The Model of Policy The Community Banking Services to Enhance Islamic Banking Competitiveness In Indonesian
Proceeding - Kuala Lumpur International Business, Economics and Law Conference 11.
December 17 – 18, 2016. Hotel Bangi-Putrajaya, Bangi, Malaysia.
ISBN: 978-967-13952-7-1
THE MODEL OF POLICY THE COMMUNITY BANKING SERVICES TO ENHANCE ISLAMIC
BANKING COMPETITIVENESS IN INDONESIAN
Zulfikar
Economics and Business Faculty-Accounting Department
Muhammadiyah University of Surakarta, Indonesian
Email: zulfikar@ums.ac.id
Noer Sasongko
Economics and Business Faculty-Accounting Department
Muhammadiyah University of Surakarta, Indonesian
Email: noerss@ums.ac.id
ABSTRACT
This study aims to analyze the policy model of Islamic banking services in Indonesian . Data were taken from statistical
publications of Islamic banking by Ototiritas Jasa Keuangan of 134 companies. Logistic model will be used to explain
the policy of Islamic banking services. These results indicate that the model of Islamic banking service policies can
explain the characteristics of the spin-offs and office channeling. Of the 18 financial ratio analysis, there were 10
financial ratio can explain models office channeling while the rest of the model describes the spin-off.
Keywords: Spinn-off, Office-channeling, islamic banking
90
Proceeding - Kuala Lumpur International Business, Economics and Law Conference 11.
December 17 – 18, 2016. Hotel Bangi-Putrajaya, Bangi, Malaysia.
ISBN: 978-967-13952-7-1
INTRODUCTION
The emergence of Islamic Banking in Indonesia can not be separated from the issuance of Law No. 10 of 1998 as a
replacement for the improvement of Law No. 7 of 1992, which provides direction for conventional banks to open
branch offices operated by sharia (dual banking system) in the form of Business Unit Sharia (UUS) or convert
themselves into islamic banks. This is in line with the policy of banks in Indonesia as the sustainability of the bank
restructuring program to continue recovery efforts banking intermediation function and stabilization of the banking
health resilience that are part of banking performance.
Subsequent developments, the Government rolling laws governing Islamic banking nationally through Act No. 21 of
2008. Since then the development of Islamic Banking quite rapidly when seen from the number of institutions
established Islamic Banks. It can be shown development of Islamic Banks (Spin off) since 2007 totaling 3 Spin off to
10 in 2010. However, as the implications of the provisions of Law No. 21 of 2008 concerning Islamic Banking which
obliges Conventional Commercial Bank (BUK) to spin off its UUS into BUS if UUS asset value has reached at least
50% of the total value of assets of the parent bank, or at least 15 years since the enactment of this Act then in the future
will increase the number of spin-offs. Some researchers conducted an analysis of government policy by examining the
development of the business scale of sharia banking in Indonesia measured asset growth, the office network of Islamic
banks, Third Party Fund (DPK), and competitors / substitutes (Rohaya, 2008; Zulfikar and Nadhiroh, 2010 and Zulfikar
2012). This proves that the competitiveness of Islamic banking is not less important to the conventional.
LITERATURE REVIEW
Competitiveness
Competitiveness of Islamic banking far more important for investors. Elryah (2014) conducted an analysis of financial
ratios at banks in Malaysia to see the power of competitiveness with conventional banking. Analysis results showed that
Islamic banking is able to generate better profitability compared with conventional banking and Islamic banks ability to
minimize the risk of loss of productive assets is higher than conventional banks (Elryah, 2014).
Competitiveness of Islamic banking appeals to conventional banks to open sharia services, even modern foreign banks
also compete. Muda, et al (2013) in his study comparing the profitability of Islamic banks determinant of domestic and
foreign Islamic bank in Malaysia.
Sharia Services Policy
There are two policies that became effective May of 2007 in a Bank Indonesia Regulation No. 8/3 / PBI / 2006, that
office channeling and Spin off. Office channeling is a term used to describe the use of commercial banks (conventional)
in serving transactions with Islamic Laws on the condition that the bank in question has to have Sharia (Rohaya, 2008).
In the Bank Indonesia Regulation (PBI) No. 8/3 / PBI / 2006 concerning the opening of Islamic services in the
conventional bank office (office channeling) does not mention the term of office channeling. In Chapter I of Article 20,
only mentioned the term Islamic services, the activities undertaken by the branch office or at the office under branch
office for and on behalf of the Branch Office at the same bank. In the Progress Report on Islamic Banking (LPPS) 2005
by Bank Indonesia, said that the policy direction office channeling is set that the conventional commercial banks have
opened Islamic business units (dual system bank) may apply to the Bank Indonesia to open Islamic services in the bank
office both conventional commercial branch offices and auxiliary offices.
Spin Off is segregated from conventional banking Islamic banks into a stand-alone bank. The banks which have had a
Sharia (UUS) should turn it into a subsidiary with its own legal entity. Application of spin-offs for Syariah business unit
will encourage the development of the Islamic banking industry for a number of reasons one of which is by using a
spin-off policy, the new Islamic banks to develop business syariahnya more freely than when they form a business unit
of Sharia (Rohaya, 2008). Characteristics policies according Rohaya Spin Off (2008) is a) Capital needed to be large (at
least Rp. 1 trillion); b) It is difficult to compete with conventional banks, if the amount of tissue and a small capital; and
91
Proceeding - Kuala Lumpur International Business, Economics and Law Conference 11.
December 17 – 18, 2016. Hotel Bangi-Putrajaya, Bangi, Malaysia.
ISBN: 978-967-13952-7-1
c) the purity Awake operations. While Pujiono (2007) states that there are three approaches in banking establishment by
using policies Spin Off, among others: first, conventional banks have had UUS, acquiring banks are relatively small,
converting them into sharia, and release as well as incorporating UUS her with banks the newly converted. Second,
conventional commercial banks do not yet have UUS, acquiring a relatively small bank, converting them into sharia.
The third is to spin off (release) business unit of Sharia to be Islamic Banks.
Excess policy spin off according Pujiono (2007) and Jongbloed (2004), among others, a) It is the fastest way to
encourage the growth of Islamic banking. However, subject to spin off effect at the time the bank's assets have been
great. To spin off, there are three things to think about, the timing, sizing and pricing. When the time is right, asset or
market is already large, and the fare is cheaper and more profitable, there is no choice but to separate from parent banks
UUS .. b) Spin off also meant that not mixed with doubtful business, so there are clear restrictions. c) Spin off is
intended to remove the doubts the management of existing funds to the parent bank, there must be a fine line between
conventional and Islamic balance sheet separated.
METHODOLOGY AND DATA
This study empirically examine the variables that can determine the selection policy on Islamic banking services. The
data used in this research are secondary data from the financial statements of Islamic Banking published through the
web page of each of those companies and Islamic banking statistics published by the Otoritas Jasa Keuangan
(OJK).This study used cross sectional data is for companies listed in the OJK in the period 2009-2015.
The variable in this study is divided into two, namely the dependent and independent variables. The dependent variable
was measured in two categories referring to service policy, namely Spin off (category 1) and office channeling
(category 0). While independent variables consisted of 18 variables as presented in the following table:
Table 1. Variable and the measurement
No.
Financial Ratio
1.
Profitability
a. Return on Assets
b. Return on Equity
c. Profit Margin
d. Return on Deposit
e. Net Operating Margin
2.
Bank efficiency
a. Interest Income to Expense
b. Operating Expense to Assets
c. Operating Income to Assets
Measure of variable
��� =
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��� ������
������� ����� �������� ′ � �������
��� =
�������� ������ − �������� ��������
������� ����� ����
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��������� ��������
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92
Proceeding - Kuala Lumpur International Business, Economics and Law Conference 11.
December 17 – 18, 2016. Hotel Bangi-Putrajaya, Bangi, Malaysia.
ISBN: 978-967-13952-7-1
Table 1. Variable and the measurement
No.
Financial Ratio
Measure of variable
d. Operating Expense to Revenue
��� =
e. Asset Turnover
f. Net Interest Margin
3.
Liquidity
a. Cash to Assets
b. Cash to Deposits
4.
Asset Quality
a. Loan to Aset
b. Loan to Deposit
5.
Risk and Solvability
a. Deposit to Asset
b. Equity to Deposits
c. Total Liabilities to Equity
��������� ��������
�������
�������� ������
��� =
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��� =
��� �������� ������ − ��� �������� �������
������� ����� ������
��� =
���ℎ
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��� =
������� ����� ����
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��� =
���ℎ
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������� ����� �������� �������
������� ����� ������
��� =
������� ����� �����������
������� ������
��� =
������� ������
������� ����� �������� �������
Analysis Methods
Data analysis was carried out on a logistic regression model that has a non-metric dependent variable and metrics
independent variables the following:
�
��
�
= �� + ∑ �� ��� + ⋯ + �
1 − ��
�=1
Notasi:
��
= Opportunity services policy (p = 1 if selection on the service spin off and p= 0 if the selection on the service
office channeling)
���
= independent vector (j = 1, 2, 3.......n)
�; �; � = The estimated parameters logistic function random error
RESULTS AND DISCUSSION
The results of the data collection service Islamic bank during graduation in 2009 until 2015 are presented in the
following table:
93
Proceeding - Kuala Lumpur International Business, Economics and Law Conference 11.
December 17 – 18, 2016. Hotel Bangi-Putrajaya, Bangi, Malaysia.
ISBN: 978-967-13952-7-1
Table 2. Syariah Bank Services
Bank Service Indicators
2009
2010
2011
2012
2013
2014
2015
Spin off
-
Total Bank
6
11
11
11
11
12
12
-
Total Office
711
1.215
1.401
1.745
1.998
2.151
2.121
Office channeling
-
Total Bank
25
23
24
24
23
22
22
-
Total Office
287
262
336
517
590
320
327
Data Analysis
The first analysis was performed to assess Goodness of Fit models in Islamic services policy Hosmar and Lemeshow's
test. Hosmar and Lemeshow test results is shown in the following table:
Table 3. Hosmar and Lemeshow’s Test
Chi-Square
df
Sign-value
143,56
14
0,986
134,76
14
0,975
Metods
Pearson
Deviance
Statistical tests showed the value of chi-square for the method of Pearson and deviance respectively 143.56 and 134.76.
Both show the significance value greater than 0.05, respectively 0.986 and 0.975. Thus the results of statistical tests
concluded Ho. This means that the model Islamic services fit for use in subsequent analyzes because there is no real
difference between the predicted classification by classification were observed.
The second analysis was to test the overall model of sharia to see the value of the log likelihood and Nagelkerke R
Square. Overall test results the model shown in the following table:
Table 4. Overall Significance Test
Metods
-2 Log Likelihood
Step 1
45,67
Cox and Snell R
Square
0, 45
Nagelkerke R Square
0,785
Based on the coefficient table Nagelkerke R Square of 78.5%, this means that the independent variable in the model is
able to explain the policy composed Islamic services 78.5%, while 21.5% is explained by other independent variable
that is not included in the model policy of Islamic services.
The next analysis is done by testing the explanatory variables in the model partially. The following are the partial
results of statistical tests.
Table 5. Wald Test Statistic Value
Variables
B
S.E
Wald
Sign
Exp (B)
0.
Const
0,948
2,693
8,619
0,000
0,562
1.
ROA
0,256
1,467
4,890
0,007
0,346
2.
ROE
0,189
2,141
6,034
0,000
0,489
94
Proceeding - Kuala Lumpur International Business, Economics and Law Conference 11.
December 17 – 18, 2016. Hotel Bangi-Putrajaya, Bangi, Malaysia.
ISBN: 978-967-13952-7-1
Table 5. Wald Test Statistic Value
Variables
B
S.E
Wald
Sign
Exp (B)
3.
PM
0,058
3,156
5,267
0,000
0,267
4.
ROD
0,756
0,987
0,897
0,108
0,409
5.
NOM
0,974
1,987
3,898
0,028
0,475
6.
IIE
0,876
2,118
2,989
0,039
0,584
7.
OEA
0,972
1,112
7,785
0,000
0,645
8.
OIA
0,478
2,578
0,651
0,324
0,226
9.
OER
0,290
1,964
0,547
0,411
0,128
10. ATO
0,324
4,267
0,891
0,299
0,298
11. NIM
0,489
3,987
5,342
0,002
0,471
12. CTA
0,561
1,989
0,978
0,279
0,249
13. CTD
0,176
0,979
0,577
0,327
0,293
14. LTA
0,697
1,227
0,679
0,458
0,781
15. LTD
0,985
3,976
7,854
0,000
0,865
16. DTA
0,837
1,987
9,885
0,000
0,786
17. ETD
0,581
3,775
6,985
0,022
0,723
18. TLE
0,619
2,958
0,487
0,641
0,278
Analysis of the policy model of sharia services to the value of the test statistic wald at a significance level of
December 17 – 18, 2016. Hotel Bangi-Putrajaya, Bangi, Malaysia.
ISBN: 978-967-13952-7-1
THE MODEL OF POLICY THE COMMUNITY BANKING SERVICES TO ENHANCE ISLAMIC
BANKING COMPETITIVENESS IN INDONESIAN
Zulfikar
Economics and Business Faculty-Accounting Department
Muhammadiyah University of Surakarta, Indonesian
Email: zulfikar@ums.ac.id
Noer Sasongko
Economics and Business Faculty-Accounting Department
Muhammadiyah University of Surakarta, Indonesian
Email: noerss@ums.ac.id
ABSTRACT
This study aims to analyze the policy model of Islamic banking services in Indonesian . Data were taken from statistical
publications of Islamic banking by Ototiritas Jasa Keuangan of 134 companies. Logistic model will be used to explain
the policy of Islamic banking services. These results indicate that the model of Islamic banking service policies can
explain the characteristics of the spin-offs and office channeling. Of the 18 financial ratio analysis, there were 10
financial ratio can explain models office channeling while the rest of the model describes the spin-off.
Keywords: Spinn-off, Office-channeling, islamic banking
90
Proceeding - Kuala Lumpur International Business, Economics and Law Conference 11.
December 17 – 18, 2016. Hotel Bangi-Putrajaya, Bangi, Malaysia.
ISBN: 978-967-13952-7-1
INTRODUCTION
The emergence of Islamic Banking in Indonesia can not be separated from the issuance of Law No. 10 of 1998 as a
replacement for the improvement of Law No. 7 of 1992, which provides direction for conventional banks to open
branch offices operated by sharia (dual banking system) in the form of Business Unit Sharia (UUS) or convert
themselves into islamic banks. This is in line with the policy of banks in Indonesia as the sustainability of the bank
restructuring program to continue recovery efforts banking intermediation function and stabilization of the banking
health resilience that are part of banking performance.
Subsequent developments, the Government rolling laws governing Islamic banking nationally through Act No. 21 of
2008. Since then the development of Islamic Banking quite rapidly when seen from the number of institutions
established Islamic Banks. It can be shown development of Islamic Banks (Spin off) since 2007 totaling 3 Spin off to
10 in 2010. However, as the implications of the provisions of Law No. 21 of 2008 concerning Islamic Banking which
obliges Conventional Commercial Bank (BUK) to spin off its UUS into BUS if UUS asset value has reached at least
50% of the total value of assets of the parent bank, or at least 15 years since the enactment of this Act then in the future
will increase the number of spin-offs. Some researchers conducted an analysis of government policy by examining the
development of the business scale of sharia banking in Indonesia measured asset growth, the office network of Islamic
banks, Third Party Fund (DPK), and competitors / substitutes (Rohaya, 2008; Zulfikar and Nadhiroh, 2010 and Zulfikar
2012). This proves that the competitiveness of Islamic banking is not less important to the conventional.
LITERATURE REVIEW
Competitiveness
Competitiveness of Islamic banking far more important for investors. Elryah (2014) conducted an analysis of financial
ratios at banks in Malaysia to see the power of competitiveness with conventional banking. Analysis results showed that
Islamic banking is able to generate better profitability compared with conventional banking and Islamic banks ability to
minimize the risk of loss of productive assets is higher than conventional banks (Elryah, 2014).
Competitiveness of Islamic banking appeals to conventional banks to open sharia services, even modern foreign banks
also compete. Muda, et al (2013) in his study comparing the profitability of Islamic banks determinant of domestic and
foreign Islamic bank in Malaysia.
Sharia Services Policy
There are two policies that became effective May of 2007 in a Bank Indonesia Regulation No. 8/3 / PBI / 2006, that
office channeling and Spin off. Office channeling is a term used to describe the use of commercial banks (conventional)
in serving transactions with Islamic Laws on the condition that the bank in question has to have Sharia (Rohaya, 2008).
In the Bank Indonesia Regulation (PBI) No. 8/3 / PBI / 2006 concerning the opening of Islamic services in the
conventional bank office (office channeling) does not mention the term of office channeling. In Chapter I of Article 20,
only mentioned the term Islamic services, the activities undertaken by the branch office or at the office under branch
office for and on behalf of the Branch Office at the same bank. In the Progress Report on Islamic Banking (LPPS) 2005
by Bank Indonesia, said that the policy direction office channeling is set that the conventional commercial banks have
opened Islamic business units (dual system bank) may apply to the Bank Indonesia to open Islamic services in the bank
office both conventional commercial branch offices and auxiliary offices.
Spin Off is segregated from conventional banking Islamic banks into a stand-alone bank. The banks which have had a
Sharia (UUS) should turn it into a subsidiary with its own legal entity. Application of spin-offs for Syariah business unit
will encourage the development of the Islamic banking industry for a number of reasons one of which is by using a
spin-off policy, the new Islamic banks to develop business syariahnya more freely than when they form a business unit
of Sharia (Rohaya, 2008). Characteristics policies according Rohaya Spin Off (2008) is a) Capital needed to be large (at
least Rp. 1 trillion); b) It is difficult to compete with conventional banks, if the amount of tissue and a small capital; and
91
Proceeding - Kuala Lumpur International Business, Economics and Law Conference 11.
December 17 – 18, 2016. Hotel Bangi-Putrajaya, Bangi, Malaysia.
ISBN: 978-967-13952-7-1
c) the purity Awake operations. While Pujiono (2007) states that there are three approaches in banking establishment by
using policies Spin Off, among others: first, conventional banks have had UUS, acquiring banks are relatively small,
converting them into sharia, and release as well as incorporating UUS her with banks the newly converted. Second,
conventional commercial banks do not yet have UUS, acquiring a relatively small bank, converting them into sharia.
The third is to spin off (release) business unit of Sharia to be Islamic Banks.
Excess policy spin off according Pujiono (2007) and Jongbloed (2004), among others, a) It is the fastest way to
encourage the growth of Islamic banking. However, subject to spin off effect at the time the bank's assets have been
great. To spin off, there are three things to think about, the timing, sizing and pricing. When the time is right, asset or
market is already large, and the fare is cheaper and more profitable, there is no choice but to separate from parent banks
UUS .. b) Spin off also meant that not mixed with doubtful business, so there are clear restrictions. c) Spin off is
intended to remove the doubts the management of existing funds to the parent bank, there must be a fine line between
conventional and Islamic balance sheet separated.
METHODOLOGY AND DATA
This study empirically examine the variables that can determine the selection policy on Islamic banking services. The
data used in this research are secondary data from the financial statements of Islamic Banking published through the
web page of each of those companies and Islamic banking statistics published by the Otoritas Jasa Keuangan
(OJK).This study used cross sectional data is for companies listed in the OJK in the period 2009-2015.
The variable in this study is divided into two, namely the dependent and independent variables. The dependent variable
was measured in two categories referring to service policy, namely Spin off (category 1) and office channeling
(category 0). While independent variables consisted of 18 variables as presented in the following table:
Table 1. Variable and the measurement
No.
Financial Ratio
1.
Profitability
a. Return on Assets
b. Return on Equity
c. Profit Margin
d. Return on Deposit
e. Net Operating Margin
2.
Bank efficiency
a. Interest Income to Expense
b. Operating Expense to Assets
c. Operating Income to Assets
Measure of variable
��� =
��� ������
������� ����� ������
�� =
��� ������
��������� ������
��� =
��� ������
������� �����ℎ����� ′ � �����
��� =
��� ������
������� ����� �������� ′ � �������
��� =
�������� ������ − �������� ��������
������� ����� ����
��� =
��������� ������
������� ����� ������
��� =
��� =
��������� ������ �� ������
�������� ������
��������� ��������
������� ����� ������
92
Proceeding - Kuala Lumpur International Business, Economics and Law Conference 11.
December 17 – 18, 2016. Hotel Bangi-Putrajaya, Bangi, Malaysia.
ISBN: 978-967-13952-7-1
Table 1. Variable and the measurement
No.
Financial Ratio
Measure of variable
d. Operating Expense to Revenue
��� =
e. Asset Turnover
f. Net Interest Margin
3.
Liquidity
a. Cash to Assets
b. Cash to Deposits
4.
Asset Quality
a. Loan to Aset
b. Loan to Deposit
5.
Risk and Solvability
a. Deposit to Asset
b. Equity to Deposits
c. Total Liabilities to Equity
��������� ��������
�������
�������� ������
��� =
������� ����� ������
��� =
��� �������� ������ − ��� �������� �������
������� ����� ������
��� =
���ℎ
������� ����� ������
��� =
������� ����� ����
������� ����� ������
��� =
��� =
���ℎ
������� ����� �������� ��������
������� ����� ����
��������
��� =
������� ����� �������� �������
������� ����� ������
��� =
������� ����� �����������
������� ������
��� =
������� ������
������� ����� �������� �������
Analysis Methods
Data analysis was carried out on a logistic regression model that has a non-metric dependent variable and metrics
independent variables the following:
�
��
�
= �� + ∑ �� ��� + ⋯ + �
1 − ��
�=1
Notasi:
��
= Opportunity services policy (p = 1 if selection on the service spin off and p= 0 if the selection on the service
office channeling)
���
= independent vector (j = 1, 2, 3.......n)
�; �; � = The estimated parameters logistic function random error
RESULTS AND DISCUSSION
The results of the data collection service Islamic bank during graduation in 2009 until 2015 are presented in the
following table:
93
Proceeding - Kuala Lumpur International Business, Economics and Law Conference 11.
December 17 – 18, 2016. Hotel Bangi-Putrajaya, Bangi, Malaysia.
ISBN: 978-967-13952-7-1
Table 2. Syariah Bank Services
Bank Service Indicators
2009
2010
2011
2012
2013
2014
2015
Spin off
-
Total Bank
6
11
11
11
11
12
12
-
Total Office
711
1.215
1.401
1.745
1.998
2.151
2.121
Office channeling
-
Total Bank
25
23
24
24
23
22
22
-
Total Office
287
262
336
517
590
320
327
Data Analysis
The first analysis was performed to assess Goodness of Fit models in Islamic services policy Hosmar and Lemeshow's
test. Hosmar and Lemeshow test results is shown in the following table:
Table 3. Hosmar and Lemeshow’s Test
Chi-Square
df
Sign-value
143,56
14
0,986
134,76
14
0,975
Metods
Pearson
Deviance
Statistical tests showed the value of chi-square for the method of Pearson and deviance respectively 143.56 and 134.76.
Both show the significance value greater than 0.05, respectively 0.986 and 0.975. Thus the results of statistical tests
concluded Ho. This means that the model Islamic services fit for use in subsequent analyzes because there is no real
difference between the predicted classification by classification were observed.
The second analysis was to test the overall model of sharia to see the value of the log likelihood and Nagelkerke R
Square. Overall test results the model shown in the following table:
Table 4. Overall Significance Test
Metods
-2 Log Likelihood
Step 1
45,67
Cox and Snell R
Square
0, 45
Nagelkerke R Square
0,785
Based on the coefficient table Nagelkerke R Square of 78.5%, this means that the independent variable in the model is
able to explain the policy composed Islamic services 78.5%, while 21.5% is explained by other independent variable
that is not included in the model policy of Islamic services.
The next analysis is done by testing the explanatory variables in the model partially. The following are the partial
results of statistical tests.
Table 5. Wald Test Statistic Value
Variables
B
S.E
Wald
Sign
Exp (B)
0.
Const
0,948
2,693
8,619
0,000
0,562
1.
ROA
0,256
1,467
4,890
0,007
0,346
2.
ROE
0,189
2,141
6,034
0,000
0,489
94
Proceeding - Kuala Lumpur International Business, Economics and Law Conference 11.
December 17 – 18, 2016. Hotel Bangi-Putrajaya, Bangi, Malaysia.
ISBN: 978-967-13952-7-1
Table 5. Wald Test Statistic Value
Variables
B
S.E
Wald
Sign
Exp (B)
3.
PM
0,058
3,156
5,267
0,000
0,267
4.
ROD
0,756
0,987
0,897
0,108
0,409
5.
NOM
0,974
1,987
3,898
0,028
0,475
6.
IIE
0,876
2,118
2,989
0,039
0,584
7.
OEA
0,972
1,112
7,785
0,000
0,645
8.
OIA
0,478
2,578
0,651
0,324
0,226
9.
OER
0,290
1,964
0,547
0,411
0,128
10. ATO
0,324
4,267
0,891
0,299
0,298
11. NIM
0,489
3,987
5,342
0,002
0,471
12. CTA
0,561
1,989
0,978
0,279
0,249
13. CTD
0,176
0,979
0,577
0,327
0,293
14. LTA
0,697
1,227
0,679
0,458
0,781
15. LTD
0,985
3,976
7,854
0,000
0,865
16. DTA
0,837
1,987
9,885
0,000
0,786
17. ETD
0,581
3,775
6,985
0,022
0,723
18. TLE
0,619
2,958
0,487
0,641
0,278
Analysis of the policy model of sharia services to the value of the test statistic wald at a significance level of