an analysis of the effect of islamic financing and … · muammalat indonesia bank and islamic...

AN ANALYSIS OF THE EFFECT OF ISLAMIC FINANCING AND WORK RELATION

FOUNDING TOWARDS NON PERFORMING FINANCING IN ISLAMIC BANKS

INDONESIA

MUHAMMAD BAHRUL ILMI

Master of Islamic Banking and Financing

Lecturer and Researcher, Indonesia

ABSTRACT

The purpose of this research is to analyze the influence of Islamic financing and work

relation founding simultaneously and partially towards non performing financing in Islamic

banks. This research was regression quantitative field research, and had been done in

Muammalat Indonesia Bank and Islamic Danamon Bank in 3 months. The populations of this

research were 15 account officers of Muammalat Indonesia Bank and Islamic Danamon

Bank in Surakarta, Indonesia. The techniques of collecting data used in this research were

documentation, questionnaire, literary study and interview.

Regression analysis result shows that Islamic financing and work relation founding

simultaneously has positive and significant effect towards non performing financing of two

Islamic Banks. It is obtained with probability value 0.003 which is less than 0.05 and F value

9.584. The analysis result of Islamic financing regression towards non performing financing

shows the significant effect. It is supported by double linier regression analysis with

probability value 0.001 which is less than 0.05. The regression analysis of work relation

founding effect towards non performing financing shows unsignificant effect. This is shown in

the double linier regression analysis which probability value 0.161 which is bigger than 0.05

Keywords:

Islamic Financing, Work Relation Founding, Non Performing Financing (NPF), Islamic

Bank

1. Introduction

Today, the development of world banking in Indonesia increases rapidly. It is

proven by the emergence of a wide range of banking products and systems. The

banking systems known to the Indonesian public is conventional system. However,

there has been developed a banking system based on the needs of the community,

called Islamic banking system. The emergence of the Islamic banking system can

create a new competition among the banks and or even the financial institutions.

Since the enactment of Act No. 21 of 2008 about Islamic banking in

Indonesia, the number of Islamic banks has increased rapidly. A data from Indonesian

Bank shows that until November 2012 the total of Islamic commercial banks are 11

banks with 1,703 service offices, 24 sharia business units with 482 service offices,

and BPR of Sharia 156 (BPRS) with 390 offices, scattered in Indonesia. The total of

Islamic banks began to increase in 2009 with the introduction of licensing of banks.

They are Islamic Bukopin Bank, Islamic Panin Bank and Islamic BRI Bank. The

growth increased in 2010 become 11 banks, are Islamic BNI Bank, Islamic BJB, BCA

Bank Maybank Islamic and Sharia Victoria. (Sri Nurhayati-Wasilah, 2013: 6).

Islamic banks are required to meet the needs of the community in fulfilling the

capital, with the sassy system requirements. Therefore many Islamic banks provide

the financing product range in customer choice, for example musyarokah,

mudharabah, murobahah, salam, istishna' , ijaroh, and qord. The formation of

product with the Islamic system is expected to be able to contribute in fulfilling

effective and banking for the society. In this case the Islamic banks need to establish

good surveillance for users of Islamic financing products.

Surveillance activities becomes the smoothness measurement of customer

financing Islamic bank that the Islamic bank will undertake the found and supervision

of the performance of the client's business. The purpose is that the clients of Islamic

bank have attachment to mutually beneficial business to increase revenue and

responsibility in the discharge of obligations, and ease the Islamic banks in analyzing

the customer financing economic development. A research conducted by Robbiyah

(2004: 7) about an analysis of the effect of Islamic financing and work relation

founding towards the income increase of small entrepreneur in Islamic Finance

Centre. Shows that the Islamic financing and work relation founding has a significant

effect on the small entrepreneur's income, although it has different level of effect

there are defferent and domination.

Coaching work relation founding in terms of supervision conducted by Islamic

banks for distributing funds is less caution, therefore if causes many problems in the

rate of return. Many clients do not make payments in installments, consequently the

cash flow (cash basis) received is a little if the amount of the cash basis accepted is

small, the revenue that will be divided between Islamic banks and the owners of

capital (shohibul maal) is also little, the effect is that, the division received by the

shohibul maal is small too. The customer not making payment in installments is

categorized trouble customer or called by none performing financing (NPF).

The problematic of customer financing is possibly caused by carelessness of

the bank, lack of knowledge of client in understanding the Islamic financing products

or lack of coaching and supervision from Islamic banks. Design and formulation are

required for the problem solving of non performing financing on Islamic banks.

Relevant with previous research, this study identified two independent variables they

are Islamic financing and work relation founding as the effect of the non performing

financing (NPF). The Object of this research is Account Officers in Islamic Banking,

in which Account Officers as professional person in Islamic Financing and

supervision to customer financing bank. While, none performing financing will be

examined with the financial ratio of NPF. Therefore, the Islamic financing products

and work relation founding of the customer financing towards non performing

financing on Islamic banks, needs to be examined more deeply.

The formulation problems of this reseacrh questions (RQ) are:

RQ1 : Does Islamic financing have an effect towards non performing financing in the

Islamic bank?

RQ2 : Does work relation founding have an effect towards non performing financing

in the Islamic bank?

RQ3 : Does Islamic financing and work relation founding have an effect towards non

performing financing in the Islamic bank?

Based on the explanation above, allegedly Islamic financing and work relation

founding had an effect on the level of the ratio non-performing financing (NPF) of the

Islamic banks. Then the proposed following hypothesis are as follows :

H1 : Islamic financing has significant effect towards non performing financing in the

Islamic banking.

H2 : Work relation founding has significant effect towards non performing financing

in the Islamic bank.

H3 : Islamic financing and work relation founding simultaneously has significant

effect towards non performing financing in the Islamic bank.

The beneficial and motivations for this research are as follows:

a. A researcher knowing about Islamic financing and work relation founding has

effect towards non performing financing in the Islamic Bank.

b. Islamic Bank knowing about work relation founding is important element in

operational funding to minimalize non performing financing value.

c. A small entrepreneur or customer financing Bank knowing about work relation

founding can helpfully trouble founding.

2. Literature Review

Anik Malikah stated in her research (2007) about an analysis of Islamic

financing with Islamic system and work relation founding towards small enterprise

income increase. The results of research study shows that the Islamic Financing and

work relation founding have positively effect 0.638 with Islamic financing and 0.456

for work relation founding towards small enterprise income. It is proven by X1

(Islamic financing) with t test value 0.638 > 0.050, and X2 (work relation founding)

with t test value 0.456 > 0.050, it means means that Islamic financing and work

relation founding partially has significant effect towards the small and medium

enterprise income.

Another research was conducted by Robbiyah (2004) that is about an analysis

of the effect of Islamic financing and work relation founding towords the increased

small entrepreneur in Islamic Finance Centre. The result states that Islamic financing

and work relation founding has a significant effect on the young entrepreneur's

income, although the level of the effect is defferent and there is one which dominates.

The research of Reza Yudhisthira (2011) about the problematic of financing strategy

on Islamic Mandiri Bank, said that Islamic Mandiri Bank has worked maximally and

procedural through long enough stages in solving the financing problems with

restructuring, resceduling, reconditioning, execution, and write off final.

Research of Sri Budi Cantika Yuli (2009) about an Analysis of Islamic

Financing on SMEs in Islamic Mandiri Bank Malang, stated that financing

information, requirements, guarantee, verify, disbursement credit, the symptom of

troubled financing are good rated, accessible, and timely, as well as the suitability of

distributing of financing on Islamic Mandiri Bank in providing credit to customers.

Research of Yazdan Gudarzi Farahani dan Masood Dastan (2013) about an

Analysis of Islamic Bank Financing and Economic Growth: A Panel Co-integration

Approach. The results of research study that Islamic Bank Financing is positive and

significantly correlated with economic growth and capital accumulation in these

country. The results obtained from the Granger causality test reveal a positive and

statistically significant relationship between economic growth and Islamic banks’

financing in the short run and in the long run. It also found that the long run

relationship is stronger than the short run relationship.

Sofyan Syafri Harahap (2003) his research about The Disclosure of Islamic

Values: Annual Report Analysis of Bank Muamalat Indonesia’s Annual Report. The

results states that Bank Muamalat Indonesia, has compiled information using

capitalistic accounting standards so as to clarify its financial position and results of

operations to stakeholders. It is hypothesized though, that the current disclosure

system employed gives no indication of justness or fairness and so is incompatible

with Islamic value.

Another research was conducted by Tarek H. Selim (2008) about an Islamic

Capital Asset Pricing Model, stated that There are four major findings. First, an

Islamic financing partnership based on complementary capital is proven to necessarily

yield a lower beta-risk of investments than that compared to the market. Second, in

order for the above conclusion to hold, capital lenders (such as banks) must abide by a

maximum partnership share inversely proportional to project risk and increasing with

opportunity cost of capital. Third, the sum of lender’s share and relative risk level

balances to unity at equilibrium. Hence, tradeoffs exist in risk-shares and not in risk-

returns. Fourth, without accounting for inflation, and in contrast to predetermined

fixed interest, a maximin strategy of financing partnerships (maximum return with

minimum risk) imply an existence of an optimum zero risk-free rate.

This research identified two independent variables called Islamic financing

(X1) and work relation founding (X2). In which the dependent variable (Y) of this

research is non-performing financing (NPF) measured using the ratio of the financial

reporting statement of the Islamic Bank. While the population and sample of the

research is the account officer on two Islamic banks, they are Muamalat Bank

Indonesia and Islamic Danamon Bank in Solo, Indonesia.

3. Research Methodology

3.1 The Type and Data of Research

This research used quantitative field research that emphasizes an analysis on

numerical data (numbers) processed with statistical methods. The source of data in

this reserach was obtained directly from the object examined such as financial

reporting statements of Islamic bank, questionnaires, and other documents.

3.2 The Place and Time of Reseacrh

The object of this research was made from Muamalat Bank Indonesia and

Islamic Danamon Bank in Indonesia. The time needed for this reserch is three

months.

3.3 Populations and Samples

The populations in this research were 15 accounts officers at Muamalat Bank

Indonesia and Islamic Danamon Bank in Surakarta, Indonesia. Total sampling was

used in this research, in which the total of population of the Islamic bank taken as

sampling accounts officer, both Islamic Danamon Bank and Muamalat Bank in

Solo, Indonesia.

3.4 The Technique Collection of Data Collections

The technique of data collections in this research is documentation, literary

study, questionnaires, and interviews.

3.5 The Techniques of Data Analysis

3.5.1 Classic Assumption Test

The techniques of data analysis in this research started with classic

assumption test, in which the data will be processed through several stages

such as, multikolinieritas test, heteroskidastisitas test, autocorrelation test,

and normality test.

3.5.2 Regression Analysis

The technique of data analysis in this research uses multiple regression

analysis, in which the data processing uses SPSS program version 21.

Multiple linear regressions of this research are formulated by:

Y = + 1X1 + 2X2 + e

Description:

Y = Non performing financing (NPF)

= Constants

1, 2 = Coefficient regression

X1 = Islamic financing

X2 = Work relation founding

3.5.3 T Test

T test is used to analyse the significance of independent variables

partially towards dependent variables. The formulation of T test as follow:

Description :

b : Coefficient regression

Sb : Standard error of koefesien regression

As conclusion, if t value > t table or p value < 0.05, then H0 is denied.

It means that independent variables has significant effect towards dependent

variable.

3.5.4 F Test

F test is used to analyse the significance of independent variables

simultaneously towards dependent variable. The formula of calculation of

the value of F is:

( )

( ) ( )

Description:

R2 : Coefficient determinate

k : The total of independent variables

n : The amount of data

The conclusion of T test is comparing between F value and F table or

comparing between p value and significance value 0.05, then it can be

determined H0 is rejected or accepted.

3.5.5 Coefficient Determination

The aim of coefficient determination test (R2) is to know the

magnitude of effect of independent variables (Islamic financing and work

relation founding) towards non performing financing on Islamic bank.

4. Empirical Results and Analysis

4.1.1 Classic Assumption Test

In this research the data of research have been qualified for testing

each stage with relevant test such as multikolinieeritas test,

heterokidastisitas test, autocorrelation test, and normality test.

Table 4.1

The Results of Multikolinieritas Test

If the value of tolerance > 0.1 and the values VIF resulted from each

variable < 10, it does not multikolinieritas. The result of multikolinieritas

test is tolerance value (0.582) > 0.1 and VIF (1.717) < 10. Therefore,

doubles linier regression in this research does not multikolinieritas.

Table 4.2

The Results of Heteroskedastistas Test

The criteria test expected is that if each independent variables are not

significant to absolute residual or produce p value > 0.05 then there is no

problem of regression models heteroskidastisitas. This is shown by

probability values (0.374; 0.153) > 0.05.

Coefficientsa

-8,486 3,384 -2,508 ,028

,059 ,014 ,964 4,106 ,001 ,582 1,717

-,053 ,036 -,350 -1,492 ,161 ,582 1,717

(Constant)

X1

X2

Model

1

B Std. Error

Unstandardized

Coef f icients

Beta

Standardized

Coef f icients

t Sig. Tolerance VIF

Collinearity Statistics

Dependent Variable: Ya.

Coefficientsa

-3,843 1,466 -2,621 ,022

,006 ,006 ,267 ,923 ,374

,024 ,015 ,441 1,526 ,153

(Constant)

X1

X2

Model

1

B Std. Error

Unstandardized

Coef f icients

Beta

Standardized

Coef f icients

t Sig.

Dependent Variable: ABSOLUT_RESIDUALa.

Table 4.3

The Results of Autokorelasi Test

The regression model is free from autocorrelation if Runs Test

produces Asymp.Sig. (2-tailed) > 0.05. Based on the results above, it

shows that the regression model is not autocorrelation, because the

autocorrelation test results of runs probability value 0.290 bigger than

0.05.

Table 4.4

The Results of Normalitas Test

Normality test is conducted by using Kolmogorov-Smirnov test in

which the test criteria is if the test result producing probability value

bigger than 0.05. Then the regression model of this research has normal

residual. If the results of Kolmogorov-Smirnov test 0.936 > 0.05 it means

normal residual.

Runs Test

,07367

7

8

15

6

-1,059

,290

Test Valuea

Cases < Test Value

Cases >= Test Value

Total Cases

Number of Runs

Z

Asy mp. Sig. (2-tailed)

Unstandardiz

ed Residual

Mediana.

One-Sample Kolmogorov-Smirnov Test

15

,0000000

,53888350

,138

,120

-,138

,536

,936

N

Mean

Std. Dev iat ion

Normal Parametersa,b

Absolute

Positive

Negativ e

Most Extreme

Dif f erences

Kolmogorov-Smirnov Z

Asy mp. Sig. (2-tailed)

Unstandardiz

ed Residual

Test distribution is Normal.a.

Calculated f rom data.b.

4.1.2 Regression Analysis

Double linier regression using SPSS program version 21, produces as

follow:

Table 4.5

The Results of Double Linier Regression

Based on multiple linear regression analysis, the equation obtained is

described as follow:

Y = -8,486 + 0,059X1 - 0,053X2

4.1.3 T test

The aim of T test is to analyze the significance effect of Islamic

financing and work relation founding partially towards non performing

financing on Islamic bank.

Table 4.6

The Result of T Test

The result shows that the Islamic financing (X1) has significant effect

towards non performing financing (Y), in which the multiple linear

regression analysis result produces T value 4,106 with probability value

0.001 less than 0.05.

Coefficientsa

-8,486 3,384 -2,508 ,028

,059 ,014 ,964 4,106 ,001

-,053 ,036 -,350 -1,492 ,161

(Constant)

X1

X2

Model

1

B Std. Error

Unstandardized

Coef f icients

Beta

Standardized

Coef f icients

t Sig.


Coefficientsa

-8,486 3,384 -2,508 ,028

,059 ,014 ,964 4,106 ,001

-,053 ,036 -,350 -1,492 ,161

(Constant)

X1

X2

Model

1

B Std. Error

Unstandardized

Coef f icients

Beta

Standardized

Coef f icients

t Sig.


Therefore, work relation founding (X2) does not have significant effect

towards none performing financing (Y), it is shown in the multiple linear

regression analysis that produces T value -1.492 with probability value

0.161 bigger than 0.05.

4.1.4 F Test

The aim of F test is to analyze the significance effect of Islamic

financing and work relation founding simultaneously towards non

performing financing.

Table 4.7

The Result of F Test

The result of F test produces F value 9.584 with probability value

0.003 < 0.05. it means has there is significant effect on Islamic financing

and work relation founding simultaneously towards non performing

financing.

4.1.5 Coefficient Determination

The results Determination of coefficient test as follows:

Table 4.8

Coeficient Determination Result Test

The result of coefficient determination produces adjusted R2 (Adjusted

R Square) 0.551. It means that donation of variable on Islamic financing

and work relation founding towards non performing financing value

55.1%.

ANOVAb

6,494 2 3,247 9,584 ,003a

4,066 12 ,339

10,560 14

Regression

Residual

Total

Model

1

Sum of

Squares df Mean Square F Sig.

Predictors: (Constant), X2, X1a.

Dependent Variable: Yb.

Model Summary

,784a ,615 ,551 ,58206

Model

1

R R Square

Adjusted

R Square

Std. Error of

the Estimate

Predictors: (Constant), X2, X1a.

The recycle test is 44.9 % (100%-55.1%) described other variables

such as total of nonperforming loans, volume of loan, the competence of

employees, experience of employees, act.

5. Conclusions and Implication

Based on the analysis and discussion of this research, it can be concluded that :

a. Simultaneously, there is significant effect between Islamic financing and work

relation founding towards non performing financing, in which F value 9.584 with

probability value 0.003 < 0.05. It means Islamic financing and work relation

founding simultaneously have significant effect towards non performing financing

on Islamic banks. The implication is when Islamic financing and work relation

founding are carried out simultaneously supported by the level of understanding

of Islamic principles, it can minimize non performing financing on Islamic

banking.

b. Partially, Islamic financing has significant effect towards non performing

financing. It is supported by double linier regression analysis with probability

value 0.001 which is less than 0.05. Islamic financing on Islamic banks has

important element in operational funding. This research emphasizes human

resources of Islamic bank as (account officer) for the main standard in Islamic

financing services.

c. Work relation founding in Islamic bank does not have effect towards non

performing financing. This is shown in the double linier regression analysis which

probability value 0.161 is bigger than 0.05. This research shows that if it is

measured work relation founding insignificant, it means that work relation

founding does not have effect towards non performing financing.

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