Transition to Sharia System as a New Banking Trend from Bank and
Customer Perspectives
Danar Irianto, Pradipta Eva Trudiyanti, Kurnia Wulan Widaningsih, Yunestia
Department of Business Managenment, Accounting Study Program, Batam State Polytechnic
Jl. Ahmad Yani, Batam Centre, Batam 29461, Indonesia
Keywords: Islamic Banking, Islamic Finance, Financial System Stability, Customer Bank Interest, Maqashid Ash-Sharia.
Abstract: Sharia business has begun to be considered as an important issue to be regulated further because it has
systemic impact. The emergence of sharia banking that continues to experience growth makes researchers
want to know more about the reasons for the transition then the customer's interest in supporting sharia
banking and its relation to financial stability. The interview technique involved 2 Islamic banks namely BRI
and Bank Riau Islands and 15 customers. The results illustrate the motive for transition due to the potential
and the existence of customer demand for interest-free financing. The result shows 93% of answers illustrate
the form of support from customers for Islamic banking by exploring information such as knowledge,
perceptions, bank selection criteria, bank transition, problems and challenges of Islamic banking as well as
the great prospects of Islamic banking. Using trend analysis-based description, we tried to figure out the rapid
growth of sharia banking in Indonesia. In the future, Islamic banks can expand customer outreach and
disseminate information to remote areas regarding sharia products and systems.
1 INTRODUCTION
In recent years, the trend of sharia products has
increasingly spread in various countries in the world.
According to the International Monetary Fund
(IMF), sharia business has begun to be considered as
an important issue to be regulated further because it
has a systemic impact. Even nonIslamic countries
such as Britain, Luxembourg and France have started
to step into the center of Islamic finance since 2014
according to the FTSE Global Market. In Asia, Hong
Kong is trying to open up the sharia financial literacy
for Muslim customers by launching the first sukuk of
USD 1 billion in September 2014. Furthermore, in the
aspect of growth in Islamic banking assets, Malaysia
is in the first place with the score of 132, followed by
Bahrain in the second place with a score of 74 based
on 2018 Islamic Finance Development Report data.
Indonesia is in tenth place with a score of 50, a
country that is a Muslim majority country with a
percentage approximately 87.2% of the total
population. One of the most famous is Islamic
banking. Sharia banking in Indonesia has shown
positive developments in line with the continued
increase in the number of office and workforce
networks during the first five months of 2019.
Although the market share of Islamic banking in
Indonesia is still at 5.3% compared to Malaysia at the
same time at 23.8%. The 2018 ASEAN Secretary data
shows, Indonesia produces 37% of the total ASEAN
GDP of 2017. That number is accompanied by the
growth of the consumption class of 5 million people
per year whose numbers are almost equal to the
population of Singapore, showing the enormous
market potential that Indonesia has.
Indonesia's competitive advantage in the field of
sharia economics, apart from the population aspect, is
also proven by its achievements in the sharia industry.
Until mid-2019, Indonesia has 5,000 units of
institutions based on sharia. The institution is
dominated by 4,500 Islamic cooperatives and 164
Islamic rural banks. Other institutions are 34 sharia
banks, 58 sharia insurance (takaful), and seven sharia
venture capital. The development in terms of
investment is also interesting, such as the issuance of
retail sukuk by the government, and its growth which
has continued to increase significantly over the last
five years, as well as the existence of a Sharia Online
Trading System (SOTS) provided by various
securities companies.
However, from the various competitive
advantages and trends in sharia products, until now,
Irianto, D., Trudiyanti, P., Widaningsih, K. and Yunestia, .
Transition to Sharia System as a New Banking Trend from Bank and Customer Perspectives.
DOI: 10.5220/0010357702230231
In Proceedings of the 2nd International Conference on Applied Economics and Social Science (ICAESS 2020) - Shaping a Better Future Through Sustainable Technology, pages 223-231
ISBN: 978-989-758-517-3
Copyright
c
2021 by SCITEPRESS Science and Technology Publications, Lda. All rights reserved
223
sharia banking in Indonesia is still not developing
rapidly considering that there has been a decrease in
the number of Islamic people's finance banks from
2018 to May 2019. In addition, until May 2019, There
were also a decline in sharia banking liquidity from
2018. Even though various banks now offer sharia
products, the trend of sharia banking is still volatile.
The level of literacy of Indonesian people towards
Islamic banking and its products is only eight percent,
which is still very low when compared to
conventional banking literacy which reaches thirty
percent. The level of Islamic financial inclusion is
only eight percent, far below the national banking
inclusion of thirty percent.
This seems to be a paradox considering that
Indonesia is a country with the largest Muslim
population in the world. The low level of literacy is
motivated by public scepticism about the Islamic
banking system, which in fact is an Islamic bank.
There is an assumption that Islamic banks are only
intended for Muslims, which is a challenge to the
development of Islamic banks in Indonesia that
uphold Pancasila and diversity.
In the context of minorities, Rassool (2018)
research has proven that Islamic banks can help all
groups, not only Muslims. The study aims to explore
and analyze the factors that would support or limit the
introduction of Islamic retail banks in Muslim
minority countries such as Mauritius. The results of
the study indicate that there are various prospects for
Islamic retail banks in Muslim and non-Muslim
Mauritius, including enabling legal, fiscal and
regulatory frameworks, financing of small and
medium enterprises (SMEs) and issuing Islamic
investment certificates.
In Southeast Asia, there is Malaysia, which has
established an Islamic financial system since 1963
and the Islamic Bank of Malaysia in 1983 which has
a long history of great potential that can be used as a
benchmark for other countries to develop the Islamic
financial industry, including Indonesia. Research by
Tang in 2003 even shows that bank financing for the
private sector is indispensable to support sustainable
economic growth in Malaysia. The research shows
how bank financing for the private sector will be
indispensable to support sustainable economic
growth in Malaysia.
Zulkhibri (2018) specifically discusses how
efficiently Islamic banks play their role as a supplier
of capital for entrepreneurs and entrepreneurs of
Micro, Small and Medium Enterprises (MSMEs).
The results, show that Islamic bank financing has the
same reaction as conventional banks and has the
strength for various types of econometric
specifications. Several other studies suggest that
Islamic financial institutions have great potential to
absorb macroeconomic shocks and even increase
economic growth.
The development of sharia in Indonesia is now
continuing to develop and even various conventional
banks have also published Islamic products.
However, the market share of Islamic banks in
Indonesia has yet to show a significant increase even
though the trend of Islamic products and finance has
spread in society. The adoption of the sharia system
in the banking world is still considered new among
Indonesians. The still minimal financial and banking
literacy and public scepticism regarding Islamic
banking have attracted researchers to examine the
development of Islamic banking in terms of bank
motives, customer interest and the impact of Islamic
banking which can sustain financial stability when
there is a possibility of increased financial inclusion.
Based on the background that has been presented
above, researchers identified a uniqueness in the
Islamic banking and financial system that continues
to develop in western countries and in Asia. One of
them is an example of the development of Islamic
banking in Mauritius, which is a Muslim minority
country. Rassool (2018) explores how Islamic retail
banks in Mauritius are able to serve the needs of all
groups without religious restrictions. Furthermore,
Islamic retail banks in Mauritius even provide
convenience for entrepreneurs and Micro, Small and
Medium Enterprises (MSMEs) who are the pioneers
of the country's economy. Ultimately, the Islamic
banking system in Mauritius helps achieve the United
Nations
(UN) sustainable development goals and provides
better financial inclusion. Meanwhile in Southeast
Asia, there is Malaysia, which is also a Muslim-
majority country such as Indonesia, which has
established an Islamic financial system since 1963
andBank Islam Malaysia in 1983 which has a long
history of great potential can be used as a benchmark
for other countries to develop the Islamic financial
industry. including Indonesia. Research by Tang
(2003) even shows that bank financing for the private
sector is needed to support sustainable economic
growth in Malaysia. So, the researcher identified that
there was a special motive in the decision of the
banking sector to use the Islamic banking system or
issue Islamic products and how interested in this was.
Researchers also identified the impact of Islamic
banking on the economy which has been proven in
several countries, can occur in Indonesia. We
formulated three research questions as follows. First,
what are the motives underlying conventional
ICAESS 2020 - The International Conference on Applied Economics and Social Science
224
banking decisions in issuing sharia products or
converting to sharia models. Second, how is the
interest of bank customers towards Islamic products.
Third, what is the trend of sharia linearity transition
in the Indonesian banking world. The purpose of this
study is to find out what are the motives underlying
conventional banking in issuing sharia products or
switch to the sharia model and to find out how the
interests of bank customers towards sharia products.
Furthermore, to find out how the trends of Islamic
banking growth in the Indonesian banking world.
2 LITERATURE REVIEW
Diffusion of Innovations Theory (DIT) explains
which considers innovation decisions to start from the
knowledge stage when individuals or decision makers
are faced with the existence and benefits of
innovation related to understanding and how an
innovation can function. The tendency of people to
use Islamic banking products related to their
knowledge of the Islamic banking system in meeting
their goals.
Theory of planned behavior emphasizes the
rationality of human behavior as well as the belief that
the target behavior is under the control of individual
consciousness.Customers who have a positive view
of Islamic banking, get support from the existence of
Islamic financial products offered by banks and the
perception of convenience because there are no
obstacles to get these products, the person's intention
to become a customer of Islamic banks will be even
higher According to the Theory of Reasoned Action,
In this theory there are two main factors of intention:
(1) Affective attitude and are based on a set of beliefs
about the object of behavior and (2) a person's
subjective norms about what they feel about their
attitude towards certain behaviors. Theory of The
Pyramid of Maslahah, this theory has three levels
based on the level of role of Islamic financial
institutions in society as illustrated in the following
illustration. The benefit pyramid is an ethical filter
system according to different levels of importance.
These three levels are related to one another and the
order of importance is very important for the pyramid
to function.
Dusuki & Abdullah is quantitative research with
750 samples which aims to examine the main factors
that motivate customers to deal with Islamic banks,
especially in a dual banking environment, as in the
case of Malaysia. The results of the study indicate the
selection of Islamic banks seems to be a combination
of Islamic and financial reputation and the quality of
services offered by banks. Dusuki aims to review how
the role of Islamic banks can participate in
microfinance. This research concludes that
microfinance requires an innovative approach in
building microfinance capacity through social
intermediation and designing group-based loan
programs that can be an effective tool to reduce
transaction costs and reduce exposure to various
financial risks in relation to providing loans to the
public rural poor. Sukmana & Kasim used analysis of
variance decomposition, focusing on the period from
January 1994 to May 2007. This research resulted that
Islamic bank financing and deposits play an important
role in the process of monetary transmission in
Malaysian economy. Ismanto aims to analyze the
effect of public literacy related to Islamic banks on
consumer interest to become customers of Islamic
banks. The results showed that Pekalongan people
have an interest in becoming customers of Islamic
banks, but their interests are not accompanied by a
comprehensive understanding. Rassool aims to
explore and analyze factors that will support or limit
the introduction of Islamic Retail banks in Muslim
minority countries such as Mauritius. The study uses
mixed methods and the results of the study show that
there are various prospects for Islamic retail banks in
Muslim and non Muslim Mauritius, including
enabling legal, fiscal and regulatory frameworks,
financing small and medium-sized enterprises
(SMEs) and issuance of Islamic investment
certificates.
Kaakeh, Hassan & Almazor aims to investigate
the effects of factors such as bank image, public
awareness, Shariah compliance and individualism
that have an impact on the attitudes and interests of
customers to use Islamic banking in the UAE. The
results showed that attitudes and awareness affect
interests directly, while image, sharia compliance,
and individualism affect interests that are mediated
indirectly by individual attitudes.
3 METHODOLOGY AND DATA
This study uses a descriptive qualitative approach that
is used to obtain an overview and reasons The quality
and accuracy of the data obtained and the period or
the time span, an aspect which is crucial in the
analysis of time series (time series). This study uses
interview methods to collect research data and uses
trend analysis as supporting data.
The study was only conducted at Islamic banks in
the city of Batam. The objects in this study are
customer interests, bank motives, and sharia banking
Transition to Sharia System as a New Banking Trend from Bank and Customer Perspectives
225
trends in Indonesia. This study uses literature review
and continued with interviews. This study uses
qualitative data types which are mostly text. We took
three variables in this research such as Internal Party
Motives, Customer Interest, Trends Islamic Bank.
The indicators used for measuring the trends of
Islamic Banking are the number of institutions,
offices, total assets, Third Party Funds and total
Financing Received. Five Indicator got from report of
Otoritas Jasa Keuangan (OJK) of Indonesia. The
analysis technique used in research is interactive data
analysis that is inductive. The data analysis model is
described as follows:
Data Collection
Data
Reduction
Data Presentation
Withdrawal
of
Conclusions
Figure 1. Interactive qualitative data analysis model
according to Miles and Huberman
Trend analysis is carried out to see the level of change
and increase in customer switching to Islamic
banking. Trend analysis requires five indicators in ten
years. The formula of Champion is used in managing
the results of interview answers as outlined in the
form of numbers and will be elaborated to assess
customer interest.
The Champion percentage criteria are as follows:
Table 1: Percentage Criteria for Rating
4 ANALYSIS
4.1 Motives for Transition of Banks
from Internal Bank Perspectives
This was obtained by researchers by interviewing 2
banks namely BRI Syariah (Sharia Commercial
Bank) and Bank Riau Kepri (Sharia Business Unit).
BRI began pioneering Islamic banking since 2008,
BRI Syariah stated that because of the enormous
potential of Islamic products in Indonesia and Batam
as well as an arena for da'wah and as a means of
preparing for the afterlife. Furthermore, Bank Riau
Kepri which began entering the world of sharia in
2010 and planned for 2020 Bank Riau Kepri will shift
as a whole to the sharia system. The opinion of Bank
Riau said that there was a policy from the Governor
of the Republic of Indonesia. The financing products
are much-loved by customers. The products offered
by banks are very attractive such as Wadiah,
Murabahah, Mudharabah, Gold Pawn, Hajj Umrah
and others in accordance with the customer's goals.
4.2 Customers Interest to Support the
Development of Islamic Banking
Table 2: Research Results
The table above illustrates the results of the survey
used to answer research question. Researchers have
distributed questionnaires through social media,
followed by exclusive interviews with fifteen selected
respondents. Fourteen respondents stated that they
were very interested and supportive. The interview
guidelines used are divided into six sections which
will be elaborated as follows:
ICAESS 2020 - The International Conference on Applied Economics and Social Science
226
Table 3: Survey Questionaires.
Knowledge of Islamic Banking and Islamic
Finance. The results of interviews answered yes by
87% which describes respondents know about
Islamic banking and the results of 13% illustrate the
lack of respondents' knowledge related to Islamic
Banking and Finance. The following is a description
of the interview results of respondents:
Figure 2.
Perception of Islamic Banking in Indonesia. This
section gets a 90% percentage of yes answers and no
answers in this section 10%. The following is a
description of the interview results of respondents:
Figure 3. Detailed graph of perception answers.
Bank Selection Criteria. Respondents chose many
reasons from the 16 points offered, namely good
service quality, confidentiality of information, bank
reputation, low service and financing costs, ATM
services in various locations, transaction speed and
sharia implementation procedures.
Bank Withdrawals and Transition Criteria. Many
respondents chose reasons from 15 reasons, some of
the main reasons include higher service costs, rumors
of poor bank performance, the relationship between
Transition to Sharia System as a New Banking Trend from Bank and Customer Perspectives
227
banks and customers and accessibility for
transactions.
Problems and Challenges of Islamic Retail
Banking in Indonesia. This section gets 70% of yes
answers and 30% of no answers that describe the
assessment of some of the challenges and problems
that are considered by customers to influence the
formation of Islamic banking. Following are the
results of the interview of the respondents.
Figure 4. Detailed graph of answers to problems and
challenges.
Prospects of Sharia Retail Banks in Indonesia
Figure 5. Detailed graph of answers to Prospects of Sharia
Retail Banks
The results 93% of interview respondents agree that
Islamic banks have great prospects. Their opinion that
there will be many interest-free financing requests,
Islamic banks are able to create business
opportunities and develop SMEs, this is because the
products offered are good and the process for filing is
not difficult and the instalments are light, while also
being a pioneer in developing other Islamic financial
institutions and collection of zakat which can be
collected and distributed properly.
Respondents say another with 7% that sharia does
not have great prospects. This is like the lack of
customer knowledge related to banks can be used as
zakat collectors and the history of the greatness of
Islamic banking.
Trend of Linearity in Sharia Banking in Indonesia
4.3 Growth Trends in Number of
Institutions
Figure 6. Graph of Growth Trends in Number of Institution
In 2010, there was a significant increase of 0.78%
which is also the biggest increase in the last 10 years.
Growth continues to increase in 2011 rose by 0.31%,
and in 2012 rose by 0.16% then stable in 2013 to
2015. Then in 2016 there was an increase of 0.16%
and then stable until 2018. So, it can be concluded that
the amount of customer interest in Islamic banking
increases with the increasing number of Islamic Bank
institutions in Indonesia.
4.4 Growth Trends in the Number of
Offices (Outlets)
Figure 7. Graph of Growth Trends in Number of Offices
ICAESS 2020 - The International Conference on Applied Economics and Social Science
228
Since 2010 there has been an increase to its peak in
2013, respectively, rising by 2.22%, 1.38%, 2.31%
and 1.34%. But in 2014 the decline began until 2017
with the biggest decrease in 2015 of 0.72%. So, it can
be concluded that the amount of customer interest in
Islamic banking has increased rapidly along with the
increase in the number of Sharia Bank offices in
Indonesia.
4.5 Total Asset Growth Trends
The growth of assets owned has increased from year
to year to touch an increase of 1%, 2% to 3%. The
most significant growth in 2016 towards 2017 as
indicated by an increase of 5.98%. The asset growth
trend data illustrates that the transition of customers
in using banking services is very good and is growing
every year.
Figure 8. Graph of Asset Growth Trends
4.6 Growth Trends in Financing given
The increase in funding received from the previous
year increased in the following year to 2%. The year
2017 towards 2018 experienced the most significant
increase of 10.67%, this figure is 5 times in previous
years. The increase that occurs every year illustrates
that the financing products provided by Islamic banks
are accepted by customers and are very popular
among the public, thus causing customers to switch
to using Islamic banking services.
Figure 9. Graph of Financing Given Growth Trends
4.7 Growth Trend of Third-Party
Funds
Growth from year to year only increased by 1% to
touch the number 3%. Ten years have happened, an
increase of 2.77% occurred in 2017 towards 2018.
The increase that occurred was not too significant, but
there was a consistent increase experienced
each year. Observed from the graph Trend above,
that the funds raised are still relatively small and will
be able to increase along with the times. The
transition process that occurs consistently is
illustrated by a steady increase.
Figure 10. Graph of Third-Party Funds Growth Trends
5 CONCLUSIONS AND POLICY
RECOMMENDATIONS
Islamic banks in Indonesia began with the
establishment of Bank Muamalat, the only sharia-
based bank. The development of the times,
conventional banks also helped expand its business to
Transition to Sharia System as a New Banking Trend from Bank and Customer Perspectives
229
embrace the Sharia system. Interviews were
conducted to obtain answers to the findings made by
researchers related to the motive of banking
transition, how customers' interests support sharia
and the presence of sharia. The results explained that
the potential of Indonesia, especially Batam, is due to
the majority of Muslims and there is a policy from the
Advisory Council for the process of transition to
sharia.
Customers also support with 87% of customers
know the knowledge of sharia systems related to halal
and haram in sharia, then 90% of customers view
sharia banks as an opportunity for the state, not
specifically for Muslims. In addition, 70% of
customers think that there are problems faced by
Islamic banking, namely sharia interpretation, lastly
the 93% figure illustrates Growth trends related to the
transition of Islamic banking linearity in Indonesia as
seen from five indicators. Indicator of trend linearity
like the number of institutions experienced a
significant increase 0.78%, the number of offices
experienced a significant increase amounted to
2.22%, indicator of total assets was very
prominentv5.98%. The growth of financing provided
has grown with 10.67%- and third-party funds
reached an increase of 2.77%. In general, the shifting
trend of the five indicators strongly illustrates that
now customers are interested in using Islamic
banking services with financing provided is an
indicator that has a very significant increase.
Suggests that for further research, interviews with
more Islamic banks, broadening customer reach and
conducting outreach to remote areas regarding sharia
products and systems. Furthermore, the
replacement of the word sharia in the name of the
bank or consider naming its products to avoid public
scepticism. Finally, everything returned to the true
purpose of the banks about the purpose only to attract
attention and gather as many Muslim customers as
possible or the goals is to provide a system that is fair,
transparent and can be used by anyone, then the
approach is also different.
ACKNOWLEDGEMENTS
We would like to express our deep gratitude for the
presence of God Almighty, because of His grace we
able to complete the scientific work. We would like
to thank Politeknik Negeri Batam, our research
supervisor for their patience guidance,
encouragement, and critics for this research. We
really appreciate Bank BRI Syariah and Bank Riau
Kepri Syariah for their cooperation regarding data
collection during this research. Special thanks should
be given to Minister of Technological Research and
Higher Education and Batam State Polytechnic to
make this research come true.
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