Penguatan Perbankan Syari’ah melalui Merger atau Konsolidasi

Nizar, Muhammad Afdi (2016): Penguatan Perbankan Syari’ah melalui Merger atau Konsolidasi.

Abstract

This research aims to : (i) examine the need to merge sharia banks in an effort to encourage the improvement and performance of sharia banking in Indonesia; (ii) review policy options for merging sharia banks owned by state-owned banks to become a separate SOE bank with a merger or consolidation pattern; and (iii) estimate the amount of State Capital Participation (PMN) in a merged bank (BUMN). The results of this study indicate that: (i) merging is one way to realize the formation of a large Islamic bank, provided there are independent controlling shareholders; (ii) merger or consolidation patterns have insignificant different effects on the economic, strategic, financial, risk and other aspects. Significant effects on the choice of merger or consolidation scheme are expected in terms of legality and conflict of interest between human resources (HR) originating from or from different backgrounds; and (iii) merging sharia banks requires large funds and high risk. Merging can be done more easily at Islamic banks that have a special relationship with the Government and are in the form of entities, namely Bank Syariah Mandiri, BRI Sharia, and BNI Sharia. This study recommends that: (i) the formation of new banks in the presence of state capital and (ii) the equity participation of conventional parent banks is maintained, only not in the position of controlling shareholder.

• Item Type: MPRA Paper
• English Title: Strengthening Sharia Banking through Merger or Consolidation
• Language: Indonesian
• Keywords: added value valuation method;dual banking system; consolidation, merger; syari’ah banking; state capital participation
• Subjects: G - Financial Economics > G2 - Financial Institutions and Services > G21 - Banks ; Depository Institutions ; Micro Finance Institutions ; Mortgages; G - Financial Economics > G2 - Financial Institutions and Services > G28 - Government Policy and Regulation; G - Financial Economics > G3 - Corporate Finance and Governance > G34 - Mergers ; Acquisitions ; Restructuring ; Corporate Governance; H - Public Economics > H8 - Miscellaneous Issues > H81 - Governmental Loans ; Loan Guarantees ; Credits ; Grants ; Bailouts

References

Akacem, M. and Gillian, L. (2002). Principles of Islamic banking : Debt versus equity financing. Middle East Policy. IX (1) : 127 – 131. https://doi.org/10.1111/1475-4967.00046

Andrade, G., Mitchell, M., and Stafford, E. (2001). New evidence and perspectives on mergers. Journal of Economic Perspectives. 15 (2): 103 – 120. https://doi.org/10.1257/jep.15.2.103

Antonio, M. S. (2001). Bank syari’ah : Dari teori ke praktek. Jakarta : Gema Insani Press bekerja sama dengan Tazkia Cendikia.

Antoniou, A., Arbour, P and Zhao, H. (2008). How much is too much: Are merger premiums too high?. European Financial Management, 14 (2): 268–287. https://doi.org/10.1111/j.1468-036X.2007.00404.x

Arifin, Z. (2002). Dasar-dasar manajemen bank syari’ah. Cetakan Kedua. Jakarta : Alvabet.

Bank Indonesia. (beberapa tahun terbitan). Statistik perbankan syari’ah Indonesia. Jakarta: Bank Indonesia.

Bank Negara Indonesia Syari’ah. (beberapa tahun terbitan). Laporan tahunan Bank Negara Indonesia (BNI) Syari’ah. Jakarta : Bank Negara Indonesia Syari’ah.

Bank Negara Indonesia Syari’ah. (beberapa tahun terbitan). Laporan keuangan Bank Negara Indonesia (BNI) Syari’ah. Jakarta : Bank Negara Indonesia Syari’ah.

Bank Rakyat Indonesia Syari’ah. (beberapa tahun terbitan). Laporan tahunan Bank Rakyat Indonesia (BRI) Syari’ah. Jakarta : Bank Rakyat Indonesia Syari’ah.

Bank Rakyat Indonesia Syari’ah. (beberapa tahun terbitan). Laporan keuangan Bank Rakyat Indonesia (BRI) Syari’ah. Jakarta : Bank Rakyat Indonesia Syari’ah.

Bank Syari’ah Mandiri. (beberapa tahun terbitan). Laporan tahunan Bank Syari’ah Mandiri (BSM) Syari’ah. Jakarta : Bank Syari’ah Mandiri.

Bank Syari’ah Mandiri. (beberapa tahun terbitan). Laporan keuangan Bank Syari’ah Mandiri (BSM) Syari’ah. Jakarta : Bank Syari’ah Mandiri.

Bank Tabungan Negara. (beberapa tahun terbitan). Laporan tahunan Bank Tabungan Negara (BTN). Jakarta : Bank Tabungan Negara.

Bank Tabungan Negara. (beberapa tahun terbitan). Laporan keuangan Bank Tabungan Negara (BTN). Jakarta : Bank Tabungan Negara.

Brealey, R., Myers, S. and Marcus, A. (2011). Fundamentals of corporate finance. McGraw-Hill Publishing Company Limited

Calomiris, C. W. and Karceski, J. (2000). Is the bank merger wave of the 1990s efficient? Lessons from nine sase studies. In Steven N. Kaplan, Editor (2000). “Mergers and Productivity”. University of Chicago, Chapter 3: 93 – 178.

Chapra, M. U. (2002). Pengharaman bunga bank : Rasionalkah?. (Edisi terjemah, Jakarta: SEBI).

DePamphilips, D. (2011). Mergers and acquisitions basics: All you need to know. Kidlington : Elsevier Inc.

Devos, E., Kadapakkam, P., and Krishnamurthy, S. (2009). How do mergers create value? A comparison of taxes, market power, and efficiency improvements as explanations for synergies. Review of Financial Studies. 22 (3): 1179 – 1211. https://doi.org/10.1093/rfs/hhn019

Firer, C., Ross, A.S., Westerfield, W.R., and Jordan, D.B. (2004). Fundamentals of corporate finance. 3rd Edition. New York : McGraw-Hill Companies, Inc.

Gaughan, P.A. (2011). Merger, acquisitions, and corporate restructurings. 5th Edition. New Jersey : John Wiley and Sons, Inc.

Gitman, L.J. and McDaniel, C. (2008). The Future of business : The essentials. 3th Edition. USA : Thomson Learning.

Gitman, L. J. and Zutter, C.J. (2012). Principles of managerial finance. 13th Edition. Boston : Prentice Hall.

Harada, K. and Ito, T. (2008). Did mergers help Japanase mega-banks avoid failure? : Analysis of the distance to default of banks. NBER Working Paper 14518. Washington DC. : National Bureau of Economic Research.

Husein, Y. (2015). Aspek hukum merger dan konsolidasi bank syari’ah. Disampaikan dalam Focus Group Discussion (FGD) tentang “Penguatan Perbankan Syari’ah di Indonesia”, Jakarta, 30 Oktober 2015 Pusat Kebijakan Sektor Keuangan, Badan Kebijakan Fiskal Kementerian Keuangan.

Jayaratne, J. and Strahan, P. E. (1997). The benefits of branching deregulation. FRBNY Economic Policy Review. 3 (4): 13 – 29. New York : Federal Reserve Bank of New York.

Karim. A. A. (2007). Bank Islam : Analisis fiqih dan keuangan. Jakarta: Raja Grafindo Persada.

Karim. A. A. (2015). Strategi prematured dan matured merger bank syari’ah. Disampaikan dalam Focus Group Discussion (FGD) tentang “Penguatan Perbankan Syari’ah di Indonesia”, Jakarta, 30 Oktober 2015 Pusat Kebijakan Sektor Keuangan, Badan Kebijakan Fiskal Kementerian Keuangan.

Khan, M. S. and Mirakhor, A. (1993). Islam and the economic system. Review of Islamic Economics. 2 (1): 1–29

Kowalik, M., Davig, T., Morris, C. S., and Regehr, K. (2015). Bank consolidation and merger activity following the crisis. Economic Review First Quarter 2015. USA : Federal Reserve Bank of Kansas City

Montoriol-Garriga, J. (2008). Bank mergers and lending relationships. ECB Working Paper No. 934 (September). Frankfurt, German : European Central Bank. Retrieved from https://www.ecb.europa.eu//pub/pdf/scpwps/ecbwp934.pdf

Motis, J. (2007). Mergers and acquisitions motives. Working Paper 0730, University of Crete, Department of Economics.

Nizar, M. A. (2007). Analisis kinerja perbankan syari’ah paska fatwa MUI tentang keharaman bunga. Kajian Ekonomi dan Keuangan, 11 (4) : 1 – 28.

Obaidullah, M. (2005). Islamic financial services. Jeddah, Saudi Arabia: Islamic Economics Research Center King Abdulaziz University.

Otoritas Jasa Keuangan. (beberapa tahun terbitan). Statistik perbankan syari’ah Indonesia. Jakarta : Otoritas Jasa Keuangan.

Ross, S. A., Hillier, D., Westerfield, R.W., Jaffe, J., and Jordan, B. (2012). Corporate finance. 10th Edition. USA : McGraw-Hill.