LibreOffice/6.1.5.2$Linux_X86_64 LibreOffice_project/10$Build2
0
0
14099
9999
true
$(brandbaseurl)/share/palette%3B$(user)/config/standard.sob
0
$(brandbaseurl)/share/palette%3B$(user)/config/standard.soc
$(brandbaseurl)/share/palette%3B$(user)/config/standard.sod
1270
false
$(brandbaseurl)/share/palette%3B$(user)/config/standard.sog
$(brandbaseurl)/share/palette%3B$(user)/config/standard.soh
false
false
true
true
false
false
true
false
false
false
$(brandbaseurl)/share/palette%3B$(user)/config/standard.soe
false
7
4
false
0
lowresolution
false
false
1
1
true
Jurnal Ekonomi Syariah Teori dan Terapan pISSN: 24071935, eISSN: 25021508. Vol. 10 No.1
Januari (2023):5768; DOI: 10.20473/vol10iss20231pp5768
57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Indonesia’s Islamic Banking Stability in The Shadow of the Covid19 Outbreak
Stabilitas Perbankan Syariah Indonesia di Bayangbayang Wabah Covid19
Sintia Dewi Nur Ajizah
, Agus Widarjono
Ilmu Ekonomi, Fakultas Bisnis dan Ekonomi, Universitas Islam Indonesia, Yogyakarta, Indonesia
dsintia@gmail.com, agus.widarjono@uii.ac.id
ABSTRACT:
The Covid19 pandemic that has occurred in the world has harmed economies
since 2020, especially Indonesia. Therefore, it is very important to study the impact of this
pandemic on the stability of Islamic banking in Indonesia and examine potential signs of
postpandemic
recovery.
This
study
examines
the
stability
of
Islamic
banking
in
Indonesia. Stability is measured using ROA and Zscore. The data in this study are panel
data for Islamic Commercial Banks (BUS) and Islamic Business Units (UUS). The data
used is quarterly data for 20162020. This study uses the Generalized Method of Moment
(GMM). The results of this study are ROA for Assets, CAR, FDR, and Covid19 do not
affect profits. However, NPF and BOPO have a negative effect. Whereas on the Zscore
for Assets, CAR FDR has a positive effect. NPF and BOPO harm the stability of Islamic
banking, except for Covid19. Lower efficiency and problematic financing reduce the
stability of Islamic banking. In addition, the results of our analysis, based on profitability
and financial stability during the quarterly period, Islamic banking was able to survive
during the Covid19 pandemic. This research implies that even though some variables do
not significantly affect profits, Islamic banks must still pay attention to other variables,
such as ROA, owned assets, CAR, FDR, and Covid19 which are likely to have a large
negative impact on the long term. Apart from that, Islamic banks must also maintain
profits and stability to survive and compete with conventional banking amid the Covid19
pandemic.
Keywords: Generalized Method of Moment, Islamic Bank, Banking Stability, Return
on Assets, Z Score
ABSTRAK:
Pandemi
Covid19
yang
terjadi
di
dunia
memberikan
dampak
negatif
bagi
perekonomian sejak tahun 2020, khususnya Indonesia. Oleh karena itu, sangat penting
untuk mengkaji dampak pandemi terhadap stabilitas perbankan syariah di Indonesia dan
mengkaji potensi pemulihan pasca pandemi. Penelitian ini mengkaji tentang stabilitas
perbankan syariah di Indonesia. Stabilitas diukur menggunakan ROA dan Zscore. Data
dalam penelitian ini adalah data panel untuk Bank Umum Syariah (BUS) dan Unit Usaha
Syariah (UUS). Data yang digunakan adalah data triwulanan tahun 20162020. Penelitian
ini menggunakan Generalized Method of Moment (GMM). Hasil penelitian ini adalah
ROA untuk Aset, CAR, FDR, dan Covid19 tidak berpengaruh terhadap keuntungan
perbankan syariah. Namun NPF dan BOPO berpengaruh negatif. Sedangkan pada Zscore
untuk Aset, CAR FDR berpengaruh positif. NPF dan BOPO berpengaruh negatif terhadap
stabilitas
perbankan
syariah,
kecuali
Covid19.
Efisiensi
yang
lebih
rendah
dan
pembiayaan
bermasalah
mengurangi
stabilitas
perbankan
syariah.
Selain
itu,
hasil
analisis, berdasarkan profitabilitas dan stabilitas keuangan selama periode triwulanan,
perbankan syariah mampu bertahan selama pandemi. Hasilnya menunjukkan implikasi
bahwa meskipun beberapa variabel tidak berpengaruh signifikan terhadap keuntungan,
namun Bank Syariah harus tetap memperhatikan variabel lain, seperti ROA, Aset yang
dimiliki, CAR, FDR, dan Covid19 yang kemungkinan akan terjadi dampak negatif yang
besar dalam jangka panjang. Selain itu, Bank Syariah juga harus mampu menjaga
keuntungan
dan
stabilitas
agar
mampu
bertahan
dan
bersaing
dengan
perbankan
konvensional di tengah pandemi.
Kata
Kunci:
Generalized
Method
of
Moment,
Perbankan
Islam,
Stabilitas
Keuangan, Return on Assets, Z Score
Article History
Submitted: 16102022
Reviewed: 18102022
Accepted: 21112022
Published:31012023
*)
Correspondenc):
Sintia Dewi Nur Ajizah
Open access under Creative
Commons AttributionNon
CommercialShare A like 4.0
International Licence
(CCBYNCSA)
iVBORw0KGgoAAAANSUhEUgAAACgAAAAoCAYAAACM/rhtAAABF0lEQVR42mNgoADY+YomLDtn
+R8fBqlhoCdYcsbiHyFH4cM0cxgljqK5Q6ntOKo5klYOo4pD6eU4shxJb8eR5Eh8Bpx9POE/
CAyoI/FpRgYD4kBCmunhQJyOHKh0R7QjB7UDia2+YGDv7TycUY8NbLgcQLIDQW4iOfTIdSC5
aZfqDvzz9wcKptShkCaTj0gitRxISilAjHpbH5F4kjIHpQ4kp6iiuwNJdeSAOJAUPaMOHHXg
iHQgSbmYmL4trRz49MNRvOpsvITjqFrVUT30qF0XU7OaQ3EgrZtb5DgOpblFbChS6sDh26Ie
bI4clJ12qvSLh8Towogdnxl+w29DYgBzyAwBD4lBdGwA1G8l5CAbL9E4SuwAAAotB2U1YXb3
AAAAAElFTkSuQmCC
iVBORw0KGgoAAAANSUhEUgAAACgAAAAoCAYAAACM/rhtAAABF0lEQVR42mNgoADY+YomLDtn
+R8fBqlhoCdYcsbiHyFH4cM0cxgljqK5Q6ntOKo5klYOo4pD6eU4shxJb8eR5Eh8Bpx9POE/
CAyoI/FpRgYD4kBCmunhQJyOHKh0R7QjB7UDia2+YGDv7TycUY8NbLgcQLIDQW4iOfTIdSC5
aZfqDvzz9wcKptShkCaTj0gitRxISilAjHpbH5F4kjIHpQ4kp6iiuwNJdeSAOJAUPaMOHHXg
iHQgSbmYmL4trRz49MNRvOpsvITjqFrVUT30qF0XU7OaQ3EgrZtb5DgOpblFbChS6sDh26Ie
bI4clJ12qvSLh8Towogdnxl+w29DYgBzyAwBD4lBdGwA1G8l5CAbL9E4SuwAAAotB2U1YXb3
AAAAAElFTkSuQmCC
Ajizah,et al/Jurnal Ekonomi Syariah Teori dan Terapan Vol. 10 no. 1 Januari 2023:5768
58
I.
INTRODUCTION
The Covid19 pandemic that has occurred throughout the world has had a bad effect on many
countries. The effects of this pandemic do not only occur in one sector. The global spread of the Covid
19 virus has forced all sectors, such as health, social, and the economy, to face an unprecedented crisis
(Elnahass et al., 2021). Society and government are required to adapt quickly to the changes that occur.
These changes occurred in almost all industrial sectors, including Islamic banking which has a strategic
role in the economy. This is because the bank function as a financial intermediary institution, namely
collecting funds and distributing public funds. This function aims to increase the distribution of growth
and maintain the stability of the country's economy. In addition, public trust in banking institutions is
also an important value. As a sharia financial institution that has been regulated by Law no. 21 of 2008,
Islamic banks must carry out operational activities following sharia principles and fatwas from the
Indonesian Ulema Council. This principle includes justice and balance, benefit, and universalism
(natural). In addition, in contract transactions, Islamic banking is prohibited for gharar, maysir, and
usury.
Law Number 10 of 1998 Article 29 Number 2 states that banks are required to maintain the
soundness of banks by the provisions of capital adequacy, asset quality, management quality, liquidity,
profitability, solvency, and other aspects related to the bank's business, and are required to carry out
business activities. business following the precautionary principle. Indonesia as a Muslim country that
has the most Islamic financial institutions in the world feels the same way about the effects of the Covid
19 pandemic. The effects of this shock began to be felt in early March 2020, since the case of media
coverage of the Covid19 virus that began to enter Indonesia. The news of this initial case forced the
entire financial industry, including Islamic banking, to make a strategy to stay afloat during the
pandemic.
On the other hand, Tahliani (2020) stated that the Islamic banking industry has an important role
in people's economic development, contributing to economic transformation in productive, value
added, and inclusive economic activities. During this Covid19 pandemic, Islamic banking must quickly
adapt to design new strategies and innovations, as well as appropriate and careful risk mitigation to
survive in an uncertain economic situation.
It seems that the strategy of Islamic banking to survive during the pandemic is quite good compared
to conventional banking. This is evidenced by OJK data which states that the growth of loans received
in Islamic banking in May 2020 was 10.14%. Then, in terms of assets, it also grew by 9.35% and for
Third Party Funds (DPK) it grew by 9.24%. Meanwhile, in conventional banking, credit growth only
reached 3.04% and Third Party Funds (DPK) was 8.87%. In addition, the position of asset share in
Islamic banking reached 6.05%. Where this condition increased before the Covid19 pandemic (Maritsa
& Widarjono, 2021).
This data illustrates that the performance of Islamic banking in the face of the Covid19 pandemic
looks good. The trust of the people who still save their funds is a positive value for Islamic banking.
Good banking performance will have an impact on good and stable economic conditions. But on the
other hand, banks still have to be careful in carrying out their operational activities because greater risks
could occur due to the impact of Covid19. Several possible risks will be experienced by Islamic
banking such as the risk of nonperforming financing, market risk, and financial liquidity risk. These
risks will ultimately hinder the performance of Islamic banking to carry out its functions and duties
(Ilhami & Thamrin, 2021).
There is a lot of empirical literature that analyzes the performance of Islamic banks. Both the
specific factors of Islamic banks (Pravasanti, 2012) and include specific and macroeconomic factors to
determine the performance of Islamic banks. (Widarjono, 2020; Maritsa & Widarjono, 2020; Eng, 2013;
Mimoun 2019). Several previous studies have also examined Islamic banks in Indonesia. Some of the
topics related to the profitability of Islamic banks (Zarrouk et al., 2015; Salike & Ao, 2017; Horobet et
al., 2021; Trinugroho et al., 2017; Abbas et al., 2019; Suryani, 2012), bank credit risk sharia (Barzani,
Ajizah,et al/Jurnal Ekonomi Syariah Teori dan Terapan Vol. 10 no. 1 Januari 2023:5768
59
2020; Fakhruddin et al., 2015), and the performance of Islamic banks during the Covid19 pandemic
(Elnahass, 2021; Tahliani, 2020; Ilhami & Thamrin, 2021). The present research examines the
commercial achievement of sharia banks in Indonesia before and during the Covid19 pandemic.
Several studies apply ROA to test the performance of Islamic banks. However, ROA does not fully
represent the financial performance of Islamic banks. So this study applies two measures in measuring
the financial performance of Islamic banks: ROA and Zscore. This study examines Islamic banks by
applying the Generalized Method of Moment (GMM) dynamic panel data regression model.
II.
LITERATURE REVIEW
Aliyu & Yusof (2016) explain that Islamic banks are financial institutions that are increasingly
important in the world. Especially since the economic crisis that occurred, where Islamic banks have
become financial institutions that can survive. In several respects, the Islamic banking sector is
relatively better than the conventional banking sector. Alqahtani & Mayes (2018) emphasizes Islamic
banking on sharing risks, not handling derivatives, and channeling funds more directly to the real
economic sector. Specifically, Raouf & Ahmed (2021) states that Islamic banks have a very crucial role
in driving a country's economic growth, because every progress and innovation in the banking sector,
such as the emergence of the Islamic banking system, will have an impact on the stability of the
country's economy and stabilize the banking sector. . alone. Thus, it can be concluded that Islamic
Banks have an important role in accelerating the rotation of a country's economic growth activities.
In general, Islamic banks are banks that carry out muamalah activities in an Islamic manner, which
refer to the provisions of the AlQuran and Hadith. The same thing was conveyed by Ben Mimoun
(2019) that Islamic banks are financial institutions that have goals and operations that do not include
elements that conflict with Islamic principles.
In the last few decades, Islamic banking has continued to experience development, especially in
Indonesia. With the development of Islamic banking, Islamic banking has major differences from
conventional banking, where the products offered to customers are following Islamic principles (Berger
et al., 2019). Therefore, Indonesia began to develop the Islamic financial sector. One of them is the
Islamic banking sector. Indonesia's seriousness in developing the Islamic banking sector can be seen
from the formulation of regulations in Article 1 paragraph (1) of Law no. 21 concerning Islamic Banks,
it is stated that Islamic Banking is all forms of matters relating to Islamic Commercial Banks and Islamic
Business Units, covering institutions, business activities, as well as methods and processes in carrying
out achievement activities (Rizvi et al., 2020).
Another important thing in a financial institution is the stability of the financial system. Financial
system stability is a condition in which the economic mechanisms for setting prices, allocating funds,
and managing risks function properly and support economic growth. Good financial system stability
will be able to provide benefits and protection from negative shocks, as well as help stabilize and
strengthen the financial system (Rashid & Jabeen, 2016). The same thing was conveyed by Bank
Indonesia’s financial system stability is a condition that allows the national financial system to function
effectively and efficiently, allocate funds and financing on target, and can protect the economy from
internal and external factors. To create growth and stability of the national economy that leads to a
positive increase.
Financial system stability in Indonesia is not fully controlled by Bank Indonesia, other financial
institutions such as the Financial Services Authority (OJK), and several other financial institutions also
have an important role in maintaining financial system stability. Therefore, a good cooperative system
is needed between Bank Indonesia and other financial institutions.
During the Covid19 pandemic, the Financial Services Authority (OJK) and Bank Indonesia
worked together to build good management and strategies. Able to provide solutions to problems in
every banking system in Indonesia. The Covid19 pandemic can be used as a benchmark for the
readiness of banks and other government and private financial institutions to be able to survive and
compete in times of crisis that will occur now or in the future. This readiness requires maximum and
optimal effort. Planning in the short term and long term must be prepared properly and correctly.
Ajizah,et al/Jurnal Ekonomi Syariah Teori dan Terapan Vol. 10 no. 1 Januari 2023:5768
60
There is a lot of empirical literature that analyzes the performance of Islamic banks. Both specific
factors of Islamic banks (Pravasanti, 2012) as well as specific and macroeconomic factors determine
the performance of Islamic banks. (Widarjono, 2020; Maritsa & Widarjono, 2020; Eng, 2013; Mimoun
2019). Several previous studies have also examined Islamic banks in Indonesia. Some topics related to
the profitability of Islamic banks (Zarrouk et al., 2015; Salike & Ao, 2017; Horobet et al., 2021;
Trinugroho et al., 2017; Abbas et al., 2019; Suryani, 2012), bank credit risk sharia (Barzani, 2020;
Fakhruddin et al., 2015), and the performance of Islamic banks during the Covid19 pandemic
(Elnahass, 2021; Tahliani, 2020; Ilhami & Thamrin, 2021). The current research examines the financial
performance of Islamic banks in Indonesia before and during the Covid19 pandemic. Several studies
apply ROA to test the performance of Islamic banks. However, ROA does not fully represent the
financial performance of Islamic banks. So this study applies two measures in measuring the financial
performance of Islamic banks: ROA and Zscore. This study examines Islamic banks by applying the
Generalized Method of Moment (GMM) dynamic panel data regression model.
Research Hypothesis
Based on the relationship between these variables, the hypothesis variables obtained are as follows:
H1
: Assets have a positive effect on ROA and ZScore
H2
: CAR has a positive effect on ROA and ZScore
H3
: NPF has a negative effect on ROA and ZScore
H4
: FDR has a positive effect on ROA and ZScore
H5
: BOPO has a negative effect on ROA and ZScore
H6
: COVID19 has a negative effect on ROA and ZScore
III.
RESEARCH METHODS
The object of this study uses Islamic bank financial report data which consists of 14 Islamic
commercial banks and 12 Islamic business units. Quarterly panel data from 2016 to 2020. This period
was chosen as a reference to view financial data for the last five years before and during the Covid19
pandemic. The data is taken from the financial reports of the Financial Services Authority (OJK) and
the financial reports of several banks for Sharia Business Units (UUS).
This application measures the performance of Islamic banks using two
measurements, namely the
Zscore as a variable measuring financial stability (Widarjono., 2020; Barzani., 2020; Trinugroho et al.,
2017; Elnahass; 2021) and Return on Assets (ROA) as a variable for Islamic bank profits (Zarrouk et
al., 2015; Widarjono et al., 2020). The Zscore variable is calculated using the formula (ROA +
CAR)/STDV(ROA). STDV (ROA) stands for ROA standard deviation. CAR is the amount of bank
assets that contain risk. NPF is the low value of the performance of Islamic banks on nonperforming
financing. FDR is the liquidity of Islamic banks in making payments back to depositors. Operating
Costs and Operating Income (BOPO) is the ability of bank management to generate profits generated
by Islamic banks. Covid to separate data before the Covid19 pandemic and after the Covid19
pandemic.
Table 1. Variable definition and expected sign
Variable
Information
Measurement
Source
Dependent Variable
ROA
Return On Assets
%
OJK
Zscore
(ROA+CAR) / STDV(ROA)
%
Annual Report, OJK
Independent Variable
Asset
Total Assets (Rp Trillion) Equity
log
Annual Report, OJK
CAR
Capital Adequacy Ratio
%
Annual Report, OJK
NPF
Non Performing Financing
%
OJK
FDR
Financing to Deposit Ratio
%
Annual Report, OJK
BOPO
Operational Efficiency Ratio
%
Annual Report, OJK
Covid
0 = before Covid19; 1 = after Covid19

Note: OJK stands for Financial Services Authority, Annual Report is a financial report for Sharia Business Unit
(UUS) data
Ajizah,et al/Jurnal Ekonomi Syariah Teori dan Terapan Vol. 10 no. 1 Januari 2023:5768
61
The model used in this study with two equations. The equation model (1) in this study, it can be
written in the backsliding equation as follows:
𝑅𝑂𝐴
𝑖,𝑡
= 𝛼 + 𝛽
1
𝑅𝑂𝐴
𝑖,𝑡−1
+ 𝛽
2
log
(
𝐴𝑠𝑠𝑒𝑡
)
𝑖,𝑡
+ 𝛽
3
𝐶𝐴𝑅
𝑖,𝑡
+ 𝛽
4
𝑁𝑃𝐹
𝑖,𝑡
+ 𝛽
5
𝐹𝐷𝑅
𝑖,𝑡
+ 𝛽
6
𝐵𝑂𝑃𝑂
𝑖,𝑡
+
𝛽
7
𝐷𝑢𝑚𝑚𝑦
𝑖,𝑡
+ 𝜀
𝑖,𝑡
………. (1)
The Zscore variable as variable has an influence in shortterm and longterm conditions in
viewing the stability performance of Islamic banks. Equation (2) in this model can be written as
follows:
𝑧 𝑠𝑐𝑜𝑟𝑒
𝑖,𝑡
= 𝛾 + 𝜃
1
𝑧 𝑠𝑐𝑜𝑟𝑒
𝑖,𝑡−1
+ 𝜃
2
𝑙𝑜𝑔(𝐴𝑠𝑠𝑒𝑡)
𝑖,𝑡
+ 𝜃
3
𝐶𝐴𝑅
𝑖,𝑡
+ 𝜃
4
𝑁𝑃𝐹
𝑖,𝑡
+ 𝜃
5
𝐹𝐷𝑅
𝑖,𝑡
+
𝜃
6
𝐵𝑂𝑃𝑂
𝑖,𝑡
+ 𝜃
7
𝐷𝑢𝑚𝑚𝑦
𝑖,𝑡
+ 𝜀
𝑖,𝑡
………. (2)
where
:
𝑅𝑂𝐴
𝑖,𝑡
: Sharia Banking Profit Variables (1)
𝑧 𝑠𝑐𝑜𝑟𝑒
𝑖,𝑡
: Sharia Banking Stability Performance Variable (2)
𝛼
/
𝛾
: constant
𝛽
1
− 𝛽
7
/
𝜃
1
− 𝜃
7
: Long
lag
all variabel
log
(
𝐴𝑠𝑠𝑒𝑡
)
𝑖,𝑡
: Total Assets (Rupiah)
𝐶𝐴𝑅
𝑖,𝑡
: Rasio Capital Adequacy Ratio (%) at time t and Islamic Bank i
𝑁𝑃𝐹
𝑖,𝑡
: Rasio Net Performing Financiang (%) at time t and Islamic Bank i
𝐹𝐷𝑅
𝑖,𝑡
: Rasio Financial to Deposit Ratio (%) at time t and Islamic Bank i
𝐵𝑂𝑃𝑂
𝑖,𝑡
: Rasio Efisiensi Operasional (%) at time t and Islamic Bank i
𝐷𝑢𝑚𝑚𝑦
𝑖,𝑡
: Separating variables before and during the Covid19 pandemic
0 = before Covid19; 1= during Covid19
𝜀
𝑖,𝑡
:
error term
The management and calculations of this study used secondary data with dynamic panel model
analysis techniques using the Generalized Method of Moment (GMM) method. The analysis technique
using the Generalized Method of Moment (GMM) in this research is to measure the magnitude of the
influence of Islamic bank internal variables on the profit and stability of Islamic bank performance.
This method provides many advantages to the development of panel data models involving the
dependent variable.
The Generalized Method of Moment (GMM) method is a method introduced by Peter Hansen and
later developed by Arellano and Bond. The Generalized Method of Moment (GMM) can also be a
simple alternative when the derivative of the maximum likelihood function is difficult to determine
(Youssef & Abonazel, 2014). This was conveyed by Arellano and Bond who suggested that the
Generalized Method of Moment (GMM) approach was the right approach to use in dynamic panel
research. The Generalized Method of Moment (GMM) approach is used for two reasons. First, the
Generalized Method of Moment (GMM) is a common estimator and provides a more useful framework
for comparison and assessment. Second, the Generalized Method of Moment (GMM) provides a simple
alternative to other estimators, especially for maximum likelihood.
Lubis (2013) said similarly that the approach using the Generalized Method of Moment (GMM)
method provides consistent, efficient, and unbiased estimation results. Nonetheless, the Generalized
Method of Moment (GMM) approach is an approach that has good estimation results. Blundell and
Bond (1998) suggest the Generalized Method of Moment System (Blundell and Bond GMMSystem
Estimator) which has more efficient estimation results. This is due to the use of additional level
information, namely in the form of conditional moments and level instrument variable matrices in
addition to the first difference by combining conditional moments and instrument variable matrices
(first difference and level).
Ajizah,et al/Jurnal Ekonomi Syariah Teori dan Terapan Vol. 10 no. 1 Januari 2023:5768
62
In the Generalized Method of Moment (GMM) method approach there are two estimation
procedures used in estimating dynamic panel models, namely by using First DifferenceGMM and
SystemGMM. First, First DifferenceGMM is used to overcome the correlation problem between the
lagdependent variable and the error component. A limited sample can bias the estimation results,
especially if the number of observation periods available is relatively small. Blundell & Bond (1998)
revealed that the ABGMM estimator can be constrained by limited sample bias. The existence of
limited sample bias can be detected by comparing ABGMM results with alternative estimators of
autoregressive parameters. Pooled least squares will provide an estimate with an upward bias (biased
upward) in the presence of individual effects (individualspecific effect). On the other hand, the fixed
effect will provide an estimate with a downward bias (biased downward). Furthermore, consistent
estimators can be expected among pooled least square or fixed effect estimators. If the ABGMM
estimator is close to or below the fixed effect estimator, then the ABGMM estimator may be biased
downward which can be caused by a weak instrument (Taurif et al., 2014).
Second, SystemGMM In small samples, First DifferenceGMM may contain imprecise and
biased analysis results. In dynamic panel models that have short timeframes, inefficiencies in
estimation results can occur in the First DifferenceGMM model. So, Blundell and Bond suggest using
the Generalized Method of Moment System (Blundell and Bond GMMSystem Estimator) which is
considered to have a better level of efficiency. Lubis (2013) conveys this because of the additional use
of level information, namely in the form of conditional moments and level instrument variable matrices
in addition to first difference by combining conditional moments and instrument variable matrices (first
difference and level).
The data analysis technique in this study is divided into three analytical test methods, namely,
first, the Jstatistical test (Sargan Statistics) is a test used to approach detecting problems with the
validity of the instrument. The Sargan test can be accepted or declared valid if the pvalue in the Sargan
statistic which can be calculated using chisquare is greater than 0.05 and vice versa. Second, the
Arellano and Bond (AR) test is a test used to test the consistency of estimates obtained from the results
of the Generalized Method of Moment (GMM) process. And third, the hypothesis test, or the socalled
tstatistic test is a test used to test the effect of the independent variables on the dependent variable.
The tstatistic test can be seen by comparing the tcount with the ttable or by looking at the probability
value of a significant level, namely 0.05. If the tcount is smaller than the ttable, then H0 is rejected.
However, if the tcount is greater than the ttable, then Ha is accepted.
IV.
RESULTS
AND DISCUSSION
Descriptive statistics for all variables used in this study are presented in Table 2. The average ROA
is 1.91% with a standard deviation of 2.90, and the altitude of profitability of sharia banks is almost at
the minimum limit of healthy sharia banks, which is 1.5%. The average Zscore is 36.97% and is
relatively stable, with a standard deviation of 44.87. Average assets are 15.5 trillion. The CAR of
Islamic banks is also almost safe, with a median of 24.56%. This CAR is above the minimum limit,
which is 12%. A big CAR reflects that sharia banks can finance operational activities and make a
sizeable contribution to profitability. The moderate NPF is 1.89%, with a standard deviation of 2.31,
indicating that the level of bad loans in Islamic banks is relatively safe below the maximum limit of
5%.
The average FDR is 100.44% with a standard deviation of 50.82, indicating that the altitude of
financing in sharia banks is relatively high. BOPO has an average of 82.79% with a standard deviation
of 22.38, the efficiency level of sharia banks is above the minimum ideal ratio, which is 60%  65%.
The Covid variable as a dividing variable for sharia banks, before the Covid19 pandemic and during
the Covid19 pandemic, had a median f of 0.20 and a standard deviation of 0.40.
Table 2. Descriptive statistics for variables
Variable
Mean
Std. Dev.
Maximum
Minimum
ROA
1.913593
2.900242
17.23000
11.02000
Zscore
36.97795
44,87082
309,5900
0.240000
Assets (trillion)
15.5
1.33
18.6
12.4
Ajizah,et al/Jurnal Ekonomi Syariah Teori dan Terapan Vol. 10 no. 1 Januari 2023:5768
63
CAR
24,56618
28.16142
346.4300
0.000000
NPF
1.892500
2.316338
15.46000
0.000000
FDR
100.4413
50.82707
506.0000
0.000000
BOPO
82.79021
22.38976
217.4000
0.000000
COVID
0.202096
0.401864
1.0000000
0.000000
Note: The number of observations is 760 consisting of 26 data banks for the 20162020 quarter
To estimate the GMM model, we have to perform the Arellane and Bond (AR) test to test the
consistency of the estimation obtained from the results of the GMM process. The results of the Arellane
and Bond (AR) test can be seen in table 3. Table 3 demonstrates the results of the Arellane and Bond
(AR) test on the ROA variable to analyze the performance of sharia banks in terms of profits and the
Zscore variable to analyze the performance of sharia banks based on bank stability sharia.
Table 3 displays the results of GMM estimation for model 1 and model 2. In the first model,
Islamic bankspecific variables, namely NPF and BOPO affect ROA at =1%, while ASSET, CAR,
FDR, and Covid variables have no impact on ROA.
In the second model, Islamic bankspecific variables such as ASSET, CAR, NPF, FDR, and BOPO
affect the Zscore at =1%, while the Covid variable has no impact on the ZScore. Assets had a positive
impact as expected. The higher the Islamic banking assets, the better the stability of Islamic banking
performance. CAR has a positive outcome on the Zscore and is following the hypothesis. A good CAR
indicates that banks are getting better at dealing with a possible risk of loss and maintaining the stability
of the financial system as a whole.
NPF has a negative effect against ROA and Zscore as expected. The increase in bad loans will
cause problems for the establishment of Islamic banking. FDR has a positive brunton the Zscore. The
low FDR makes Islamic banking unable to carry out its role as a financial intermediary. Meanwhile,
the Operational Efficiency Ratio (BOPO) is negative to ROA and Zscore as expected. BOPO is a
benchmark to see the effectiveness and management of an Islamic bank in carrying out its operations
and duties as a financial institution.
Table 3. GMM estimation results for ROA and ZScore
Variable
ROA
Variable
Zscore
Coefficient
tStatistic
Coefficient
tStatistic
ROA (1)
0.065165
2.465181***
Zscore (1)
0.583075
125.3501***
Logs (Assets)
0.089103
0.320438
Logs (Assets)
3.573585
8.530490***
CAR
0.015041
1.141899
CAR
0.309769
24.63963***
NPF
0.077935
2.608035***
NPF
0.226629
3.624616***
FDR
0.000588
0.222649
FDR
0.042213
12.45472***
BOPO
0.055287
8.975986***
BOPO
0.050303
8.848758***
COVID19
226.7605
0.809620
COVID19
85.51806
0.661760***
Sargan Specification Test ROA
Sargan Specification Test ZScore
JStatistics
23.88961
JStatistics
28.66073
Prob (JStatistic)
0.687349
Prob (JStatistic)
0.482835
Notes: ***; **; * stand for significant at =1%, 5% and 10% respectively
The next evaluation is the statistical Sargan test (JStatistics) using the Sargan Specification Test.
Table 3 presents the results of the Sargan Statistics test from the research model. Based on the results
of the instrument validity test with the approach
Sargan Specification Test
, it can be concluded that the
Jstatistic on the dependent variable ROA is 23,88961 with a probability value of 0.687349 where this
value is bigger than 0.05. And in Jstatistics the dependent variable Zscore is 30,74161 with a
probability value of 0.28188 where this value is bigger than 0.05, which means that these two dependent
variables are found to have valid conditions of moment or instruments used.
Hypothesis Testing (tstatistics)
The hypothesis test in this research was using the Generalized Method of Moment (GMM) test.
The decision to partially test the hypothesis is based on the probability value obtained from the results
of data management. The probability value, namely H0 is dismissed and Ha is welcomed if the
Ajizah,et al/Jurnal Ekonomi Syariah Teori dan Terapan Vol. 10 no. 1 Januari 2023:5768
64
significance value is less than 0.05. While Ho is denied and Ha is gotten, if the significance value is
greater than 0.05.
Based on the regression results of the influence of Return on Assets, Assets, Capital Adequacy
Ratio, Non Performing Financing, Financing to Deposit Ratio, BOPO, and Covid on the benefits and
stability of Islamic banking in Indonesia before and during the Covid19 pandemic can be explained as
follows:

First hypothesis testing
H1 = Assets to profits and stability of Islamic banks
The calculation results show that the coefficient and probability of the Asset variable do not have a
significant influence on the profits of Islamic banking before and during the Covid19 pandemic.
The calculation results show that the asset variable coefficient has a significant positive effect on the
stability of Islamic banking before and during the Covid19 pandemic. This can be seen in table 3
which shows that the probability level of the Asset variable is 0.0000, which is smaller than 0.05, with
a coefficient of 3.573585, which means that if Assets increase by 1 unit, the stability of Islamic banking
will increase by 3.573585, and vice versa.

Second hypothesis testing
H2 = Capital Adequacy Ratio to profits and stability of Islamic banks
The calculation results show that the coefficient and probability of the Capital Adequacy Ratio variable
do not have a significant effect on Islamic banking profits before and during the Covid19 pandemic.
The calculation results show that the variable coefficient of the Capital Adequacy Ratio has a
significant positive effect on the stability of Islamic banking before and during the Covid19 pandemic.
This can be seen in table 3 which shows that the probability level of the Capital Adequacy Ratio
variable is 0.000, which is smaller than 0.05, with a coefficient of 0.309769, which means that if the
Capital Adequacy Ratio increases by 1 unit, the stability of Islamic banking will increase by 1 unit.
0.309769, and vice versa.

Third hypothesis testing
H3 = NonPerforming Financing on the profits and stability of Islamic banks
The calculation results show that the coefficient of the Non Performing Financing variable has a
significant negative effect on Islamic banking profits before and during the Covid19 pandemic. This
can be seen in table 3 which shows that the probability level of the Non Performing Financing variable
is 0.0003, which is smaller than 0.05, with a coefficient of 0.226629, which means that if Non
Performing Financing increases by 1 unit, the stability of Islamic banking will decrease by 1 unit.
0.226629, and vice versa.
The calculation results show that the coefficient of the Non Performing Financing variable has a
significant negative effect on Islamic banking profits before and during the Covid19 pandemic. This
can be seen in table 3 which shows that the probability level of the Non Performing Financing variable
is 0.0093, which is smaller than 0.05, with a coefficient of 0.077935, which means that if Non
Performing Financing increases by 1 unit, the stability of Islamic banking will decrease by 1 unit.
0.077935, and vice versa.

Fourth hypothesis testing
H4 = Financing to Deposit Ratio on profits and stability of Islamic banks
The calculation results show that the coefficients and probabilities of the Financing to Deposit Ratio
variable do not have a significant effect on Islamic banking profits before and during the Covid19
pandemic.
The calculation results show that the coefficient of the Financing to Deposit Ratio variable has a
significant positive effect on the stability of Islamic banking before and during the Covid19 pandemic.
This can be seen in table 3 which shows that the probability level of the Financing to Deposit Ratio
variable is 0.0000, which is smaller than 0.05, with a coefficient of 0.042213, which means that if the
Financing to Deposit Ratio increases by 1 unit, the stability of Islamic banking will experience an
increase of 0.042213 and vice versa.
Ajizah,et al/Jurnal Ekonomi Syariah Teori dan Terapan Vol. 10 no. 1 Januari 2023:5768
65

Fifth hypothesis testing
H5 = BOPO on the profits and stability of Islamic banks
The calculation results show that the BOPO variable coefficient has a significant negative effect
on Islamic banking profits before and during the Covid19 pandemic. This can be seen in table 3 which
shows that the probability level of the BOPO variable is 0.0000, which is smaller than 0.05, with a
coefficient of 0.055287, which means that if the BOPO increases by 1 unit, the stability of Islamic
banking will decrease by 0.055287, and vice versa.
The calculation results show that the coefficient of the BOPO variable has a significant negative
effect on the stability of Islamic banking before and during the Covid19 pandemic. This can be seen
in table 3 which shows that the probability level of the BOPO variable is 0.0000, which is smaller than
0.05, with a coefficient of 0.050303, which means that if the BOPO increases by 1 unit, the stability of
Islamic banking will decrease by 0.050303, and vice versa.

Sixth hypothesis testing
H6 = Covid19 on the profits and financial stability of Islamic banks
The calculation results show that the coefficient of the Covid19 variable has no significant effect on
Islamic banking profits before and during the Covid19 pandemic. This can be seen in table 3 which
shows that the probability level of the Covid19 variable is 0.4185 greater than 0.05 with a coefficient
of 226.7605.
The calculation results show that the Covid19 variable coefficient has no significant effect on the
stability of Islamic banking before and during the Covid19 pandemic. This can be seen in table 3
which shows that the probability level of the Covid19 variable is 0.5084 greater than 0.05 with a
coefficient of 85.51806.
Discussion
From the estimation results of the GMM model above, it can be said that several independent
variables have no effect on ROA, including assets, CAR, and FDR. In this case, it can be concluded
that in carrying out its duties and activities, Islamic banking profits do not affect the assets owned and
FDR is used to calculate third party funds channeled for financing activities.
CAR does not affect ROA because banks cannot optimize their capital. CAR is used as an indicator
to measure the ability of Islamic banking in the event of a loss in the decline in risky assets (Pravasanti,
2018). On the Zscore, assets and CAR have a significant influence. This indicates that by having high
assets and CAR, the stability of Islamic banking performance will be better. So that Islamic banking
must pay attention to the system in asset management and CAR so that Islamic banking can carry out
its role as a financial institution that can advance the community's economy (Widarjono et al., 2020)
Meanwhile for other internal variables, namely the NPF is negative and significant to the initial
hypothesis that the NPF has a significant negative effect on the profits and stability of Islamic banking,
where the more problematic financing (NPF), will reduce the profits and stability of Islamic banking.
Nonperforming loans that occur continuously for Islamic banking will cause potential losses,
especially in the long term (Maritsa & Widarjono, 2021).
Similar to FDR which has a significant positive effect. This shows how big the ability of Islamic
banking to repay withdrawals made by depositors by using financing as a source of liquidity. In
addition, customer confidence in Islamic banking amid the Covid19 pandemic crisis is quite stable. It
is proven by the FDR ratio of Islamic Commercial Banks (BUS) which is still around 80% and Sharia
Business Units (UUS) has reached 100%. In this case, Islamic banking FDR is still categorized as good
because it does not experience significant changes (Fakhruddial et al., 2015).
In addition to the BOPO variable, it can be seen that the estimation results are following the initial
hypothesis, which is negative and significant on the profit (ROA) and stability of Islamic banking,
because the greater the costs incurred by Islamic banking, the more inefficient bank operations are.
This ratio can be used to measure the effectiveness and management of a bank in carrying out its
operations and duties. The results of the research are supported by (Primadita, 2020; Maritsa &
Widarjono, 2021).
Ajizah,et al/Jurnal Ekonomi Syariah Teori dan Terapan Vol. 10 no. 1 Januari 2023:5768
66
The Covid variable is negative and not significant. This shows that although the Covid19
pandemic occurred in Indonesia, the profits and stability of Islamic banking did not have a significant
impact on the performance of Islamic banking in Indonesia. Taking the short period of the Covid19
pandemic, which was only three quarters, caused the Covid19 pandemic to have no significant impact
on Islamic banking in Indonesia. However, Islamic banking still has to pay attention to the risks from
the longterm impact of the Covid19 pandemic, such as lending, declining quality of banking assets,
and net interest margin rates.
V. CONCLUSION
This study aims to analyze the impact of the Covid19 pandemic on the profitability and stability of
Islamic banking, identify previous research surveys, popular research subthemes, and lessons that can be
obtained from the research subthemes and recommendations for further research directions in the field of
Islamic banking. This study uses data from Islamic banking documents in Indonesia obtained from ojk.go.id
and the annual report data of each Islamic banking obtain 760 data. Based on the results of the analysis and
discussion conducted using the Generalized Method of Moment (GMM). This study concludes several
important things, namely ROA, the independent variables (Assets, CAR, FDR, and Covid) have no
significant effect on Islamic banking profits, except NPF and BOPO. Meanwhile, on the Zscore, all
variables have a significant effect on the stability of Islamic banking, except for the Covid variable. Islamic
banking must be more objective in providing financing to the public because some Islamic banks have a
fairly high NPF value. In addition, BOPO also needs more attention so that the assessment of the efficiency
of Islamic banking is better in the future. Islamic banking that can survive for two years during the Covid
19 pandemic is a very good thing.
Although Islamic banking does not have a direct impact on the Covid19 pandemic, Islamic
banking must still pay attention and continue to plan good management to maintain the profits and
stability of Islamic banking for the long term. For further researchers, it can be used as a reference and
is expected to encourage the quality of research whose results have a significant impact on the
development of Islamic banking literature and practices. In addition, this research can enrich the
variables and data used by adding other external factors such as inflation, interest rates, and other
external factors, as well as choosing a longer period. So that the research results can present a more
comprehensive survey. In addition, the government must reevaluate the regulations and performance
of Islamic banking compared to conventional banking. So that the policies taken are right on target and
as needed to encourage the development of better sharia banking performance in the future following
the government's program in strengthening the sharia financial sector.
REFERENCES
Abbas, F., Iqbal, S., & Aziz, B. (2019). The impact of bank capital, bank liquidity and credit risk on
profitability in postcrisis period: A comparative study of US and Asia.
Cogent Economics and
Finance, 7(1)
.doi:10.1080/23322039.2019.1605683
Aliyu, S., & Yusof, R. M. (2016). International journal of economics and financial issues profitability
and cost efficiency of islamic banks: a panel analysis of some selected countries.
International
Journal of Economics and Financial Issues, 6(4), 1736–1743
.
Alqahtani, F., & Mayes, D. G. (2018). Financial stability of islamic banking and the global financial
crisis:
Evidence
from
the
Gulf
Cooperation
Council.
Economic
Systems,
42(2),
346–
360
.doi:10.1016/j.ecosys.2017.09.001
Arellano, M., & Bond, S. (1991). Some tests of specification for panel data: Monte carlo evidence and
an
application
to
employment
equations.
Review
of
Economic
Studies,
58(2),
277–
297
.doi:10.2307/2297968
Barzani, K. F. (2020). Profitability and risk in Indonesian islamic banking: A dynamic panel data
analysis
[Universitas
Islam
Indonesia].
Retrieved
from
https://dspace.uii.ac.id/123456789/30611
Ajizah,et al/Jurnal Ekonomi Syariah Teori dan Terapan Vol. 10 no. 1 Januari 2023:5768
67
Ben Mimoun, M. (2019). Islamic banking and real performances in a dual banking system: Evidence
from Saudi Arabia.
International Journal of Islamic and Middle Eastern Finance and
Management, 12(3), 426–447
.doi:10.1108/IMEFM0720180223
Berger, A. N., Boubakri, N., Guedhami, O., & Li, X. (2019). Liquidity creation performance and
financial stability consequences of Islamic banking: Evidence from a multinational study.
Journal of Financial Stability, 44, 100692
.doi:10.1016/j.jfs.2019.100692
Blundell, R., & Bond, S. (1998). Initial conditions and moment restrictions in dynamic panel data
models.
Journal of Econometrics, 87(1), 115–143
.doi:10.1016/S03044076(98)000098
Elnahass, M., Trinh, V. Q., & Li, T. (2021). Global banking stability in the shadow of Covid19
outbreak.
Journal
of
International
Financial
Markets,
Institutions
and
Money,
72,
101322
.doi:10.1016/j.intfin.2021.101322
Eng, T. S. (2013). Pengaruh NIM, BOPO, LDR, NPL, dan CAR terhadap ROA bank internasional dan
bank nasional go public periode 2007 – 2011.
Jurnal Dinamika Manajemen, 1(3), 153–
167
.doi:10.22437/jdm.v1i3.1473
Fakhruddin, Iwan dan Purwanti, T. (2015). Pengaruh rasio kesehatan bank terhadap kinerja keuangan
bank
periode
20102013.
Jurnal
Kompartemen,
XIII(2),
116–
131
.doi:10.30595/kompartemen.v13i2.1768
Havidz, S. A. H., & Setiawan, C. (2015). Bank efficiency and nonperforming financing (npf) in the
indonesian
islamic
banks.
Asian
Journal
of
Economic
Modelling,
3(3),
61–
79
.doi:10.18488/journal.8/2015.3.3/8.3.61.79
Horobet, A., Radulescu, M., Belascu, L., & Dita, S. M. (2021). Determinants of bank profitability in
cee countries: Evidence from GMM panel data estimates.
Journal of Risk and Financial
Management, 14(7), 307
.doi:10.3390/jrfm14070307
Ilhami, & Thamrin, H. (2021). Analisis dampak Covid 19 terhadap kinerja keuangan perbankan syariah
di
Indonesia.
Jurnal
Tabarru’:
Islamic
Banking
and
Finance,
4(1),
37–
45.
doi:10.25299/jtb.2021.vol4(1).608
Kusumastuti, W. I., & Alam, A. (2019). Analysis of impact of CAR, NPF, BOPO on profitability of
Islamic
banks
(year
20152017).
Journal
of
Islamic
Economic
Laws,
2(1),
30–
59.
doi:10.23917/jisel.v2i1.6370
Lubis, K. A. (2013).
Penerapan
generalized method of moments pada persamaan simultan panel
dinamis untuk pemodelan pertumbuhan ekonomi di Indonesia
. Unpublished thesis. Institute
Teknologi Sepuluh November.
M. Thamrin, Liviawati, & Rita Wiyati. (2011). Analisis perbandingan kinerja keuangan bank umum
sayriah dan bank umum konvensional serta pengaruhnya terhadap keputusan investasi.
Pekbis
Jurnal, 3(1), 406–412
.doi:10.31258/pekbis.3.01.%p
Maritsa, F. H. N., & Widarjono, A. (2021). Indonesian islamic banks and financial stability: An
empirical
analysis.
Jurnal
Ekonomi
Dan
Bisnis,
5(1),
71–
87
.doi:10.14421/EkBis.2021.5.1.1279
Pravasanti, Y. A. (2018). Pengaruh NPF dan FDR terhadap CAR dan dampaknya terhadap ROA pada
perbankan
syariah
di
Indonesia.
Jurnal
Ilmiah
Ekonomi
Islam,
4(03),
148
159
.doi:10.29040/jiei.v4i03.302
Primadita, N. (2020). Analisis pengaruh murabahah, mudharabah, musyarakah, FDR, NPF dan BOPO
terhadap kinerja perbankan syariah tahun 20112020.
Syi’ar Iqtishadi:
Journal of Islamic
Economics, Finance and Banking. 4(2), 3658
.
doi:10.35448/jiec.v4i2.9843
Raouf, H., & Ahmed, H. (2021). Risk governance and financial stability: A comparative study of
conventional
and
islamic
banks
in
the
GCC.
Global
Finance
Journal,52,
100599
.doi:10.1016/j.gfj.2020.100599
Rashid, A., & Jabeen, S. (2016). Analyzing performance determinants: Conventional versus islamic
banks in Pakistan.
Borsa Istanbul Review, 16(2), 92–107
.doi:10.1016/j.bir.2016.03.002
Rizvi, S. A. R., Narayan, P. K., Sakti, A., & Syarifuddin, F. (2020). Role of islamic banks in Indonesian
banking
industry:
An
empirical
exploration.
Pacific
Basin
Finance
Journal,
62
.doi:10.1016/j.pacfin.2019.02.002
Salike, N., & Ao, B. (2018). Determinants of bank’s profitability: Role of poor asset quality in Asia.
China Finance Review International, 8(2), 216–231
.doi:10.1108/CFRI1020160118
Ajizah,et al/Jurnal Ekonomi Syariah Teori dan Terapan Vol. 10 no. 1 Januari 2023:5768
68
Suryani. (2012). Analisis pengaruh financing to deposit ratio (FDR) terhadap profitabilitas perbankan
syariah di Indonesia (rasio keuangan pada BUS dan UUS Periode 20082010).
Economica:
Jurnal Ekonomi Islam, 2(2), 153–170
.doi:10.21580/economica.2012.2.2.854
Tahliani, H. (2020). Tantangan perbankan syariah dalam menghadapi pandemi Covid19.
Madani
Syari’ah, 3(2), 92–113
.doi:10.51476/madanisyari'ah.v3i2.205
Taurif, M., Otok, B. W., & Latra, I. N. (2014). Estimation of generalized method of moment in logistic
regression model.
Proceeding of
Seminar
Nasional Matematika
,
Universitas
Jember:19
November. Page 167–174.
Widarjono, A. (2020). Stability of islamic banks in Indonesia: Autoregressive distributed lag approach.
Jurnal Keuangan dan Perbankan, 24(1), 40–52
.doi:10.26905/jkdp.v24i1.3932
Widarjono, A., Mifrahi, M. N., & Perdana, A. R. A. (2020). Determinants of Indonesian islamic rural
banks’
profitability:
Collusive
or
noncollusive
behavior?.
Journal
of
Asian
Finance,
Economics and Business, 7(11), 657–668
.doi:10.13106/jafeb.2020.vol7.no11.657
Youssef, A. H., ElSheikh, A. A., & Abonazel, M. R. (2014). Improving the efficiency of GMM
estimators for dynamic panel models.
Far East Journal of Theoretical Statistics ,47(2),171189.
Zarrouk, H., Ben Jedidia, K., & Moualhi, M. (2016). Is islamic bank profitability driven by same forces
as conventional banks?.
International Journal of Islamic and Middle Eastern Finance and
Management, 9(1), 46–66
.doi:10.1108/IMEFM1220140120