understanding latent consumer insight of banking mudharabah account - rhesa yogaswara

CIFP PROFESSIONAL PRACTICE PAPER

UNDERSTANDING LATENT CONSUMER

INSIGHT OF MUDHARABAH ACCOUNT

RHESA YOGASWARA (Student ID: 0900110)

PT. QASA Strategic Consulting

Paper submitted to the International Centre for Education in Islamic Finance as partial

fulfillment of the CIFP program

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Supervisor: Dr.Shaikh Hamzah Abdul RazakSupervisor: Dr.Shaikh Hamzah Abdul RazakSupervisor: Dr.Shaikh Hamzah Abdul RazakSupervisor: Dr.Shaikh Hamzah Abdul Razak External Supervisor: Joko Wiyono, M.ScExternal Supervisor: Joko Wiyono, M.ScExternal Supervisor: Joko Wiyono, M.ScExternal Supervisor: Joko Wiyono, M.Sc

Indonesian Islamic Banking – An Overview and Opportunity – Rhesa Yogaswara of 81

TABLE OF CONTENT

TABLE OF CONTENT ....................................................................................................................................... 2

TABLE OF DATA AND CHART ....................................................................................................................... 3

PLEDEGE OF ORIGINALITY OF WORK ..................................................................................................... 4

PERMISSION FOR ACADEMIC USE OF WORK BY INCEIF .................................................................... 5

SUPERVISOR CUM EXAMINER’s DECLARATION ................................................................................... 6

TITLE AND AUTHOR AND AFFILIATION ................................................................................................... 7

ABSTRACT .......................................................................................................................................................... 8

I. INTRODUCTION ............................................................................................................................................. 9

II. RESEARCH QUESTIONS ........................................................................................................................... 12

III. OBJECTIVE OF THE RESEARCH ......................................................................................................... 14

IV. LITERATURE REVIEW ............................................................................................................................ 15

V. METHODOLOGY ........................................................................................................................................ 20

VI. EVALUATION ............................................................................................................................................. 27

VII. CONCLUSION AND RECOMMENDATION ........................................................................................ 51

VIII. REFERENCES .......................................................................................................................................... 53

IX. APPENDIX ................................................................................................................................................... 54


TABLE OF DATA AND CHART

Chart II.a. Framework of Research Background ............................................................................................ 13

Table V.1.a. Composition of In-Depth Interview ........................................................................................... 21

Table V.2.a. Composition of Close-Ended Questioners ................................................................................. 23

Table V.2.3.a. Weighted Score of Questionaire Part A .................................................................................. 24

Table V.2.3.b. Weighted Score of Questionaire Part B .................................................................................. 25

Chart V.2.5.a. Basic Profile............................................................................................................................. 25

Figure V.2.5.a. Research Approach and Process ............................................................................................ 26

Chart VI.1.1.1. Knowledge about Features in each segment ......................................................................... 28

Chart VI.1.1.2. The understanding of Islamic Finance in each segment ........................................................ 30

Chart VI.1.1.3. The adherence to Shariah Rules (Religiosity) in each segment ............................................. 31

Chart VI.1.2.1. Knowledge about features in each segment ......................................................................... 33

Chart VI.1.2.2. The adherence to Shariah Rules (Religiosity) in each segment ............................................. 34

Chart VI.1.3.1. Knowledge about features in each segment ......................................................................... 36

Chart VI.1.3.2. The understanding of Islamic Finance in each segment ........................................................ 37

Chart VI.2. Characteristics of Shariah User Segment ..................................................................................... 39

Chart VI.2.1. Consumer’s knowledge about the product features ................................................................ 40

Chart VI.2.2. Key Factors to enroll/close Mudharabah Saving Account/Time Deposit ................................. 42

Chart VI.3. Characteristics of Non-Shariah User Segment ............................................................................. 44

Chart VI.3.1. Consumer’s perception about the product features ................................................................ 45

Chart VI.3.2. Key Factors to enroll Mudharabah Saving Account/Time Deposit ........................................... 46


PLEDEGE OF ORIGINALITY OF WORK

I, Rhesa Yogaswara (ID No. 0900110) declare that the Professional Practice Paper

submitted herein is my original work and has not been plagiarized from any person or

persons. I also declare that both the report and the work on which basis the report is prepared

has been undertaken by myself and I have not contracted out this work.


PERMISSION FOR ACADEMIC USE OF WORK BY INCEIF

I hereby allow permission for the INTERNATIONAL CENTRE FOR EDUCATION IN

ISLAMIC FINANCE, to:

1. Load it in the INCEIF’s KMC database and make available to INCEIF students for

educational purposes.

2. Load it in INCEIF’s website and make available to general public and students for

educational purposes.


SUPERVISOR CUM EXAMINER’ S DECLARATION

I, Joko Wiyono presently Managing Director at PT.QASA Strategic Consulting

solemnly declare that I have supervised the above candidate for the Professional Practice

Paper and to the best of my knowledge and belief, it is his own original work. I have further

examined this final submitted paper and am of the opinion that it meets the academic

standards required of six credit hour project paper at Masters Degree level.


TITLE AND AUTHOR AND AFFILIATION

Student Name : Rhesa Yogaswara

Student ID : 0900110

Program : Chattered Islamic Finance Professional

Topics : Understanding Latent Consumer Insight of Mudharabah Account


ABSTRACT

Student Name : Rhesa Yogaswara

Student ID : 0900110

Program : Chattered Islamic Finance Professional

Topics : Understanding Latent Consumer Insight of Mudharabah Account

Indonesia, as the biggest Muslim country, has been experiencing the significant

growth of Mudharabah Saving and Deposit Account in the last several years. However, in

terms of contribution, Mudharabah Saving and Deposit Account have very small market

share. Hence, there is a market gap between Mudharabah Account and conventional account.

This research will elaborate the consumer’s characteristics, to understand the unmet

needs of the Shariah users, Non-Shariah users, and Shariah Issues of Mudharabah Saving and

Deposit Accounts products. The methodology will consist of two major stages; collecting the

general insights through qualitative research, then quantitative approach by interviewing 181

respondents. Hence, the magnitude of the insight can be measureable and statistically

accountable.

As the result, by considering Shariah compliance, Islamic Bank needs to position and

to re-brand themselves as the Islamic Banks who comply with the Shariah rules, to increase

the loyalty of Shariah users. In the other side, Non-Shariah users’ key factors are about the

limited ATM network that owned by themselves, and the transfer fee of “Joined ATM” has

been perceived more expensive than ATM that owned by themselves.

Keywords: Mudharabah, Saving Account, Time Deposit, pillar of Islam, perception, Shariah

Issues, positioning, brand


I. INTRODUCTION

Indonesia, as one of the biggest Muslim countries, has been developing Islamic

Banking industry in the last several years. Dual-banking system is the development approach

that has been implemented under Indonesian Banking Architecture (API) Framework.

Profit/loss sharing concept which is the characteristics of Islamic Banking, is the alternative

banking system for Indonesian society. Furthermore, Islamic Banking system concerns with

justice in terms of financial transaction, ethical investment, togetherness in economic

production, and minimize the speculative.

In Indonesia, Islamic Banking has been classified into 2 major group classifications.

First is Islamic Commercial Bank which includes Islamic Business Unit under conventional

bank. Then the second group is the Islamic Rural Bank.

Islamic Commercial Bank consists of 6 sub-group classifications. They are State Own

Islamic Bank, Foreign Exchange Islamic Commercial Bank, Non-Foreign Exchange Islamic

Commercial Bank, Regional Islamic Development Bank, Islamic Joint Ventures Bank,

Foreign Owned Islamic Bank.

Up to Q4 of 2010, players who have launched Mudharabah Saving Account have

increased. The number of Islamic Commercial Bank in 2009 was 6 banks, and it has

increased to be 11 banks in 2010. As the result, the growth of Mudharabah Saving Account

from Islamic Commercial Banking in the last several years has shown a significant growth.

The Cumulative Annual Growth Rate of Mudharabah Saving Account is 39.02%. In 2005 in

terms of value, Mudharabah Saving Account was only 4,370 Billion IDR and by 2010 the

Mudharabah Saving Account has achieved 22,688 Billion IDR.

Furthermore, we can also look at the trend of Mudharabah Deposit Account. The

Cumulative Annual Growth Rate of Mudharabah Deposit Account is 37.63%. In terms of

value, in 2005, it was only 8,546 Billion IDR and by 2010 the Mudharabah Deposit Account

has achieved 42,206 Billion IDR. Therefore, banks offering both Mudharabah Saving and

Deposit products have shown a significant incremental from only 6 in 2009 up to 11 Islamic

Commercial Banks in 2010.

As stated by Suryodiningrat in The Jakarta Post, Indonesia has a big population that

can become a strong target for the expansion of Islamic Bank offering the Shariah products.

The population almost reaches 240 million people in 2010. Out of 240 million people, 85%


from total population is Islam. The rest 15% consists of Catholic, Protestant, Hindu, and

Budha.1

At least, there are 200 Million people (85% from 240 Million) which are Muslims that

have same belief in terms of religion. Logically, these 200 Million people have no barrier to

be offered Islamic Bank's products. Therefore, it is not impossible for Central Bank of

Indonesia, to set 5% market share target compared to Conventional Bank.

Indonesia is dominated by Muslim population (85% of total population). According to

Statistics of Bank Indonesia, Islamic Commercial Bank has only 3% market share compared

to Conventional Bank. We can conclude that Mudharabah Saving Account has a market gap

compared to conventional Saving account. Bank Indonesia has been trying to reduce the gap

through the instruments development, regulation, and policies in Islamic Finance area.

Hence, it is reasonable for the significant growth of Mudharabah Saving Account with

39.02% growth annually.

According to Bank Indonesia’s policy, there have been 6 (six) grand strategies to

develop Islamic Banking Market in 2009-2012.2 They are the determination the vision as a

leading Islamic Banking industry in ASEAN, creating a new branding of Islamic banking

which is inclusive and universal, accurate market mapping, diverse product development,

service improvement, as well as new communications strategy that positioned the Islamic

Banking go “Beyond Banking”.

First strategy, Central Bank has determined the asset target and growth of Islamic

Banking to build Indonesian Islamic Banking as a leading Islamic Banking in ASEAN. For

the last 5 years, Islamic Banking has increased by 36% in terms of Cummulative Annual

Growth Rate (CAGR) of Assets. In 2005, total asset of Islamic Bank was 606,347 Billion

IDR and by 2010 the asset has reached 2,836 Trillion IDR. The high growth is driven by the

growth of Islamic Rural Bank which dominates Islamic Bank in Indonesia.

Second strategy, positioning, differentiation, and branding are the areas that have been

focused on building new image of Islamic Banking in Indonesia. In terms of differentiation, it

will be provided the advantage products, diversity schemes, transparent, competent, ethical

finance, Update information technology, user friendly, and the presence of Islamic financial

investment expert. In terms of positioning, Islamic bank should be perceived as a banking

1 Suryodiningrat, Meidyatama, "Who Are Indonesians?", The Jakarta Post, 2 Oktober 2006

2 http://www.bi.go.id/web/id/Perbankan/Perbankan+Syariah/ (Accessed on 12

th April 2011)


that provides mutually beneficial to both bank and consumers. In branding area, Islamic

banking will be socialized as a bank that is more than just a bank or “beyond banking".

Third strategy, potential market of Islamic banking will be targeted more accurate

according to each player's strategy, in order to fulfill the demand of consumer for banking

services as a universal service for all segments.

From the above explanation about Grand Strategy to develop Islamic Banking Market

in 2009-2012, there are several approaches which are referred to in the positioning-

differentiation-branding strategy that has been conducted since 2009. The 3 (three) approach

policies are socialization and education program, strategic alliance, and internal development.

Beside the Government side, there is also another approach that can be implemented

for Islamic Commercial Bank to increase the Mudharabah Saving Account. This approach is

from the consumer marketing area which is expected that Islamic Commercial Bank can

more understand the Indonesian consumers, by exploring the latent consumer insight.

According to the grand strategy of Central Bank, the Indonesia Shariah consumer can

be segmented into 5 consumer segments, such as Shariah minded segment, floating mass,

flexible based on benefits and needs segment, forced consumer segment, and conventional

segment. Furthermore, Central Bank has focused on 3 types of consumer based on their

activities. Those are women and youth, entrepreneurs, and Internet users (netizen).

Therefore, the consumer marketing approach can be focused on several segments that

represent the Indonesian consumers to explore the unmet needs from Islamic Commercial

Banking products.


II. RESEARCH QUESTIONS

Indonesia, as the biggest Muslim country, has been experiencing the significant

growth of Mudharabah Saving and Deposit Account in the last several years. However, in

terms of contribution, Mudharabah Saving and Deposit Account have very small market

share contribution compared to conventional saving and deposit account. Hence, there is a

market gap between Mudharabah Account and conventional account.

Bank Indonesia has been trying to reduce the gap through the instruments

development, regulation, and policies in Islamic Finance area. There is also another

approach that can be implemented for Islamic Commercial Bank, to increase Mudharabah

Saving and Deposit Account rather than relying on Government side. This approach is from

the consumer marketing area that is expected that Islamic Commercial Bank can more

understand the Indonesian consumer, by exploring the latent consumer insight.

Hence, there could be many possibilities that the consumer's needs are still

unfulfilled. These unmet needs could be a barrier for Islamic Commercial Bank to penetrate

to the market. In order to understand the possibility issues from the consumer side, we may

conduct a consumer research to find out the unmet needs of Indonesia's consumer for Islamic

Commercial Banking products.

Consumers are divided into 2 major segments. The first segment is Shariah users, the

consumers who already have a Mudharabah Saving or Deposit Account of Islamic

Commercial Banking. Then, the second segment is Non-Shariah users, the consumer who

have not had a Mudharabah Saving or Deposit Account.

It means that this research will cover the Shariah users and Non-Shariah users. For the

Shariah users, the output is expected to address their unmet needs that have a possibility to

make them close their Mudharabah Saving or Deposit Account, and switch to Conventional

Saving account. While for Non-Shariah users, the result is expected to address the unmet

needs of conventional users that have made them loyal to have conventional Saving account.

Therefore, there are three research questions to know the market gap possibilities:

• What are the unmet needs of the Shariah users that have possibilities to make them

close their Mudharabah Saving or Deposit Account and switch to the conventional

Saving account?

• What are the unmet needs of the Non-Shariah users that made them loyal to have

conventional Saving account?


• What are the Shariah Issues of Mudharabah Saving or Deposit Account products from

Fiqh Muamalah perspective?

To make the research background easy to understand, the following figures will

describe the framework of the background, why this research is going to be important.

CHART II.A . FRAMEWORK OF RESEARCH BACKGROUND


III. OBJECTIVE OF THE RESEARCH

This research will be useful to determine the growth of Mudharabah Saving and

Deposit Account, from the consumer side. Specifically, the objectives of this research are to

understand:

• The unmet needs of the Shariah users that have possibilities to make them close their

Mudharabah Saving or Deposit Accounts and switch to the conventional saving

accounts.

• The unmet needs of the Non-Shariah users that make them loyal to conventional

saving accounts.

• The Shariah Issues of Mudharabah Saving and Deposit Accounts products from Fiqh

Muamalah perspective.

For the long terms, this research can be used as an introduction prior to next research

activities that might make us to understand:

• The gap among current marketing programs of Mudharabah Saving, Deposit Account

and consumer's needs.

• The position of Mudharabah Saving and Deposit Account in consumer's perception is

related to their willingness to be Shariah users.

• The gaps that will be enable us to see the leverage, to accelerate the growth and to

assist player to be ahead of the competition.

• The consumer's needs and wants of Mudharabah Saving and Deposit Accounts.

• The Shariah Issues of Mudharabah Saving and Deposit Accounts, and advice Islamic

Commercial Bank of improvement area which should align to Fiqh Muamalah.


IV. LITERATURE REVIEW

IV.1. Basic Principles of Islamic Finance

Islamic Banking has developed in the recent years. The development has taken place

partially between conventional banking and Islamic banking. Conventional banking in

Indonesia who adopted the Islamic principles will be entitled to establish Islamic Business

Unit that be allowed to sell Shariah products. Currently, not only Islamic Business Unit of

conventional banking, but also Islamic Commercial Bank has shown the development.

There are basic principles of Islamic Finance that need to be adopted, to produce

Shariah products. Those principles are to avoid Riba, Maysir, and Gharar. Prohibitions

against riba and gharar are given treatment explicitly in both the Quran and Sunnah, in

several places and different contexts. It means that financial services and instruments, must

comply with these injunctions.3 The Quran does not mince words when it forbids the use of

usury:

Those who live on usury will not rise (on Doomsday) but like a man possessed

of the devil and demented. (2:275)

The other statement is

ALLAH has permitted BAI’ (sale) and prohibited RIBA” (2: 275)

There are institutions devoted to Islamic research reaffirming that bank interest was

covered by the prohibition of riba. So that, the result is if there is any related to the excess

charged over the principal in case of a loan, then that will be riba. Therefore, we can conclude

that Bank interest is riba.4

Another principle of Islamic Finance is Gharar. According to Abdul Rahim Al-Saatii,

Islamic jurisprudent recognizes Gharar as a kind of uncertainty. Literally it means

uncertainty, risk or hazard. Taghreer being the verbal noun, it means deception or

3 Netzer, Miriam Sophia. Riba in Islamic Jurisprudence: The Role of Interest, In discourse on law and State,

Thesis. The Fletcher School. 2004. Pg 8

4 Siddiqi, Mohammad Nejatullah. Riba, Bank Interest and The Rationale of Its Prohibition. Islamic Development

Bank and Islamic Research and Training Institute. 2004. Pg 55-64


misrepresentation, which includes exposing his own property to jeopardy. Gharar is defined

as the risk or jeopardy which is the state of being near to destruction or wreckage.5

Ibn Taymiyah r.a. clarifies the distinction of Gharar and Maysir by saying that:

``Gharar is something the consequence of which is unknown (majhul al-`aqiba), selling it

involves Maysir, which is gambling (qimar). Gharar is of three types: either what does not

exist like habal al-habala or that which cannot be delivered, like the horse that has escaped;

or third, that which is unknown in an absolute sense (majhul mutlaq), or the object which is

identified but remains unknown in its genus or its quantity.”

Therefore, Maysir entails speculative elements in a contract where expected gains are

not clearly defined at the initiation of the contract.6

There are so many contract types that have been allowed by Shariah rules. One of

them is Mudharabah. It is a form of business contract in which one party contributes capital

and the other is personal effort. The financier is known as rabb al-mal and the worker or

entrepreneur as mudarib. The proportionate share in profit is determined by mutual consent.

But the loss is borne only by the owner of the capital, in which case the entrepreneur gets

nothing for his labour. As a financing technique adopted by Islamic banks, it is a contract in

where all the capital is provided by the Islamic bank and the business is managed by the other

party. The profit is shared in pre-agreed ratios, and loss, if any, unless caused by the

negligence or violation of the terms of the contract by the mudarib, is borne by the Islamic

bank. Ultimately, the bank passes on the loss to the depositors.7

Mudharabah Mutlaqah is one of Mudharabah contract which is named as Unrestricted

Mudharabah or Unconditional Mudharabah. It is a contact of Mudharabah that does not bind

the entrepreneur about the place, time, season, commodities, credit or techniques of trade.

These matters are left to the option of the entrepreneur. The Mudharabah contract defines

merely the profit-sharing ratio.8

5 Al-Saatii, Abdul Rahim (2003). The Permissible Gharar (Risk) in Classical Islamic Jurisprudence. J.KAU: Islamic

Econ. Vol. 16, No. 2. pg. 3-19

6 Ebrahim, Shahid & Tan Kai Joo (2001). Islamic banking in Brunei Darussalam. International Journal of Social

Economics, Vol. 28 No. 4. MCB University Press, 0306-8293. pg. 314-337.

7 Khan, Muhammad Akram (2003). Islamic Economics and Finance: A Glossary. Routledge. United Kingdom. Pg

129

8 Ibid. Pg 130


IV.2. The Five Pillars of Islam

The Five Pillars of Islam (arkān-al-Islām; also arkān ad-dīn "pillars of the religion")

are five basic acts in Islam, considered obligatory by Sunni Muslims. These are summarized

in the famous Hadith of Gabriel.9 10 The Five Pillars of Islam are the framework of a

Muslim’s life. They are the testimony of faith (Syahada), prayer (Shalat), giving zakat

(support of the needy), fasting during the month of Ramadan (Saum), and the pilgrimage to

Makkah once in a lifetime for those who are able (Hajj). The explanation can be seen in the

following details:11

1. Syahada. The testimony of faith is saying with conviction, “La ilaha illa Allah,

Muhammadur rasoolu Allah.” This saying means “There is no true god but God

(Allah), and Muhammad is the Messenger (Prophet) of God.” The first part,

“There is no true god but God,” means that none has the right to be worshipped

but God alone, and that God has neither partner nor son.

2. Shalat. Muslims perform five prayers a day. Each prayer does not take more than

a few minutes to perform. Prayer in Islam is a direct link between the worshipper

and God. There are no intermediaries between God and the worshipper.

3. Zakat. All things belong to God, and wealth is therefore held by human beings in

trust. The original meaning of the word zakat is both ‘purification’ and ‘growth.’

Giving zakat means ‘giving a specified percentage on certain properties to certain

classes of needy people.’

4. Saum. Every year in the month of Ramadan, Muslims fast from dawn until

sundown, abstaining from food, drink, and sexual relations.

5. Hajj . The annual pilgrimage (Hajj) to Makkah is an obligation once in a lifetime

for those who are physically and financially able to perform it.

9 Pillars of Islam. http://www.britannica.com/EBchecked/topic/295625/Pillars-of-Islam. Encyclopaedia

Britannica Online. Accessed December 10, 2011.

10 Five Pillars. http://www.pbs.org/empires/islam/faithpillars.html. United Kingdom: Public Broadcasting

Service (PBS). Accessed December 10, 2011.

11 Ibrahim, IA (1997). A Brief Illustrated Guide to Understanding Islam. Darussalam, Publishers and Distributors,

Houston, Texas, USA. Pg 65-67


IV.3. Banking Products

There are so many banking products, which are divided into 2 major groups. The first

is Third Party Funds (TPF), and Financing/Load Products. This study will discuss about

Saving Account and Time Deposit. If you have more funds than you need on a regular basis,

then you may take a look at opening a saving account where interest can be earned. Some

forms of Saving account require a minimum amount to be deposited at the time of opening

the account, while others may have restrictions on how much money you can withdraw on a

daily basis.

Saving accounts are accounts maintained by retail financial institutions that cannot be

used directly as money (for example, by writing a check). These accounts let customers set

aside a portion of their liquid assets while earning a monetary return. For the bank, money in

a saving account may not be callable immediately and therefore it often does not incur a

reserve requirement freeing up cash from the bank's vault to be lent out with interest.12 13 14

Different with saving account, time deposit is a money deposit at a banking institution

that cannot be withdrawn for a certain "term" or period of time (unless a penalty is paid).

When the term is over it can be withdrawn or it can be held for another term. Generally, the

longer the term, the better the yield returns on the money. A certificate of deposit is a time-

deposit product.15

IV.4. Marketing

The challenges of Islamic Banking in Indonesia are how to fulfill the consumer’s

demand through selling the Shariah products which comply with Shariah rules. There are

several marketing aspects that need to be considered by Islamic Bank. According to Kotler,

Marketing must be understood not in the old sense of making a sale - 'selling' - but in the new

sense of satisfying customer needs.16 Hence, its basic concept needs to be adopted by Islamic

12

Saving account. http://en.wikipedia.org/wiki/Saving_account. Accessed December 10, 2011

13 Saving account. http://www.investorwords.com/4388/Saving_account.html. Accessed December 10, 2011

14 Saving account. http://www.investopedia.com/terms/s/Savingaccount.asp#axzz1g9CpV5HJ. Accessed

December 10, 2011

15 Time Deposit. http://en.wikipedia.org/wiki/Time_deposit. Accessed December 10, 2011

16 Kotler, Philip; Gary Amstrong; John Saunders & Veronica Wong (1999). Principles of Marketing. Second

Edition. Prentice Hall Europe. Pg 9


Bank to penetrate Mudharabah Saving Account/Time Deposit, without compromising the

Shariah compliance.

One of the marketing’s stages is positioning, which aims to place its product

positioning in the minds of consumers. In other words, product positioning is the place for an

offering occupies in the minds of consumers relative to competitive products. Then, product

repositioning is changing the place an offering occupies in the minds of consumers relative to

competitive offerings.

Positioning is important because it is the means by which goods and services can be

differentiated from one another and so give consumers a reason to buy. It means that

Positioning is not what you do to a product; it is what you do to the mind of a prospect (Ries,

A., and Trout, J. (1972), ‘The positioning era cometh’, Advertising Age, 24 April, 35–8.) 17

Then, the products should have a brand name. Brands can be defined in two ways.

Firstly, a brand could be an identification or a mark that differentiates one business from

another (through a name or a logo, for example). Secondly, a brand symbolizes how people

think about your business. Building a brand helps customers in their decision-making,

creating a perceived knowledge of what they are going to buy — before they buy it. Brands

are based on three related criteria.18

Positioning encompasses two fundamental elements. The first concerns the physical

attributes, the functionality and capability that a brand offers. The second positioning element

concerns the way in which a brand is communicated and how consumers perceive the brand

relative to other competing brands in the marketplace. We can conclude that consumer’s

perceptions are the result of products offered that had been designed and branded/re- branded

through the right positioning.

17

Masterson, Rosalind & Pickton, David (2010). Marketing an Introduction. Second Edition. Sage Publication.

Pg 147-148

18 Anonymous. Guide to Creating a Brand. GREEN Communications, 2006


V. METHODOLOGY

The answer of research questions, in order to achieve the research objective, is a

methodological which its approach prior to conduct the research execution. This

methodology consists of analytical approach in order to achieve the structured and

systematical objective. The methodology will consist of two major stages; the first stage is by

collecting general insights through qualitative research. The source of obtained information

can be considered to represent the respective segment. The second is the quantitative

approach by interviewing many respondents. Hence, the information can be more statistically

accountable.

V.1. Qualitative Stages

This research will collect primary data from the consumers directly who have already

had Mudharabah Saving or Deposit Accounts and from the consumer who haven't had

Mudharabah Saving or Deposit Accounts yet. This data collection will consist of qualitative

information through in-depth interview. The sample will be chosen randomly in limited area,

it is only in Pasar Minggu sub-district in Central Jakarta, Indonesia. Pasar Minggu has been

considered as the right area since there are many residents, offices, and traditional markets. It

makes Pasar Minggu become a heterogeneous area.

The sample respondents must meet several criteria; they are respondent with aged

between 17-55 years old, who live in Pasar Minggu for at least 2 years, and must represent

one of 4 types of respondents. Those types are, Shariah users, Non-Shariah users who have

good knowledge of Islamic Finance (IF), Non-Shariah users who have medium knowledge of

Islamic Finance (IF), and Non-Shariah users who have poor knowledge of Islamic Finance

(IF). The following table will describe the composition of both in-depth interview and

close-ended questioners.


TABLE V.1.A . COMPOSITION OF IN-DEPTH INTERVIEW

Type of Respondent Number of Respondent

Shariah Users 3

Non-Shariah users who have good knowledge of IF 3

Non-Shariah users who have medium knowledge of IF 3

Non-Shariah users who have poor knowledge of IF 3

TOTAL 12

V.1.1. Questionnaire

The questions in the questionnaire will focus on consumer’s minds which related to

the following details: (The detail questionaire will be attached in the appendix)

• Consumer’s perception of Islamic Banks.

• Consumer’s perception towards the "iB" brand.

• The influence of "iB" brand perception for consumer.

• Knowledge about product features of Mudharabah Saving Account/Time Deposit.

• Knowledge about services offered by Islamic Banks.

• What can make current users close the account and back to the conventional account?

• What made the potential customers have not enrolled Mudharabah Saving

Account/Time Deposit yet.

V.1.2. Objective of Qualitative Stage

The purpose of this stage is to obtain the general insight from respondents who

considered can represent the respective each segment. Another objective is to explore all

determinant factors/parameters possibilities for the actual situation of the Islamic Banks as

well as the Mudharabah Saving Account/Time Deposit, from the consumer’s perspective. In

addition, the objective of qualitative stage is for the basis of quantitative study.


V.1.3. The Results of Qualitative Stage

After conducting in-depth-interview, the results of this first stage are expounded as

follow:

• Shariah Users

o Factors that have motivated them to enroll Mudharabah Saving Account/Time

Deposit: Feel comfortable for hereafter life, with the given 'profit sharing'

products under Mudharabah. "Shariah" Brand has made Islamic products are

different with conventional ones, even though in terms of feature, Mudharabah

Saving/time deposit have not as sophisticated as conventional products

o Factors that will make them close their Mudharabah Saving Account/Time

Deposit: If the value of Islam and the Islamic products does not comply with

Shariah rules. In addition, if services of the Islamic Bank are not comfortable

anymore, then they will close their Mudharabah Saving Account/Time Deposit

• Non-Shariah Users who have Good Knowledge of IF

o Barrier to enroll Mudharabah Saving Account/Time Deposit: They are eager

to move to Islamic Bank since the system is more fairness. However, the

incomplete features and ATM networks have made them keep loyal to their

conventional products.

o Factors that will make them enroll Mudharabah Saving Account/Time

Deposit: Ease of transaction, when the payment features have been already

exist, and the ATMs have been available everywhere.

• Non-Shariah Users who have Medium Knowledge of IF

o Barrier to enroll Mudharabah Saving Account/Time Deposit: Salary Payment

is still using conventional products, then it has made them keep loyal to

conventional products. In addition, the ATMs network of conventional bank

was limited.


Deposit: Ease of transaction, when the payment features have been already

exist, and the ATMs have been available everywhere. In addition, they would

love to move to Islamic Bank, if the employer would like to pay their salary to

the Islamic Bank.


• Non-Shariah Users who have Poor Knowledge of IF

o Barrier to enroll Mudharabah Saving Account/Time Deposit: They have been

a conventional customer for a long time, unfortunately they have not known

yet what Islamic economic and finance are. Hence, they have no interest to

enroll Mudharabah Saving Account/Time Deposit.


Deposit: If the features of transaction have same level with conventional ones,

and it will be good if they understand the Islamic Finance better.

V.2. Quantitative Stages

This stage will interview to the 181 respondents, which is divided in to 2 (two) major

segments. The first segment is Shariah Users, who have enrolled Mudharabah Saving

Account/Time Deposit. Then, second is Non-Shariah Users, who have not had Mudharabah

Saving Account/Time Deposit and still keep loyal to the conventional product. The following

table is the composition of the major segments.

TABLE V.2.A . COMPOSITION OF CLOSE-ENDED QUESTIONERS

Type of Respondent Number of Respondent

Shariah Users 101

Non- Shariah Users 80

TOTAL 181

V.2.1. Questionnaire

In this stage, the questions will focus on 6 key questions that will be asked to the 181

respondents. (The detail questionaire will be attached in the appendix)

• Their understanding of Islamic Finance (IF)

• Adherence to Shariah Rules (Religiosity)

• Respondent’s understanding about the features of Mudharabah Saving Account/Time

Deposit.

• Respondent’s perception about the features of Mudharabah Saving Account/Time

Deposit.


• The Factors that will make them close their Mudharabah Saving Account/Time

Deposit.

• Barrier to enroll Mudharabah Saving Account/Time Deposit.

V.2.2. Objective of Quantitative Stage

The purpose of this stage is to quantify/to measure the magnitude the insight from

first stage, since qualitative study is lacking of the magnitude. The approach will be through

quantitative methodology. Hence, the information collected will be more acountable.

V.2.3. Weighted Process

Especially for the question about the knowledge of Islamic Finance (IF) and the

adherence to Shariah rules (Religiosity), will be converted into 3 groups of criteria.

Therefore, the expected results of conversion will be as follows:

1. Knowledge of Islamic Finance (IF)

a. Good Knowledge of Islamic Finance (IF)

b. Medium Knowledge of Islamic Finance (IF)

c. Poor Knowledge of Islamic Finance (IF)

2. Adherence to Shariah Rules (Religiosity)

a. High Adherence to Shariah Rules

b. Medium Adherence to Shariah Rules

c. Low Adherence to Shariah Rules

The conversion will be converted through the following weighted score of Islamic

Finance Knowledge (The detail questionaire will be attached in the appendix):

TABLE V.2.3.A . WEIGHTED SCORE OF QUESTIONAIRE PART A

Group Criteria about Knowledge of IF Score of Part A

Good Correct Number >= 4

Medium Correct Number = 3

Poor Correct Number <= 2

Then the conversion of Adherence to Shariah rules will be weighted in the following

table (The detail questionaire will be attached in the appendix):


TABLE V.2.3.B . WEIGHTED SCORE OF QUESTIONAIRE PART B

Group Criteria about Adherence to

Shariah Rules

Score of Part B

High When respondents have a number of “always”

more than “seldom” and “never”

Medium Apart from on “High” and “Low” criteria

Low When respondents have a number of “never”

more than “seldom” and “always”

V.2.4. Sampling Methods

Respondents selection will be conducted randomly from the first 181 respondents

who were met in Pasar Minggu, Jakarta.

V.2.5. The Result of Quantitive Stage

One of the results from this stage is the basic profile of 181 respondents, that has been

coonverted through weighted process in section V.2.3. Then, the result can be seen in the

following chart:

CHART V.2.5.A . BASIC PROFILE

Segments Adherence to Sharuah Rules (Religiosity)

Knowledge of IF Low Medium High Total

Non Shariah Users 4 45 31 80

Poor 3 17 9 29

Medium - 7 10 17

Good 1 21 12 34

Shariah Users 3 36 62 101

Poor 2 2 17 21

Medium 1 3 28 32

Good - 31 17 48

Total 7 81 93 181

Therefore, to understand the whole process of this research can be seen at the

following figure, it is about Research Approach and Process.


FIGURE V.2.5.A . RESEARCH APPROACH AND PROCESS


VI. EVALUATION

VI.1. Consumer’s characteristics

In order to increase the market share of Islamic Banking, by knowing the

characteristics of the consumers and their potential customers is vital, without considering

their businesses’ size. According to the methodology, we would like to measure the

magnitude of consumer’s insight by considering their knowledge of Islamic Finance (IF),

their religiosity, and their understanding about the product features.

This evaluation will be discussed through the following major topics:

• Consumer’s characteristics

• Characteristics of Shariah Users Segment

• Characteristics of Non-Shariah User Segment

• Implication for the Islamic Bank

VI.1.1. Consumer’s characteristics in each segment

VI.1.1.1. Insight - Knowledge about features in each segment

In this section, we can see that 82% of the Shariah users have known the features

Mudharabah Saving Account/Time Deposit. The figure can be seen at Chart VI.1.1.1. There

are several features that have been known by Shariah users, e.g. Profit Sharing Rate,

Administration Fee, e-Banking, ATM Card as a Debit Card as well, Insurance covered,

Shariah Contract Description of Mudharabah Saving Account, Automatic Roll Over, Shariah

Contract Description of Mudharabah Time Deposit.

In addition, this 82% of Shariah users have also known and have had experience

about the services, such as ATM Network, ATM Transfer Fee, Call Center Service, Customer

Service/Teller Service.


CHART VI.1.1.1. KNOWLEDGE ABOUT FEATURES IN EACH SEGMENT

Then, for the Non-Shariah users, 91% respondents do not know the features of

Mudharabah Saving Account/Time Deposit. However, eventhough they do not know the

features, they have their perception about the featues of Mudharabah Saving Account/Time

Deposit.

Most of respondent 91% respondents do not know the featues of Mudharabah Saving

Account/Time Deposit said that most of product features was good, except the following

insight:

• Mudharabah Contract, which they do not know how players structured the

contract under the saving accounts in details.

• Even the actual number of ATMs is limited, they perceived that the ATMs of

Islamic Bank are wide. Since most of Islamic Banks have joined their ATM to be

incorporated in the shared ATM network.

Key Take-Outs: Overall, this study has indicated that consumers thought logically.

Consumers will become Shariah users to enroll Mudharabah Saving Account/Time Deposit,


because they know its features. For consumers who do not know the features of Mudharabah

Saving Account/Time Deposit, loyal to their conventional product and still have not enrolled

Mudharabah Saving Account/Time Deposit. However, we need to analyze how the

relationship between their knowledge of Islamic Finance (IF) and their level of adherence to

Shariah rules is.

VI.1.1.2. Insight - The understanding of Islamic Finance in each segment

In this section, we can see that 47% of the Shariah users have good knowledge of

Islamic Finance (IF). The figure can be seen in the Chart VI.1.1.2. It means that most users

have good understanding about Islamic Finance, such as the study case about Riba, Gharar,

Maysir, and the basic concept about Mudharabah/Musyarakah/Ijarah.

It has indicated that the consumers have been already familiar with basic concept

about Islamic Economics, Banking and Finance. Hence, we can conclude that most of

Shariah users can be categorized as well educated in Islamic Finance.


CHART VI.1.1.2. THE UNDERSTANDING OF ISLAMIC FINANCE IN EACH

SEGMENT

Then, for the Non-Shariah users, 43% respondents have good knowledge of Islamic

Finance (IF). It means that there are so many consumers who have good knowledge of

Islamic Finance (IF) but they still keep their conventional Saving Accounts/Time Deposit,

and they did not enroll Mudharabah Saving Account/Time Deposit. This finding has

indicated us that there are other reasons why the consumers who have good knowledge of

Islamic Finance (IF), are still a Non-Shariah users. The reason will be explained in the

section VI.3.

Key Take-Outs: There is an interesting situation that need to be explored deeper. Most of

Non-Shariah users (43%) have good knowledge of Islamic Finance (IF), which means they

did not enroll Mudharabah Saving Accounts/Time Deposit. The reason will be explained in

the section VI.3. Previously, we have assumed that consumers having good knowledge of

Islamic Finance (IF), will understand the maslahah, benefit, impact for themselves and for the

society, of the Islamic Finance


VI.1.1.3. Insight - The adherence to Shariah Rules (Religiosity) in each segment

In terms of adherence to Shariah Rules (Religiosity), we can see that 61% Shariah

users have High level of adherence to Shariah Rules (Religiosity). The figure can be seen in

the Chart VI.1.1.3. It means that most users are Good Muslim who often and always conducts

the five pillars of Islam, such as Shalah, Fasting, Pay Zakah, and performing Hajj.

It has indicated that the consumers know the reward from Allah SWT, if they do

financial transactions that comply with Shariah. They tend to find the countenance and

blessed business activities with Islamic Bank. Then, they know the punishment from Allah

SWT, if they keep doing financial transactions that contain riba. They feel fear and obedience

to Allah SWT when they violate the rules.

CHART VI.1.1.3. THE ADHERENCE TO SHARIAH RULES (RELIGIOSITY) IN

EACH SEGMENT

Then, for the Non-Shariah users, 56% respondents have medium level of adherence to

Shariah rules (Religiosity). It means that Non-Shariah users have been dominated by

consumers who conduct the pillars of Islam only ordinary. The second contributor is


consumers who have high level of adherence to Shariah rules (Religiosity), which contribute

39% of Non-Shariah users. This segment should be elaborated, to understand the hidden

insight from their perspective, about the reason why they keep loyal to conventional Saving

Accounts/Time Deposit.

Key Take-Outs: Non-Shariah users’ segment has been dominated by consumers who have

High and Medium level of adherence to Shariah rules (Religiosity). Then, we need to explore

and to elaborate deeper, since there is an indication that the adherence level to Shariah rules

(Religiosity), has no relationship with the enrollment of Mudharabah Saving Accounts/Time

Deposit.

VI.1.2. Consumer’s characteristics who have Good Knowledge of IF


In section VI.1.2, we will elaborate the consumers having the characteristics of good

knowledge of Islamic Finance (IF). In terms of product features, we can see that 87% the

Shariah users have known the features Mudharabah Saving Account/Time Deposit. The

figure can be seen in the Chart VI.1.2.1. In addition, this segment has also known and had

experience about the services, such as ATM Network, ATM Transfer Fee, Call Center

Service, Customer Service/Teller Service.



Then, for the Non-Shariah users, 97% respondents do not know the featues of

Mudharabah Saving Account/Time Deposit. However, eventhough they do not know the

features, they have their perception about the features of Mudharabah Saving Account/Time

Deposit.

There are only 3% of Non-Shariah users with good knowledge of Islamic Finance

(IF), know the features of Mudharabah Saving Account/Time Deposit. 97% of respondents

do not know the features of Mudharabah Saving Account/Time Deposit said that most of

product features were good, except the following insight:

• Mudharabah Contract, which they do not know how players structured the

contract under the saving accounts in details.

• Even the actual number of ATMs are limited, they perceived that the ATM of

network of Islamic Bank were wide. Since most of Islamic Banks have joined

their ATM to be incorporated in the shared ATM network.


Key Take-Outs: Even though consumers understand and having good knowledge

about Islamic Finance (IF), if they do not know the product features of Mudharabah Saving

Account/Time Deposit, then they will not enroll in Mudharabah Saving Account/Time

Deposit. In other words, good knowledge of Islamic Finance (IF) is not enough to make them

to be Shariah users.

VI.1.2.2. Insight - The adherence to Shariah Rules (Religiosity) in each segment

In terms of adherence to Shariah Rules (Religiosity), we can see that those Shariah

user who have good knowledge of Islamic Finance (IF), had also High level of adherence to

Shariah Rules (Religiosity). The figure can be seen in the Chart VI.1.2.2. It means that most

users are Good Muslim.

CHART VI.1.2.2. THE ADHERENCE TO SHARIAH RULES (RELIGIOSITY) IN

EACH SEGMENT

Then, for the Non-Shariah users, only 3% respondents have low level of adherence to

Shariah rules (Religiosity). It means that Non-Shariah users have been dominated by


consumers who conduct the pillars of Islam only ordinary. This segment should be

elaborated, to understand the hidden insight from their perspective, about the reason why they

keep loyal to conventional Saving Accounts/Time Deposit.

VI.1.3. Consumer’s characteristics who have High adherence to Shariah rules

(Religiosity)


In section VI.1.3, we will discuss the consumer’s characteristics those having high

adherence to Shariah rules (Religiosity). In terms of product features, we can see that 82% of

the Shariah users had known the features Mudharabah Saving Account/Time Deposit. The

figure can be seen in the Chart VI.1.3.1.

Then, for the Non-Shariah users, it is only 23% respondents with high adherence to

Shariah rules (Religiosity), who know the featues of Mudharabah Saving Account/Time

Deposit.

Key Take-Outs: Even though consumers have high level of adherence to Shariah

rules (Religiosity), if they do not know the product features of Mudharabah Saving

Account/Time Deposit, then they will not enroll Mudharabah Saving Account/Time Deposit.

We can said that high level of adherence to Shariah rules was not enough to make them move

to be Shariah users.



VI.1.3.2. Insight - The understanding of Islamic Finance in each segment

In this section, we can see that 45% of the Shariah users with high level of adherence

to Shariah rules (Religiosity) have medium knowledge of Islamic Finance (IF), followed by

good knowledge of Islamic Finance (IF) with 28% share. The figure can be seen in the Chart

VI.1.3.2. It means that most users have good understanding about Islamic Finance, such as

the study case about Riba, Gharar, Maysir, and the basic concept about

Mudharabah/Musyarakah/Ijarah. Therefore, we can conclude that most of Shariah users can

be categorized as a good moslem and well educated in Islamic Finance.


CHART VI.1.3.2. THE UNDERSTANDING OF ISLAMIC FINANCE IN EACH

SEGMENT

Key Take-Outs: There is an interesting situation that need to be explored deeper.

Most of Non-Shariah users with high adherence to Shariah rules (Religiosity), 39% share

have been contributed by respondents who have good knowledge of Islamic Finance (IF). It

has indicated that the consumers with high level of adherence to Shariah rules (Religiosity),

who have already familiar with basic concept about Islamic Economics, Banking and Finance

do not have any significant relationship with the Mudharabah Saving Account/Time Deposit

enrollment.

VI.2. Characteristics of Shariah Users Segment

In this section, we will try to assess Shariah users segment. This assessment is the

conclusion analysis from section VI.1. According to Chart VI.2 about the characteristics of

Shariah Users segment, we can conclude that:


• Shariah users have contributed 56% of the total respondent (n=181), which is

equal to 101 respondents.

• From the total 101 respondents, 97% has been contributed by Shariah users who

have High and Medium level of adherence to Shariah rules (Religiosity). It is


• From 98 Shariah users who have High and Medium level of adherence to Shariah

rules (Religiosity), 81% has been contributed by Shariah users who have good and

medium knowledge of Islamic Finance (IF). It is equal to 79 respondents.

• Finally, we can see that 86% of Shariah users who have High and Medium level

of adherence to Shariah rules (Religiosity) and have good and medium knowledge

of Islamic Finance (IF); has been contributed by respondents who know the

features of Mudharabah Saving Deposit/Time Deposit.


CHART VI.2. CHARACTERISTICS OF SHARIAH USER SEGMENT

VI.2.1. Insight about the consumer’s knowledge about the product features

Discussing about knowledge of the product features, the respondents have a very

varied answers. However, we have compiled and concluded that their knowledge of features

can be classified into 2 (two) groups. First group represents their knowledge with positive

understanding. The other one represents their knowledge with negative understanding or no

special competitive advantage compare to conventional products. In other words, we can say

that negative score has indicated the unsatisfied features or the unmet needs.


CHART VI.2.1. CONSUMER ’S KNOWLEDGE ABOUT THE PRODUCT FEATURES

According to the Chart VI.2.1, there are 5 features that can be categorized as unmet

needs of Shariah users. We will discuss foe each unmet needs in the following details:

• Administration Fee: Respondents have been experiencing that the administration

fee is charged properly and tend to similar with conventional saving account/time

Deposit.

• E-Banking: This feature is worse than conventional. Shariah users think that e-

banking was treated only as an added-value feature.

• ATM Network: Islamic Banks have joined their ATM to be incorporated in the

shared ATM network, since the actual numbers of ATM are limited. However,

Shariah users tend to use their (Islamic Banks) own ATM directly, and they feel

unsecured if they have to use the “Joined ATM”.

• Call Center Service: Since most of Islamic banks in Indonesia established through

Islamic Business Unit, the way of Call Center Service tends to operate similar


with Conventional Banking. Therefore, Call Center Service has no strong

differentiation.

• “iB” Brand for Islamic Banking in Indonesia: All respondents said that the “iB”

was just ordinary. From the consumer’s perspective, the brand has no strong

differentiation. For the result, “iB” brand is perceived not popular.

VI.2.2. Key Factors to enroll/close Mudharabah Saving Account/Time Deposit

According to the section V.1.3, about The Result of Qualitative Stage, It has been

explained that the factors that have motivated them to enroll Mudharabah Saving

Account/Time Deposit are, they feel comfortable with hereafter life, the given 'profit sharing'

products under Mudharabah. "Sharia" Brand has made Islamic products different with

conventional ones, even though in terms of feature, Mudharabah Saving account/time deposit

has not been as sophisticated as conventional products.

When the value of Islam and/or the Islamic products do not comply with Shariah

rules, then Shariah users have possibility to close their Mudharabah Saving Account/Time

Deposit. Therefore, the Shariah Compliance is a Shariah users’ considerable whether they

close their Mudharabah Saving Account/Time Deposit or to keep it.

From the quantitative survey, the result has shown the similarity to the qualitative

result. The key factors to enroll/to close Mudharabah Saving Account/Time Deposit of

Shariah users are the Shariah contracts, both for saving accounts and time deposits. It is

related to the Shariah compliance of the products as their first priority whether they close

their Mudharabah Saving Account/Time Deposit or to keep it.


CHART VI.2.2. KEY FACTORS TO ENROLL/CLOSE MUDHARABAH SAVING

ACCOUNT/TIME DEPOSIT

VI.2.3.The conclusion about the Shariah User who have good knowledge of IF and have

high adherence to Shariah rules; which relate to the “Shariah” branding and the

product features.

According to the several insights in the previous section, we can conclude that:

• Shariah users’ needs to ensure that the products are comply with Shariah rules.

• The brand of “iB” or “Islamic Bank” has been perceived that it had no strong


• There is an indication that Islamic Bank needs to maintain Shariah users’ expectation

in terms of Shariah compliance along with the improvement of 5 unmet needs, instead

of branding the “iB”, “Islamic value”, etc in order to increase their loyalty.


VI.3. Characteristics of Non-Shariah User Segment

In this section, we will try to assess Non-Shariah users segment. This assessment is

the conclusion analysis from section VI.1. According to Chart VI.3 about the characteristics

of Non-Shariah Users segment, we can conclude that:

• Non-Shariah users have contributed 44% of the total respondent (n=181), which is


• From the total 80 respondents, 95% has been contributed by Non-Shariah users

who have High and Medium level of adherence to Shariah rules (Religiosity). It is


• From 76 Non-Shariah users who have High and Medium level of adherence to

Shariah rules (Religiosity), 66% has been contributed by Non-Shariah users who

have good and medium knowledge of Islamic Finance (IF). It is equal to 50

respondents.

• Finally, we can see that 94% of Non-Shariah users who have High and Medium

level of adherence to Shariah rules (Religiosity) and have good and medium

knowledge of Islamic Finance (IF); has been contributed by respondents who do

not know the features of Mudharabah Saving Deposit/Time Deposit.


CHART VI.3. CHARACTERISTICS OF NON-SHARIAH USER SEGMENT

VI.3.1. Insight about the consumer’s perception about the product features

Discussing about perception of the product features, similar approach with section

VI.2.1 will be implemented in this section. The consumer’s perception of features can be

classified into 2 (two) groups. First group represents their positive perception. While the

other one represents their negative perception or no special competitive advantage compared

to conventional products. Hence, negative score has indicated the unmet perception from

Non-Shariah users.


CHART VI.3.1. CONSUMER ’S PERCEPTION ABOUT THE PRODUCT FEATURES

According to the Chart VI.4.1, there are 2 features that have negative score:

• Automatic Roll Over of Time Deposit: Respondents have perceived that the

Automatic Roll Over was similar with the conventional time Deposit. They think

that there was no uniqueness of Mudharabah Time Deposit.

• Call Center Service: Since most of Islamic banks in Indonesia established through

Islamic Business Unit, the way of Call Center Service tends to operate similar

with Conventional Banking. Therefore, Call Center has no strong differentiation.

VI.3.2. Key Factors to enroll Mudharabah Saving Account/Time Deposit

According to the section V.1.3, about The Result of Qualitative Stage, It has been

explained that the barrier to enroll Mudharabah Saving Account/Time Deposit are mostly

because of the limited ATM network, which perceived as an important service to support

financial transaction. If we see Chart VI.3.1, ATM has been perceived positive. It is because

Non-Shariah users believe that most banks in Indonesia has joined their ATM into “Joined


ATM”. However, from the qualitative study, Non-Shariah users still believed that stand alone

ATMs of Islamic banks were perceived more secure than “Joined ATM”.

In addition, we can also compare to the result of quantitative survey in the chart

VI.3.2. The figure has shown us that ATM Network and ATM Transfer fee were the key

factors for Non-Shariah users.

CHART VI.3.2. KEY FACTORS TO ENROLL MUDHARABAH SAVING

ACCOUNT/TIME DEPOSIT

VI.3.3. The conclusion about the Non-Shariah User who have good knowledge of IF and

have high adherence to Shariah rules; which relate to the “Shariah” branding and the

product features.

According to the several in sight in the previous section, we can conclude that:

• Non-Shariah users’ needs to ensure that the products are comply with Shariah rules.

• The brand of “iB” or “Islamic Bank” has been perceived that it had no strong



• There is an indication that Islamic Bank needs to attract Non-Shariah users’

expectation in terms of “Joined ATM” is as cheap and secure as ATM that owned by

themselves, with the improvement of 2 unmet needs especially for the call center

service, instead of branding the “iB”, “Islamic value”, etc in order to increase their

market share.

VI.4. Implication for the Islamic Bank

VI.4.1. Positioning, Branding, and Marketing Communication

After we understand the latent consumer insight of Mudharabah Account, we need to

elaborate the implication for Islamic Bank. By considering 2 different segments (Shariah

users and Non-Sharih users), there are 2 (two) different approach that need to be

implemented by Islamic Bank.

• Shariah users need to be maintained in order to increase their loyalty. Hence, by

considering their key factors, Shariah compliance, then Islamic Bank needs to

position and re-branding themselves as the Islamic Banks who comply with the

Shariah rules.

• Non-Shariah users need to be attracted in order to increase Islamic Bank’s market

share. Hence, by considering their key factors about ATM Network in terms of

security and competitive price; Islamic Bank needs to communicate to consumers

that the “Joined ATM” is secure and no additional ATM transfer fee.

Therefore, when Islamic Banks promise to customer which there will be no

additional fee for “Joined ATM” transfer, then Islamic Banks needs to assess the

pricing strategy for Mudharabah Saving Account/Time Deposit.

VI.4.2. Product Design

According to the section VI.2.2, the key factors to enroll/close Mudharabah Saving

Account/Time Deposit of Shariah users are the Shariah contracts, both for saving accounts

and time deposits. It is related to Shariah compliance of the products as their first priority

whether they close their Mudharabah Saving Account/Time Deposit or keep it.

Hence, we will elaborate and assess whether there are issues in terms of Shariah rules

in Mudharabah Saving Deposit/Time Deposit. In this section, we will discuss 2 big Islamic

Banks in Indonesia. Then, we will explore whether there are any issues in their Saving

Accounts/Time Deposit.


VI.4.2.1. Bank Syariah Mandiri (BSM)

According to the interview with Customer service in branch office of BSM and

quoted from its brochure, the following are product specifications of Saving Account/Time

Deposit

• Saving Deposit

o Shariah contract: Mudharabah Mutlaqah

o Minimum initial fund: Rp.80,000,-

o Minimum deposit: Rp.10,000,-

o Minimum Balance: Rp.50,000,-

o Cancellation Fee: Rp.20,000,-

o Administration Fee: Rp.6,000,-

o Profit sharing rate: Islamic Bank 66%, Depositors 34%

• Time Deposit


o Flexible term: 1, 3, 6, and 12 months

o Minimum initial fund: Rp.2,000,000,-

o Stamp Duty: Rp.6,000,-


VI.4.2.2. Bank Muamalat Indonesia (BMI)

According to the interview with Customer service in branch office of BMI and quoted

from its brochure, the following are product specifications of Saving Account/Time Deposit

• Saving Deposit


o Minimum initial fund: Rp.20,000,-

o Minimum deposit: Rp.10,000,-

o Minimum Balance: Rp.0,-

o Cancellation Fee: Rp.0,-

o Administration Fee: Rp.0,-



• Time Deposit


o Flexible term: 1, 3, 6, and 12 months

o Minimum initial fund: Rp.1,000,000,-

o Stamp Duty: Rp.6,000,-


VI.4.2.3. Shariah issues of Mudharabah Saving Account/Time Deposit

According to section VI.4.2 about product design and features, we will assess the

Shariah issues under Mudharabah based accounts, as follow:

• Shariah users under Mudharabah based accounts will share the profit with the bank on

ageed profit sharing ratio. However, the profit rate in previous section mentioned that

the profit sharing rate has been determined by the Islamic Bank only. It means that

Shariah users have never determined or negotiated the expected profit rate.

• In Mudharabah contract, the distribution of actual profits will only be known after the

contract has matured based on a pre-agreed profit-sharing ratio. The fact is, in the first

month of enrollment, Shariah users will get the profit sharing according to the pre-

agreed profit-sharing ratio. However, Islamic Banks usually know the real profit in

the end of the year, after published the annual report. The problem arises when the

profit sharing for Shariah users should be less than the previous paid profit sharing.

• BSM has charged the administration fee (Rp,6, 000,-). The issue is whether the

Islamic Bank as a Mudharib can charge administration fee on Shariah users, from the

Shariah perspective. If Islamic Banks require additional amount to cover the

administrative cost, it should be taken into account when deciding on the profit

sharing ratio as agreed by both parties.

• Discussing about time Deposit, both BSM and BMI has offered fixation of duration

which were mentioned that the durations are 1, 3, 6, and 12 months. The issues arise

when we assess from the Fiqh Muamalah perspective about fixation of duration.

Maliki and Syafii Mahdzab have disallowed any fixation of duration in Mudharabah

based account. However, Hanafi and Hanbali mahdzab has allowed any fixation of

duration in Mudharabah based account.


Therefore, these issues could be the sensitive key factors that can make Shariah users

disloyal to the Islamic Banks, since the key factors to enroll/close Mudharabah Saving

Account/Time Deposit of Shariah users are the Shariah contracts, both for saving accounts

and time Deposit. It is related to Shariah compliance of the products as their first priority

whether they will close their Mudharabah Saving Account/Time Deposit.


VII. CONCLUSION AND RECOMMENDATION

After we understand the fact through this study, the following are the explanation to

answer the research questions that has been mentioned in section II.

VII.1. Shariah users

There are several unmet needs of the Shariah users that have possibilities to make them

close their Mudharabah Saving Account/Time Deposit Account and switch to the

conventional accounts:

• The 5 unmet needs according to their knowledge are

o Administration Fee tends to similar with conventional account.

o E-Banking is treated only as an added-value feature.

o ATM Network is felt unsecured if they have to use the “Joined ATM”.

o Call Center Service tends to operate similar with Conventional Banking.

o “iB” Brand for Islamic Banking in Indonesia has no strong differentiation.

• Those 5 (five unmet needs) can be their reason to switch to conventional account if

Shariah users perceived that Islamic Banks did not comply with Shariah rules. In

other words, Shariah users can switch to conventional banks if Islamic Banks have no

differences, in terms of Shariah compliance. Then, we need to identify the Shariah

issues in Mudharabah Saving Accounts/Time Deposit.

o Pre-agreed profit-sharing ratio is not determined by both parties.

o Profit distribution does not use the actual company’s profit.

o Charge of administration cost/fee should be covered on the profit sharing ratio.

o Fixation of duration is disallowed by Maliki and Syafii Mahdzab.

• Therefore, Shariah users need to be maintained in order to increase their loyalty.

Hence, by considering their key factors, Shariah compliance, then Islamic Bank needs

to position and re-branding themselves as the Islamic Banks who comply with the

Shariah rules.


VII.2. Non-Shariah users

There are several perceptions of the Non-Shariah users that made them loyal to

conventional Saving account:

• The 2 (two) negative perceptions that can be categorized as a barrier for them to

enroll Mudharabah Saving Accounts/Time Deposit, are:

o Automatic Roll Over of Time Deposit has been perceived that there is no

uniqueness of Mudharabah Time Deposit.

o Call Center Service tends to operate similar with Conventional Banking.

Therefore, Call Center has no strong differentiation.

• However, those features are not their main reason to stay with conventional accounts.

Their key factors are:

o The limited ATM network . Even though their ATMs have been joined into

“Joined ATM”, Non-Shariah users still believe that ATM of Islamic bank that

owned by themselves, is perceived more secure than “Joined ATM”.

o ATM’s transfer fee of “Joined ATM” has been perceived more expensive

than ATM that owned by themselves.

• There is an indication that Islamic Bank needs to attract Non-Shariah users’

expectation in terms of “Joined ATM” is as cheap and secure as ATM that owned by

themselves, with the improvement of 2 unmet needs especially for the call center

service, instead of branding the “iB”, “Islamic value”, etc in order to increase their

market share.


VIII . REFERENCES

Al-Fayumi, Ahmad. Al-Misbah Al-Munir. Beirut.

Al-Saatii, Abdul Rahim (2003). The Permissible Gharar (Risk) in Classical Islamic

Jurisprudence. J.KAU: Islamic Econ. Vol. 16, No. 2.

Anonymous. Guide to Creating a Brand. GREEN Communications. 2006

Ebrahim, Shahid & Tan Kai Joo (2001). Islamic banking in Brunei Darussalam. International

Journal of Social Economics, Vol. 28 No. 4. MCB University Press, 0306-8293.

Five Pillars. http://www.pbs.org/empires/islam/faithpillars.html. United Kingdom: Public

Broadcasting Service (PBS). Accessed December 10, 2011.

Ibrahim, IA (1997). A Brief Illustrated Guide to Understanding Islam. Darussalam,

Publishers and Distributors, Houston, Texas, USA.

Khan, Muhammad Akram (2003). Islamic Economics and Finance: A Glossary. Routledge.

United Kingdom.

Kotler Philip. Marketing Management. 11th Edition. Pearson Education. USA. 2003.

Kotler, Philip; Gary Amstrong; John Saunders & Veronica Wong (1999). Principles of

Marketing. Second Edition. Prentice Hall Europe.

Masterson, Rosalind & Pickton, David (2010). Marketing an Introduction. Second Edition.

Sage Publication.

Netzer, Miriam Sophia. Riba in Islamic Jurisprudence: The Role of Interest, In discourse on

law and State, Thesis. The Fletcher School. 2004

Pillars of Islam. http://www.britannica.com/EBchecked/topic/295625/Pillars-of-Islam.

Encyclopaedia Britannica Online. Accessed December 10, 2011.

Saving account. http://en.wikipedia.org/wiki/Saving_account. Accessed December 10, 2011.

Saving account. http://www.investopedia.com/terms/s/Savingaccount.asp#axzz1g9CpV5HJ.

Accessed December 10, 2011.

Saving account. http://www.investorwords.com/4388/Saving_account.html. Accessed

December 10, 2011.

Siddiqi, Mohammad Nejatullah. Riba (2004). Bank Interest and the Rationale of Its

Prohibition. Islamic Development Bank and Islamic Research and Training Institute.

Stanton William, Michael Etzel, Bruce Walker. Fundamental of Marketing. Ninth Edition.

McGraw-Hill. 1991.


IX. APPENDIX

IX.1. Discussion Guide of Qualitative Stage

What type of Deposit are you having with the bank?

FOR:

• Shariah Users

o What is your perception?

o How do you feel?

o What do you think about “Islamic Bank” Branding?

o How deep could “Islamic Bank” Branding influence you? Why? How about if there is

a contradiction?

o What is the product feature and benefit? (product, price)

o How good is the benefit and feature? (product, price) Why? How about if there is a

contradiction?

o What is the service offered and benefit?

o How good is the service offered? (product, price) Why? How about if there is a

contradiction?

o What is the competitive advantage of the product and services?

o What is the weakness of the products and services offered?

o What factors that made you enroll the Mudharabah Account? Why? How about if

there is a contradiction?

o What kind of benefit that you are looking for further? Why? How about if there is a

contradiction?

o What feature that should be improved?

o Under what conditions that makes you switch to the conventional products/another

Shariah brand? Why? How about if there is a contradiction?

o How is the implementation of Shariah Rules?

o How about the Shariah Issue? Is there any issue?

FOR:

• Non-Shariah users who understand Islamic Finance very well

• Non-Shariah users who know the basic principle of Islamic Finance

• Non-Shariah users who aware that Islamic Banking is exist

o What is your perception about Mudharabah Savings Account / Mudharabah


Deposits Account?

o How do you feel?

o What do you think about “Islamic Bank” Branding?

o How deep could “Islamic Bank” Branding influence you? Why? How about if there is

a contradiction?

o Have you compare the product and services offered with conventional product? And

how are both strength and weaknesses?

o What is the product feature and benefit? (product, price) Why? How about if there

is a contradiction?

o How good is the benefit and feature? (product, price) Why? How about if there is a

contradiction?

o What is the service offered and benefit?

o How good is the service offered? (product, price) Why? How about if there is a

contradiction?

o What is the competitive advantage of the product and services?

o What is the weakness of the products and services offered?

o What factors that made you stay with conventional account? Why? How about if


o What kind of benefit that you are looking for further? Why? How about if there is a

contradiction?

o What feature that should be improved?

o Under what conditions that makes you switch to Shariah brand? Why? How about if


o How is the implementation of Shariah Rules?

o How about the Shariah Issue? Is there any issue?

- The End -


IX.2. Questionnaire of Quantitative Stage


IX.3. Data Processing of Section A

Respondents code QUESTIONS SCORE

SCORE Shariah Knowledge A1 A2 A3 A4 A5 A6 A1 A2 A3 A4 A5 A6

1 B B A D C B 0 1 1 1 0 1 4 GOOD

2 A B A A D B 0 1 1 0 0 1 3 MEDIUM

3 C A A A D B 1 0 1 0 0 1 3 MEDIUM

4 D B A B C D 0 1 1 0 0 0 2 POOR

5 D B A A B D 0 1 1 0 1 0 3 MEDIUM

6 D B A A A B 0 1 1 0 0 1 3 MEDIUM

7 D B A A A B 0 1 1 0 0 1 3 MEDIUM

8 A B A A B B 0 1 1 0 1 1 4 GOOD

9 B D D B B B 0 0 0 0 1 1 2 POOR

10 D B A A A B 0 1 1 0 0 1 3 MEDIUM

11 A D B D B B 0 0 0 1 1 1 3 MEDIUM

12 D D C B B A 0 0 0 0 1 0 1 POOR

13 D B A A A B 0 1 1 0 0 1 3 MEDIUM

14 A B A A B B 0 1 1 0 1 1 4 GOOD

15 A B A A B B 0 1 1 0 1 1 4 GOOD

16 A B A A B B 0 1 1 0 1 1 4 GOOD

17 D D A B C A 0 0 1 0 0 0 1 POOR

18 A B B A B B 0 1 0 0 1 1 3 MEDIUM

19 B D A A D A 0 0 1 0 0 0 1 POOR

20 D B A A A B 0 1 1 0 0 1 3 MEDIUM

21 D A A A B B 0 0 1 0 1 1 3 MEDIUM

22 B A C B C A 0 0 0 0 0 0 0 POOR

23 A B A A B B 0 1 1 0 1 1 4 GOOD

24 A B A A B B 0 1 1 0 1 1 4 GOOD

25 A A A B B B 0 0 1 0 1 1 3 MEDIUM

26 A B A A B B 0 1 1 0 1 1 4 GOOD

27 A B A A B B 0 1 1 0 1 1 4 GOOD

28 A B A A B B 0 1 1 0 1 1 4 GOOD

29 A B A A B B 0 1 1 0 1 1 4 GOOD

30 A B A A B B 0 1 1 0 1 1 4 GOOD

31 A B A A B B 0 1 1 0 1 1 4 GOOD

32 A B A A B B 0 1 1 0 1 1 4 GOOD

33 A B A A B B 0 1 1 0 1 1 4 GOOD

34 A B A A B B 0 1 1 0 1 1 4 GOOD

35 A B A A B B 0 1 1 0 1 1 4 GOOD

36 A B C B A B 0 1 0 0 0 1 2 POOR

37 B C B B C C 0 0 0 0 0 0 0 POOR

38 A B A A B B 0 1 1 0 1 1 4 GOOD

39 A B A A B B 0 1 1 0 1 1 4 GOOD

40 A B A A B B 0 1 1 0 1 1 4 GOOD


41 A B A A B B 0 1 1 0 1 1 4 GOOD

42 A B A A B B 0 1 1 0 1 1 4 GOOD

43 A B A A B B 0 1 1 0 1 1 4 GOOD

44 A B A A B B 0 1 1 0 1 1 4 GOOD

45 A B A A B B 0 1 1 0 1 1 4 GOOD

46 D D D D B B 0 0 0 1 1 1 3 MEDIUM

47 A B A A B C 0 1 1 0 1 0 3 MEDIUM

48 B D D D B B 0 0 0 1 1 1 3 MEDIUM

49 D D D A B B 0 0 0 0 1 1 2 POOR

50 A B A A B B 0 1 1 0 1 1 4 GOOD

51 D D D D B C 0 0 0 1 1 0 2 POOR

52 D D D A B B 0 0 0 0 1 1 2 POOR

53 A B A A B B 0 1 1 0 1 1 4 GOOD

54 A B A A B B 0 1 1 0 1 1 4 GOOD

55 D D B C B B 0 0 0 0 1 1 2 POOR

56 A B A A B B 0 1 1 0 1 1 4 GOOD

57 A C D B C D 0 0 0 0 0 0 0 POOR

58 A B A A B B 0 1 1 0 1 1 4 GOOD

59 A B A A B B 0 1 1 0 1 1 4 GOOD

60 A B A A B B 0 1 1 0 1 1 4 GOOD

61 A B A A B B 0 1 1 0 1 1 4 GOOD

62 A B A B B B 0 1 1 0 1 1 4 GOOD

63 A B A A B B 0 1 1 0 1 1 4 GOOD

64 D D B B B B 0 0 0 0 1 1 2 POOR

65 A B A A B B 0 1 1 0 1 1 4 GOOD

66 A B A B B B 0 1 1 0 1 1 4 GOOD

67 A B A A B B 0 1 1 0 1 1 4 GOOD

68 A B A B B B 0 1 1 0 1 1 4 GOOD

69 A B A A B B 0 1 1 0 1 1 4 GOOD

70 A B A A B B 0 1 1 0 1 1 4 GOOD

71 A B A A B B 0 1 1 0 1 1 4 GOOD

72 D D D B B A 0 0 0 0 1 0 1 POOR

73 D D B B B A 0 0 0 0 1 0 1 POOR

74 D D D D B A 0 0 0 1 1 0 2 POOR

75 A B A A B B 0 1 1 0 1 1 4 GOOD

76 A B A A B B 0 1 1 0 1 1 4 GOOD

77 A B A A B B 0 1 1 0 1 1 4 GOOD

78 A A A B B B 0 0 1 0 1 1 3 MEDIUM

79 A B A B B B 0 1 1 0 1 1 4 GOOD

80 A B A A B B 0 1 1 0 1 1 4 GOOD

81 A B A A B B 0 1 1 0 1 1 4 GOOD

82 D B C B B A 0 1 0 0 1 0 2 POOR

83 A D C A B B 0 0 0 0 1 1 2 POOR

84 A B A A B B 0 1 1 0 1 1 4 GOOD


85 A B A A B B 0 1 1 0 1 1 4 GOOD

86 D D D D C B 0 0 0 1 0 1 2 POOR

87 A B A A B B 0 1 1 0 1 1 4 GOOD

88 A B A A B B 0 1 1 0 1 1 4 GOOD

89 A B A B B B 0 1 1 0 1 1 4 GOOD

90 A B A A B B 0 1 1 0 1 1 4 GOOD

91 A B A A B B 0 1 1 0 1 1 4 GOOD

92 A B A A B B 0 1 1 0 1 1 4 GOOD

93 A B A A B B 0 1 1 0 1 1 4 GOOD

94 A B A A B B 0 1 1 0 1 1 4 GOOD

95 A A A A B B 0 0 1 0 1 1 3 MEDIUM

96 A B A A B B 0 1 1 0 1 1 4 GOOD

97 A D D B B B 0 0 0 0 1 1 2 POOR

98 B A B B B A 0 0 0 0 1 0 1 POOR

99 A B A A B B 0 1 1 0 1 1 4 GOOD

100 D D A A B B 0 0 1 0 1 1 3 MEDIUM

101 A B A A B B 0 1 1 0 1 1 4 GOOD

102 A B A A B B 0 1 1 0 1 1 4 GOOD

103 A B A A B B 0 1 1 0 1 1 4 GOOD

104 A B A A B B 0 1 1 0 1 1 4 GOOD

105 A B A B B B 0 1 1 0 1 1 4 GOOD

106 D B A A A B 0 1 1 0 0 1 3 MEDIUM

107 D B A A A B 0 1 1 0 0 1 3 MEDIUM

108 A B A A B A 0 1 1 0 1 0 3 MEDIUM

109 D D D A D B 0 0 0 0 0 1 1 POOR

110 D D A A A B 0 0 1 0 0 1 2 POOR

111 A B C B C B 0 1 0 0 0 1 2 POOR

112 A C C C C A 0 0 0 0 0 0 0 POOR

113 D B A B B B 0 1 1 0 1 1 4 GOOD

114 C A B B B B 1 0 0 0 1 1 3 MEDIUM

115 D B A B C B 0 1 1 0 0 1 3 MEDIUM

116 A A A B C D 0 0 1 0 0 0 1 POOR

117 B D D A B B 0 0 0 0 1 1 2 POOR

118 B B A D C B 0 1 1 1 0 1 4 GOOD

119 D A A A B B 0 0 1 0 1 1 3 MEDIUM

120 D A A A B B 0 0 1 0 1 1 3 MEDIUM

121 D B A A A B 0 1 1 0 0 1 3 MEDIUM

122 A C D B B B 0 0 0 0 1 1 2 POOR

123 A B A A B B 0 1 1 0 1 1 4 GOOD

124 C A A B B B 1 0 1 0 1 1 4 GOOD

125 A B B A B B 0 1 0 0 1 1 3 MEDIUM

126 A C C B D A 0 0 0 0 0 0 0 POOR

127 D A C A C A 0 0 0 0 0 0 0 POOR

128 A B A B B B 0 1 1 0 1 1 4 GOOD


129 C B D A B B 1 1 0 0 1 1 4 GOOD

130 B A A B B B 0 0 1 0 1 1 3 MEDIUM

131 A D A D C A 0 0 1 1 0 0 2 POOR

132 D B A A A B 0 1 1 0 0 1 3 MEDIUM

133 D B A A A B 0 1 1 0 0 1 3 MEDIUM

134 D B A A A B 0 1 1 0 0 1 3 MEDIUM

135 D A A A C B 0 0 1 0 0 1 2 POOR

136 A A A B B B 0 0 1 0 1 1 3 MEDIUM

137 D B A A A B 0 1 1 0 0 1 3 MEDIUM

138 D A A A C B 0 0 1 0 0 1 2 POOR

139 D B A A A B 0 1 1 0 0 1 3 MEDIUM

140 B B B B B B 0 1 0 0 1 1 3 MEDIUM

141 B C A B B A 0 0 1 0 1 0 2 POOR

142 A D C B B B 0 0 0 0 1 1 2 POOR

143 D A A A C B 0 0 1 0 0 1 2 POOR

144 D B A A A B 0 1 1 0 0 1 3 MEDIUM

145 D C C D B D 0 0 0 1 1 0 2 POOR

146 D D A A B A 0 0 1 0 1 0 2 POOR

147 C D B B B D 1 0 0 0 1 0 2 POOR

148 A C B A B B 0 0 0 0 1 1 2 POOR

149 D B C D B D 0 1 0 1 1 0 3 MEDIUM

150 A B A B C B 0 1 1 0 0 1 3 MEDIUM

151 A A A B B B 0 0 1 0 1 1 3 MEDIUM

152 A B A B B B 0 1 1 0 1 1 4 GOOD

153 A B A B B B 0 1 1 0 1 1 4 GOOD

154 B B A A B B 0 1 1 0 1 1 4 GOOD

155 D C B C C C 0 0 0 0 0 0 0 POOR

156 A B A B C B 0 1 1 0 0 1 3 MEDIUM

157 B B A D C B 0 1 1 1 0 1 4 GOOD

158 A A D D D B 0 0 0 1 0 1 2 POOR

159 A A A A A A 0 0 1 0 0 0 1 POOR

160 A D A B B B 0 0 1 0 1 1 3 MEDIUM

161 C B B A B B 1 1 0 0 1 1 4 GOOD

162 B C A B C C 0 0 1 0 0 0 1 POOR

163 D B A B A B 0 1 1 0 0 1 3 MEDIUM

164 B B A D C B 0 1 1 1 0 1 4 GOOD

165 C A B D B A 1 0 0 1 1 0 3 MEDIUM

166 D B A A A B 0 1 1 0 0 1 3 MEDIUM

167 D B A A A B 0 1 1 0 0 1 3 MEDIUM

168 D B A A A B 0 1 1 0 0 1 3 MEDIUM

169 A B A A B B 0 1 1 0 1 1 4 GOOD

170 A B A B B B 0 1 1 0 1 1 4 GOOD

171 A A A B B B 0 0 1 0 1 1 3 MEDIUM

172 A A A A A B 0 0 1 0 0 1 2 POOR


173 A A B B B B 0 0 0 0 1 1 2 POOR

174 A B A B B B 0 1 1 0 1 1 4 GOOD

175 A B A B B B 0 1 1 0 1 1 4 GOOD

176 C A A A B A 1 0 1 0 1 0 3 MEDIUM

177 A B D A B B 0 1 0 0 1 1 3 MEDIUM

178 D A A A C B 0 0 1 0 0 1 2 POOR

179 A D A A A B 0 0 1 0 0 1 2 POOR

180 A C C B C B 0 0 0 0 0 1 1 POOR

181 A B A A B B 0 1 1 0 1 1 4 GOOD


IX.4. Data Processing of Section B

Respondents

code

QUESTIONS ANSWER OF QUESTIONS B1-B8 HIGH MEDIUM LOW RELIGIOSITY

B1 B2 B3 B4 B5 B6 B7 B8 B9 B10 A B C D E ANSWER=A ANSWER=B ANSWER=C,D,E

1 A A A C A A A A A A 7 0 1 0 0 7 0 1 High

2 A D A C B B B A B B 3 3 1 1 0 3 3 2 Medium

3 A A A B B A A A B A 6 2 0 0 0 6 2 0 High

4 A C A B A A A A A A 6 1 1 0 0 6 1 1 High

5 B D A B B A A A A A 4 3 0 1 0 4 3 1 High

6 A A A C A A A A A A 7 0 1 0 0 7 0 1 High

7 A A A C A A A A A A 7 0 1 0 0 7 0 1 High

8 B C B C B A B A B B 2 4 2 0 0 2 4 2 Medium

9 B D A D C A C A B B 3 1 2 2 0 3 1 4 Medium

10 A A A C A A A A A A 7 0 1 0 0 7 0 1 High

11 B C A B B A B A B B 3 4 1 0 0 3 4 1 Medium

12 B C A C C A B A B B 3 2 3 0 0 3 2 3 Medium

13 A A A C A A A A A A 7 0 1 0 0 7 0 1 High

14 B D A C B A B A B B 3 3 1 1 0 3 3 2 Medium

15 B C A C B A B A A A 3 3 2 0 0 3 3 2 Medium


17 B C A D C A C B B B 2 2 3 1 0 2 2 4 Medium

18 A C A C B A A A B B 5 1 2 0 0 5 1 2 High

19 B D A C C A B A B B 3 2 2 1 0 3 2 3 Medium

20 A A A C A A A A A A 7 0 1 0 0 7 0 1 High

21 B A C C A A B A B A 4 2 2 0 0 4 2 2 High

22 B D A B C A C A B B 3 2 2 1 0 3 2 3 Medium




25 B C A B B A A A A B 4 3 1 0 0 4 3 1 High


27 B C A C B A A A B B 4 2 2 0 0 4 2 2 High


29 B C A C B A B A B B 3 3 2 0 0 3 3 2 Medium

30 B C A C B A A A B B 4 2 2 0 0 4 2 2 High


32 A B A B B A A A A B 5 3 0 0 0 5 3 0 High




36 B B A B B A A B B B 3 5 0 0 0 3 5 0 Medium

37 B C B D C A B A B B 2 3 2 1 0 2 3 3 Low










47 A C A C B A B A B B 4 2 2 0 0 4 2 2 High

48 B C A D D A C A B B 3 1 2 2 0 3 1 4 Medium

49 B C A C C A C B B B 2 2 4 0 0 2 2 4 Medium



52 B C A C C A C A B B 3 1 4 0 0 3 1 4 Medium



54 B B A C B A A A A A 4 3 1 0 0 4 3 1 High

55 B C A C C A B B B B 2 3 3 0 0 2 3 3 Low

56 B C A C A A B A A A 4 2 2 0 0 4 2 2 High

57 A C A B A A A A A A 6 1 1 0 0 6 1 1 High


59 B C A C B A A A A A 4 2 2 0 0 4 2 2 High

60 B C A C B A B B B B 2 4 2 0 0 2 4 2 Medium


62 A C A C B A A A B B 5 1 2 0 0 5 1 2 High

63 B C A C A B B A A A 3 3 2 0 0 3 3 2 Medium





68 B C A C B A A A A A 4 2 2 0 0 4 2 2 High

69 B D A C A A B A B B 4 2 1 1 0 4 2 2 High

70 B C A C B A A A A A 4 2 2 0 0 4 2 2 High

71 B D A C C A C B B B 2 2 3 1 0 2 2 4 Medium





76 B C A C B A A A B B 4 2 2 0 0 4 2 2 High


78 B C A C B B A A A A 3 3 2 0 0 3 3 2 Medium





82 B C A D C A C A B B 3 1 3 1 0 3 1 4 Medium

83 B C A C D A A A B B 4 1 2 1 0 4 1 3 High



86 B C A C C A B B B B 2 3 3 0 0 2 3 3 Low




90 B C A C B A A A B B 4 2 2 0 0 4 2 2 High


92 B C A C B A A A A A 4 2 2 0 0 4 2 2 High

93 B C A C B A C A B B 3 2 3 0 0 3 2 3 Medium


95 A B A B B A A A A A 5 3 0 0 0 5 3 0 High



98 B D C D D A B A B B 2 2 1 3 0 2 2 4 Medium

99 A B A B B A A A A A 5 3 0 0 0 5 3 0 High

100 B D A D C A A B B B 3 2 1 2 0 3 2 3 Medium

101 B C B C B A A A B B 3 3 2 0 0 3 3 2 Medium

102 A B A B B A A A A A 5 3 0 0 0 5 3 0 High



105 B C A D A A B A B B 4 2 1 1 0 4 2 2 High

106 B A B B B A C A A A 3 4 1 0 0 3 4 1 Medium

107 A C A C A A A A A A 6 0 2 0 0 6 0 2 High

108 B C A C A A A A A B 5 1 2 0 0 5 1 2 High


109 A C A B A A A A B A 6 1 1 0 0 6 1 1 High

110 A D A D D A A A B A 5 0 0 3 0 5 0 3 High

111 B D A C A A B A B A 4 2 1 1 0 4 2 2 High

112 A C A C B A A E A B 4 1 2 0 1 4 1 3 High

113 A D B B B A A E B B 3 3 0 1 1 3 3 2 Medium

114 A D A C A A B A B B 5 1 1 1 0 5 1 2 High

115 A A A B A A A A A B 7 1 0 0 0 7 1 0 High

116 B C A C A A A A A A 5 1 2 0 0 5 1 2 High

117 B C A D B A A A A A 4 2 1 1 0 4 2 2 High

118 A C A C A A B A B B 5 1 2 0 0 5 1 2 High

119 A A A B A A B A A A 6 2 0 0 0 6 2 0 High

120 A A A B A A B A A A 6 2 0 0 0 6 2 0 High

121 A A A B A A A A A A 7 1 0 0 0 7 1 0 High

122 A C A C A A A B B A 5 1 2 0 0 5 1 2 High

123 A C A C B A B A A B 4 2 2 0 0 4 2 2 High

124 B D A C D A A A A B 4 1 1 2 0 4 1 3 High

125 B C B C B B B A A B 1 5 2 0 0 1 5 2 Low

126 A A A C D A A A A B 6 0 1 1 0 6 0 2 High

127 A A B A A A A E A A 6 1 0 0 1 6 1 1 High

128 A C A C B A A A B A 5 1 2 0 0 5 1 2 High

129 B D A D B A B E B B 2 3 0 2 1 2 3 3 Low

130 A C A B B A A A B B 5 2 1 0 0 5 2 1 High

131 A C A C A A A D B B 5 0 2 1 0 5 0 3 High

132 A A A C A A A A A A 7 0 1 0 0 7 0 1 High

133 A A A C A A A A A B 7 0 1 0 0 7 0 1 High

134 A A A C A A A A A A 7 0 1 0 0 7 0 1 High

135 A A A C A A A A A A 7 0 1 0 0 7 0 1 High

136 B B A D D A A A B B 4 2 0 2 0 4 2 2 High


137 B A A D C A A A A A 5 1 1 1 0 5 1 2 High

138 A C A C A A A A A A 6 0 2 0 0 6 0 2 High

139 A A A C A A A A A A 7 0 1 0 0 7 0 1 High

140 A B A D D A B A B B 4 2 0 2 0 4 2 2 High

141 A B A C A A A A B B 6 1 1 0 0 6 1 1 High

142 A C A C C A A D A B 4 0 3 1 0 4 0 4 Medium

143 A D A C B A A A A A 5 1 1 1 0 5 1 2 High

144 A A A C A A A A A A 7 0 1 0 0 7 0 1 High

145 B D A D C A A A B B 4 1 1 2 0 4 1 3 High

146 A B A C C A A A A A 5 1 2 0 0 5 1 2 High

147 B C A D B A A B B B 3 3 1 1 0 3 3 2 Medium

148 A C A C B A A A A A 5 1 2 0 0 5 1 2 High

149 B D A D C A A B B B 3 2 1 2 0 3 2 3 Medium

150 B C B C B A B A A A 2 4 2 0 0 2 4 2 Medium

151 A C B C B A A A B B 4 2 2 0 0 4 2 2 High

152 A B A B B A A A A A 5 3 0 0 0 5 3 0 High

153 A C A C A A A A A A 6 0 2 0 0 6 0 2 High

154 B C A C B A A A A B 4 2 2 0 0 4 2 2 High

155 B C B C B B B B A B 0 6 2 0 0 0 6 2 Low

156 B C B C B A B A B B 2 4 2 0 0 2 4 2 Medium

157 A A A B A A A A A A 7 1 0 0 0 7 1 0 High

158 A C A C A A A A A A 6 0 2 0 0 6 0 2 High

159 A C A B A A A A B B 6 1 1 0 0 6 1 1 High

160 A A A C A A A A B B 7 0 1 0 0 7 0 1 High

161 A C A B A A A B B B 5 2 1 0 0 5 2 1 High

162 D B C B A B B B A B 1 5 1 1 0 1 5 2 Low

163 A A A C A A A A A A 7 0 1 0 0 7 0 1 High

164 A B A B A A A A A A 6 2 0 0 0 6 2 0 High


165 A B A A B A A A A A 6 2 0 0 0 6 2 0 High

166 A A A C A A A A A A 7 0 1 0 0 7 0 1 High

167 A A A C A A A A A A 7 0 1 0 0 7 0 1 High

168 A A A C A A A A A A 7 0 1 0 0 7 0 1 High

169 B C B C B A B A A B 2 4 2 0 0 2 4 2 Medium

170 B C A C B A A A B B 4 2 2 0 0 4 2 2 High

171 A B A B A A A A A A 6 2 0 0 0 6 2 0 High

172 A A A A A A A A A A 8 0 0 0 0 8 0 0 High

173 C C B C C A B A A B 2 2 4 0 0 2 2 4 Medium


175 B C A C B A B A A B 3 3 2 0 0 3 3 2 Medium

176 B C A C B A A A A A 4 2 2 0 0 4 2 2 High

177 B D A C A A A A A B 5 1 1 1 0 5 1 2 High

178 B C A C A A A A A A 5 1 2 0 0 5 1 2 High

179 A C A C A A A A A A 6 0 2 0 0 6 0 2 High

180 B C A D A A A A A A 5 1 1 1 0 5 1 2 High

181 B C A B B A A A B B 4 3 1 0 0 4 3 1 High


IX.5. Data Processing of Section C.2 (B9 = B and B10 = B) Respondents

code B9 B10

Shariah

Knowledge RELIGIOSITY C.2.1 C.2.2 C.2.3 C.2.4 C.2.5 C.2.6 C.2.7 C.2.8 C.2.9 C.2.10 C.2.11 C.2.12 C.2.13 C.2.14 C.2.15

2 B B MEDIUM MEDIUM - - - - - - - - - + - + - - -

8 B B GOOD MEDIUM + + - - - - - - - + - + + + +

11 B B MEDIUM MEDIUM + + + + + + - - + + - - + + +

14 B B GOOD MEDIUM + + + + + + + + + + + + + + +

18 B B MEDIUM HIGH + + + + + + - + - + - + + + +

27 B B GOOD HIGH + + + + + + - - - + - - + + +

28 B B GOOD MEDIUM + + + + + + - - + + + + + + +

29 B B GOOD MEDIUM + + + + + + - - + + + + + + +

30 B B GOOD HIGH + + + + + + + + + + + + + + +

31 B B GOOD MEDIUM + + + + + + - - + + + + + + +

39 B B GOOD MEDIUM - + - + + - - - + - - + + + +

41 B B GOOD MEDIUM - + - + - - - - + + - - + + +

42 B B GOOD MEDIUM + + - + + - - - - - - + + + +

43 B B GOOD MEDIUM + + - + + - - - + + - - + + +

46 B B MEDIUM MEDIUM + + + + + + - - + + + + + + +

47 B B MEDIUM HIGH + + - - - - - - + + - + + + +

48 B B MEDIUM MEDIUM + + + + + + + + + + + + + + +

60 B B GOOD MEDIUM - + - - - - - - - + - + + + +

62 B B GOOD HIGH + + - + - - - + - + - + + + +

65 B B GOOD MEDIUM + + - - - - - - - + - - + + +

66 B B GOOD MEDIUM + + + + + + + + + + + + + + +

69 B B GOOD HIGH + + + + + + + + + + + + + + +

71 B B GOOD MEDIUM + + + + + + + + + + + + + + +

76 B B GOOD HIGH + + + + + + + + - + - - + + +

88 B B GOOD MEDIUM + + + + + + + + + + + + + + +


89 B B GOOD MEDIUM + + + + + + + + + + + + + + +

90 B B GOOD HIGH + + - + + - - - + + + + + + +

93 B B GOOD MEDIUM + + - + + - - - + + + + + + +

94 B B GOOD MEDIUM - + - + + - - - + + + - + + +

96 B B GOOD MEDIUM + + - + + - - - + - + + + + +

100 B B MEDIUM MEDIUM + + + + + + - - + + - - + + +

100 B B GOOD MEDIUM + + + + + + + + + + - - + + +

103 B B GOOD MEDIUM - + - + + - - - + - + + + + +

105 B B GOOD HIGH + + + + + + + + + + - - + + +

113 B B GOOD MEDIUM + + + + + - - - + - - - + + +

114 B B MEDIUM HIGH + + + + + + + + + + + + - - -

118 B B GOOD HIGH - + - - - - + + + + - + + + +

130 B B MEDIUM HIGH + - + + + + + - + - + + + + +

136 B B MEDIUM HIGH - + + + + + - - - + + - + - +

140 B B MEDIUM HIGH + + + + + - + - + + - - - - -

149 B B MEDIUM MEDIUM - + + + + + - - + + + + - + +

151 B B MEDIUM HIGH + + - - + - - - - + - - + + -

156 B B MEDIUM MEDIUM + + - - + + + + - + - - + + +

160 B B MEDIUM HIGH + + - + + - - - + + - + - - -

161 B B GOOD HIGH - + + + + + - + + + + + + + +

170 B B GOOD HIGH + + - - - - - - - + - + + + +

181 B B GOOD HIGH + - - + + + + + + - + + + + +


IX.6. Data Processing of Section C.3 (B9 = B and B10 = B) Respondents

code B9 B10

Shariah

Knowledge RELIGIOSITY C.3.1 C.3.2 C.3.3 C.3.4 C.3.5 C.3.6 C.3.7 C.3.8 C.3.9 C.3.10 C.3.11 C.3.12 C.3.13 C.3.14 C.3.15

2 B B MEDIUM MEDIUM No No No No No No No No No No No No No No No

8 B B GOOD MEDIUM Yes Yes Yes No No No No No Yes Yes Yes No No No No


14 B B GOOD MEDIUM No No No No No No No No No No No No No No No

18 B B MEDIUM HIGH No No No No No No No No No No No No No No No

27 B B GOOD HIGH No No No No No No No No No No No No No No No












60 B B GOOD MEDIUM No No No No Yes No No No Yes Yes Yes No No No No

62 B B GOOD HIGH Yes Yes Yes No No No No No Yes Yes Yes No No No No




















130 B B MEDIUM HIGH No Yes No No Yes No Yes No Yes Yes Yes Yes Yes Yes No

136 B B MEDIUM HIGH No Yes No No No No No No Yes Yes No No No No No

140 B B MEDIUM HIGH No No No No No No No No No Yes No No No No No


151 B B MEDIUM HIGH Yes Yes No No No No No No Yes Yes No No No No No

156 B B MEDIUM MEDIUM No No No No No No No No Yes Yes No No No No No

160 B B MEDIUM HIGH No No No Yes Yes Yes Yes Yes No Yes Yes No No No No





IX.7. Data Processing of Section C.5 (B9 = A andB10 = A)

Respondents code B9 A2 A3 A4 C.5.1 C.5.2 C.5.3 C.5.4 C.5.5 C.5.6 C.5.7 C.5.8 C.5.9 C.5.10 C.5.11 C.5.12 C.5.13 C.5.14 C.5.15

1 A A GOOD HIGH - - - - - - - + -

5 A A MEDIUM HIGH + - + + + - - + + - - +

6 A A MEDIUM HIGH + - - + + - + + - + + - + +

7 A A MEDIUM HIGH + - - + + - + + - + - + - + +

10 A A MEDIUM HIGH + - - + + - + + - + - + - + +

13 A A MEDIUM HIGH + - - + + - + + - + - + - + +

15 A A GOOD MEDIUM + - - + + - + + - + - + - + +

16 A A GOOD MEDIUM + - - + + - + + - + - + - + +

20 A A MEDIUM HIGH + - - + + - + + - + - + - + +

23 A A GOOD MEDIUM + - - + + - + + - + - + - + +

24 A A GOOD MEDIUM + - - + + - + + - + - + - + +

26 A A GOOD MEDIUM + - - + + - + + - + - + - + +

33 A A GOOD MEDIUM + - - + + - + + - + - + - + +

34 A A GOOD MEDIUM + - - + + - + + - + - + - + +

35 A A GOOD MEDIUM + - - + + - + + - + - + - +

38 A A GOOD MEDIUM + - - + + - + + - + - + - + +

40 A A GOOD MEDIUM + - - + + - + + - + - + - + +

44 A A GOOD MEDIUM + - - + + - + + - + - + - + +

45 A A GOOD MEDIUM + - - + + - + + - + - + - + +

50 A A GOOD MEDIUM + - - + + - + + - + - + - + +

53 A A GOOD MEDIUM + - - + + - + + - + - + - + +

54 A A GOOD HIGH + - - - - - + + - - + - - + +

56 A A GOOD HIGH + - - + + - + + - + - + - + +

58 A A GOOD MEDIUM + - - + + - + + - + - + - + +

59 A A GOOD HIGH + - - + + - + + - - + + - + +


61 A A GOOD MEDIUM + + - + + + + + - + + + - + +

63 A A GOOD MEDIUM + - - + + - + + - + - + - + +

67 A A GOOD MEDIUM + - - + + - + + - + - + - + +

68 A A GOOD HIGH + - - + + - + + - - + + - + +

70 A A GOOD HIGH + - - + + - + + - - + + - + +

75 A A GOOD MEDIUM + - - + + - + + - + - + - + +

77 A A GOOD MEDIUM + - - + + - + + - + - + - + +

78 A A MEDIUM MEDIUM - - + + - - - - - - - + - + +

79 A A GOOD MEDIUM - - + + - - + + - + - + - + +

80 A A GOOD MEDIUM + - - + + - + + - + - + - + +

81 A A GOOD MEDIUM + - - + + - + + - + + + - + +

84 A A GOOD MEDIUM + - - + + - + + - + - + - + +

85 A A GOOD MEDIUM + - - + - - + + - + - + - + +

87 A A GOOD MEDIUM + - - + + - + + - + - + - + +

91 A A GOOD MEDIUM + - - + + - + + - + - + - + +

92 A A GOOD HIGH + - - + + - + + - + - + - + +

95 A A MEDIUM HIGH - - - + + - + + - - + - - + +

99 A A GOOD HIGH - - - + + - + + - - + - - + +

102 A A GOOD HIGH - - - + + - + + - - + - - + +

104 A A GOOD MEDIUM + - - + + - + + - + - + - + +

106 A A MEDIUM MEDIUM + + - - - - + + - + + + - - +

107 A A MEDIUM HIGH + + - - - - + + - + + + - + +

119 A A MEDIUM HIGH - - + + + - + + - - + + - + +

120 A A MEDIUM HIGH - - + + + - + + - - + + - + +

121 A A MEDIUM HIGH + + - + + + - + - + + + - - +

132 A A MEDIUM HIGH + + - - - - + + - + + + - + +

134 A A MEDIUM HIGH + + - - - - + + - + + + - + +

137 A A MEDIUM HIGH + + - - - - + + - + + + - + +


139 A A MEDIUM HIGH + + - - - - + + - + + + - + +

144 A A MEDIUM HIGH + + - - - - + + - + + + - + +

150 A A MEDIUM MEDIUM - - - + - + - + - + - + - + +

152 A A GOOD HIGH + + - - - - + + - - + + - + +

153 A A GOOD HIGH + - - + + + + + - - - + - + +

157 A A GOOD HIGH + + - + + + + + - + + + - + -

163 A A MEDIUM HIGH + + - - - - + + - + + + - + +

164 A A GOOD HIGH - - + + + + + + - - + + - - -

165 A A MEDIUM HIGH + + + + + + + + - - + + - + +

166 A A MEDIUM HIGH + + - - - - + + - + + + - + +

167 A A MEDIUM HIGH + + - - - - + + - + + + - + +

168 A A MEDIUM HIGH + + - - - - + + - + + + - + +

171 A A MEDIUM HIGH + - - + + + + + - - - + - + +

174 A A GOOD MEDIUM + - - + + + + + - - - + - + +

176 A A MEDIUM HIGH + + + + + + + + - - - + - + +


IX.8. Data Processing of Section C.7 (B9 = A andB10 = A)

Respondents code B9 A2 A3 A4 C.7.1 C.7.2 C.7.3 C.7.4 C.7.5 C.7.6 C.7.7 C.7.8 C.7.9 C.7.10 C.7.11 C.7.12 C.7.13 C.7.14 C.7.15

1 A A GOOD HIGH No No No No No Yes No Yes No No No No No No No

5 A A MEDIUM HIGH No Yes No No No Yes No No No No No No No No Yes

6 A A MEDIUM HIGH No No No No No No No No No No No No No No No




15 A A GOOD MEDIUM No No No No No No No No No No No No No No No















54 A A GOOD HIGH No No No No No No No No No No No No No No No












78 A A MEDIUM MEDIUM No No No No No No No No No No No No No No No















119 A A MEDIUM HIGH No Yes No No Yes Yes Yes Yes No No Yes No No No No

120 A A MEDIUM HIGH No Yes No No Yes Yes Yes Yes No Yes No No No No No

121 A A MEDIUM HIGH Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes












164 A A GOOD HIGH No No Yes No No Yes No Yes No No Yes No No No No







176 A A MEDIUM HIGH Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes No No No No

understanding latent consumer insight of banking mudharabah account - rhesa yogaswara

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