Masa Depan Ekonomi Syariah

INDEF

Fauziah Rizki YuniartiPeneliti Ekonomi Syariah INDEF

Webinar INDEF, 10 August 2021

Short Bio

EDUCATION

S2 Keuangan Syariah, Universitas Durham, Inggris, 2014-2015

S1 Akuntansi, Fakultas Ekonomi dan Bisnis, Universitas Indonesia (FEB UI), Indonesia, 2007-2011

WORK EXPERIENCE

• Peneliti ekonomi Syariah – INDEF dan PEBS FEB UI

• Dosen Ekonomi Syariah – FEB UI

PUBLICATIONS

• Indonesia could be Asia’s next Islamic finance hub (The Jakarta Post, 12 Jan 2021)

• Mega-Merger Indonesian Islamic Banks to Create Asia’s Next Islamic Finance Hub (Islamic markets, 1 Dec 2020)

• Megamerger Bank BUMN Syariah: Bank Baru, Strategi Baru (Investor Daily, 4 Nov 2020)

• Merger Bank Syariah: Proses Lamban Penuh Harapan (Investor Daily, 11 Agus 2020)

• Controversy over 'zakat' plan shows lack of trust (Jakarta Post, 2 Mar 2018)

• Combining ‘waqf’, fintech and venture capital (Jakarta Post, 5 Sep 2017)

• Indonesia’s Islamic Banking: A Gloomy Industry (Jakarta Post, 16 Jan 2017)

TV NEWS COVERAGE NEWS COVERAGE

Institute for Development of Economics and Finance (INDEF)2

Institute for Development of Economics and Finance (INDEF)3

1. Kondisi terkini: Ekonomi Syariah kebal krisis?

2. Masa depan ekonomi Syariah

Outline

1. Kondisi terkini:Ekonomi Syariahkebal krisis?

i. Justice (risk sharing) → no interest (riba)ii. Asset-based (vs. debt-based) → clearly

depicts the real sectoriii. No toxic assets, derivatives → no gambling

(maysir), no excessive uncertainty (gharar)

1. Kondisi terkini: Ekonomi dan Keuangan Syariah kebal krisis?

Institute for Development of Economics and Finance (INDEF)55

Source: LPKSI, 2020

0

20

40

60

80

100

120

140

2013 2014 2015 2016 2017 2018 2019 2020

Southeast Asian - IFDI Scores (2013-2020)

Malaysia Indonesia Brunei

Singapore Phillipines Thailand

Source: IFDI 2013-2020 (processed by the author)

Source: LPKSI, 2020

Source: SGIEI, 2019; SGIEI, 2020

GIEI Ranking

Sectors 2020 2019

Modest fashion 3 3

Halal food 4 >10

Media & recreation 5 >10

Pharma & cosmetics 6 >10

Islamic finance 6 5

Muslim-friendly travel 6 4

1. Kondisi terkini: Perbankan Syariah kebal krisis?

Institute for Development of Economics and Finance (INDEF)66

1.55%

3.85%0.77%

1.38%

0.91%

2.94%

2.69% -1.40%4.51% 1.28%

5.48% 4.47% 0.52%1.47% 0.72% 6.96%

-0.38% 1.76%5.65% 5.71%

-

100

200

300

400

500

600

700

1Q19 2Q19 3Q19 4Q19 1Q20 2Q20 3Q20 4Q20 1Q21 May-21

7,400

7,600

7,800

8,000

8,200

8,400

8,600

8,800

9,000

9,200

9,400

Isla

mic

ba

nk

ass

ets

Co

nve

nti

on

al b

an

k a

sset

s

Gambar 2.1 Asset growth (IDR trillion) (1q19-May 21)

Conventional banks assets Islamic banks assets

2.93%

3.41% -0.07%

3.33%

1.03%

1.68%

1.69%

-2.85%-0.34%-0.89% 0.27% 0.33%

5.25% 3.12% 2.12% 1.86%3.24%

3.29% 1.82%

1.48% 1.92% 2.64% 0.45% 1.19%

-

50

100

150

200

250

300

350

400

450

3Q18 4Q18 1Q19 2Q19 3Q19 4Q19 1Q20 2Q20 3Q20 4Q20 1Q21 May-21

4,800

4,900

5,000

5,100

5,200

5,300

5,400

5,500

5,600

5,700

5,800

Pem

bia

yaan

ba

nk

Sya

riah

Kre

dit

ba

nk

ko

nve

nsi

on

al

Gambar 2.2 Credit growth (IDR trillion) (1q19-May 21)

Kredit bank konvensional Pembiayaan bank syariah

2.93% 1.02% 0.82%6.86% -0.50% 1.65%

7.14%3.23% -0.68%

4.24%

0.69% 2.27% 1.66% 1.51%3.77% 0.71%

6.23% 0.06% 2.25% 0.34%

-

1,000

2,000

3,000

4,000

5,000

6,000

7,000

-

100

200

300

400

500

600

1Q19 2Q19 3Q19 4Q19 1Q20 2Q20 3Q20 4Q20 1Q20 May-21

DP

K B

ank

ko

nve

nsi

on

al

DP

K B

ank

sya

riah

Gambar 2.3 DPK growth (IDR million) (1Q19-May 2021)

Bank Syariah Bank Konvensional

Sumber: Statistik Perbankan Indonesia OJK, May 2021; Statistik Perbankan Syariah OJK, May 2021

0.3%0.8%

1.2%

1.0%1.6%

0.4%

3.6%

1.5%1.4%

1.3%1.8%

0.7%

-0.4%

1.0%

2.2%

-1.4%

1.0% 1.0%

0.3%

1.0% 1.0%1.6%

1.8%1.3% 1.0%

1.3%0.9% 0.7% 0.7%

2.0%

3.1%

8.7%

-2.0%

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

Growth of bank accounts

Conventional bank Islamic bank

Source: LPS Distribusi Simpanan May 2021 (processed)

1. Kondisi terkini: Perbankan Syariah kebal krisis?

Institute for Development of Economics and Finance (INDEF)77

23.42 22.63 23.28 23.40

21.67 22.55

23.52 23.89 24.27 24.27

19.85 19.56 20.39 20.59 20.47 21.20

20.41 21.64

24.45 24.44

-

5.00

10.00

15.00

20.00

25.00

30.00

1Q19 2Q19 3Q19 4Q19 1Q20 2Q20 3Q20 4Q20 1Q21 May-21

Gambar 2.3 CAR (1q19-May 2021)

Conventional banks Islamic banks

94.00 94.98 94.34 94.43

92.55

89.10

83.46

80.93 80.93 80.89

85.44 86.15

88.21

85.27

87.26 87.11

82.87

82.40 83.34

80.89

70.00

75.00

80.00

85.00

90.00

95.00

100.00

1Q19 2Q19 3Q19 4Q19 1Q20 2Q20 3Q20 4Q20 1Q21 May-21

Gambar 2.4 LDR (FDR) (1q19-May 2021)

Conventional banks Islamic banks

2.60 2.51 2.48 2.47

2.57

1.94 1.76

1.59 1.87 1.80

1.58 1.68 1.73

1.83 2.02

1.58 1.58 1.54

2.18 2.01

-

0.50

1.00

1.50

2.00

2.50

3.00

1Q19 2Q19 3Q19 4Q19 1Q20 2Q20 3Q20 4q20 1q21 May-21

Gambar 2.5 ROA (1q19-May 2021)

Conventional banks Islamic banks

2.51 2.50 2.66

2.53 2.77

3.11 3.14 3.06 3.17

3.35 3.18 3.26

3.05 3.11 3.29 3.37

3.24 3.08 3.15

3.25

1Q19 2Q19 3Q19 4Q19 1Q20 2Q20 3Q20 4Q20 1Q21 May-21

-

0.50

1.00

1.50

2.00

2.50

3.00

3.50

4.00

Gambar 2.6 NPF (NPL) Growth (1q19-May 2021)

Conventional banks Islamic banks

4.86 4.90 4.90 4.91

4.31 4.46 4.41 4.45 4.62 4.66

1.77 1.87 1.90 2.01 1.90 1.52 1.57 1.55

2.33 2.16

-

1.00

2.00

3.00

4.00

5.00

6.00

1Q19 2Q19 3Q19 4Q19 1Q20 2Q20 3Q20 4q20 1q21 May-21

Gambar 2.7 NIM (1q19-May 2021)

Conventional Islamic banks

Sumber: Statistik Perbankan Indonesia OJK, May 2021; Statistik Perbankan Syariah OJK, May 2021

1. Kondisi terkini: Indonesia penerbit Sukuk terbesar di dunia

Institute for Development of Economics and Finance (INDEF)88

Source: https://www.bi.go.id/id/statistik/ekonomi-keuangan/seki/Default.aspx#headingFour (processed)

0

2,000

4,000

6,000

8,000

10,000

12,000

14,000

16,000

0

10,000

20,000

30,000

40,000

50,000

60,000

70,000

80,000

Savi

ng

suku

k

Ret

ail s

uku

k

Outstanding Sukuk

Retail Sukuk Saving Sukuk

Source: DJPPR presentation, 2020

Source: DJPPR presentation, 2020

2. Masa depan ekonomi Syariah:terang, asalkan …..

Stakeholders1. Koordinasi → political power KNEKS ditingkatkan, national program

Pemerintah2. Regulasi → penguatan

3. Optimisasi → 3rd sector (keuangan sosial Syariah – ziswaf); SDGs

4. Digitalisasi Industri

5. Sinergi → ekosistem ekonomi Syariah Industri, Society

6. ELI (Edukasi, Literasi, Inklusi) → keu. Syariah: 8.93%;

ek. Syariah: 16.3%, keu. konven: 37.2%

Pemerintah, Industri, Society

2. Masa depan ekonomi Syariah: Koordinasi, Sinergi

Institute for Development of Economics and Finance (INDEF)1010

2. Masa depan ekonomi Syariah: Regulasi

Institute for Development of Economics and Finance (INDEF)1111

Future:1. RUU Ekonomi Syariah??2. RUU RP2SK (Reformasi Pengembangan dan Penguatan Sektor Keuangan)3. Insentif pajak (Zakat - sebagai kredit pajak)

No Industri/sektor UU1 Perbankan Syariah UU No. 21/2008 tentang Perbankan Syariah2 Pasar Modal Syariah UU No. 19/2008 tentang SBSN3 Asuransi dan Reasuransi Syariah (konven)4 Dana Pensiun Syariah (konven)5 Pembiayaan Syariah (konven)6 ZISWAF UU No. 23/2011 tentang Pengelolaan Zakat

UU No. 41/2004 tentang Wakaf7 Pariwisata (konven)8 Kawasan Industri Halal (KIH) (konven)9 Food & beverage UU No. 33/2014 tentang Jaminan Produk Halal

10 Farmasi dan Kosmetik Halal UU No. 33/2014 tentang Jaminan Produk Halal11 Modest fashion (konven)12 Logistik halal (konven)

2. Masa depan ekonomi Syariah: Potensi yang disia-siakan

Institute for Development of Economics and Finance (INDEF)1212

Unbanked, 76%

Banked, 24%

Banked and Unbanked Population (2019)

Sumber: Deloitte (2019)

2. Masa depan ekonomi Syariah: Optimisasi

Institute for Development of Economics and Finance (INDEF)1313

Dana sosial Islam

CWLS

Zakat → too small 2.5%

Dana komersialIslam

Vaccine sukuk, dll

SLW (Sukuk-linked Waqf) (Wakaf Sukuk)

Value-based banking(Universal values,

ethical, social, SDGs)

Lembaga keuangan Syariah

Microfinance

Modal ventura

CWLS (Cash Waqf Linked Sukuk) (Sukuk Wakaf)

2. Masa depan ekonomi Syariah: Digitalisasi

Institute for Development of Economics and Finance (INDEF)1414

Penetrasi Rasio Uang Elektronik di Indonesia

Sumber: ISEO PEBS FEB UI, 2020Sumber: ISEO PEBS FEB UI, 2020

Sumber: Global Islamic Fintech Report 2021, Dinar Standard

Melindungi keyakinan, diri dan keluarga, kesehatan, serta harta

(maqasid Syariah)

Kontribusi aktif untuk

kemajuan masyarakat

Meningkatkan kapasitas

intelektual

Tatanan sosialyang egaliter

serta ekonomiyang makmur

sejahteraAktivitas Sektor Riil

Risk Sharing

Kontrak & kesepakatan

yang jelas dan adil

Zakat, Infak, Sedekah dan Wakaf

Nilai Etika dan Moral

Nilai Universal Ekonomi dan Keuangan Syariah

Prinsip Ekonomi Syariah

Unique Framework

Ekonomi Syariah

2. Masa depan ekonomi Syariah: Literasi

2. Masa depan ekonomi Syariah: BIG MOMENTUM AHEAD

Institute for Development of Economics and Finance (INDEF)1616

Indonesia’s Presidency in G20 in 2022!BSI should reap the most from it!

Terima kasih

Kontak Respondensi:

Fauziah Rizki Yuniarti, MScINDEF

fauziah@indef.or.id / fryuniarti@gmail.com

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