Efficiency, Productivity and Stability of Islamic Banks in Indonesia
Aam S. Rusydiana
1
, Lina Marlina
2
and Solihah S. Rahayu
3
2
3
Keywords: Efficiency, Stability, Productivity, DEA, Islamic bank
Abstract: The Shariah banking industry is one of the main indicators of economic development of Islamic finance in
Indonesia. In the banking world including Shariah banking, the issue of efficiency and productivity
measurement are the two important things that should be noted. However, the determination of limitation
factor to be a benchmark of whether a company has been worked efficiently and productively becomes
problems itself. This study tried to analyze the CCR models as a basic model in DEA to see the efficiency
level of Shariah commercial banks in Indonesia during the period of 2011-2017. Then, this research also
examined the condition of efficiency stability of each bank which are presented in quadrant of 4 group
formed. The results showed that the average value of CRS (Constant Return to Scale) efficiency of a whole
Shariah commercial banks in Indonesia is relatively low at 68%, while the mean standard deviation is 0.12.
The results of the Malmquist Productivity Index of Islamic Commercial Banks in Indonesia showed a
decline in productivity growth (TFPCH), the reason for the decline was also caused by the level of
technological innovation of banking (TECHCH) and stagnation of changes in the level of efficiency
(EFFCH). Therefore Islamic banks need to carry out effective strategies in the current era of technological
disruption.
1 INTRODUCTION
The Islamic banking industry, being an object of
study that’s always interesting to be studied.
Especially if it is compared with the conditions of
the conventional banking industry that has already
existed before. For example, the results of research
conducted by Nurfalah et al (2018) which states that
Islamic banking is relatively more stable compared
to conventional banking in the face of shock both
internally and externally. This is an interesting
finding that needs to be proven through various
research in the future.
The development of Shariah banking industry in
Indonesia showed relatively good tendency,
although impressed slowly. Based on Shariah
banking statistics data on April 2018, the number of
Islamic banking has reached 13 Shariah Commercial
Banks, 21 Shariah Business Units and 168 Shariah
Rural Banks with the total office networking of
2,460 offices throughout Indonesia (Financial
Services Authority, 2018).
Meanwhile, according to Global Islamic Finance
Report 2017, Shariah financial industry in Indonesia
is ranked seventh world after Malaysia, Iran, Saudi
Arabia, UAE, Kuwait and Pakistan. The index score
of Indonesia's Shariah financial industry in 2017 is
24.21 on a scale of 100 and ranks 7th in the world
(GIFR, 2017).
Regardless of the data, the 2016 target
proclaimed by Bank Indonesia in achieving a 5%
market share has not been satisfactory. The growth
that occurs in Islamic banks is not much better when
compared with the increase market Shariah bank
itself. The target market shares of Shariah banks in
2016 that is not achieved becomes a separate
phenomenon to evaluate the level of efficiency
performance of Shariah banking in Indonesia as a
whole. Various kinds of obstacles such as
competition factor, the conversion of Shariah
business unit into Shariah commercial bank, so that
many investment value must be issued, consequently
566
Rusydiana, A., Marlina, L. and S. Rahayu, S.
Efficiency, Productivity and Stability of Islamic Banks in Indonesia.
DOI: 10.5220/0008442605660572
In Proceedings of the 4th Sriwijaya Economics, Accounting, and Business Conference (SEABC 2018), pages 566-572
ISBN: 978-989-758-387-2
Copyright
c
 2019 by SCITEPRESS – Science and Technology Publications, Lda. All rights reserved

inefficiency become obstacle in their competition
with conventional banking.
The main goals for banking sector reform
include Shariah commercial banks is to encourage
the banking sector within the regulatory and legal
framework, monitoring and supervision, financing
risk management, liquidity management, auditing
and other important aspects. If the reform of the
banking sector is going well, then this will improve
the efficiency of the banking sector that affects
every aspect of bank operations. Efficient banks will
be able to reduce costs and impose relatively low
margins on customers. In the long run, the
achievement of efficiency will be able to increase
market share consistently in Shariah banking
industry.
This study has 2 main objectives. First to
measure the level of efficiency and productivity of
Islamic banks in Indonesia, in this case is the full
fledge Shariah Bank. Secondly, to see the level of
stability of the efficiency of Shariah banks that
become the object of research. This research will
analyze the efficiency by trying to create 2
dimensions based on efficiency matrix to assess the
ability of Shariah banks to remain competitive.
2 BACKGROUND
For a business entity, efficiency is very
important. The concept of efficiency is often defined
as doing the thing right. This is always associated
with how the company in achieving its objectives.
Therefore, the concept of efficiency is often seen
from the cost side as input and profit as output. The
business entity always tries to keep the cost level
down to a minimum level to produce a maximum
output level of output.
The concept of efficiency comes from the micro-
economic concept of producer theory.
Manufacturers' theory attempts to maximize profits
or minimize costs from the producer's point of view.
In the theory of producers there is a production
frontier curve which describes the relationship
between input and output of the production process.
This production frontier curve represents the
maximum output level of any input usage that
represents the use of technology from a company or
industry (Ascarya and Yumanita, 2007).
The Malmquist index is a bilateral index used to
compare production technologies of two economic
elements. The Malmquist index is based on the
concept of a production function that measures
the maximum production function with defined
input limits. In the calculation, this index consists of
several results: efficiency change, technological
change, pure efficiency change, economic scale
change and TFP change. In the first generation
model developed by Caves et.al (1982), there are 2
(two) Malmquist productivity index models (Bjurek,
1996). The first is 'Malmquist input quantity index'
and the second is 'Malmquist output quantity index'.
Malmquist input quantity index for a production
unit, at observation time t and t + 1, for tech
reference in period k, k = t and t + 1.
The Malmquist input quantity index measures only
the change in the quantity of inputs observed
between time t and t + 1.
As time goes by, the model of frontier efficiency
measurement has increased, both in theory and
practice concepts. In general, the efficiency level
measurement model is divided into two parts:
parametric and nonparametric.
Yudhistira (2003) conducted a study of 18
Shariah banks around the world during the period of
1997-2000 using the DEA approach and input-
output specifications based on the intermediation
approach. Based on the results of the study, the
overall efficiency of 18 Shariah banks observed was
slightly inefficient at a fair rate of 10% when
compared to conventional banks. This is because in
the period of 1998-1999 banks are experiencing a
global crisis affecting its performance. Small
Shariah banks tend to be uneconomical. Therefore, it
is recommended that banks with economies of scale
are still small to merge or acquisition.
Research on the efficiency of Islamic banks is
supported by Hasan (2003) that explain the cost,
profit, revenue, and X-efficiency of Islamic banks
around the world. First, the study made a stochastic
cost frontier approach to calculate the cost efficiency
of Islamic banks in the period of 1996-2002.
Second, calculate profit efficiency by focus on cost
and revenue. Third, determine the revenue efficiency
to find out whether Islamic banks are making
innovative banking products to increase their
income. Fourth, using the non-parametric Data
Envelopment Analysis (DEA) method to calculate
the overall efficiency, i.e. technical, pure technical,
allocative, and scale efficiency. The result is that on
average, the Islamic banking industry is relatively
less efficient than conventional banks.
The other thing that show the increased
efficiency of Islamic banks in Shariah Bank in
Malayasia, Sufian (2006) measure and analyze the
efficiency of Islamic banks both foreign and
domestic in Malaysia, during the period of 2001-
2004. DEA analysis method used in this study, with
Efficiency, Productivity and Stability of Islamic Banks in Indonesia
567

input variables consisting of total savings, labor
costs, and assets. Moreover, financing variable and
operating income as output. The results of this study
states that the efficiency of Shariah banks in
Malaysia has increased. This study reveals that
Shariah foreign banks are on average less efficient
than Shariah domestic banks during the year of
observation.
3 RESEARCH METHOD
Method used in this research is Data
Envelopment Analysis (DEA). DEA is a
nonparametric method that uses a linear
programming model to calculate the ratio of output
and input ratios for all comparable units. The
advantage of using this DEA is that this approach
does not require an explicit specification of the
functional form and requires only a few structures to
form the efficiency frontier. The weaknesses that
may arise are self identifier and near self identifier.
DEA was first developed by Farrel (1957) which
measures the efficiency of one input technique and
one output to multi input and multi output.
The productivity index is expressed by
the TFP index of Malmquist over a given period.
As the suggestion of Caves et.al (1982), this index is
defined using a distance function that permits multi-
input and multi-output use without the need to
involve explicit price information. The function
of this distance can be classified into a distance
function oriented to the input and output.
The input distance function seeks a minimal
proportional expansion of input vectors for a
constant output vector. In contrast, the output
distance function seeks a minimum proportional
expansion of the output vector for a constant input
vector.
Furthermore, the DEA method is widely used to
measure the technical, scale and economic efficiency
of the industry of banks and financial institutions
(Coelli et.al (2005), and Cooper (2010)) as Hadad et
at (2003), Rani et al (2017), Ozdemir (2013),
Shahreki (2012) and Tsolas and Dimitris (2012).
However, DEA is also widely used to measure the
efficiency of non-bank institutions, such as
hospitals, universities, tax offices, as well as
nonprofits (Rusydiana, 2013) such as zakat
institutions (Rusydiana et al., 2016).
The data used in this research are all Shariah
Commercial Banks in period of 2011-2017 that
amounted to 11 banks. Data of input and output
variables are obtained from the balance sheet and
income statement of each bank. Two inputs and two
outputs are used to measure efficiency and stability
of Shariah bank efficiency. As input variables are
Third Party Fund (X1) and Personnel Cost (X2).
Meanwhile, the output variables are Total Financing
(Y1) and Operating Income (X2). Use of DPK and
financing in input-output because this research uses
intermediation approach. Table 2 describes the
descriptive statistics of each of the input and output
variables used in this study.
Table 2: Descriptive Statistics of Input-Output
Variable
Output (IDR Million)
Input (IDR Million)
Total Financing
Operating Income
Third Party Fund
Personalia Cost
Mean
9,084,978
1,179,864
10,067,346
221,309
Max
50,460,000
6,851,461
59,283,492
1,359,776
Min
1,614
404
4,556
1,871
Std.Dev
13,206,909
1,591,290
14,881,403
293,568
Analysis tool used in this research is Banxia
Frontier Analyst 3 to measure the efficiency level of
all DMU (Decision Making Unit) of Shariah bank
during 2007-2017. Furthermore, to make a plot of
Shariah bank group quadrant with 2 categories
(efficiency and stability) on x and y axis, SPSS 16
software is used as a tool. This grouping follows
research conducted by Rusydiana and Sanrego
(2018) and Rusydiana and Firmansyah (2017). The
first calculation of efficiency with the CRS
(Constant Return to Scale) or CCR (Constant Return
to Scale) approach introduced by Charnes et.al
(1978).
4 RESULTS & DISCUSSION
Table 3 (appendix) showed that the efficiency of
CRS on Shariah banks in Indonesia from 2007-2017
has fluctuated. The average value of the overall
efficiency of Shariah commercial bank in Indonesia
is relatively low at 68%, while the mean standard
SEABC 2018 - 4th Sriwijaya Economics, Accounting, and Business Conference
568

deviation is 0.12. This indicates the poor
performance of Shariah banks in Indonesia.
The best performers based on efficiency levels
during the study period were Maybank Shariah with
an average of efficiency is 94% and standard
deviation is 0.06. The second best of Shariah
commercial bank is BMI with an average of
efficiency of 75% and standard deviation is 0.10.
BRI Shariah and Panin have the average efficiency
rating of 73% but with a fairly large standard
deviation of 0.14 and 0.29. Beyond that, other
Shariah commercial banks have only average
efficiency under 70%. Bank Mega Shariah (52%),
Victoria Shariah (55%) and BCA Shariah (56%) are
the three Islamic banks with the lowest average
efficiency compared to other Shariah commercial
bank.
Table 3: Level of Efficiency of CRS and Shariah Commercial Bank Stability in Indonesia in the period of 2011-2017
DMU
2011
2012
2013
2014
2015
2016
2017
Mean
StD
BSM
0,64
0,73
0,68
0,61
0,65
0,71
0,66
0,67
0,04
BMI
0,71
0,81
0,80
0,69
0,62
0,66
0,63
0,75
0,10
BRIS
0,63
0,65
0,68
0,63
0,71
0,65
0,68
0,73
0,14
BNIS
0,54
0,53
0,56
0,53
0,77
0,79
0,81
0,65
0,11
Mega
0,40
0,49
0,53
0,47
0,53
0,58
0,49
0,52
0,13
Panin
0,66
1,00
0,82
0,88
0,85
0,92
0,88
0,73
0,29
BJBS
0,53
0,65
0,65
0,63
0,71
0,74
0,62
0,67
0,09
BSB
0,66
0,73
0,78
0,76
0,71
0,69
0,78
0,65
0,21
BCAS
0,49
0,53
0,61
0,68
0,62
0,61
0,58
0,56
0,07
Maybank
1,00
0,84
1,00
0,90
0,93
0,95
0,94
0,94
0,06
Victoria
0,42
0,45
0,55
0,65
0,68
0,53
0,54
0,55
0,10
MEAN
0,68
0,12
Shariah Commercial Banks Quadrant Based on
CRS Efficiency Level and Its Stability
Shariah Commercial Banks are grouped into 4
(four) quadrants based on the category of efficiency
level and its efficiency level stability, i.e. high and
low. Quadrant 2 includes Shariah banks which has
high efficiency and stability efficiency, so it can be
considered as the best Shariah banks compared to
other quadrant groups. On the other hand, Quadrant
4 is a group of Shariah banks with low efficiency
and high efficiency stability. This group can be
regarded as Shariah banks with low efficiency and
relatively persistent level of efficiency. That is, there
tends to be no increase in the level of efficiency it
achieves.
Quadrant 1 includes Shariah commercial banks
that have a high level of efficiency, but on the other
hand has a low level of efficiency stability. This
group can be considered as a Shariah bank with a
high efficiency but relatively unstable efficiency.
This means that the high efficiency of Shariah banks
in this quadrant is not persistently achieved, but
there is fluctuation (increase and decrease)
efficiency figures. Quadrant 3 includes groups of
Shariah commercial banks that have a low level of
efficiency, but on the other hand has a relatively
high level of efficiency stability. This group can be
considered as a Shariah bank with relatively low
efficiency and fluctuating value of its efficiency.
The good side is, the Shariah commercial banks
group in this quadrant is expected to achieve an
increase in efficiency level in the future.
Figure 1 showed the division of a group of
Shariah commercial banks based on the calculated
level of efficiency (CRS) and its efficiency stability,
based on two categories i.e. efficiency on the y-axis
Efficiency, Productivity and Stability of Islamic Banks in Indonesia
569

and the standard deviation value of the efficiency
figure during the study period, on the x-axis.
Figure 1: Four Shariah commercial bank Quadrants
Based on Level of Efficiency & Stability
Where:
Quadrant 1 (High Efficiency, Low Stability): BRIS
Quadrant 2 (High Efficiency, High Stability): BSM,
BMI, Maybank,
Quadrant 3 (Low Efficiency, Low Stability): Mega,
Panin, BSB
Quadrant 4 (Low Efficiency, High Stability):
Victoria, BCAS, BNIS, and BJBS
Figure 1 shows that during this period study,
there is 1 Shariah commercial bank that is in
quadrant 1, there are 3 Shariah commercial banks
located in quadrant 2, and 3 Shariah commercial
banks that enter into quadrant 3. Meanwhile there
are 4 Shariah commercial banks which are included
in quadrant 4.
Group of quadrant 1 is Shariah commercial bank
category that has high efficiency, but on the other
hand has low efficiency stability value. Shariah
commercial banks that fall into this category are BRI
Shariah. BRI Shariah has an average efficiency
rating of 73% and a standard deviation of efficiency
of 0.14. Therefore, BRI Shariah is included in
Shariah commercial bank with high efficiency but
relatively unstable efficiency value.
Group of Quadrant 2 is Shariah commercial bank
category that has high efficiency level and high
value of efficiency stability. There are 3 Shariah
commercial banks that include into this category,
i.e.: BSM, BMI and Maybank Shariah. BSM has an
average efficiency rating of 67% and a standard
deviation of efficiency of 0.04. BMI has a fairly high
average efficiency value of 75% and a standard
deviation of efficiency of 0.10. Maybank has the
highest efficiency rating of 94% and standard
deviation of efficiency of 0.06. This group is
deemed as shariah commercial banks with high
efficiency and relatively stable value of efficiency,
or the best compared to other quadrants.
Group of Quadrant 3 is shariah commercial bank
category that has an average of low efficiency and
low efficiency stability. There are 3 Shariah banks
that include into this category, i.e.: Bank Shariah
Mega Indonesia, Panin Shariah and Bank Shariah
Bukopin (BSB). Bank Mega Shariah has an average
efficiency rating of 52% and a standard deviation of
efficiency of 0.13. Panin Shariah has an average
efficiency rating of 73% and a standard deviation of
efficiency of 0.29. Meanwhile BSB has an average
efficiency rating of 65% and a standard deviation of
efficiency of 0.21. These groups of shariah
commercial banks in quadrant 3 are Shariah banks
with relatively low efficiency and fluctuating value
of its efficiency.
Quadrant 4 is a group of Shariah banks that have
low level of efficiency but on the other hand has
high efficiency stability value. There are 4 Shariah
banks that include into this category, i.e.: Victoria
Shariah, BCA Shariah, BNI Shariah and BJB
Shariah. Bank Victoria Shariah has an average
efficiency rating of 55% and a standard deviation of
efficiency of 0.10. BCA Shariah has an average
efficiency rating of 56% and a standard deviation of
efficiency of 0.07. BNI Shariah has an average
efficiency value of 65% and a standard deviation of
efficiency of 0.11. Meanwhile BJB Shariah has an
average efficiency value of 67% and a standard
deviation of efficiency of 0.09. This group can be
regarded as Shariah banks with low efficiency and
relatively persistent level of efficiency.
Productivity of Indonesia Shariah Banks
Table 4. Results of TFPCH of Islamic Banks
Periods
EFFCH
TECHCH
PECH
SECH
TFPCH
2011-2012
1.051
0.683
1.000
1.051
0.717
2012-2013
0.987
0.974
1.000
0.987
0.962
2013-2014
0.977
0.703
1.000
0.977
0.687
2014-2015
1.037
0.842
1.000
1.037
0.874
2015-2016
0.991
1.878
0.995
0.996
1.861
2016-2017
0.967
0.908
1.000
0.997
0.897
GeoMean
1.005
0.997
0.999
1.003
0.998
On table 4, it appears that for the duration of the
study is 2011 - 2017, Islamic Bank’s in Indonesia
show a decline in productivity growth, as indicated
by the value TFPCH of 0.998. The decline in this
TFPCH showed lower levels of productivity in the
banking sector in Indonesia. This is evidenced by the
SEABC 2018 - 4th Sriwijaya Economics, Accounting, and Business Conference
570

decrease (Regress) TECHCH under 1 is (0.997) and
PECH (0.999), although there was a slight increase
in SECH (1.003) and EFFCH (1.005). In another
sense, a decrease in the level of productivity
of Islamic Banks in Indonesia contributed largely by
the low level of banking technology innovation or
technological change (TECHCH) and the efficiency
(PECH).
So, from the results of this research, we can state
that the average value of CRS (Constant Return to
Scale) efficiency of a whole Shariah commercial
banks in Indonesia is relatively low at 68%, while
the mean standard deviation is 0.12. The results of
the Malmquist Productivity Index of Islamic
Commercial Banks in Indonesia showed a decline in
productivity growth (TFPCH), the reason for the
decline was also caused by the level of technological
innovation of banking (TECHCH) and stagnation of
changes in the level of efficiency (EFFCH).
5 CONCLUSIONS
As part of the financial system, Shariah banks in
Indonesia have a role to play in economic growth in
general. Currently, the development of Shariah
banking industry in Indonesia is relatively stagnant
compared to neighboring countries. With the various
challenges faced, Shariah banks in Indonesia need to
maintain its existence.
One of the important issues in the analysis and
discussion of the banking industry, including the
Islamic banks, is related to efficiency and stability.
This paper focus in that area. This research tries to
describe the level of efficiency achieved by Shariah
Public Bank in the period of 2011 to 2017 and its
efficiency stability.
The average value of the overall CRS efficiency
of shariah commercial bank in Indonesia is relatively
low at 68%, while the mean standard deviation is
0.12. This indicates that the performance of Shariah
banks industry in Indonesia is lack in general.
Shariah banks that enter into groups with high
efficiency and stable value are: Maybank Shariah,
BMI and BSM. Then coupled with BRI Shariah on
the CRS approach. For this group of Shariah banks,
they need to maintain the achievement of efficiency
achieved. If performance increased, it will be better.
Meanwhile, shariah commercial bank that fall
into low efficiency and stable group in low
efficiency position are Victoria Shariah and BCA
Shariah. For these two banks, efforts to improve
efficiency are a priority, both in terms of the
effectiveness of existing inputs as well as increased
output such as the addition of total financing and
increase in operating income. Beyond that, the
fluctuating shariah commercial banks value of
efficiency and stability are: BNI Shariah, Mega
Shariah, BJBS, BSB and Panin Shariah. This group
of banks is quite vulnerable, both due to the
macroeconomic impacts as well as the internal
conditions and policies of each bank. Therefore, for
this last group, maintaining the stability of efficiency
value is the main goal. So the target achievement is
expected, able to achieve well and maximum.
The results of the Malmquist Productivity Index
of Islamic Commercial Banks in Indonesia showed a
decline in productivity growth (TFPCH), the reason
for the decline was also caused by the level of
technological innovation of banking (TECHCH) and
stagnation of changes in the level of efficiency
(EFFCH). Therefore Islamic banks need to carry out
effective strategies in the current era of
technological disruption. One of the limitation of
this study is the lack of complete data, especially
some DMU of Islamic banks in the initial period of
observation.
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