The Effectiveness of Bank Aceh Syariah Conversion Decisions

Zulfikar Bagus Pambuko; Diesyana Ajeng Pramesti

doi:10.21580/economica.2020.11.1.3494

Authors

Zulfikar Bagus Pambuko Universitas Muhammadiyah Magelang http://orcid.org/0000-0002-3944-2485
Diesyana Ajeng Pramesti Universitas Muhammadiyah Magelang http://orcid.org/0000-0002-6111-9254

DOI:

https://doi.org/10.21580/economica.2020.11.1.3494

Keywords:

Conversion Decision, Financial Performance, Islamic banks, Liquidity Risk, Profitability

Abstract

Abstract: Since 2008, Indonesia has had a particular policy for Islamic windows to spin off into full-fledged Islamic banks separate from their conventional parent if they meet the criteria. In the case of Bank Aceh Syariah, since Q3 2016, the spin-off has been done through a conversion mechanism from Bank Aceh to Bank Aceh Syariah. The study aims to analyze the effectiveness of conversion decisions in Bank Aceh Syariah. Non-parametric test with the Wilcoxon signed-rank is used to analyze the banking performance due to the conversion. The performance indicators tested in the study are capital adequacy, liquidity risk, profitability, and management efficiency over Q2 2014 until Q3 2018. The results suggest that the conversion decision of Bank Aceh Syariah is effective in correcting the non-performing financing (NPF) ratio but declining the level of profitability through ROA, ROE, and NOM ratio. Thus, the spin-off decision through the conversion mechanism needs to forecast the future financial performance and the effort to fulfill sharia compliance.

Abstrak: Sejak 2008, Indonesia memiliki kebijakan khusus bagi perbankan syariah yang mewajibkan UUS untuk melakukan spin-off menjadi BUS yang terpisah dari bank konvensional induknya jika telah memenuhi kriteria. Pada kasus Bank Aceh Syariah, sejak kuartal III 2016 telah dilakukan spin-off melalui mekanisme konversi dari Bank Aceh menjadi Bank Aceh Syariah. Tujuan penelitian ini adalah untuk menganalisis efektivitas keputusan konversi Bank Aceh Syariah. Pengujian non parametrik dengan uji Wilcoxon digunakan untuk menganalisis kinerja keuangan akibat konversi. Indikator kinerja yang diuji dalam studi ini adalah permodalan, risiko likuiditas, profitabilitas, dan efisiensi manajemen pada periode Q2 2014 hingga Q3 2018. Hasil penelitian ini menunjukkan bahwa keputusan konversi Bank Aceh Syariah efektif dalam memperbaiki rasio pembiayaan bermasalah (NPF), namun menurunkan tingkat profitabilitas melalui ROA, ROE, dan NOM. Dengan demikian, keputusan spin-off melalui konversi perlu mempertimbangkan capaian kinerja keuangan di masa mendatang, selain sebagai upaya pemenuhan kepatuhan terhadap syariah.

Downloads

Download data is not yet available.

References

Al Arif, M.Nur Rianto. 2014. “Spin-off and Its Impact on the Third Party Funds of Indonesian Islamic Banking Industry.” Economic Journal of Emerging Markets 6 (1): 50–55.

———. 2015a. “Impact of Spin-Off Policy on The Asset Growth on Indonesian Islamic Banking Industry.” Journal of Islamic Economics, Banking and Finance 11 (4): 41–52. doi:10.12816/0024787.

———. 2015b. “The Effect of Spin-Off Policy on Financing Growth in Indonesian Islamic Banking Industry.” Al-Ulum 15 (1): 173–84.

———. 2017. “Spin-Off and Market Share in the Indonesian Islamic Banking Industry: A Difference in Difference Analysis.” Management and Marketing 12 (4): 540–51. doi:10.1515/mmcks-2017-0032.

———. 2018. “Does the Spin-Off Policy Can Accelerate the Deposit Funds in the Indonesian Islamic Banking Industry?” Journal of Business and Retail Management Research 13 (1): 171–78.

Al Arif, M.Nur Rianto, and Endah Putri Dewanti. 2017. “Metode Spin-Off Dan Tingkat Profitabilitas: Studi Pada Bank Umum Syariah Hasil Spin-Off.” Iqtishadia: Jurnal Kajian Ekonomi Dan Bisnis Islam 10 (1): 23–43. doi:10.21043/iqtishadia.v10i1.2316.

Al Arif, M.Nur Rianto, Ismawati Haribowo, and Ade Suherlan. 2018. “Spin-Off Policy and Efficiency in the Indonesian Islamic Banking Industry.” Banks and Bank Systems 13 (1): 1–10. doi:10.21511/bbs.13(1).2018.01.

Al Arif, M.Nur Rianto, Nachrowi D. Nachrowi, Mustafa Edwin Nasution, and T. M. Zakir Mahmud. 2017. “The Islamic Banking Spin-Off: Lessons From Indonesian Islamic Banking Experiences.” Journal of King Abdulaziz University, Islamic Economics 30 (2): 117–33. doi:10.4197/Islec.30-2.11.

———. 2018. “Evaluation of the Spinoffs Criteria: A Lesson from The Indonesian Islamic Banking Industry.” Iqtishadia: Jurnal Kajian Ekonomi Dan Bisnis Islam 11 (1): 87–104. doi:10.21043/iqtishadia.v10i2.2863.

Elfring, Tom, and Nicolai J. Foss. 1997. “Corporate Renewal Through Internal Venturing and Spin-Offs: Perspectives from Organizational Economics.” WP 97-7. Copenhagen. https://openarchive.cbs.dk/bitstream/handle/10398/7282/wp97-7.pdf?sequence=1.

Financial Service Authority. 2019. “Sharia Banking Statistics September 2019.” Jakarta. https://ojk.go.id/id/kanal/syariah/data-dan-statistik/statistik-perbankan-syariah/Documents/Pages/Stastistik-Perbankan-Syariah---September-2019/Statistik Perbankan Syariah September 2019.pdf.

Hamid, Abdul. 2015. “The Impact of Spin-Off Policy to The Profitability on Indonesian Islamic Banking Industry.” Al-Iqtishad: Jurnal Ilmu Ekonomi Syariah VII (1): 117–26. doi:10.12816/0024787.

Haribowo, Ismawati. 2017. “The Indonesian Islamic Bank’s Spin-off: A Study in Regional Development Banks.” Al-Iqtishad: Journal of Islamic Economics 9 (1): 53–68. doi:10.15408/aiq.v9i1.4308.

Hilman, Iim. 2018. “Sharia Business Unit Spin-off : Strategic Development Model of Sharia Banking in Indonesia.” In The 5th IBSM International Conference on Business, Management and Accounting, 856–67. Hanoi: Hanoi University of Industry. doi:10.54655/ijibfr.v2n2p1.

Pambuko, Zulfikar Bagus. 2019. “Kebijakan Spin-Off Dan Efisiensi Perbankan Syariah Di Indonesia.” Ihtifaz: Journal of Islamic Economics, Finance, and Banking 2 (1): 21–38. doi:10.12928/ijiefb.v2i1.822.

Pambuko, Zulfikar Bagus, Nur Ichsan, and MB. Hendrie Anto. 2018. “Islamic Banks’ Financial Stability and Its Determinants: A Comparison Study With Conventional Banks in Indonesia.” Iqtishadia: Jurnal Kajian Ekonomi Dan Bisnis Islam 11 (2): 371–90. doi:10.21043/iqtishadia.v11i2.3346.

Pambuko, Zulfikar Bagus, Nurodin Usman, and Lilik Andriyani. 2019. “Spin-off and Social Funds’ Productivity of Islamic Banking Industry in Indonesia.” In First International Conference on Progressive Civil Society (ICONPROCS 2019), 7–10. Yogyakarta: Atlantis Press. doi:10.2991/iconprocs-19.2019.2.

Poerwokoesoemo, Atman. 2016. “Kinerja Bank Konvensional Pasca Spin Off Unit Usaha Syariah.” Jurnal Keuangan Dan Perbankan 12 (2): 145–64.

Republic of Indonesia. 2007. Undang-Undang Nomor 40 Tahun 2007 Tentang Perseroan Terbatas. Indonesia.

———. 2008. Undang-Undang Nomor 21 Tahun 2008 Tentang Perbankan Syariah. Indonesia.

Rongiyati, Sulasi. 2015. “Pengembangan Perbankan Syariah Melalui Pelaksanaan Kewajiban Pemisahan Unit Usaha Syariah.” Negara Hukum 6 (1): 65–78. doi:https://doi.org/10.22212/jnh.v6i1.247.

Sarifudin, Mohammad, and Taufik Faturohman. 2017. “Spin-Off Efficiency Analysis of Indonesian Islamic Banks.” Journal of Business and Management 6 (2): 192–202.

Sihombing, Novri Hasian, and M Rizal Yahya. 2016. “Pengaruh Kebijakan Spin-Off, Beban Operasional Pendapatan Operasional (BOPO), Dana Pihak Ketiga (DPK), Dan Non Performing Financing (NPF) Terhadap Profitabilitas Perbankan Syariah Di Indonesia.” Jurnal Ilmiah Mahasiswa Ekonomi Akuntansi 1 (2): 127–37.

Siswantoro, Dodik. 2008. “The Conversion Effects of Islamic Unit to Full Fledged System Islamic Banks in Indonesia.” Australian Journal of Islamic Banking and Finance (AJIBF) 1 (2): 55–63.

———. 2014. “Analysis of Islamic Bank’s Performance and Strategy After Spin-off as Islamic Full-Fledged Scheme in Indonesia.” In Procedia - Social and Behavioral Sciences, 164:41–48. doi:10.1016/j.sbspro.2014.11.048.

Umam, Khotibul. 2010. “Peningkatan Ketaatan Syariah Melalui Pemisahan (Spin-off) Unit Usaha Syariah Bank Umum Konvensional.” Mimbar Hukum 22 (3): 607–24. doi:10.22146/jmh.16239.