Transition to Sharia System as a New Banking Trend from Bank and

Customer Perspectives

Danar Irianto, Pradipta Eva Trudiyanti, Kurnia Wulan Widaningsih, Yunestia

Department of Business Managenment, Accounting Study Program, Batam State Polytechnic

Jl. Ahmad Yani, Batam Centre, Batam 29461, Indonesia

Keywords: Islamic Banking, Islamic Finance, Financial System Stability, Customer Bank Interest, Maqashid Ash-Sharia.

Abstract: Sharia business has begun to be considered as an important issue to be regulated further because it has

systemic impact. The emergence of sharia banking that continues to experience growth makes researchers

want to know more about the reasons for the transition then the customer's interest in supporting sharia

banking and its relation to financial stability. The interview technique involved 2 Islamic banks namely BRI

and Bank Riau Islands and 15 customers. The results illustrate the motive for transition due to the potential

and the existence of customer demand for interest-free financing. The result shows 93% of answers illustrate

the form of support from customers for Islamic banking by exploring information such as knowledge,

perceptions, bank selection criteria, bank transition, problems and challenges of Islamic banking as well as

the great prospects of Islamic banking. Using trend analysis-based description, we tried to figure out the rapid

growth of sharia banking in Indonesia. In the future, Islamic banks can expand customer outreach and

disseminate information to remote areas regarding sharia products and systems.

1 INTRODUCTION

In recent years, the trend of sharia products has

increasingly spread in various countries in the world.

According to the International Monetary Fund

(IMF), sharia business has begun to be considered as

an important issue to be regulated further because it

has a systemic impact. Even nonIslamic countries

such as Britain, Luxembourg and France have started

to step into the center of Islamic finance since 2014

according to the FTSE Global Market. In Asia, Hong

Kong is trying to open up the sharia financial literacy

for Muslim customers by launching the first sukuk of

USD 1 billion in September 2014. Furthermore, in the

aspect of growth in Islamic banking assets, Malaysia

is in the first place with the score of 132, followed by

Bahrain in the second place with a score of 74 based

on 2018 Islamic Finance Development Report data.

Indonesia is in tenth place with a score of 50, a

country that is a Muslim majority country with a

percentage approximately 87.2% of the total

population. One of the most famous is Islamic

banking. Sharia banking in Indonesia has shown

positive developments in line with the continued

increase in the number of office and workforce

networks during the first five months of 2019.

Although the market share of Islamic banking in

Indonesia is still at 5.3% compared to Malaysia at the

same time at 23.8%. The 2018 ASEAN Secretary data

shows, Indonesia produces 37% of the total ASEAN

GDP of 2017. That number is accompanied by the

growth of the consumption class of 5 million people

per year whose numbers are almost equal to the

population of Singapore, showing the enormous

market potential that Indonesia has.

Indonesia's competitive advantage in the field of

sharia economics, apart from the population aspect, is

also proven by its achievements in the sharia industry.

Until mid-2019, Indonesia has 5,000 units of

institutions based on sharia. The institution is

dominated by 4,500 Islamic cooperatives and 164

Islamic rural banks. Other institutions are 34 sharia

banks, 58 sharia insurance (takaful), and seven sharia

venture capital. The development in terms of

investment is also interesting, such as the issuance of

retail sukuk by the government, and its growth which

has continued to increase significantly over the last

five years, as well as the existence of a Sharia Online

Trading System (SOTS) provided by various

securities companies.

However, from the various competitive

advantages and trends in sharia products, until now,

Irianto, D., Trudiyanti, P., Widaningsih, K. and Yunestia, .

Transition to Sharia System as a New Banking Trend from Bank and Customer Perspectives.

DOI: 10.5220/0010357702230231

In Proceedings of the 2nd International Conference on Applied Economics and Social Science (ICAESS 2020) - Shaping a Better Future Through Sustainable Technology, pages 223-231

ISBN: 978-989-758-517-3

223

sharia banking in Indonesia is still not developing

rapidly considering that there has been a decrease in

the number of Islamic people's finance banks from

2018 to May 2019. In addition, until May 2019, There

were also a decline in sharia banking liquidity from

2018. Even though various banks now offer sharia

products, the trend of sharia banking is still volatile.

The level of literacy of Indonesian people towards

Islamic banking and its products is only eight percent,

which is still very low when compared to

conventional banking literacy which reaches thirty

percent. The level of Islamic financial inclusion is

only eight percent, far below the national banking

inclusion of thirty percent.

This seems to be a paradox considering that

Indonesia is a country with the largest Muslim

population in the world. The low level of literacy is

motivated by public scepticism about the Islamic

banking system, which in fact is an Islamic bank.

There is an assumption that Islamic banks are only

intended for Muslims, which is a challenge to the

development of Islamic banks in Indonesia that

uphold Pancasila and diversity.

In the context of minorities, Rassool (2018)

research has proven that Islamic banks can help all

groups, not only Muslims. The study aims to explore

and analyze the factors that would support or limit the

introduction of Islamic retail banks in Muslim

minority countries such as Mauritius. The results of

the study indicate that there are various prospects for

Islamic retail banks in Muslim and non-Muslim

Mauritius, including enabling legal, fiscal and

regulatory frameworks, financing of small and

medium enterprises (SMEs) and issuing Islamic

investment certificates.

In Southeast Asia, there is Malaysia, which has

established an Islamic financial system since 1963

and the Islamic Bank of Malaysia in 1983 which has

a long history of great potential that can be used as a

benchmark for other countries to develop the Islamic

financial industry, including Indonesia. Research by

Tang in 2003 even shows that bank financing for the

private sector is indispensable to support sustainable

economic growth in Malaysia. The research shows

how bank financing for the private sector will be

indispensable to support sustainable economic

growth in Malaysia.

Zulkhibri (2018) specifically discusses how

efficiently Islamic banks play their role as a supplier

of capital for entrepreneurs and entrepreneurs of

Micro, Small and Medium Enterprises (MSMEs).

The results, show that Islamic bank financing has the

same reaction as conventional banks and has the

strength for various types of econometric

specifications. Several other studies suggest that

Islamic financial institutions have great potential to

absorb macroeconomic shocks and even increase

economic growth.

The development of sharia in Indonesia is now

continuing to develop and even various conventional

banks have also published Islamic products.

However, the market share of Islamic banks in

Indonesia has yet to show a significant increase even

though the trend of Islamic products and finance has

spread in society. The adoption of the sharia system

in the banking world is still considered new among

Indonesians. The still minimal financial and banking

literacy and public scepticism regarding Islamic

banking have attracted researchers to examine the

development of Islamic banking in terms of bank

motives, customer interest and the impact of Islamic

banking which can sustain financial stability when

there is a possibility of increased financial inclusion.

Based on the background that has been presented

above, researchers identified a uniqueness in the

Islamic banking and financial system that continues

to develop in western countries and in Asia. One of

them is an example of the development of Islamic

banking in Mauritius, which is a Muslim minority

country. Rassool (2018) explores how Islamic retail

banks in Mauritius are able to serve the needs of all

groups without religious restrictions. Furthermore,

Islamic retail banks in Mauritius even provide

convenience for entrepreneurs and Micro, Small and

Medium Enterprises (MSMEs) who are the pioneers

of the country's economy. Ultimately, the Islamic

banking system in Mauritius helps achieve the United

Nations

(UN) sustainable development goals and provides

better financial inclusion. Meanwhile in Southeast

Asia, there is Malaysia, which is also a Muslim-

majority country such as Indonesia, which has

established an Islamic financial system since 1963

andBank Islam Malaysia in 1983 which has a long

history of great potential can be used as a benchmark

for other countries to develop the Islamic financial

industry. including Indonesia. Research by Tang

(2003) even shows that bank financing for the private

sector is needed to support sustainable economic

growth in Malaysia. So, the researcher identified that

there was a special motive in the decision of the

banking sector to use the Islamic banking system or

issue Islamic products and how interested in this was.

Researchers also identified the impact of Islamic

banking on the economy which has been proven in

several countries, can occur in Indonesia. We

formulated three research questions as follows. First,

what are the motives underlying conventional

ICAESS 2020 - The International Conference on Applied Economics and Social Science

224

banking decisions in issuing sharia products or

converting to sharia models. Second, how is the

interest of bank customers towards Islamic products.

Third, what is the trend of sharia linearity transition

in the Indonesian banking world. The purpose of this

study is to find out what are the motives underlying

conventional banking in issuing sharia products or

switch to the sharia model and to find out how the

interests of bank customers towards sharia products.

Furthermore, to find out how the trends of Islamic

banking growth in the Indonesian banking world.

2 LITERATURE REVIEW

Diffusion of Innovations Theory (DIT) explains

which considers innovation decisions to start from the

knowledge stage when individuals or decision makers

are faced with the existence and benefits of

innovation related to understanding and how an

innovation can function. The tendency of people to

use Islamic banking products related to their

knowledge of the Islamic banking system in meeting

their goals.

Theory of planned behavior emphasizes the

rationality of human behavior as well as the belief that

the target behavior is under the control of individual

consciousness.Customers who have a positive view

of Islamic banking, get support from the existence of

Islamic financial products offered by banks and the

perception of convenience because there are no

obstacles to get these products, the person's intention

to become a customer of Islamic banks will be even

higher According to the Theory of Reasoned Action,

In this theory there are two main factors of intention:

(1) Affective attitude and are based on a set of beliefs

about the object of behavior and (2) a person's

subjective norms about what they feel about their

attitude towards certain behaviors. Theory of The

Pyramid of Maslahah, this theory has three levels

based on the level of role of Islamic financial

institutions in society as illustrated in the following

illustration. The benefit pyramid is an ethical filter

system according to different levels of importance.

These three levels are related to one another and the

order of importance is very important for the pyramid

to function.

Dusuki & Abdullah is quantitative research with

750 samples which aims to examine the main factors

that motivate customers to deal with Islamic banks,

especially in a dual banking environment, as in the

case of Malaysia. The results of the study indicate the

selection of Islamic banks seems to be a combination

of Islamic and financial reputation and the quality of

services offered by banks. Dusuki aims to review how

the role of Islamic banks can participate in

microfinance. This research concludes that

microfinance requires an innovative approach in

building microfinance capacity through social

intermediation and designing group-based loan

programs that can be an effective tool to reduce

transaction costs and reduce exposure to various

financial risks in relation to providing loans to the

public rural poor. Sukmana & Kasim used analysis of

variance decomposition, focusing on the period from

January 1994 to May 2007. This research resulted that

Islamic bank financing and deposits play an important

role in the process of monetary transmission in

Malaysian economy. Ismanto aims to analyze the

effect of public literacy related to Islamic banks on

consumer interest to become customers of Islamic

banks. The results showed that Pekalongan people

have an interest in becoming customers of Islamic

banks, but their interests are not accompanied by a

comprehensive understanding. Rassool aims to

explore and analyze factors that will support or limit

the introduction of Islamic Retail banks in Muslim

minority countries such as Mauritius. The study uses

mixed methods and the results of the study show that

there are various prospects for Islamic retail banks in

Muslim and non Muslim Mauritius, including

enabling legal, fiscal and regulatory frameworks,

financing small and medium-sized enterprises

(SMEs) and issuance of Islamic investment

certificates.

Kaakeh, Hassan & Almazor aims to investigate

the effects of factors such as bank image, public

awareness, Shariah compliance and individualism

that have an impact on the attitudes and interests of

customers to use Islamic banking in the UAE. The

results showed that attitudes and awareness affect

interests directly, while image, sharia compliance,

and individualism affect interests that are mediated

indirectly by individual attitudes.

3 METHODOLOGY AND DATA

This study uses a descriptive qualitative approach that

is used to obtain an overview and reasons The quality

and accuracy of the data obtained and the period or

the time span, an aspect which is crucial in the

analysis of time series (time series). This study uses

interview methods to collect research data and uses

trend analysis as supporting data.

The study was only conducted at Islamic banks in

the city of Batam. The objects in this study are

customer interests, bank motives, and sharia banking

Transition to Sharia System as a New Banking Trend from Bank and Customer Perspectives

225

trends in Indonesia. This study uses literature review

and continued with interviews. This study uses

qualitative data types which are mostly text. We took

three variables in this research such as Internal Party

Motives, Customer Interest, Trends Islamic Bank.

The indicators used for measuring the trends of

Islamic Banking are the number of institutions,

offices, total assets, Third Party Funds and total

Financing Received. Five Indicator got from report of

Otoritas Jasa Keuangan (OJK) of Indonesia. The

analysis technique used in research is interactive data

analysis that is inductive. The data analysis model is

described as follows:

Data Collection

Data

Reduction

Data Presentation

Withdrawal

Conclusions

Figure 1. Interactive qualitative data analysis model

according to Miles and Huberman

Trend analysis is carried out to see the level of change

and increase in customer switching to Islamic

banking. Trend analysis requires five indicators in ten

years. The formula of Champion is used in managing

the results of interview answers as outlined in the

form of numbers and will be elaborated to assess

customer interest.

The Champion percentage criteria are as follows:

Table 1: Percentage Criteria for Rating

4 ANALYSIS

4.1 Motives for Transition of Banks

from Internal Bank Perspectives

This was obtained by researchers by interviewing 2

banks namely BRI Syariah (Sharia Commercial

Bank) and Bank Riau Kepri (Sharia Business Unit).

BRI began pioneering Islamic banking since 2008,

BRI Syariah stated that because of the enormous

potential of Islamic products in Indonesia and Batam

as well as an arena for da'wah and as a means of

preparing for the afterlife. Furthermore, Bank Riau

Kepri which began entering the world of sharia in

2010 and planned for 2020 Bank Riau Kepri will shift

as a whole to the sharia system. The opinion of Bank

Riau said that there was a policy from the Governor

of the Republic of Indonesia. The financing products

are much-loved by customers. The products offered

by banks are very attractive such as Wadiah,

Murabahah, Mudharabah, Gold Pawn, Hajj Umrah

and others in accordance with the customer's goals.

4.2 Customers Interest to Support the

Development of Islamic Banking

Table 2: Research Results

The table above illustrates the results of the survey

used to answer research question. Researchers have

distributed questionnaires through social media,

followed by exclusive interviews with fifteen selected

respondents. Fourteen respondents stated that they

were very interested and supportive. The interview

guidelines used are divided into six sections which

will be elaborated as follows:

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226

Table 3: Survey Questionaires.

Knowledge of Islamic Banking and Islamic

Finance. The results of interviews answered yes by

87% which describes respondents know about

Islamic banking and the results of 13% illustrate the

lack of respondents' knowledge related to Islamic

Banking and Finance. The following is a description

of the interview results of respondents:

Figure 2.

Perception of Islamic Banking in Indonesia. This

section gets a 90% percentage of yes answers and no

answers in this section 10%. The following is a

description of the interview results of respondents:

Figure 3. Detailed graph of perception answers.

Bank Selection Criteria. Respondents chose many

reasons from the 16 points offered, namely good

service quality, confidentiality of information, bank

reputation, low service and financing costs, ATM

services in various locations, transaction speed and

sharia implementation procedures.

Bank Withdrawals and Transition Criteria. Many

respondents chose reasons from 15 reasons, some of

the main reasons include higher service costs, rumors

of poor bank performance, the relationship between

Transition to Sharia System as a New Banking Trend from Bank and Customer Perspectives

227

banks and customers and accessibility for

transactions.

Problems and Challenges of Islamic Retail

Banking in Indonesia. This section gets 70% of yes

answers and 30% of no answers that describe the

assessment of some of the challenges and problems

that are considered by customers to influence the

formation of Islamic banking. Following are the

results of the interview of the respondents.

Figure 4. Detailed graph of answers to problems and

challenges.

Prospects of Sharia Retail Banks in Indonesia

Figure 5. Detailed graph of answers to Prospects of Sharia

Retail Banks

The results 93% of interview respondents agree that

Islamic banks have great prospects. Their opinion that

there will be many interest-free financing requests,

Islamic banks are able to create business

opportunities and develop SMEs, this is because the

products offered are good and the process for filing is

not difficult and the instalments are light, while also

being a pioneer in developing other Islamic financial

institutions and collection of zakat which can be

collected and distributed properly.

Respondents say another with 7% that sharia does

not have great prospects. This is like the lack of

customer knowledge related to banks can be used as

zakat collectors and the history of the greatness of

Islamic banking.

Trend of Linearity in Sharia Banking in Indonesia

4.3 Growth Trends in Number of

Institutions

Figure 6. Graph of Growth Trends in Number of Institution

In 2010, there was a significant increase of 0.78%

which is also the biggest increase in the last 10 years.

Growth continues to increase in 2011 rose by 0.31%,

and in 2012 rose by 0.16% then stable in 2013 to

2015. Then in 2016 there was an increase of 0.16%

and then stable until 2018. So, it can be concluded that

the amount of customer interest in Islamic banking

increases with the increasing number of Islamic Bank

institutions in Indonesia.

4.4 Growth Trends in the Number of

Offices (Outlets)

Figure 7. Graph of Growth Trends in Number of Offices

ICAESS 2020 - The International Conference on Applied Economics and Social Science

228

Since 2010 there has been an increase to its peak in

2013, respectively, rising by 2.22%, 1.38%, 2.31%

and 1.34%. But in 2014 the decline began until 2017

with the biggest decrease in 2015 of 0.72%. So, it can

be concluded that the amount of customer interest in

Islamic banking has increased rapidly along with the

increase in the number of Sharia Bank offices in

Indonesia.

4.5 Total Asset Growth Trends

The growth of assets owned has increased from year

to year to touch an increase of 1%, 2% to 3%. The

most significant growth in 2016 towards 2017 as

indicated by an increase of 5.98%. The asset growth

trend data illustrates that the transition of customers

in using banking services is very good and is growing

every year.

Figure 8. Graph of Asset Growth Trends

4.6 Growth Trends in Financing given

The increase in funding received from the previous

year increased in the following year to 2%. The year

2017 towards 2018 experienced the most significant

increase of 10.67%, this figure is 5 times in previous

years. The increase that occurs every year illustrates

that the financing products provided by Islamic banks

are accepted by customers and are very popular

among the public, thus causing customers to switch

to using Islamic banking services.

Figure 9. Graph of Financing Given Growth Trends

4.7 Growth Trend of Third-Party

Funds

Growth from year to year only increased by 1% to

touch the number 3%. Ten years have happened, an

increase of 2.77% occurred in 2017 towards 2018.

The increase that occurred was not too significant, but

there was a consistent increase experienced

each year. Observed from the graph Trend above,

that the funds raised are still relatively small and will

be able to increase along with the times. The

transition process that occurs consistently is

illustrated by a steady increase.

Figure 10. Graph of Third-Party Funds Growth Trends

5 CONCLUSIONS AND POLICY

RECOMMENDATIONS

Islamic banks in Indonesia began with the

establishment of Bank Muamalat, the only sharia-

based bank. The development of the times,

conventional banks also helped expand its business to

Transition to Sharia System as a New Banking Trend from Bank and Customer Perspectives

229

embrace the Sharia system. Interviews were

conducted to obtain answers to the findings made by

researchers related to the motive of banking

transition, how customers' interests support sharia

and the presence of sharia. The results explained that

the potential of Indonesia, especially Batam, is due to

the majority of Muslims and there is a policy from the

Advisory Council for the process of transition to

sharia.

Customers also support with 87% of customers

know the knowledge of sharia systems related to halal

and haram in sharia, then 90% of customers view

sharia banks as an opportunity for the state, not

specifically for Muslims. In addition, 70% of

customers think that there are problems faced by

Islamic banking, namely sharia interpretation, lastly

the 93% figure illustrates Growth trends related to the

transition of Islamic banking linearity in Indonesia as

seen from five indicators. Indicator of trend linearity

like the number of institutions experienced a

significant increase 0.78%, the number of offices

experienced a significant increase amounted to

2.22%, indicator of total assets was very

prominentv5.98%. The growth of financing provided

has grown with 10.67%- and third-party funds

reached an increase of 2.77%. In general, the shifting

trend of the five indicators strongly illustrates that

now customers are interested in using Islamic

banking services with financing provided is an

indicator that has a very significant increase.

Suggests that for further research, interviews with

more Islamic banks, broadening customer reach and

conducting outreach to remote areas regarding sharia

products and systems. Furthermore, the

replacement of the word sharia in the name of the

bank or consider naming its products to avoid public

scepticism. Finally, everything returned to the true

purpose of the banks about the purpose only to attract

attention and gather as many Muslim customers as

possible or the goals is to provide a system that is fair,

transparent and can be used by anyone, then the

approach is also different.

ACKNOWLEDGEMENTS

We would like to express our deep gratitude for the

presence of God Almighty, because of His grace we

able to complete the scientific work. We would like

to thank Politeknik Negeri Batam, our research

supervisor for their patience guidance,

encouragement, and critics for this research. We

really appreciate Bank BRI Syariah and Bank Riau

Kepri Syariah for their cooperation regarding data

collection during this research. Special thanks should

be given to Minister of Technological Research and

Higher Education and Batam State Polytechnic to

make this research come true.

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