficiency in finding solutions for risk profiles is very effective. As for the ratio of GCG and CAR, it does not show a difference

Rizkiyah and Suhadak (2017)

Comparative analysis of bank soundness based on risk profile, good corporate governance, earnings and capital (RGEC) in Islamic banks (Studies on Islamic banks in Indonesia, Malaysia, United Arab Emirates, and Kuwait for the period 2011-2015)

The NPL ratios in Indonesia, Malaysia and Kuwait were “very good”, while the UAE was “poor”.

The LDR in Malaysia and Kuwait was

"very good", while in Indonesia it was

"good enough". The ROA ratio in Malaysia and the UAE is “very good”, for Indonesia and Kuwait it is

“good”. On the CAR ratios in Indonesia, Malaysia, UAE, and Kuwait received “very good” results.

There is no difference between the soundness level of Islamic banks in Indonesia and Malaysia and the UAE.

There is a difference between the level of health of Islamic banks in Indonesia and Kuwait, namely that the level of health in Indonesia is better.

Source: Data processed by researchers, 2019

Thinking Framework and Hypotheses

Here is presented a theoretical framework for describing comparison of financial ratios of Islamic banking in Indonesia and Malaysia, as follows:

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Figure 1: Thinking framework

Islamic financial ratios proxied by financial indicators using methods RGEC. The ratio used in these methods are NPF(Non Performing Financing) ROA (Return on Assets), ROA (Against Operating Expenses Operating Income) and CAR (Capital Adequacy Ratio).

Seeing framework presented here thinking this is the hypothesis of this study:

H1: There are significant differences of indicators NPF on Islamic banking financial ratios between Indonesia and Malaysia.

H2: There are significant differences in the ratio of ROA indicator of Islamic Banking in Indonesia and Malaysia.

H3: There are significant differences in the ratio of ROA indicator of Islamic Banking in Indonesia and Malaysia.

H4: There are significant differences of indicators CAR on Islamic banking financial ratios between Indonesia and Malaysia.

3. Methodology

Research methods

The approach used in this study is a descriptive approach and a quantitative approach.

Descriptive method is a study to determine the facts with impretasi the appropriate category including studies to describe accurately the properties of some phenomenon of groups and individuals as well as studies to determine the frequency of occurrence of a keadananan in memimalisikan bias and maximizes reliability (Moch. Nazir: 2008). Method of quantitative approach is a study for which data is numeric data or non numbers diangkakan, then processed using statistical formulas specified, and interpreted in order to test the hypothesis that had been prepared in advance, fiber commonly aims to find the cause and effect (causality) something (Sukudin and Mundir : 2005).

Population and Sample

Population is the generalization which consists of: objects / subjects that have certain qualities and characteristics defined by the researchers to learn and then drawn conclusions (Sugiyono, 2018). The population in this research is the whole Islamic banks registered in the central bank of each country Indonesia and Malaysia, in the period 2016-2018, namely of Indonesia (Bank Indonesia) 14 Islamic banks, while in Malaysia (Bank Negara Malaysia) there are 16 Islamic banks ,

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The sample is part of the number and characteristics dimiiki by the population (Sugiyono, 2018). In this study researchers used six Islamic Banks in Indonesia and the 6th Islamic Banks in Malaysia are made in the sample. The sample used in this study determined using purposive sampling technique, the sample collection techniques with particular consideration.

Types and Sources of Data

Data used for this research is secondary data, ie data obtained already in finished form and have been processed by other parties (Sugiyono, 2018). Secondary data used in this study of the annual financial statements or annual report, in accordance with the predetermined the period 2016-2018.

Data obtained investigators annual report for Islamic banking in Indonesia and Malaysia through the official website of each sample Islamic Banks that researchers do.

Definitions Concepts and Operational Variables

The following are the indicators considered in the analysis of financial ratios used are:

1) The risk profile (risk profile) are proxied by NPF Non Performance Financing (NPF) is the ratio between the troubled financing to total financing, this ratio indicates if the higher the ratio of NPF then showed the worse the quality of the financing, the formula is as follows:

NPF= financing problems

financing total 𝑥 100%

Where the troubled financing is non-performing loans are loans classified as substandard, doubtful and loss and total financing is the total financing disbursed

2) Profitability (Earnings) proxied by the ROA and ROA

Return on Asset (ROA) indicates the bank's ability to generate profits by using its assets, the greater this ratio means the better the performance of the bank. ROA own formula is as follows:

ROA = earning before tax

𝑎𝑠𝑠𝑒𝑡 𝑡𝑜𝑡𝑎𝑙 𝑥 100%

Where profits are profits earned in one year and total assets the total assets, both current and noncurrent.

3) Operating Expenses To Operating Income (BOPO) is a ratio to measure the efficiency and ability of banks to carry out operations. The operational cost is the amount of common costs, administrative costs, costs of salaries and allowances. While operating income is income / net interest expense and other operating income.

Described by the formula:

BOPO =𝑜𝑝𝑒𝑟𝑎𝑡𝑖𝑜𝑛𝑎𝑙 𝑒𝑥𝑝𝑎𝑛𝑐𝑒

𝑜𝑝𝑒𝑟𝑎𝑡𝑖𝑜𝑛𝑎𝑙 𝑖𝑛𝑐𝑜𝑚𝑒𝑥100%

4) Capital (Capital)

Capital Adequacy Ratio (CAR) is the capital ratios indicate the ability of a bank to anticipate the need for the availability of own funds for business growth, and assume the risk of loss arising in the operations, using the calculation of capital and risk-weighted assets (RWA). Described by the formula:

CAR =𝐵𝑎𝑛𝑘 𝑒𝑞𝑢𝑖𝑡𝑦

𝐴𝑇𝑀𝑅 𝑥100%

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Where the capital is composed of core capital, supplementary capital and additional supplementary capital. While ATMs are the Investment and banks in the form of shares in companies engaged in the field of Islamic financial or certain types of transactions based on Islamic principles which result in bank holds or will hold shares in companies engaged in the field of Islamic financial.

Data analysis

The data in this study using descriptive analysis and statistical analysis. Where the purpose of descriptive analysis which is to provide an overview of the research results. Descriptions in this study explain each financial ratio as a comparison for Islamic banking in Indonesia and Malaysia.

Statistical analysis tools used to compare the financial ratios of the Islamic banking in Indonesia with Islamic banking in Malaysia in this study using a different test that is independent sample t test, aimed to test two samples and would like to know whether there are differences in average (mean) between two population, by looking at the average of two samples (Santoso, 2018).

Here is a criterion in hypothesis testing for this study (Ghozali, 2018):

1) If the probability value> 0.05 then it can be said that Ho accepted and H1 rejected, which means there are no significant differences in financial ratios of Islamic banking in Indonesia and in Malaysia the period 2016-2018.

2) If the probability value of <0.05, it can be said that Ho refused and H1 accepted, meaning that there are significant differences in financial ratios of Islamic banking in Indonesia and in Malaysia the period 2016-2018.

3. Results and Discussion

Table 2: Descriptive Statistics Test Results

Financial ratios Indonesia Malaysia

NPF 2:26% 0.75%

ROA 0.95% 0.85%

BOPO 92.36% 80.60%

CAR 20:35% 14.98%

Source: SPSS data that have been processed, 2020

Based on the results of descriptive statistical analysis, it can be concluded that the average financial ratios are good is NPF (0.74%) in the Malaysian Islamic banking, ROA (0.95%) at the Indonesian Islamic banking, ROA (80.60%) in the Malaysian Islamic banking, and CAR (20:34%) on Islamic banking in Indonesia.

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Table 2: Test Results Independent Sample t-Test

Source: SPSS data that have been processed, 2020

1) Ratios NPF (Non Performing Financing)

Ratios Non Performing Financing (NPF) during the study period according to the results of statistical analysis showed that there are significant differences of indicators NPF on Islamic banking financial ratios between Indonesia and Malaysia. Islamic banking in Malaysia has NPF better than the Islamic Banking in Indonesia, because the lower the value of NPF then the low level of financing problems. Financing problems faced by Islamic banking in Malaysia is also low, and also the Madiri Islamic banks have also provided Allowance for Assets (PPAP) to cover the losses incurred in the event of financing problems.

2) Ratios ROA (Return on Assets)

Ratios Return On Assets (ROA) over the study period according to the results of statistical analysis showed that there are significant differences of ROA indicator on Islamic banking financial ratios between Indonesia and Malaysia. Islamic banking in Indonesia have a better ROA compared to Islamic Banking in Malaysia, the level of ability in managing assets to generate profit generated in Islamic banking in Indonesia is better than denagan Islamic banking in Malaysia.

3) ROA Ratio (Against Operating Expenses Operating Income)

Ratios Against Operating Expenses Operating Income (ROA) over the study period according to the results of statistical analysis showed that there are significant differences of indicators BOPO on Islamic banking financial ratios between Indonesia and Malaysia.

Islamic banking in Malaysia has BOPO better than the Islamic Banking in Indonesia, meaning that Islamic banking in Malaysia has an efficient level and the ability of a good bank in carrying out operational activities of the bank.

4) CAR (Capital Adequacy Ratio)

Ratios Capital Adequacy Ratio (CAR) during the study period according to the results of statistical analysis showed that there are significant differences of indicators CAR on Islamic banking financial ratios between Indonesia and Malaysia. Islamic banking in Indonesia CAR

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better than the Islamic Banking in Malaysia. Islamic banking in Indonesia bank capital value and has the ability to expand its business network compared with Islamic banking in Malaysia, as evidenced by the achievement of Indonesia to become the first in the Islamic Finance Country Index (IFCI) in 2019.

5. Conclusion

The results of this study are significant differences from the NPF, ROA, ROA and CAR of Bank Indonesia Sharia and Islamic Bank in Malaysia. Islamic Banking in Indonesia ROA and CAR is better than the Islamic Bank in Malaysia. NPF value and ROA of Islamic banking in Malaysia is better than in Indonesia.

Advice can be given The method of this research is that every sector RGEC diprosikan by using only one and two only, it should be researchers who will come up more ratios to measure the performance of each sector in research that studies on Islamic banking can be more generalized.

References

Alam, Halim. (2012). Developments and Prospects of Islamic Banking in Indonesia Welcoming MEA 2015. Scientific Lectures Association of Islamic Economics (IAEI), Milad 8th IAEI, 13 April 2012

Dewi, Amandha Pangestika. (2018). Comparative Study CAR, ROA, ROE NPF and profitability of Islamic banks in Indonesia and Malaysia. Articles Scientific Publications.

Fitriyani., & Revelation, Didier Rasyidin. (2018). Analysis Conditions Fulfillment of the Minimum Capital (Capital Aadequacy Ratio) as an indicator of a bank's health.

BanqueSyar'i Journal Vol. 4, No. 1, 2018.

Ghozali, Imam. (2018). Multivariative Analysis Applications with IBM SPSS program 25.

Semarang: Diponegoro University Publishers Agency.

Harahap, Mei Sari Utami. (2015). Comparison Between Islamic Banking Role of the State of Indonesia, Malaysia, Bahrain and the UAE (United Arab Emirates Aarab) in terms of the Financial Statements. Thesis.

Harahap, Sofyan Syafari. (2015). Critical Analysis of the Financial Statements. Jakarta;

Rajawali Pers.

Aaron, Usman. (2016). Effect of Financial Ratio Ratio-CAR, LDR, NIM, ROA, ROA Against NPLs. Journal of Business Research and Management Vol. 4, No. 1, 2016.

Hidayat, R. (2014). MEA Expands Market Opportunities for Construction Services in Indonesia.http://www.tribunnews.com/bisnis/2014/09/23/mea-peluang-

memperluaspasar-jasa-konstruksi-di-indonesia, Accessed on October 5, 2019)

KapitalBoost. (2019). Islamic Finance on Indonesia: Potential and Challanges.

(https://kapitalboost.com/blog/islamic-finance-indonesia-potential-challenges, Accessed 18 September 2019).

Kontan.co.id. (2017). Local Islamic Banking market is far below Malaysia.

(https://kontan.co.id/news/pasar-bank-syariah-lokal-jauh-di-bawah-malaysia, Accessed on 5 November 2019).

Maidalena. (2014). Factor Analysis of Non Performing Financing (NPF) in the Islamic Banking industry. Human Falah, Vol. 1, No. 1, 2014.

Nn (2019). Islamic Economic Masterplan Push the Strengthening of the Capital of Islamic Banking. Balance Economic Daily, May 15, 2019.

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Nofitasari, Wiwit Ayu. (2015). Comparative Analysis of the Financial Performance of Islamic Banking by Using CAMELS method. Faculty of Economics and Business Islamic State Islamic Institute (IAIN). Salatiga. Thesis.

Bank Indonesia Regulation No.7 / 13 / PBI / 2005 Concerning Capital Adequacy Ratio of Commercial Banks Based on Sharia Principles.

Bank Indonesia Regulation No. 10/32 / PBI / 2008 regarding Sharia Banking Committee Bank Indonesia Regulation No.13 / 1 / PBI / 2011 Concerning the Health Assessment of

Commercial Banks.

Regulation of the Financial Services Authority 8 / PJOK.03 / 2014 About Health Islamic Banks and Islamic Business Unit.

World Economic Forum. (2019). The Global Competitiveness Report 2017-2018. Columbia University.

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