Assessing the Islamic Bank Financing During Economic Recession: The Role of Stimulus Regulation POJK Number 11/POJK.03/2020
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Published:
Mar 3, 2022
Keywords:
Banking, cycles, monetary, regulation
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Abstract
This study examines the role of the POJK stimulus policy No. 11/POJK.03/2020 on the decision of financing in Indonesia Islamic banking. Furthermore, the study aims to be able to assess the financing behavior of Islamic banks. Accordingly, we design a quantitative approach with panel data analysis method. With case studies on 12 Islamic Commercial Banks with a time period from quarter 1-2017 to quarter 4-2020. We found that the total financing of Islamic banks experience significant changes after the period of economic recession that hit Indonesia. Then, the study found that the role of stimulus regulation has a positive and significant effect on the distribution of total bank financing. This shows that the stimulus regulation through financing relaxation or financing restructuring does not prevent banks from continuing to channel financing to the public. This study also found that Islamic banks do not behave pro-cyclicality behavior towards the business cycle.
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References
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Ahmed, H. (2013). Islamic Banking and Financial Crisis: Reputation, Stability and Risks. Edinburgh (UK), Edinburgh University Press.
Alam, N. (2013). Impact of banking regulation on risk and efficiency in Islamic banking. Journal of Financial Reporting and Accounting, 11(1), 29-50.
Alzalabani, A. & Nair, R. D. (2013). Financial recession, credit crunch and Islamic banks: A case study of Al Rajhi Bank in the Kingdom of Saudi Arabia. Journal of Economics and Business, 16(1), 15-36.
Amar, A. B., Hachicha, N. & Saadallah, R. (2015). The effectiveness of monetary policy transmission channels in the presence of Islamic banks: the case of Saudi Arabia. International Journal of Business, 20(3), 1083-4346.
Ascarya, Rahmawati, S. & Karim, A. A. (2016). Testing of the procyclicality of Islamic and conventional banks in Indonesia. Macroprudential Regulation and Policy for Islamic Financial Industry, 133-152.
Asea, P. K. & Blomberg, B. (1998). Lending cycles. Journal of Econometrics, 83(1-2), 89-128.
Athanasoglou, P., Daniilidis, I. & Delis, M. (2014). Bank procyclicality and output: Issues and policies. Journal of Economics and Business, 72, 58-83.
Aysan, A. F. & Ozturk, H. (2018). Does Islamic banking offer a natural hedge for business cycles? Evidence from a dual banking system. Journal of Financial Stability, 36, 22-38.
Bakar, M. A. (2014). The Cyclical Behaviour of Islamic Bank Financing. (Doctoral Dissertation, University of Malaysia, Kuala Lumpur, Malaysia).
Bakar, M. A., Kader, R. A., Zakaria, R., Wahid, H., & Harun, M. (2012). Islamic bank financing behaviour: A preilinary study. International Conference on Innovation and Technology for Sustainable Built Environment, 803-810.
Baltagi, B. H. (2005). Econometric Analysis of Panel Data. New Jersey (UK), John Wiley & Sons.
Beck, T., Demirguc-Kunt, A. & Merrouche, O. (2013). Islamic vs. conventional banking: Business model, efficiency and stability. Journal of Banking and Finance, 37(2).
Bernanke, B. S. & Gertler, M. (1995). Inside the black box: The credit channel of monetary policy transmission. Journal of Economic Perspectives, 9(4), 27-48.
Bidari, A. S. & Nurviana, R. (2020). Stimulus ekonomi sektor perbankan dalam menghadapi pandemi coronavirus disease 2019 di Indonesia. Jurnal Ilmu Hukum, 4(1), 297-305.
Chapra, M. U. (2011). The global financial crisis: Some suggestions for reform of the global financial architecture in the light of Islamic finance. Thunderbird International Business Review, 53(5), 565-579.
Christian, M., Dewi, D., Rembulan, G. D., Indriyarti, E. R., Wibowo, S., & Yuniarto, Y. (2021). Business Performance Determinants of Salted Fish Distribution in Kapuk During the COVID-19. Journal of Distribution Science, 19(6), 29-39.
Clement, P. (2010). The term ‘macroprudential’: Origins and evolution. BIS Quarterly Review, March.
Cowling, M. (2010). Economic Evaluation of the Small Firms Loan Guarantee (SFLG) Scheme. London (UK), Department for Business Innovation & Skills.
Diamond, D. W. & Rajan, R. G. (2005). Liquidity shortages and banking crises. The Journal of Finance, 60(2), 614-647.
Dridi, J. & Hasan, M. (2010). Have Islamic banks been impacted differently than conventional banks during the recent global crisis?. International Monetary Fund, 10, 201.
Faraznejhad, M., & Ramakrishan, S. (2019). Effectiveness of credit channel of monetary policy transmission mechanism on commercial banks in Malaysia. International Journal of Recent Technology and Engineering (IJRTE), 8(1), 913-926.
Farooq, M., & Zaheer, S. (2015). Are Islamic banks more resilient during financial panics? Pacific Economic Review, 20(1), 101-124.
Ferri, P. & Minsky, H. P. (1992). Market processes and thwarting systems. Structural Change and Economic Dynamics, 3(1), 79-91.
Fikri, R. J. (2018). Monetary transmission mechanism under dual financial system in Indonesia: Credit-financing channel. Journal of Islamic Monetary Economics and Finance, 4(2), 251-278.
Gamaginta & Rokhim, R. (2015). The stability comparison between Islamic banks and conventional banks: Evidence from Indonesia. Financial Stability and Risk Management in Islamic Financial Institutions, 104-120.
Geršl, A. & Jakubík, P. (2009). Procyclicality of the financial system and simulation of the feedback effect. Financial Stability Report, 110-119.
Gertler, M. & Kiyotaki, N. (2010). Financial intermediation and credit policy in business cycle analysis. Handbook of Monetary Economics, 3, 547-599.
Goaied, M., & Sassi, S. (2010). Financial development and economic growth in the MENA region: What about Islamic banking development. Institut des Hautes Etudes Commerciales, Carthage, 1-23.
Hidayat, S. E. & Abduh, M. (2012). Does financial crisis give impacts on Bahrain Islamic Banking performance: A panel regression analysis. International Journal of Economics and Finance, 4(7), 79-87.
Ibrahim, M. (2016). Business cycle and bank lending procyclicality in a dual banking system. Economic Modelling, 55, 127-134.
İncekara, A. & Çetinkaya, H. (2019). Liquidity risk management: A comparative analysis of panel data between Islamic and conventional banking in Turkey. Procedia Computer Science, 158, 955-963.
Kamilah, A. (2021). Countercyclical debtors policy as a form of protection againts banking due to the impact of coronavirus desease 2019. International Conference on Education of Suryakancana (IConnects Proceedings), 440-445.
Karim, M. A., Hassan, M. K., Hassan, T. & Mohamad, S. (2014). Capital adequacy and lending and deposit behaviors of conventional and Islamic banks. Pacific-Basin Finance Journal, 28, 58-75.
Kasri, R. A. & Azzahra, C. (2020). Do Islamic banks more stable than conventional banks? Evidence from Indonesia. Jurnal Ekonomi & Keuangan Islam, 6(2), 149-164.
Kholiq, A. & Rahmawati, R. (2020). Dampak implementasi restrukturisasi pembiayaan terhadap likuiditas bank syariah pada situasi pandemi covid-19. Journal of Islamic Economic and Business, 3(2), 282-316.
Landau, J. P. (2009). Complexity and the financial crisis. Banque de France Speech, 2-3.
Layton, A. P. & Banerji, A. (2003). What is a recession?: A reprise. Applied Economics, 35, 1789–1797.
Lin, H. Y., Farhani, N. H., & Koo, M. (2016). The impact of macroeconomic factors on credit risk in conventional banks and Islamic banks: Evidence from Indonesia. International Journal of Financial Research, 7(4), 105-116.
Martynova, N. (2015). Effect of bank capital requirements on economic growth: A survey. De Nederlandsche Bank Working Paper No. 467.
Mazurek, J. & Mielcova, E. (2013). The evaluation of economic recession magnitude: Introduction and application. Prague Economic Papers, 2 (1), 182-205.
Mihajat, M. S. (2016). Macro-prudential supervision in the Indonesia financial services authority (OJK) and the role of sharia board: A proposed framework. Journal of Islamic Banking and Finance, 72-85.
Mishkin, F. S. (2006). Monetary Policy Strategy: How Did We Get Here?. Cambridge (US), National Bureau of Economic Research.
Mishkin, F. S. (2008). How should we respond to asset price bubbles. Financial Stability Review, 12(1), 65-74.
Murdiyanto, A. (2021). Faktor-faktor yang berpengaruh dalam penentuan penyaluran kredit perbankan. In Conference in Business, Accounting, And Management (CBAM), 1(1), 61-75.
Nastiti, N. D., & Kasri, R. A. (2019). The role of banking regulation in the development of Islamic Banking financing in Indonesia. International Journal of Islamic and Middle Eastern Finance and Management, 12(5), 643-662.
[OJK] Ototitas Jasa Keuangan. (2020). Snapshot Perbankan Syariah Indonesia 2020. Jakarta (ID), Otoritas Jasa Keuangan.
[OJK] Ototitas Jasa Keuangan. (2020). Statistik Perbankan Syariah Oktober 2020. Jakarta (ID), Otoritas Jasa Keuangan.
Ozkan, S., Kaytmaz, C., Balsari, & Varan, S. (2014). Effect of banking regulation on performance: Evidence from Turkey. Emerging Markets Finance and Trade, 50(4), 196-221.
Pratama, B. (2010). Analisis faktor-faktor yang mempengaruhi kebijakan penyaluran kredit perbankan (studi pada Bank Umum di Indonesia periode tahun 2005-2009). Jurnal Bisnis Strategi, 19(2), 135-148.
Rajan, R. G. (1994). Why bank credit policies fluctuate: A theory and some evidence. The Quarterly Journal of Economics, 109(2), 399-441.
Rizwan, M. S., Ahmad, G. & Ashraf, D. (2020). Systemic risk: The impact of covid-19. Finance Research Letters, 1-15.
Saadaoui, Z., & Hamza, H. (2020). Lending cyclicality in dual banking system: empirical evidence from GCC countries. Journal of Islamic Accounting and Business Research.
Shah, M. R., Rashid, A. & Hassan, M. K. (2019). On the role of Islamic and conventional banks in the monetary policy transmission in Malaysia: Do bank size and liquidity matter?. Research in International Business and Finance, 1-32.
Shido-Ikwu, B. S. (2017). Economic recession in Nigeria: A case for government intervention. SSRG International Journal of Economics and Management Studies (SSRG-IJEMS), 4(6), 50-53.
Soedarmono, W., Pramono, S. E. & Tarazi, A. (2017). The procyclicality of loan loss provisions in Islamic banks. Research in International Business and Finance, 39, 911-919.
Syamlan, Y. T. & Jannah, W. (2019). The determinant of credit risk in Indonesian Islamic commercial banks. Share: Jurnal Ekonomi dan Keuangan Islam, 8(2), 181-206.
Thiagarajan, D. S. (2018). An analysis of performance of commercial banks in Belize during post global recession period. Journal of Finance and Bank Management, 6(2), 33-47.
Viphindrartin, S., Zainuri & Anugrah, M. Z. (2020). How Islamic bank managing risk? An emphasis on anticipating financial crisis. Al-Uqud: Journal of Islamic Economics, 4(2), 208-227.
Vozzella, P. & Gabbi, G. (2020). Banking regulation, procyclicality, and asset correlations in the real economic environment. The European Journal of Finance, 1-16.
Warijoyo, P., & Solikin. (2003). Monetary Policy in Indonesia, Series Book No 6. Jakarta (ID), Bank Indonesia.
Weill, L. & Zins, A. (2021). Is Islamic banking more procyclical? Cross-country evidence. Comparative Economic Studies, 63(2), 318-335.
West, K. D. (1990). The sources of fluctuations in aggregate inventories and GNP. Quarterly Journal of Economics, 105, 939-973.
Wulandari, R. (2012). Do credit channel and interest rate channel play important role in monetary transmission mechanism in Indonesia?: A structural vector autoregression model. Procedia-Social and Behavioral Sciences, 65, 557-563.
Yuanyan, Z. & Tressel, T. (2017). Effectiveness and channels of macroprudential policies: Lessons from the Euro area. Journal of Financial Regulation and Compliance.
Zaid, Z., Ajid, U. & Imran, I. (2020). Bank lending procyclicality: A comparative study of conventional and Islamic banks. Accountancy Business and the Public Interest, 254-266.
Zulkhibri, M., & Sakti, M. P. (2018). Procyclicality and bank lending behavior in Indonesia: The case of dual banking system. Journal of Islamic Monetary Economics and Finance, 4(1), 1-16.
Ahmed, H. (2013). Islamic Banking and Financial Crisis: Reputation, Stability and Risks. Edinburgh (UK), Edinburgh University Press.
Alam, N. (2013). Impact of banking regulation on risk and efficiency in Islamic banking. Journal of Financial Reporting and Accounting, 11(1), 29-50.
Alzalabani, A. & Nair, R. D. (2013). Financial recession, credit crunch and Islamic banks: A case study of Al Rajhi Bank in the Kingdom of Saudi Arabia. Journal of Economics and Business, 16(1), 15-36.
Amar, A. B., Hachicha, N. & Saadallah, R. (2015). The effectiveness of monetary policy transmission channels in the presence of Islamic banks: the case of Saudi Arabia. International Journal of Business, 20(3), 1083-4346.
Ascarya, Rahmawati, S. & Karim, A. A. (2016). Testing of the procyclicality of Islamic and conventional banks in Indonesia. Macroprudential Regulation and Policy for Islamic Financial Industry, 133-152.
Asea, P. K. & Blomberg, B. (1998). Lending cycles. Journal of Econometrics, 83(1-2), 89-128.
Athanasoglou, P., Daniilidis, I. & Delis, M. (2014). Bank procyclicality and output: Issues and policies. Journal of Economics and Business, 72, 58-83.
Aysan, A. F. & Ozturk, H. (2018). Does Islamic banking offer a natural hedge for business cycles? Evidence from a dual banking system. Journal of Financial Stability, 36, 22-38.
Bakar, M. A. (2014). The Cyclical Behaviour of Islamic Bank Financing. (Doctoral Dissertation, University of Malaysia, Kuala Lumpur, Malaysia).
Bakar, M. A., Kader, R. A., Zakaria, R., Wahid, H., & Harun, M. (2012). Islamic bank financing behaviour: A preilinary study. International Conference on Innovation and Technology for Sustainable Built Environment, 803-810.
Baltagi, B. H. (2005). Econometric Analysis of Panel Data. New Jersey (UK), John Wiley & Sons.
Beck, T., Demirguc-Kunt, A. & Merrouche, O. (2013). Islamic vs. conventional banking: Business model, efficiency and stability. Journal of Banking and Finance, 37(2).
Bernanke, B. S. & Gertler, M. (1995). Inside the black box: The credit channel of monetary policy transmission. Journal of Economic Perspectives, 9(4), 27-48.
Bidari, A. S. & Nurviana, R. (2020). Stimulus ekonomi sektor perbankan dalam menghadapi pandemi coronavirus disease 2019 di Indonesia. Jurnal Ilmu Hukum, 4(1), 297-305.
Chapra, M. U. (2011). The global financial crisis: Some suggestions for reform of the global financial architecture in the light of Islamic finance. Thunderbird International Business Review, 53(5), 565-579.
Christian, M., Dewi, D., Rembulan, G. D., Indriyarti, E. R., Wibowo, S., & Yuniarto, Y. (2021). Business Performance Determinants of Salted Fish Distribution in Kapuk During the COVID-19. Journal of Distribution Science, 19(6), 29-39.
Clement, P. (2010). The term ‘macroprudential’: Origins and evolution. BIS Quarterly Review, March.
Cowling, M. (2010). Economic Evaluation of the Small Firms Loan Guarantee (SFLG) Scheme. London (UK), Department for Business Innovation & Skills.
Diamond, D. W. & Rajan, R. G. (2005). Liquidity shortages and banking crises. The Journal of Finance, 60(2), 614-647.
Dridi, J. & Hasan, M. (2010). Have Islamic banks been impacted differently than conventional banks during the recent global crisis?. International Monetary Fund, 10, 201.
Faraznejhad, M., & Ramakrishan, S. (2019). Effectiveness of credit channel of monetary policy transmission mechanism on commercial banks in Malaysia. International Journal of Recent Technology and Engineering (IJRTE), 8(1), 913-926.
Farooq, M., & Zaheer, S. (2015). Are Islamic banks more resilient during financial panics? Pacific Economic Review, 20(1), 101-124.
Ferri, P. & Minsky, H. P. (1992). Market processes and thwarting systems. Structural Change and Economic Dynamics, 3(1), 79-91.
Fikri, R. J. (2018). Monetary transmission mechanism under dual financial system in Indonesia: Credit-financing channel. Journal of Islamic Monetary Economics and Finance, 4(2), 251-278.
Gamaginta & Rokhim, R. (2015). The stability comparison between Islamic banks and conventional banks: Evidence from Indonesia. Financial Stability and Risk Management in Islamic Financial Institutions, 104-120.
Geršl, A. & Jakubík, P. (2009). Procyclicality of the financial system and simulation of the feedback effect. Financial Stability Report, 110-119.
Gertler, M. & Kiyotaki, N. (2010). Financial intermediation and credit policy in business cycle analysis. Handbook of Monetary Economics, 3, 547-599.
Goaied, M., & Sassi, S. (2010). Financial development and economic growth in the MENA region: What about Islamic banking development. Institut des Hautes Etudes Commerciales, Carthage, 1-23.
Hidayat, S. E. & Abduh, M. (2012). Does financial crisis give impacts on Bahrain Islamic Banking performance: A panel regression analysis. International Journal of Economics and Finance, 4(7), 79-87.
Ibrahim, M. (2016). Business cycle and bank lending procyclicality in a dual banking system. Economic Modelling, 55, 127-134.
İncekara, A. & Çetinkaya, H. (2019). Liquidity risk management: A comparative analysis of panel data between Islamic and conventional banking in Turkey. Procedia Computer Science, 158, 955-963.
Kamilah, A. (2021). Countercyclical debtors policy as a form of protection againts banking due to the impact of coronavirus desease 2019. International Conference on Education of Suryakancana (IConnects Proceedings), 440-445.
Karim, M. A., Hassan, M. K., Hassan, T. & Mohamad, S. (2014). Capital adequacy and lending and deposit behaviors of conventional and Islamic banks. Pacific-Basin Finance Journal, 28, 58-75.
Kasri, R. A. & Azzahra, C. (2020). Do Islamic banks more stable than conventional banks? Evidence from Indonesia. Jurnal Ekonomi & Keuangan Islam, 6(2), 149-164.
Kholiq, A. & Rahmawati, R. (2020). Dampak implementasi restrukturisasi pembiayaan terhadap likuiditas bank syariah pada situasi pandemi covid-19. Journal of Islamic Economic and Business, 3(2), 282-316.
Landau, J. P. (2009). Complexity and the financial crisis. Banque de France Speech, 2-3.
Layton, A. P. & Banerji, A. (2003). What is a recession?: A reprise. Applied Economics, 35, 1789–1797.
Lin, H. Y., Farhani, N. H., & Koo, M. (2016). The impact of macroeconomic factors on credit risk in conventional banks and Islamic banks: Evidence from Indonesia. International Journal of Financial Research, 7(4), 105-116.
Martynova, N. (2015). Effect of bank capital requirements on economic growth: A survey. De Nederlandsche Bank Working Paper No. 467.
Mazurek, J. & Mielcova, E. (2013). The evaluation of economic recession magnitude: Introduction and application. Prague Economic Papers, 2 (1), 182-205.
Mihajat, M. S. (2016). Macro-prudential supervision in the Indonesia financial services authority (OJK) and the role of sharia board: A proposed framework. Journal of Islamic Banking and Finance, 72-85.
Mishkin, F. S. (2006). Monetary Policy Strategy: How Did We Get Here?. Cambridge (US), National Bureau of Economic Research.
Mishkin, F. S. (2008). How should we respond to asset price bubbles. Financial Stability Review, 12(1), 65-74.
Murdiyanto, A. (2021). Faktor-faktor yang berpengaruh dalam penentuan penyaluran kredit perbankan. In Conference in Business, Accounting, And Management (CBAM), 1(1), 61-75.
Nastiti, N. D., & Kasri, R. A. (2019). The role of banking regulation in the development of Islamic Banking financing in Indonesia. International Journal of Islamic and Middle Eastern Finance and Management, 12(5), 643-662.
[OJK] Ototitas Jasa Keuangan. (2020). Snapshot Perbankan Syariah Indonesia 2020. Jakarta (ID), Otoritas Jasa Keuangan.
[OJK] Ototitas Jasa Keuangan. (2020). Statistik Perbankan Syariah Oktober 2020. Jakarta (ID), Otoritas Jasa Keuangan.
Ozkan, S., Kaytmaz, C., Balsari, & Varan, S. (2014). Effect of banking regulation on performance: Evidence from Turkey. Emerging Markets Finance and Trade, 50(4), 196-221.
Pratama, B. (2010). Analisis faktor-faktor yang mempengaruhi kebijakan penyaluran kredit perbankan (studi pada Bank Umum di Indonesia periode tahun 2005-2009). Jurnal Bisnis Strategi, 19(2), 135-148.
Rajan, R. G. (1994). Why bank credit policies fluctuate: A theory and some evidence. The Quarterly Journal of Economics, 109(2), 399-441.
Rizwan, M. S., Ahmad, G. & Ashraf, D. (2020). Systemic risk: The impact of covid-19. Finance Research Letters, 1-15.
Saadaoui, Z., & Hamza, H. (2020). Lending cyclicality in dual banking system: empirical evidence from GCC countries. Journal of Islamic Accounting and Business Research.
Shah, M. R., Rashid, A. & Hassan, M. K. (2019). On the role of Islamic and conventional banks in the monetary policy transmission in Malaysia: Do bank size and liquidity matter?. Research in International Business and Finance, 1-32.
Shido-Ikwu, B. S. (2017). Economic recession in Nigeria: A case for government intervention. SSRG International Journal of Economics and Management Studies (SSRG-IJEMS), 4(6), 50-53.
Soedarmono, W., Pramono, S. E. & Tarazi, A. (2017). The procyclicality of loan loss provisions in Islamic banks. Research in International Business and Finance, 39, 911-919.
Syamlan, Y. T. & Jannah, W. (2019). The determinant of credit risk in Indonesian Islamic commercial banks. Share: Jurnal Ekonomi dan Keuangan Islam, 8(2), 181-206.
Thiagarajan, D. S. (2018). An analysis of performance of commercial banks in Belize during post global recession period. Journal of Finance and Bank Management, 6(2), 33-47.
Viphindrartin, S., Zainuri & Anugrah, M. Z. (2020). How Islamic bank managing risk? An emphasis on anticipating financial crisis. Al-Uqud: Journal of Islamic Economics, 4(2), 208-227.
Vozzella, P. & Gabbi, G. (2020). Banking regulation, procyclicality, and asset correlations in the real economic environment. The European Journal of Finance, 1-16.
Warijoyo, P., & Solikin. (2003). Monetary Policy in Indonesia, Series Book No 6. Jakarta (ID), Bank Indonesia.
Weill, L. & Zins, A. (2021). Is Islamic banking more procyclical? Cross-country evidence. Comparative Economic Studies, 63(2), 318-335.
West, K. D. (1990). The sources of fluctuations in aggregate inventories and GNP. Quarterly Journal of Economics, 105, 939-973.
Wulandari, R. (2012). Do credit channel and interest rate channel play important role in monetary transmission mechanism in Indonesia?: A structural vector autoregression model. Procedia-Social and Behavioral Sciences, 65, 557-563.
Yuanyan, Z. & Tressel, T. (2017). Effectiveness and channels of macroprudential policies: Lessons from the Euro area. Journal of Financial Regulation and Compliance.
Zaid, Z., Ajid, U. & Imran, I. (2020). Bank lending procyclicality: A comparative study of conventional and Islamic banks. Accountancy Business and the Public Interest, 254-266.
Zulkhibri, M., & Sakti, M. P. (2018). Procyclicality and bank lending behavior in Indonesia: The case of dual banking system. Journal of Islamic Monetary Economics and Finance, 4(1), 1-16.