The Role of Islamic Banks in Indonesia: A Systematic Literature Review
Keywords:
Keywords : Islamic Banks, Intermediary Institutions, Gross Regional Domestic Product
Abstract
ABSTRACT
This study aims to determine the extent to which the role of Islamic banks in the economy in Indonesia. The method used in this research is a systematic literature review which begins with data collection using the Publish or Perish search engine, the assessment is carried out through the websites https://sinta.kemdikbud.go.id/ and https://garuda.kemdikbud.go .id/, to presentation using content analysis techniques, mapping with Vosviewer, and ending with analysis using Biddle's Role Theory. Based on a systematic literature review conducted on 22 Sinta-indexed national journals for the 2017-2022 period, it was found that Islamic banks have an important role in Indonesia, namely as; driving economic growth, assisting the development of MSMEs, assisting the development of the halal industry, helping to tackle the Covid 19 pandemic, and several other roles. Judging from Biddle's Role Theory; 1) Structurally, Islamic banks in Indonesia have played their role as financial institutions through raising investment funds from third parties and channeling financing, 2) Functionally, Islamic banks in Indonesia function as drivers of national and regional economic growth, providers of capital for MSMEs, providers of financing and supporting facilitators for the halal industry, to help tackle Covid 19 through digitalisation of Islamic banking, services that implement health protocols, assistance in procuring Personal Protective Equipment (PPE), assistance with KUR distribution, providing relief for customers affected by the pandemic, and maximizing CSR programs, 3) Interactionally, the role of Islamic banks in Indonesia has not been very effective due to interaction problems in the form of a lack of socialization, promotion, community literacy, and access to Islamic banks which are relatively difficult to reach.
References
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Kartika, T., Firdaus, A., & Najib, M. (2019). Contrasting the drivers of customer loyalty; financing and depositor customer, single and dual customer, in Indonesian Islamic bank. Journal of Islamic Marketing, 11(4), 933–959. https://doi.org/10.1108/JIMA-04-2017-0040
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M. Anwar, S., Junaidi, J., Salju, S., Wicaksono, R., & Mispiyanti, M. (2020). Islamic bank contribution to Indonesian economic growth. International Journal of Islamic and Middle Eastern Finance and Management, 13(3), 519–532. https://doi.org/10.1108/IMEFM-02-2018-0071
Mergaliyev, A., Asutay, M., Avdukic, A., & Karbhari, Y. (2021). Higher Ethical Objective (Maqasid al-Shari’ah) Augmented Framework for Islamic Banks: Assessing Ethical Performance and Exploring Its Determinants. Journal of Business Ethics, 170(4), 797–834. https://doi.org/10.1007/s10551-019-04331-4
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Rizvi, S. A. R., Narayan, P. K., Sakti, A., & Syarifuddin, F. (2020). Role of Islamic banks in Indonesian banking industry: An empirical exploration. Pacific-Basin Finance Journal, 62, 101117. https://doi.org/10.1016/j.pacfin.2019.02.002
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Adams, K. A., & McGuire, E. K. (2022). Research methods, statistics, and applications. Sage Publications.
Alam, Md. K., Ahmad, A. U. F., & Muneeza, A. (2022). External Sharī‘ah audit and review committee VIS‐A‐VIS Sharī‘ah compliance quality and accountability: A case of Islamic banks in Bangladesh. Journal of Public Affairs, 22(1). https://doi.org/10.1002/pa.2364
Albaity, M., Mallek, R. S., & Noman, A. H. Md. (2019). Competition and bank stability in the MENA region: The moderating effect of Islamic versus conventional banks. Emerging Markets Review, 38, 310–325. https://doi.org/10.1016/j.ememar.2019.01.003
Alexakis, C., Izzeldin, M., Johnes, J., & Pappas, V. (2019). Performance and productivity in Islamic and conventional banks: Evidence from the global financial crisis. Economic Modelling, 79, 1–14. https://doi.org/10.1016/j.econmod.2018.09.030
Amini, N. H., Muflih, M., & Marwansyah. (2020). The Effect of Religiosity and Financial Considerations on Behavioral Intention toward Islamic Banking Industry: The Mediating Role of Attitude: Proceedings of the International Seminar of Science and Applied Technology (ISSAT 2020). International Seminar of Science and Applied Technology (ISSAT 2020), Bandung, Indonesia. https://doi.org/10.2991/aer.k.201221.091
Aslam, E., & Haron, R. (2020). Does corporate governance affect the performance of Islamic banks? New insight into Islamic countries. Corporate Governance: The International Journal of Business in Society, 20(6), 1073–1090. https://doi.org/10.1108/CG-11-2019-0350
Asnawi, N., Sukoco, B. M., & Fanani, M. A. (2019). The role of service quality within Indonesian customers satisfaction and loyalty and its impact on Islamic banks. Journal of Islamic Marketing, 11(1), 192–212. https://doi.org/10.1108/JIMA-03-2017-0033
Athari, S. A., & Bahreini, M. (2021). The impact of external governance and regulatory settings on the profitability of Islamic banks: Evidence from Arab markets. International Journal of Finance & Economics, ijfe.2529. https://doi.org/10.1002/ijfe.2529
Bilgin, M. H., Danisman, G. O., Demir, E., & Tarazi, A. (2021). Bank credit in uncertain times: Islamic vs. conventional banks. Finance Research Letters, 39, 101563. https://doi.org/10.1016/j.frl.2020.101563
Boukhatem, J., & Ben Moussa, F. (2018). The effect of Islamic banks on GDP growth: Some evidence from selected MENA countries. Borsa Istanbul Review, 18(3), 231–247. https://doi.org/10.1016/j.bir.2017.11.004
Caporale, G. M., & Helmi, M. H. (2018). Islamic banking, credit, and economic growth: Some empirical evidence. International Journal of Finance & Economics, 23(4), 456–477. https://doi.org/10.1002/ijfe.1632
Creswell, J. W., & Creswell, J. D. (2017). Research design: Qualitative, quantitative, and mixed methods approaches. Sage publications.
Daniya, T., Geetha, M., Kumar, B. S., & Cristin, R. (2020). Least square estimation of parameters for linear regression. International Journal of Control and Automation, 13(2), 447–452.
Effendi, I., Murad, M., Rafiki, A., & Lubis, M. M. (2021). The application of the theory of reasoned action on services of Islamic rural banks in Indonesia. Journal of Islamic Marketing, 12(5), 951–976. https://doi.org/10.1108/JIMA-02-2020-0051
Elmawazini, K., Khiyar, K. A., & Aydilek, A. (2020). Types of banking institutions and economic growth. International Journal of Islamic and Middle Eastern Finance and Management, 13(4), 553–578. https://doi.org/10.1108/IMEFM-09-2018-0304
Farag, H., Mallin, C., & Ow-Yong, K. (2018). Corporate governance in Islamic banks: New insights for dual board structure and agency relationships. Journal of International Financial Markets, Institutions and Money, 54, 59–77. https://doi.org/10.1016/j.intfin.2017.08.002
Gulzar, R., Ibrahim, M. H., & Ariff, M. (2021). Islamic Banks: History, Stability and Lessons from Cooperative Banking. Jurnal Institutions and Economies, 13(3), 1–26. https://doi.org/10.22452/IJIE.vol13no3.1
Hamidi, L., & Worthington, A. C. (2021). How social is Islamic banking? Society and Business Review, 16(1), 51–70. https://doi.org/10.1108/SBR-03-2020-0036
Harun, M. S., Hussainey, K., Mohd Kharuddin, K. A., & Farooque, O. A. (2020). CSR Disclosure, Corporate Governance and Firm Value: A study on GCC Islamic Banks. International Journal of Accounting & Information Management, 28(4), 607–638. https://doi.org/10.1108/IJAIM-08-2019-0103
Hassan, M. K., & Aliyu, S. (2018). A contemporary survey of islamic banking literature. Journal of Financial Stability, 34, 12–43. https://doi.org/10.1016/j.jfs.2017.11.006
Hassan, M. K., Khan, A., & Paltrinieri, A. (2019). Liquidity risk, credit risk and stability in Islamic and conventional banks. Research in International Business and Finance, 48, 17–31. https://doi.org/10.1016/j.ribaf.2018.10.006
Hussien, M. E., Alam, Md. M., Murad, Md. W., & Wahid, A. N. M. (2019). The performance of Islamic banks during the 2008 global financial crisis: Evidence from the Gulf Cooperation Council countries. Journal of Islamic Accounting and Business Research, 10(3), 407–420. https://doi.org/10.1108/JIABR-01-2017-0011
Ibrahim, M. H., & Rizvi, S. A. R. (2018). Bank lending, deposits and risk-taking in times of crisis: A panel analysis of Islamic and conventional banks. Emerging Markets Review, 35, 31–47. https://doi.org/10.1016/j.ememar.2017.12.003
Jan, A. A., Lai, F.-W., & Tahir, M. (2021). Developing an Islamic Corporate Governance framework to examine sustainability performance in Islamic Banks and Financial Institutions. Journal of Cleaner Production, 315, 128099. https://doi.org/10.1016/j.jclepro.2021.128099
Julia, T., & Kassim, S. (2020). Exploring green banking performance of Islamic banks vs conventional banks in Bangladesh based on Maqasid Shariah framework. Journal of Islamic Marketing, 11(3), 729–744. https://doi.org/10.1108/JIMA-10-2017-0105
Kartika, T., Firdaus, A., & Najib, M. (2019). Contrasting the drivers of customer loyalty; financing and depositor customer, single and dual customer, in Indonesian Islamic bank. Journal of Islamic Marketing, 11(4), 933–959. https://doi.org/10.1108/JIMA-04-2017-0040
Khasanah, U., & Wicaksono, A. T. S. (2021). Intermediary performance of Islamic banks in the disruption era: Does it contribute to economic growth. Banks and Bank Systems, 16(1), 100–200. https://doi.org/10.21511/bbs.16(1).2021.10
M. Anwar, S., Junaidi, J., Salju, S., Wicaksono, R., & Mispiyanti, M. (2020). Islamic bank contribution to Indonesian economic growth. International Journal of Islamic and Middle Eastern Finance and Management, 13(3), 519–532. https://doi.org/10.1108/IMEFM-02-2018-0071
Mergaliyev, A., Asutay, M., Avdukic, A., & Karbhari, Y. (2021). Higher Ethical Objective (Maqasid al-Shari’ah) Augmented Framework for Islamic Banks: Assessing Ethical Performance and Exploring Its Determinants. Journal of Business Ethics, 170(4), 797–834. https://doi.org/10.1007/s10551-019-04331-4
Mukhibad, H., Nurkhin, A., & Rohman, A. (2020). Corporate governance mechanism and risk disclosure by Islamic banks in Indonesia. Banks and Bank Systems, 15(1), 1–10. https://doi.org/10.21511/bbs.15(1).2020.01
Nasution, F. N., & Rafiki, A. (2019). Islamic work ethics, organizational commitment and job satisfaction of Islamic banks in Indonesia. RAUSP Management Journal, 55(2), 195–205. https://doi.org/10.1108/RAUSP-01-2019-0011
Naz, S. A., & Gulzar, S. (2022). Impact of islamic finance on economic growth: an empirical analysis of muslim countries. The Singapore Economic Review, 67(01), 245–265. https://doi.org/10.1142/S0217590819420062
Neifar, S., & Jarboui, A. (2018). Corporate governance and operational risk voluntary disclosure: Evidence from Islamic banks. Research in International Business and Finance, 46, 43–54. https://doi.org/10.1016/j.ribaf.2017.09.006
Nguyen, Q. K. (2021). Oversight of bank risk-taking by audit committees and Sharia committees: Conventional vs Islamic banks. Heliyon, 7(8), e07798. https://doi.org/10.1016/j.heliyon.2021.e07798
Nomran, N. M., Haron, R., & Hassan, R. (2018). Shari’ah supervisory board characteristics effects on Islamic banks’ performance: Evidence from Malaysia. International Journal of Bank Marketing, 36(2), 290–304. https://doi.org/10.1108/IJBM-12-2016-0197
Otoritas Jasa Keuangan, R. (2022). Statistik Perbankan Syariah-Desember 2021.
Ousama, A. A., Hammami, H., & Abdulkarim, M. (2019). The association between intellectual capital and financial performance in the Islamic banking industry: An analysis of the GCC banks. International Journal of Islamic and Middle Eastern Finance and Management, 13(1), 75–93. https://doi.org/10.1108/IMEFM-05-2016-0073
Paltrinieri, A., Dreassi, A., Rossi, S., & Khan, A. (2021). Risk-adjusted profitability and stability of Islamic and conventional banks: Does revenue diversification matter? Global Finance Journal, 50, 100517. https://doi.org/10.1016/j.gfj.2020.100517
Parsa, M. (2022). Efficiency and stability of Islamic vs. conventional banking models: A meta frontier analysis. Journal of Sustainable Finance & Investment, 12(3), 849–869. https://doi.org/10.1080/20430795.2020.1803665
Rashid, A., Hassan, M. K., & Shah, M. A. R. (2020). On the role of Islamic and conventional banks in the monetary policy transmission in Malaysia: Do size and liquidity matter? Research in International Business and Finance, 52, 101123. https://doi.org/10.1016/j.ribaf.2019.101123
Ridwan, R., & Mayapada, A. G. (2022). Does sharia governance influence corporate social responsibility disclosure in Indonesia Islamic banks? Journal of Sustainable Finance & Investment, 12(2), 299–318. https://doi.org/10.1080/20430795.2020.1749819
Rizaldy, M. R., & Ahmed, H. (2019). Islamic legal methodologies and Shariah screening standards: Application in the Indonesian stock market. Thunderbird International Business Review, 61(5), 793–805. https://doi.org/10.1002/tie.22042
Rizvi, S. A. R., Narayan, P. K., Sakti, A., & Syarifuddin, F. (2020). Role of Islamic banks in Indonesian banking industry: An empirical exploration. Pacific-Basin Finance Journal, 62, 101117. https://doi.org/10.1016/j.pacfin.2019.02.002
Saeed, M., Izzeldin, M., Hassan, M. K., & Pappas, V. (2020). The inter-temporal relationship between risk, capital and efficiency: The case of Islamic and conventional banks. Pacific-Basin Finance Journal, 62, 101328. https://doi.org/10.1016/j.pacfin.2020.101328
Safiullah, M., & Shamsuddin, A. (2019). Risk-adjusted efficiency and corporate governance: Evidence from Islamic and conventional banks. Journal of Corporate Finance, 55, 105–140. https://doi.org/10.1016/j.jcorpfin.2018.08.009
Salem, R., Usman, M., & Ezeani, E. (2021). Loan loss provisions and audit quality: Evidence from MENA Islamic and conventional banks. The Quarterly Review of Economics and Finance, 79, 345–359. https://doi.org/10.1016/j.qref.2020.07.002
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Published
2023-04-27
How to Cite
Yusuf, M., Komarudin, P., Rahmani Abduh, M., Farhanah, S. A., & Nafisah, H. (2023). The Role of Islamic Banks in Indonesia: A Systematic Literature Review. Al-Mashrafiyah: Jurnal Ekonomi, Keuangan, Dan Perbankan Syariah, 7(1), 16-35. https://doi.org/10.24252/al-mashrafiyah.v7i1.36115
Section
AL-MASHRAFIYAH VOLUME 7 NOMOR 1 (2023)
Copyright (c) 2023 Mahmud Yusuf, Parman Komarudin, Muhamad Rahmani Abduh, Sri Ana Farhanah, Hayatun Nafisah
This work is licensed under a Creative Commons Attribution 4.0 International License.
