The Implications of the Countercyclical COVID-19 Policy on the Performance of Rural Banks and Sharia Rural Banks in Indonesia
DOI:
https://doi.org/10.31958/juris.v23i1.12329Keywords:
Policies, Countercyclical, Banking Performance, COVID-19Abstract
This study investigated the impact of the Indonesian government policies implemented through POJK No. 11/POJK.03/2020 on the banking performance of Rural Bank (BPR) and Sharia Rural Bank (BPRS) after the implementation of countercyclical policies to stimulate the country's economy affected by the COVID-19 pandemic in Indonesia between March and December 2020. Mixed method approaches were applied to analyze the contributing factors to different performances between seven Rural Banks and seven Sharia Rural Banks in West Sumatra that were randomly selected through purposive sampling based on proportionate assets.  The quantitative data were financial statements sourced from the OJK 2021 Publications, and the qualitative data were collected from in-depth interviews with eight Directors of Rural Banks and Sharia Rural Banks selected from the snowball sampling. Analyzing Indonesian government policies embodied in the countercyclical policy, we found that banking policies in Sharia Rural Banks outperformed those of conventional Rural Banks, as reflected by the average ROA (1.16% vs 1.33%), ROE (0.09% vs. 0.08%), and NPL (6.67% vs. 6.82%). The contributing factor to this gap was the different internal policies of each institution to translate the countercyclical concept based on the operational principles, such as the interest rate of Rural Bank and margin of Sharia Rural Bank despite the fact that both banks shared practice in the principal deferment and credit extension.
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POJK NO. 33/POJK.3/2018 tentang Kualitas Aset Produktif dan Pembentukan Penyisihan, Penghapusan Aset Produktif Bank Perkreditan Rakyat
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Wisner, J. D., Tan, K., & Leong, G. K. (2012). Principles of Supply Chain Management: A Balanced Approach. South-Western
Albaity, M., Noman, A. H. M., Saadaoui Mallek, R., & Al-Shboul, M. (2022). Cyclicality of bank credit growth: Conventional vs Islamic banks in the GCC. Economic Systems, 46(1), 100884. https://doi.org/10.1016/j.ecosys.2021.100884
Aliani, K., Al-kayed, L., & Boujlil, R. (2022). THE COVID-19 effect on Islamic vs. conventional banks’ stock prices: Case of GCC countries. The Journal of Economic Asymmetries, 26, e00263. https://doi.org/10.1016/j.jeca.2022.e00263
Alqahtani, F., Mayes, D. G., & Brown, K. (2017). Islamic bank efficiency compared to conventional banks during the global crisis in the GCC region. Journal of International Financial Markets, Institutions and Money, 51, 58–74. https://doi.org/10.1016/j.intfin.2017.08.010
Angelia, D., & Suryaningsih, R. (2015). The Effect of Environmental Performance And Corporate Social Responsibility Disclosure Towards Financial Performance (Case Study to Manufacture, Infrastructure, And Service Companies That Listed At Indonesia Stock Exchange). Procedia - Social and Behavioral Sciences, 211(September), 348–355. https://doi.org/10.1016/j.sbspro.2015.11.045
Antipova, A. (2021). Analysis of the THE COVID-19 impacts on employment and unemployment across the multi-dimensional social disadvantaged areas. Social Sciences & Humanities Open, 4(1), 100224. https://doi.org/10.1016/j.ssaho.2021.100224
Ben Maatoug, A., Ben Ayed, W., & Ftiti, Z. (2019). Are MENA banks’ capital buffers countercyclical? Evidence from the Islamic and conventional banking systems. Quarterly Review of Economics and Finance, 74, 109–118. https://doi.org/10.1016/j.qref.2019.04.006
Bidari, A. S., & Nurviana, R. (2020). Stimulus Ekonomi Sektor Perbankan dalam Menghadapi Pandemi Coronavirus Disease 2019 di Indonesia. Legal Standing : Jurnal Ilmu Hukum, 4(1), 297–305. https://doi.org/10.24269/ls.v4i1.2781
Brasliņš, Ģ., & Arefjevs, I. (2014). Basel III: Countercyclical Capital Buffer Proposal-the Case of Baltics. Procedia - Social and Behavioral Sciences, 110, 986–996. https://doi.org/10.1016/j.sbspro.2013.12.945
Calderón, C., Duncan, R., & Schmidt-hebbel, K. (2016). Do Good Institutions Promote Counter-Cyclical Macroeconomic Policies? Oxford Bulletin of Economics and Statistics, 78(5), 650–670. https://doi.org/10.1111/obes.12132
Couch, K. A., Fairlie, R. W., & Xu, H. (2020). Early evidence of the impacts of THE COVID-19 on minority unemployment. Journal of Public Economics, 192, 104287. https://doi.org/10.1016/j.jpubeco.2020.104287
DSN-MUI. (2000a). Fatwa DSN-MUI No. 02/DSN-MUI/IV/2000 tentang Tabungan.
DSN-MUI. (2000b). Fatwa DSN-MUI NO. 03/DSN-MUI/IV/2000 tentang Deposito.
DSN-MUI. (2000c). Fatwa DSN-MUI No. 04/DSN-MUI/IV/2000 tentang Murabahah.
DSN-MUI. (2000d). Fatwa DSN-MUI No. 07/DSN-MUI/IV/2000 tentang Mudharabah.
DSN-MUI. (2000e). Fatwa DSN-MUI No. 08/DSN-MUI/IV/2000 tentang Pembiayaan Musyarakah.
DSN-MUI. (2000f). Fatwa DSN-MUI No. 09/DSN-MUI/IV/2000 tentang Ijarah.
DSN-MUI. (2005). Fatwa DSN-MUI No. 46/DSN-MUI/II/2005 tentang Potongan Tagihan Murabahah.
Fahmi, I. (2012). Analisis Kinerja Keuangan: Panduan Bagi Akademisi,Mmanajer, dan Investor untuk Menilai dan Menganalisis Bisnis dari Aspek Keuangan. Alfabeta.
Hartadinata, O. S., & Farihah, E. (2021). The Performance of Go Public Bank in Indonesia: Before and During the COVID-19. Berkala Akuntansi Dan Keuangan Indonesia, 6(Edisi Spesial), 111–131. https://doi.org/10.20473/baki.v6i1sp.27224
https://ojk.go.id/
https://www.kemenkeu.go.id/
Iska, S. (2012). Sistem Perbankan Syariah di Indonesia dalam Persfektif Fikih Ekonomi. Fajar Media Press.
Jha, S., Mallick, S. K., Park, D., & Quising, P. F. (2014). Effectiveness of countercyclical fiscal policy: Evidence from developing Asia. Journal of Macroeconomics, 40, 82–98. https://doi.org/10.1016/j.jmacro.2014.02.006
Kakhkharov, J., & Bianchi, R. J. (2022). THE COVID-19 and policy responses: Early evidence in banks and FinTech stocks. Pacific-Basin Finance Journal, 74(July), 101815. https://doi.org/10.1016/j.pacfin.2022.101815
Khan, F. (2010). How ‘Islamic’ is Islamic Banking? Journal of Economic Behavior & Organization, 76(3), 805–820. https://doi.org/10.1016/j.jebo.2010.09.015
Le, T. D., Ho, T. H., Nguyen, D. T., & Ngo, T. (2022). A cross-country analysis on diversification, Sukuk investment, and the performance of Islamic banking systems under the COVID-19 pandemic. Heliyon, 8(3). https://doi.org/10.1016/j.heliyon.2022.e09106
Maliszewska, M., Mattoo, A., & van der Mensbrugghe, D. (2020). The Potential Impact of THE COVID-19 on GDP and Trade: A Preliminary Assessment. The Potential Impact of THE COVID-19 on GDP and Trade: A Preliminary Assessment, April. https://doi.org/10.1596/1813-9450-9211
Miah, M. D., & Suzuki, Y. (2020). Murabaha syndrome of Islamic banks: a paradox or product of the system? Journal of Islamic Accounting and Business Research, 11(7), 1363–1378. https://doi.org/10.1108/JIABR-05-2018-0067
Otoritas Jasa Keuangan. (2020). Peraturan Otoritas Jasa Keuangan Republik Indonesia (POJK) Nomor 11/POJK.3/2020 tentang Stimulus Perekonomian Nasional Sebagai Kebijakan Countercyclical Dampak Penyebaran Coronavirus Disease 2019.
Padhan, R., & Prabheesh, K. P. (2021). The economics of THE COVID-19 pandemic: A survey. Economic Analysis and Policy, 70, 220–237. https://doi.org/10.1016/j.eap.2021.02.012
Pfeifer, L., & Hodula, M. (2021). A profit-to-provisioning approach to setting the countercyclical capital buffer. Economic Systems, 45(1). https://doi.org/10.1016/j.ecosys.2021.100853
POJK No. 11/POJK.3/2020 tentang Stimulus Perekonomian Nasional Sebagai Kebijakan Countercyclical Dampak Penyebaran Coronavirus Disease 2019.
POJK NO. 33/POJK.3/2018 tentang Kualitas Aset Produktif dan Pembentukan Penyisihan, Penghapusan Aset Produktif Bank Perkreditan Rakyat
Raimo, N., Martínez-Córdoba, P. J., Benito, B., & Vitolla, F. (2021). The impact of the THE COVID-19 pandemic on the labor market: An analysis of supply and demand in the Spanish municipalities. Sustainability (Switzerland), 13(23), 1–12. https://doi.org/10.3390/su132312996
Reinhart, C. M., & Rogoff, K. S. (2011). From financial crash to debt crisis. American Economic Review, 101(5), 1676–1706. https://doi.org/10.1257/aer.101.5.1676
Rolianah, W. S., Miftahurrahman, M., & Sari, D. P. (2021). Analisis Rasio Keuangan Bank Pembiayaan Rakyat Syariah Sebelum Dan Selama Pandemi The COVID-19. Iqtishaduna, 12(2), 136–149. https://doi.org/10.20414/iqtishaduna.v12i2.3457
Rudianto, E. (2013). Akuntansi Manajemen Informasi Untuk Pengambilan Keputusan Strategis. Erlangga.
Shara, M. C. P. (2021). Kebijakan Countercyclical Sebagai Upaya Kesejahteraan Masyarakat. DHARMASISYA Jurnal Hukum Magister Hukum Fakultas Hukum Universitas Indonesia, 1(SEPTEMBER), 1302–1320.
Srimurti, I. N. (2020). Pengaruh Penerapan POJK Nomor 11/POJK.03/2020 Tentang Stimulus Dampak The COVID-19 terhadap Dunia Perbankan.
Sujarweni, V. W. (2017). Analisis Laporan Keuangan; Teori, Aplikasi, dan Hasil Penelitian. Pustaka Baru Press.
Sumadi, S. (2020). Menakar Dampak Fenomena Pandemi The COVID-19 Terhadap Perbankan Syariah. Jurnal Hukum Ekonomi Syariah, 3(2), 145–162. https://doi.org/10.30595/jhes.v0i1.8761
Statistik Perbankan Indonesia, ojk.go.id
Sutojo, S. (1997). Manajemen Terapan Bank. Lembaga PPM.
Tiwu, M.I.H., (2020), Pengaruh Pandemic The COVID-19 terhadap NPL Bank Perkreditan Rakyat di Indonesia, Jurnal Akuntansi: Transparansi dan Akuntabilitas, 8(2), 79-87, https://doi.org/10.35508/jak.v8i2.2869
Trinugroho, I., Risfandy, T., & Ariefianto, M. D. (2018). Competition, diversification, and bank margins: Evidence from Indonesian Islamic rural banks. Borsa Istanbul Review, 18(4), 349–358. https://doi.org/10.1016/j.bir.2018.07.006
Undang-undang No. 7/1992 j.o Undang-undang No. 10.1998 tentang Perbankan, dan Undang-undang No. 21/2008 tentang Perbankan Syariah.
Wardhani, R. S., Rosalina, E., Elvany, R., & Awaluddin, M. (2021). Banking financial performance during The COVID-19. Technium Social Sciences Journal, 19(1), 302–310.
Wasiaturrahma, Sukmana, R., Ajija, S. R., Salama, S. C. U., & Hudaifah, A. (2020). Financial performance of rural banks in Indonesia: A two-stage DEA approach. Heliyon, 6(7), e04390. https://doi.org/10.1016/j.heliyon.2020.e04390
Wong, K. P. (1997). On the determinants of bank interest margins under credit and interest rate risks. Journal of Banking & Finance, 21(2), 251–271. https://doi.org/10.1016/S0378-4266(96)00037-4
Yasin, A., & Fisabilillah, L. W. P. (2021). Analisis Komparasi Kinerja Keuangan Bank Perkreditan Rakyat (BPR) Sebelum dan Pada Pandemi The COVID-19. Equilibrium, 9(2), 142–152. https://doi.org/10.25273/equilibrium.v9i2.10011
Ҫolak, G., & Öztekin, Ö. (2021). The impact of THE COVID-19 pandemic on bank lending around the world. Journal of Banking and Finance, 133(July 2020), 106207. https://doi.org/10.1016/j.jbankfin.2021.106207
Wisner, J. D., Tan, K., & Leong, G. K. (2012). Principles of Supply Chain Management: A Balanced Approach. South-Western
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2024-06-28
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Iska, S., Nofrivul, N., Jaya, I., Nengsih, I., & Renie, E. (2024). The Implications of the Countercyclical COVID-19 Policy on the Performance of Rural Banks and Sharia Rural Banks in Indonesia. JURIS (Jurnal Ilmiah Syariah), 23(1), 143–153. https://doi.org/10.31958/juris.v23i1.12329
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