PRODUCT INNOVATION SHARIA RESTRICTED INTERMEDIARY ACCOUNT IN ISLAMIC BANKING TO MACROPRUDENTIAL POLICY INSTRUMENT IN INDONESIA
DOI:
https://doi.org/10.33102/0kx9jp10Keywords:
Islamic Banking Products, Macroprudential Policy Instruments, Sharia Restricted Intermediary Account, Profit Sharing Investment AccountAbstract
The limited availability of islamic banking products in showing their distinctive characteristics in mudharabah contracts is one of the triggers for the slow market share growth which only reached 7.3% as of December 2023. On the other hand, the Sharia Restricted Intermediary Account (SRIA) as an innovation for Islamic banks requires macroprudential policy instruments to be able to maintain financial system stability. This study aims to analyze SRIA product innovation in Islamic banking based on the Concept Note that has been prepared by the National Sharia Economic & Finance Committee on Macroprudential Policy Instruments in Indonesia in the form of Statutory Reserves (GWM), Sharia Macroprudential Intermediation Ratio (RIM), and Macroprudential Liquidity Buffer. (PLM) Syariah. The method used is Systematic Literature Review (SLR) of scientific articles in 4 quality scientific databases. There are 15 empirical articles on PSIA (Profit Sharing Investment Account) and macroprudential instruments suggesting that implementation of PSIA products requires accommodative macroprudential policy provisions. It is feared that aspects of liquidity risk and PSIA investment risk could shake the monetary stability of Islamic banking. Meanwhile, 5 other theoretical articles emphasized that PSIA is an investment product so that in essence the mudharabah contract used does not guarantee the principal value of return. The next method uses Delphi which yields results in the form of macroprudential policy t achieving the best consensus with the GWM mechanism in the range of 2% -7.5%, Sharia RIM in the range of 84-92%, and Sharia PLM 4.5% for SRIA products.
Downloads
References
AlQemzi, H. (2015), “Innovation is key to the future of Islamic banking”, available at: https://gulfnews.com/business/banking/innovation-is-key-to-the-future-of-islamic-banking-1.1512208
Antonio, M. S. (2001). Bank Syariah: dari teori ke praktik. Gema Insani.
Ariana, R. (2016). 済無No Title No Title No Title. 1–23.
Article, O. (2023). The upper extremity postthrombotic syndrome score: an international Delphi consensus study to determine the score ’ s functional disability component. October 2022, 1–7. https://doi.org/10.1016/j.rpth.2023.100051
Aslamah, A. N., & Pratama, A. (2021). Effect of Macroprudential Policy Instruments on Credit Growth for Commercial Banks in Indonesia.
Bank Indonesia. (2018).Bank Indonesia Regulation Number20/4/PBI/2018 concerningMacroprudential Intermediation Ratio and Macroprudential Liquidity Buffer for Conventional Commercial Banks, Sharia Commercial Banks and Sharia Business Units.
Bank Indonesia. (2018).Bank Indonesia Regulation Number20/3/PBI/2018 concerningMinimum Mandatory Reserves in Rupiah and Foreign Currency for Conventional Commercial Banks, Sharia Commercial Banks and Sharia Business Units.
Bank Indonesia. (2020).Bank Indonesia Regulation Number 22/17/PBI/2020aboutSecond Amendment aboveBank Indonesia Regulation Number4/20/PBI/2018 concerning the Macroprudential Intermediation Ratio and Macroprudential Liquidity Buffer forBankConventional General,BankSharia General, and Sharia Business Unit.
Borio, C. (2003). Towards a Macroprudential Framework for Financial Supervision and Regulation? CESifo Economic Studies, 49(2), 181–215. https://doi.org/10.1093/cesifo/49.2.181
Cui, N., Yang, R., Zhang, H., Chen, D., Wu, J., Zhang, Y., Ma, Y., & Jin, J. (2023). Intensive & Critical Care Nursing Using the evidence to decision frameworks to formulate the direction and strength of recommendations for adapted guidelines of physical restraints in critical care : A Delphi study. Intensive & Critical Care Nursing, 76(66), 103382. https://doi.org/10.1016/j.iccn.2022.103382
DSN MUI Fatwa No. 115 of 2017 concerning Mudharabah Agreements for Transactions
DSN MUI Fatwa No. 118 of 2018 concerning Guidelines for Guaranteeing Sharia Bank
Customer Deposits
DSN-MUI Fatwa No. l05 of 2016 concerning Guaranteed Return of Capital for Mudharabah,
Musyarakah and Wakalah Bil Istitsmar Financing
El Mallouli, A., & Sassi, H. (2022). Determinants of Islamic banking products and services adoption in Morocco: a conceptual framework. Journal of Islamic Marketing, 13(7), 1589–1605. https://doi.org/10.1108/JIMA-06-2020-0194
Flores, Y. (2011). No Titleｐ. Phys. Rev. E, 24. http://ridum.umanizales.edu.co:8080/jspui/bitstream/6789/377/4/Mu�oz_Zapata_Adriana_Patricia_Art�culo_2011.pdf
Kitchenham, B., & Charters, S. M. (2007). Guidelines for performing Systematic Literature Reviews in Software Engineering Guidelines for performing Systematic Literature Reviews in Software Engineering EBSE Technical Report EBSE-2007-01 Software Engineering Group School of Computer Science and Ma. January.
Kluge, U., Ringbeck, J., & Spinler, S. (2020). Door-to-door travel in 2035 – A Delphi study. Technological Forecasting and Social Change, 157(December 2019), 120096. https://doi.org/10.1016/j.techfore.2020.120096
Makroprudensial, K. (2018). Kebijakan Makroprudensial. 107–120.
Marimin. (2004). Teknik Aplikasi Pengambilan Keputusan Majemuk. PT Gramedia Widia-sarana Indonesia: Jakarta.
OJK. (2019). Snapshot Perbankan Syariah Indonesia Juni 2019. Otoritas Jasa Keuangan, 1–8.
Schmalz, U., Spinler, S., & Ringbeck, J. (2021). Lessons Learned from a Two-Round Delphi-based Scenario Study. MethodsX, 8, 101179. https://doi.org/10.1016/j.mex.2020.101179
Sudiarti, S. (2018). Fiqh muamalah kontemporer.
Von Der Gracht, H. A., & Darkow, I. L. (2010). Scenarios for the logistics services industry: A Delphi-based analysis for 2025. International Journal of Production Economics, 127(1), 46–59. https://doi.org/10.1016/j.ijpe.2010.04.013
Whittemore, R., & Knafl, K. (2005). The integrative review : updated methodology. Broome 1993, 546–553.
Xiao, Y., & Watson, M. (2019). Guidance on Conducting a Systematic Literature Review. https://doi.org/10.1177/0739456X17723971
Zúñiga, E. E., Agrest, M., Munoz, T. T., Zamora, I. V., & Gómez, S. A. (2023). Development of mental health first ‑ aid guidelines for depression : a Delphi expert consensus study in Argentina and Chile. BMC Psychiatry, 1–12. https://doi.org/10.1186/s12888-023-04661-8
