COVID-19 AND THE PERFORMANCE OF ISLAMIC BANKS IN INDONESIA
Keywords:
Covid-19, Profitability, Performance, Islamic Banks.
Abstract
Covid-19 has an impact on the profitability of Islamic Banks in Indonesia. Islamic banks' profitability in Indonesia tends to decline during a covid-19 outbreak. Although declining, the profitability indicators measured by Return on Asset and Net Operating Margin are more stable than Return on Equity. The average Return on Equity declined sharply in the fourth quarter of 2021. This study aims to analyze the determinants of the profitability of Islamic banks, including internal bank factors and macroeconomic indicators during the covid-19 outbreak. This study uses a quantitative approach with the fixed effect method. This study employs panel data from 8 Islamic commercial banks from 2020q1 to 2021q4. The results show that capital adequacy, disbursed financing, and operational efficiency has a negative and significant effect on the profitability of Islamic banks. Financing risk and bank size have no significant effect on the profitability of Islamic banks. Macroeconomic indicators such as economic growth, inflation, interest rates, and exchange rates have no significant effect on the profitability of Islamic banks. During the covid-19 pandemic, to increase profitability, banks need to reduce the capital and financing provided to customers. On the other hand, to increase profitability, Islamic banks need to reduce unnecessary costs so that income is not eroded. Macroeconomic indicators do not influence the performance of Islamic banks. This shows that Islamic commercial banks are more resistant to economic turbulence.
JEL Classification Codes: G21, L25, O18.
References
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Al-Homaidi, E. A., Tabash, M. I., Farhan, N. H. S., & Almaqtari, F. A. (2018). Bank-specific and macro-economic determinants of profitability of Indian commercial banks: A panel data approach. Cogent Economics and Finance, 6(1), 1–26. https://doi.org/10.1080/23322039.2018.1548072
Al-Jafari, M. K., & Alchami, M. (2014). Determinants of Bank Profitability: Evidence from Syria. Journal of Applied Finance & Banking, 4(1), 17–45. https://doi.org/10.5539/ijbm.v10n8p135
Alhempi, R. R., & Zainal, H. (2016). Penentu Profitabilitas Perbankan Indonesia: Aplikasi Model Regresi Data Panel. MIX: Jurnal Ilmiah Manajemen, 6(1), 45-55. https://doi.org/10.22441/jurnal_mix
Aliyu, S., & Yusof, R. M. (2016). Profitability and Cost Efficiency of Islamic Banks : A Panel Analysis of Some Selected Countries, 6(4), 1736–1743.
Alsharari, N. M., & Alhmoud, T. R. (2019). The determinants of profitability in Sharia-compliant corporations: evidence from Jordan. Journal of Islamic Accounting and Business Research, 10(4), 546–564. https://doi.org/10.1108/JIABR-05-2016-0055
Alshatti, A. S. (2016). Determinants of banks’ profitability - The case of Jordan. Investment Management and Financial Innovations, 13(1), 84–91. https://doi.org/10.21511/imfi.13(1).2016.08
Bixby, M. E. F., Polinsky, M., Scarlett, R., Higo, H., Common, J., Hoover, S. E., Foster, L. J., Zayed, A., Cunningham, M., & Guarna, M. M. (2021). Impacts of COVID-19 on Canadian Beekeeping: Survey Results and a Profitability Analysis. Journal of Economic Entomology, 114(6), 2245–2254. https://doi.org/10.1093/jee/toab180
Derbali, A. (2021). Determinants of the performance of Moroccan banks. Journal of Business and Socio-Economic Development. https://doi.org/10.1108/jbsed-01-2021-0003
Esquivias, M. A., Sugiharti, L., Rohmawati, H., & Sethi, N. (2021). Impacts and Implications of a Pandemic on Tourism Demand in Indonesia. Economics and Sociology, 14(4), 133–150. https://doi.org/10.14254/2071-789X.2021/14-4/8
Gani, I. M., & Bahari, Z. (2021). Islamic banking’s contribution to the Malaysian real economy. ISRA International Journal of Islamic Finance, 13(1), 6–25. https://doi.org/10.1108/ijif-01-2019-0004
Ghosh, R., & Saima, F. N. (2021). Resilience of commercial banks of Bangladesh to the shocks caused by COVID-19 pandemic: an application of MCDM-based approaches. Asian Journal of Accounting Research, 6(3), 281–295. https://doi.org/10.1108/AJAR-10-2020-0102
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Kalkarina, S., Rahayu, S., & Nurbaiti, A. (2016). Faktor-Faktor Yang Mempengaruhi Pembiayaan Berbasis Bagi Hasil Pada Bank Umum Syariah Di Indonesia (Studi Kasus Pada Bank Umum Syariah Yang Terdaftar Di Bei) Factors That Influence Financing Profit Sharing Based in Indonesia Islamic Banks (Case Study : Is. E-Proceeding of Management :, 3(3), 3389–3395.
Karim, M. R., Shetu, S. A., & Razia, S. (2021). COVID-19, liquidity and financial health: empirical evidence from South Asian economy. Asian Journal of Economics and Banking, 5(3), 307–323. https://doi.org/10.1108/ajeb-03-2021-0033
Katusiime, L. (2021). COVID 19 and Bank Profitability in Low Income Countries: The Case of Uganda. Journal of Risk and Financial Management, 14(12), 588. https://doi.org/10.3390/jrfm14120588
Kozak, S., & Wierzbowska, A. (2022). Did the COVID-19 pandemic amplify the positive impact of income diversification on the profitability of European banks? Equilibrium, 17(1), 11–29. https://doi.org/10.24136/eq.2022.001
Ledhem, M. A., & Mekidiche, M. (2020). Economic growth and financial performance of Islamic banks: a CAMELS approach. Islamic Economic Studies, 28(1), 47–62. https://doi.org/10.1108/IES-05-2020-0016
Majumder, M. T. H., & Li, X. (2018). Bank risk and performance in an emerging market setting: the case of Bangladesh. Journal of Economics, Finance and Administrative Science, 23(46), 199–229. https://doi.org/10.1108/JEFAS-07-2017-0084
Malahayati, M., Masui, T., & Anggraeni, L. (2021). An assessment of the short-term impact of COVID-19 on economics and the environment: A case study of Indonesia. EconomiA, 22(3), 291–313. https://doi.org/10.1016/j.econ.2021.12.003
Masood, O., & Ashraf, M. (2012). Bank-specific and macroeconomic profitability determinants of Islamic banks: The case of different countries. Qualitative Research in Financial Markets, 4(2–3), 255–268. https://doi.org/10.1108/17554171211252565
Menicucci, E., & Paolucci, G. (2016). The determinants of bank profitability: empirical evidence from European banking sector. Journal of Financial Reporting and Accounting, 14(1), 86–115. https://doi.org/10.1108/jfra-05-2015-0060
Messai, A. S., Gallali, M. I., & Jouini, F. (2015). Determinants of Bank Profitability in Western European Countries Evidence from System GMM Estimates. International Business Research, 8(7), 30–42. https://doi.org/10.5539/ibr.v8n7p30
Miah, M. D., & Uddin, H. (2017). Efficiency and stability: A comparative study between islamic and conventional banks in GCC countries. Future Business Journal, 3(2), 172–185. https://doi.org/10.1016/j.fbj.2017.11.001
Miklaszewska, E., Kil, K., & Idzik, M. (2021). How the covid-19 pandemic affects bank risks and returns: Evidence from eu members in central, eastern, and northern europe. Risks, 9(10). https://doi.org/10.3390/risks9100180
Mohammad, K. U. (2021). How bank capital structure decision-making change in recessions: Covid-19 evidence from Pakistan. Asian Journal of Economics and Banking. https://doi.org/10.1108/ajeb-04-2021-0049
Ningsih, M. R., & Mahfudz, M. S. (2020). Dampak Pandemi Covid-19 Terhadap Manajemen Industri Perbankan Syariah: Analisis Komparatif. Point, 2(1), 1–10. https://doi.org/10.46918/point.v2i1.576
O’Connell, M. (2022). Bank-specific, industry-specific and macroeconomic determinants of bank profitability: evidence from the UK. Studies in Economics and Finance. https://doi.org/10.1108/SEF-10-2021-0413
Ozili, Peterson K, & Arun, T. (2020). Spillover of COVID-19: Impact on the Global Economy. SSRN Electronic Journal, April 2020, 41–61. https://doi.org/10.2139/ssrn.3562570
Ozili, Peterson Kitakogelu, & Uadiale, O. (2017). Ownership concentration and bank profitability. Future Business Journal, 3(2), 159–171. https://doi.org/10.1016/j.fbj.2017.07.001
Pradhan, R. S., & Pandey, A. (2018). Bank Specific and Macroeconomic Variables Affecting Non-Performing Loans of Nepalese Commercial Banks. SSRN Electronic Journal. https://doi.org/10.2139/ssrn.2793495
Risfandy, T., & Pratiwi, D. I. (2022). The Performance of Indonesian Islamic Rural Banks During Covid-19 Outbreak: The Role of Diversification. Journal of Islamic Monetary Economics and Finance, 8(3), 455–470.
Saeed, M. S. (2014). Bank-related , Industry-related and Macroeconomic Factors Affecting Bank Profitability : A Case of the United Kingdom. 1697(1989), 42–50.
Salsabilla, A., Azhari, A. R., Wahyudi, R., Pambudi, D. S., & Riduwan. (2021). Impact of the Covid 19 Pandemic on The Profitability of Islamic Banks in Indonesia. IHTIFAZ: Islamic Economics, Finance, and Banking, June, 61–69.
Santoso, W., Sitorus, P. M., Batunanggar, S., Krisanti, F. T., Anggadwita, G., & Alamsyah, A. (2020). Talent mapping: a strategic approach toward digitalization initiatives in the banking and financial technology (FinTech) industry in Indonesia. Journal of Science and Technology Policy Management, 12(3), 399–420. https://doi.org/10.1108/JSTPM-04-2020-0075
Setiawan, I. (2021). The Impact of Financing Risk on Islamic Banking Performance in Indonesia. Share: Jurnal Ekonomi Dan Keuangan Islam, 10(2), 212. https://doi.org/10.22373/share.v10i2.9400
Siregar, H., Nur, T., Maulana, A., & Hasanah, H. (2014). THE IMPACT OF MACROECONOMIC CONDITION ON THE BANK ’ S PERFORMANCE IN INDONESIA. Bulletin of Monetary Economics and Banking, 17(4), 379–402.
Sohibien, G. P. D., Laome, L., Choiruddin, A., & Kuswanto, H. (2022). COVID-19 Pandemic’s Impact on Return on Asset and Financing of Islamic Commercial Banks: Evidence from Indonesia. Sustainability (Switzerland), 14(3), 1–13. https://doi.org/10.3390/su14031128
Sriyana, J. (2015). Islamic banks’ profitability amid the competitive financing in Indonesia. International Journal of Applied Business and Economic Research.
Sukmana, R., & Febriyati, N. A. (2016). Islamic banks vs conventional banks in Indonesia: An analysis on financial performances. Jurnal Pengurusan, 47, 81–90. https://doi.org/10.17576/pengurusan-2016-47-07
Sullivan, V. S., & Widoatmodjo, S. (2021). Kinerja Keuangan Bank Sebelum Dan Selama Pandemi (COVID – 19). Jurnal Manajerial Dan Kewirausahaan, 3(1), 257. https://doi.org/10.24912/jmk.v3i1.11319
Supriani, I., Fianto, B. A., Fauziah, N. N., & Maulayati, R. R. (2021). Revisiting the Contribution of Islamic Banks’ Financing to Economic Growth: The Indonesian Experience. Shirkah: Journal of Economics and Business, 6(1), 18–37. https://doi.org/10.22515/shirkah.v6i1.383
Wahyuni, S., Pujiharto, Azizah, S. N., & Zulfikar. (2021). “Impact of the COVID-19 pandemic and New Normal implementation on credit risk and profitability of Indonesian banking institutions.” Banks and Bank Systems, 16(3), 104–112. https://doi.org/10.21511/bbs.16(3).2021.10
Widarjono, A., Anto, M. B. H., & Sidiq, S. (2022). Sectoral Financing Concentration and Profitability of Islamic Banking in Indonesia. Share: Jurnal Ekonomi Dan Keuangan Islam, 11(1), 149. https://doi.org/10.22373/share.v11i1.11133
Winny, L., & Yulfiswandi, Y. (2022). Macroeconomics and the LQ45 Index: Is the COVID-19 pandemic making a difference? Jurnal Manajemen Strategi Dan Aplikasi Bisnis, 5(2), 217–230. https://doi.org/10.36407/jmsab.v5i2.612
Yao, H., Haris, M., & Tariq, G. (2018). Profitability Determinants of Financial Institutions: Evidence from Banks in Pakistan. International Journal of Financial Studies, 6(2), 53. https://doi.org/10.3390/ijfs6020053
Yüksel, S., Mukhtarov, S., Mammadov, E., & Özsarı, M. (2018). Determinants of profitability in the banking sector: An analysis of post-Soviet countries. Economies, 6(41), 1–15. https://doi.org/10.3390/economies6030041
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Afkar, T., & Fauziyah. (2021). Predictions and Trends Profitability For Islamic Commercial Banks in Indonesia During The Covid-19 Pandemic. International Journal of Economics, Business, and Accounting Research (IJEBAR), 5(1), 188–196. https://jurnal.stie-aas.ac.id/index.php/IJEBAR
Al-Harbi, A. (2019). The determinants of conventional banks profitability in developing and underdeveloped OIC countries. Journal of Economics, Finance and Administrative Science, 24(47), 4–28. https://doi.org/10.1108/JEFAS-05-2018-0043
Al-Homaidi, E. A., Tabash, M. I., Farhan, N. H. S., & Almaqtari, F. A. (2018). Bank-specific and macro-economic determinants of profitability of Indian commercial banks: A panel data approach. Cogent Economics and Finance, 6(1), 1–26. https://doi.org/10.1080/23322039.2018.1548072
Al-Jafari, M. K., & Alchami, M. (2014). Determinants of Bank Profitability: Evidence from Syria. Journal of Applied Finance & Banking, 4(1), 17–45. https://doi.org/10.5539/ijbm.v10n8p135
Alhempi, R. R., & Zainal, H. (2016). Penentu Profitabilitas Perbankan Indonesia: Aplikasi Model Regresi Data Panel. MIX: Jurnal Ilmiah Manajemen, 6(1), 45-55. https://doi.org/10.22441/jurnal_mix
Aliyu, S., & Yusof, R. M. (2016). Profitability and Cost Efficiency of Islamic Banks : A Panel Analysis of Some Selected Countries, 6(4), 1736–1743.
Alsharari, N. M., & Alhmoud, T. R. (2019). The determinants of profitability in Sharia-compliant corporations: evidence from Jordan. Journal of Islamic Accounting and Business Research, 10(4), 546–564. https://doi.org/10.1108/JIABR-05-2016-0055
Alshatti, A. S. (2016). Determinants of banks’ profitability - The case of Jordan. Investment Management and Financial Innovations, 13(1), 84–91. https://doi.org/10.21511/imfi.13(1).2016.08
Bixby, M. E. F., Polinsky, M., Scarlett, R., Higo, H., Common, J., Hoover, S. E., Foster, L. J., Zayed, A., Cunningham, M., & Guarna, M. M. (2021). Impacts of COVID-19 on Canadian Beekeeping: Survey Results and a Profitability Analysis. Journal of Economic Entomology, 114(6), 2245–2254. https://doi.org/10.1093/jee/toab180
Derbali, A. (2021). Determinants of the performance of Moroccan banks. Journal of Business and Socio-Economic Development. https://doi.org/10.1108/jbsed-01-2021-0003
Esquivias, M. A., Sugiharti, L., Rohmawati, H., & Sethi, N. (2021). Impacts and Implications of a Pandemic on Tourism Demand in Indonesia. Economics and Sociology, 14(4), 133–150. https://doi.org/10.14254/2071-789X.2021/14-4/8
Gani, I. M., & Bahari, Z. (2021). Islamic banking’s contribution to the Malaysian real economy. ISRA International Journal of Islamic Finance, 13(1), 6–25. https://doi.org/10.1108/ijif-01-2019-0004
Ghosh, R., & Saima, F. N. (2021). Resilience of commercial banks of Bangladesh to the shocks caused by COVID-19 pandemic: an application of MCDM-based approaches. Asian Journal of Accounting Research, 6(3), 281–295. https://doi.org/10.1108/AJAR-10-2020-0102
Ha, V. D. (2020). Does bank capital affect profitability and risk in Vietnam? Accounting, 6(3), 273–278. https://doi.org/10.5267/j.ac.2020.2.008
Hassan, M. K., & Bashir, A.-H. M. (2012). Determinants of Islamic Banking Profitability. Islamic Perspectives on Wealth Creation, 7(2), 118–140. https://doi.org/10.3366/edinburgh/9780748621002.003.0008
Hunjra, A. I., Mehmood, A., Nguyen, H. P., & Tayachi, T. (2020). Do firm-specific risks affect bank performance? International Journal of Emerging Markets. https://doi.org/10.1108/IJOEM-04-2020-0329
Johan, S. (2021). Determinants of Banking Industry Profitability: an Empirical Research of Indonesia Financial Institutions. EKUITAS (Jurnal Ekonomi Dan Keuangan), 5(2), 244–262. https://doi.org/10.24034/j25485024.y2021.v5.i2.4666
Kalkarina, S., Rahayu, S., & Nurbaiti, A. (2016). Faktor-Faktor Yang Mempengaruhi Pembiayaan Berbasis Bagi Hasil Pada Bank Umum Syariah Di Indonesia (Studi Kasus Pada Bank Umum Syariah Yang Terdaftar Di Bei) Factors That Influence Financing Profit Sharing Based in Indonesia Islamic Banks (Case Study : Is. E-Proceeding of Management :, 3(3), 3389–3395.
Karim, M. R., Shetu, S. A., & Razia, S. (2021). COVID-19, liquidity and financial health: empirical evidence from South Asian economy. Asian Journal of Economics and Banking, 5(3), 307–323. https://doi.org/10.1108/ajeb-03-2021-0033
Katusiime, L. (2021). COVID 19 and Bank Profitability in Low Income Countries: The Case of Uganda. Journal of Risk and Financial Management, 14(12), 588. https://doi.org/10.3390/jrfm14120588
Kozak, S., & Wierzbowska, A. (2022). Did the COVID-19 pandemic amplify the positive impact of income diversification on the profitability of European banks? Equilibrium, 17(1), 11–29. https://doi.org/10.24136/eq.2022.001
Ledhem, M. A., & Mekidiche, M. (2020). Economic growth and financial performance of Islamic banks: a CAMELS approach. Islamic Economic Studies, 28(1), 47–62. https://doi.org/10.1108/IES-05-2020-0016
Majumder, M. T. H., & Li, X. (2018). Bank risk and performance in an emerging market setting: the case of Bangladesh. Journal of Economics, Finance and Administrative Science, 23(46), 199–229. https://doi.org/10.1108/JEFAS-07-2017-0084
Malahayati, M., Masui, T., & Anggraeni, L. (2021). An assessment of the short-term impact of COVID-19 on economics and the environment: A case study of Indonesia. EconomiA, 22(3), 291–313. https://doi.org/10.1016/j.econ.2021.12.003
Masood, O., & Ashraf, M. (2012). Bank-specific and macroeconomic profitability determinants of Islamic banks: The case of different countries. Qualitative Research in Financial Markets, 4(2–3), 255–268. https://doi.org/10.1108/17554171211252565
Menicucci, E., & Paolucci, G. (2016). The determinants of bank profitability: empirical evidence from European banking sector. Journal of Financial Reporting and Accounting, 14(1), 86–115. https://doi.org/10.1108/jfra-05-2015-0060
Messai, A. S., Gallali, M. I., & Jouini, F. (2015). Determinants of Bank Profitability in Western European Countries Evidence from System GMM Estimates. International Business Research, 8(7), 30–42. https://doi.org/10.5539/ibr.v8n7p30
Miah, M. D., & Uddin, H. (2017). Efficiency and stability: A comparative study between islamic and conventional banks in GCC countries. Future Business Journal, 3(2), 172–185. https://doi.org/10.1016/j.fbj.2017.11.001
Miklaszewska, E., Kil, K., & Idzik, M. (2021). How the covid-19 pandemic affects bank risks and returns: Evidence from eu members in central, eastern, and northern europe. Risks, 9(10). https://doi.org/10.3390/risks9100180
Mohammad, K. U. (2021). How bank capital structure decision-making change in recessions: Covid-19 evidence from Pakistan. Asian Journal of Economics and Banking. https://doi.org/10.1108/ajeb-04-2021-0049
Ningsih, M. R., & Mahfudz, M. S. (2020). Dampak Pandemi Covid-19 Terhadap Manajemen Industri Perbankan Syariah: Analisis Komparatif. Point, 2(1), 1–10. https://doi.org/10.46918/point.v2i1.576
O’Connell, M. (2022). Bank-specific, industry-specific and macroeconomic determinants of bank profitability: evidence from the UK. Studies in Economics and Finance. https://doi.org/10.1108/SEF-10-2021-0413
Ozili, Peterson K, & Arun, T. (2020). Spillover of COVID-19: Impact on the Global Economy. SSRN Electronic Journal, April 2020, 41–61. https://doi.org/10.2139/ssrn.3562570
Ozili, Peterson Kitakogelu, & Uadiale, O. (2017). Ownership concentration and bank profitability. Future Business Journal, 3(2), 159–171. https://doi.org/10.1016/j.fbj.2017.07.001
Pradhan, R. S., & Pandey, A. (2018). Bank Specific and Macroeconomic Variables Affecting Non-Performing Loans of Nepalese Commercial Banks. SSRN Electronic Journal. https://doi.org/10.2139/ssrn.2793495
Risfandy, T., & Pratiwi, D. I. (2022). The Performance of Indonesian Islamic Rural Banks During Covid-19 Outbreak: The Role of Diversification. Journal of Islamic Monetary Economics and Finance, 8(3), 455–470.
Saeed, M. S. (2014). Bank-related , Industry-related and Macroeconomic Factors Affecting Bank Profitability : A Case of the United Kingdom. 1697(1989), 42–50.
Salsabilla, A., Azhari, A. R., Wahyudi, R., Pambudi, D. S., & Riduwan. (2021). Impact of the Covid 19 Pandemic on The Profitability of Islamic Banks in Indonesia. IHTIFAZ: Islamic Economics, Finance, and Banking, June, 61–69.
Santoso, W., Sitorus, P. M., Batunanggar, S., Krisanti, F. T., Anggadwita, G., & Alamsyah, A. (2020). Talent mapping: a strategic approach toward digitalization initiatives in the banking and financial technology (FinTech) industry in Indonesia. Journal of Science and Technology Policy Management, 12(3), 399–420. https://doi.org/10.1108/JSTPM-04-2020-0075
Setiawan, I. (2021). The Impact of Financing Risk on Islamic Banking Performance in Indonesia. Share: Jurnal Ekonomi Dan Keuangan Islam, 10(2), 212. https://doi.org/10.22373/share.v10i2.9400
Siregar, H., Nur, T., Maulana, A., & Hasanah, H. (2014). THE IMPACT OF MACROECONOMIC CONDITION ON THE BANK ’ S PERFORMANCE IN INDONESIA. Bulletin of Monetary Economics and Banking, 17(4), 379–402.
Sohibien, G. P. D., Laome, L., Choiruddin, A., & Kuswanto, H. (2022). COVID-19 Pandemic’s Impact on Return on Asset and Financing of Islamic Commercial Banks: Evidence from Indonesia. Sustainability (Switzerland), 14(3), 1–13. https://doi.org/10.3390/su14031128
Sriyana, J. (2015). Islamic banks’ profitability amid the competitive financing in Indonesia. International Journal of Applied Business and Economic Research.
Sukmana, R., & Febriyati, N. A. (2016). Islamic banks vs conventional banks in Indonesia: An analysis on financial performances. Jurnal Pengurusan, 47, 81–90. https://doi.org/10.17576/pengurusan-2016-47-07
Sullivan, V. S., & Widoatmodjo, S. (2021). Kinerja Keuangan Bank Sebelum Dan Selama Pandemi (COVID – 19). Jurnal Manajerial Dan Kewirausahaan, 3(1), 257. https://doi.org/10.24912/jmk.v3i1.11319
Supriani, I., Fianto, B. A., Fauziah, N. N., & Maulayati, R. R. (2021). Revisiting the Contribution of Islamic Banks’ Financing to Economic Growth: The Indonesian Experience. Shirkah: Journal of Economics and Business, 6(1), 18–37. https://doi.org/10.22515/shirkah.v6i1.383
Wahyuni, S., Pujiharto, Azizah, S. N., & Zulfikar. (2021). “Impact of the COVID-19 pandemic and New Normal implementation on credit risk and profitability of Indonesian banking institutions.” Banks and Bank Systems, 16(3), 104–112. https://doi.org/10.21511/bbs.16(3).2021.10
Widarjono, A., Anto, M. B. H., & Sidiq, S. (2022). Sectoral Financing Concentration and Profitability of Islamic Banking in Indonesia. Share: Jurnal Ekonomi Dan Keuangan Islam, 11(1), 149. https://doi.org/10.22373/share.v11i1.11133
Winny, L., & Yulfiswandi, Y. (2022). Macroeconomics and the LQ45 Index: Is the COVID-19 pandemic making a difference? Jurnal Manajemen Strategi Dan Aplikasi Bisnis, 5(2), 217–230. https://doi.org/10.36407/jmsab.v5i2.612
Yao, H., Haris, M., & Tariq, G. (2018). Profitability Determinants of Financial Institutions: Evidence from Banks in Pakistan. International Journal of Financial Studies, 6(2), 53. https://doi.org/10.3390/ijfs6020053
Yüksel, S., Mukhtarov, S., Mammadov, E., & Özsarı, M. (2018). Determinants of profitability in the banking sector: An analysis of post-Soviet countries. Economies, 6(41), 1–15. https://doi.org/10.3390/economies6030041
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Published
2022-12-30
How to Cite
Khalifaturofi‘ah, S. O., Listyarti, I., & Poerwanti, R. (2022). COVID-19 AND THE PERFORMANCE OF ISLAMIC BANKS IN INDONESIA. International Journal of Islamic Business & Management, 6(1), 19-30. https://doi.org/10.46281/ijibm.v6i1.1900
Section
Original Articles/Review Articles/Case Reports/Short Communications
Copyright (c) 2022 Sholikha Oktavi Khalifaturofi‘ah, Indra Listyarti, Ririn Poerwanti
This work is licensed under a Creative Commons Attribution 4.0 International License.
