Theory and Concept of Profit in Islamic Banking
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Published: Thu, 15 Mar 2018
The studies on the determinant of bank’s profitability has been done since a long time ago. Compared to the studies on the determinants of Conventional bank’s profitability, the studies on determinant of Islamic bank’s profitability is still relatively new. Among of the studies that examine the determinants of conventional bank profitability is such as the studies by Dermirguc-kunt & Huizinga (1998), Vong & Chan (2006), Fadzlan & Royfaizal (2008), Masood, et al., (2009) and Rasiah (2010 ). While the studies on the determinants of Islamic banking profitability is such as the studies by Harun (1996 & 2004), Bashir (2003), Alkassim (2005), Shahidah et al (2005), Azura & Ghafar (2005), Melaty (2008), and Zantioti (2009), Fitriani (2010) and Winwin (2009).
Although the studies on Islamic banking is still relatively new and limited, the studies on conventional banking can still be refer for the research. This because most of the factors that determine the profitability of both banks are the same even the method of research conducted in the conventional banking can still be applied to the Islamic banking. So, in this chapter will include the several literature review on the determinants of both types of the bank’s profitability.
Part 1 will focus on the theory and concept of profit. Part 2 will review the profitability measure used by various researchers. Part 2 will explore the internal factors that affect the profitability of banking and the third will explore the external factors affecting the banking sector profitability. While the fourth is the conclusion from the results obtained from previous researchers.
THEORY AND CONCEPT OF PROFIT
The concept of profit is very important for a business or company to ensure that a company can be survive. According to economic theory, the profits is derived from the total revenue minus total cost. Profit is also known as the net amount of fixed costs and variable costs which derived from sales in which he is known as the excess of revenue after deducting the expenses and costs. According Joni Tamkin Borhan & Hadenan Towpek (2006), profit can be defined as revenue profits or proceeds from an activity, such as companies, businesses and others in excess of capital and all other related expenses. Profit in Islam is known as Al-ribh in Arabic, which means the increase or growth in the business in which he means the excess, and additions to the capital as a result of the business in business.
How does Islamic banking profits generated? Is it similar as the conventional banking? If we look in terms of financial transaction activity, Islamic banks also carry out financial transactions-based practice for the benefit of depositors and borrowers to obtain the profit similar with conventional banking. Bank’s role is to collect the savings and attract people to save money in the bank. After that, bank will use funds collected from depositors and lending to customers by charging a higher interest rate than the rate of interest of depositors. Here the bank will profit the difference between the interest charged to the depositor. This means that the profits generated through interest on loans less interest on deposits (inspired Joni Tamkin Borhan & Towpek, 2006).
The concept of interest is to distinguish between conventional banking and Islamic banking. Conventional banking is based on the profit on the interest rate and base interest rates (Based lending rate). While the benefits of Islamic banking is based on usury or interest rate, while profits in Islam is called a grant or gift. A.L.M. Abdul Gafoor (2004) defines interest as the additional amount paid by the borrower to the lender than the amount borrowed (the principal) (ALM Abdul Gafoor, 2004). This increases the amount that is known as a notebook and it is forbidden in Islam as stated in the Qur’an which means:
Allah has forbidden the sale and purchase and laptops. (2:275) (Radiah Abd Kader, 2001).
There is disagreement among scholars about the meaning of riba. Riba from the perspective of the Arabic language means increasing, or adding. But the meaning of this language is still not clear because not all of the increase is unlawful. By Nabil Saleh (1992) in terms of the term riba means that are not halal arising from the quantitative inequality of the transactions of two or more of the same type ribawi and delivery delays in the exchange of ribawi the same type and not the same type does not matter whether the delay was accompanied by a quantitative exchange of equivalent or not. (Radiah Abd Kader, 2001). Hadenan Towpek (2006) also defines the laptop is the profit earned from lending money and banned because of this advantage is not able to floor the stability and income growth. (Inspired Towpek, 2006).
2.1 MEASUREMENT OF GAIN
Before we talk about the factors that affect the profitability of Islamic banks, the first of what we need to know is what it gains. Rasiah (2010) who studied the reviews of the theoretical advantage of commercial banks define profits as the difference between total revenue and total costs. Thus, the factors that affect the profitability of Islamic banks are factors that affect the total revenue and total costs of Islamic banks. Most researchers categorize these factors into two internal factors (internal) and external factors (external).
There are various methods used to measure profitability. The term is often used to measure profitability is return on equity, ROE (Return on Equity) and return on assets, ROA (Return on Assets). ROA is an indicator of management efficiency. It shows how bank management ability to convert assets to net profit. ROE is a measure of the return flow to the shareholders of the bank. This is important for shareholders of the bank for this amount reflects the gain or loss on their investment.
In addition to the use of ROA and ROE as a proxy of profits, use of return on deposits, ROD (return on deposits) and net interest margin, NIM (net interest margin). ROD is the ratio of income resulting from the deposits to total assets. ROD shows the use of funds raised by the bank where he showed the ability of banks to use deposits effectively.(Azura & Ghafar, 2005). Profit before tax to total assets, BTP / TA (BEFORE tax profit over total assets) reflects the ability of banks to generate profits by diversifying the portfolio (Hassan & Bashir, 2003).
Vong & Chan, Fadzlan & Royfaizal (2008) uses ROA as a proxy of profits. Alkassim (2005), Syahidah et al. (2005), Melaty (2008), continuing to study the benefits of ROA, ROE and NIM. While Azura & Ghafar (2005) using ROA, ROE and ROD, and Bashir, (1998 & 2003) and Bashir & Hassan (2004) using ROA, ROE and BTP / TA. In research conducted by Ferdi (2005) and Fitriani (2010) on commercial banks (conventional) Indonesia using ROA as a measure of bank profitability. In Indonesia, the assessment of ROE, ROA is preferred because Indonesia is more concerned with bank bank profits measured by assets which fund the bulk coming from the public savings (Fitriani, 2010).
There are additional arguments on the size of the gain by using the ratio option before and after tax profits. Choice of this ratio is much better than the ROA and ROE as different countries have different corporate tax structure (Rasiah, 2010). It is therefore important to use before and after tax profits as a measure of banking profitability. Haron (1996 & 2004), Rasiah (2010) continue the study using a variable gain using Tita (Total revenue as a percentage of total assets), BITA (the bank revenue as a percentage of total assets), BTTA (net profit before tax as a percentage of total assets), BTCR (net profit before tax as a percentage of capital and reserves) and ATCR (net profit after tax as a percentage of capital and reserves). According to Rasiah (2010), BTTA and Atta is a measure of profit before and after taxation of asset in which both represent the value of ROA. While ATCR BTCR and represents the profit before and after tax on equity returns in both of which represent the value of ROE.
Although the option of using before and after tax profits represent the same size as ROA and ROE, but also differences in the findings. The size of ROA and ROE as a measure of profitability used is influenced by factors such as the more general findings of Alkasim (2005) found that the size factor, capital, loans, deposits and other overhead expenses significantly affect the ROA, while the size factor, equity and spending overhead significantly affect the ROE. While the choices before and after tax profit was influenced by factors more specific. It can be seen as the study Rasiah (2010) in which the study found that current account deposits, overhead expenses, investments in securities, capital and basic interest rates affect the BTTA. However, overhead expenses and capital factors do not influence views Atta. The results of current account deposits BTCR found, investment in securities, overhead expenses, interest rates and GDP basis a significant impact on BTCR. However, overhead expenses were not seen as affecting the ATCR. In a study of Aaron (2004), factor income as a percentage of the savings and investment, money supply, interest rates, capital and competition is a significant impact on BTCR, but the effect is different ATCR where the variable interest rates, money supply, and capital funds in investment activity seen a significant influence ATCR.
Overall, the choice before and after tax profit is indeed better than previous researchers measure of profitability because the use of options and after-tax profits before deciding factor to see more specific than the measurement of ROA and ROE to examine the determinant factors are more common.
2.2 INTERNAL FACTORS
Internal factors or internal reference to the factors that influenced the decisions of bank management. Effective management will certainly affect the performance of a bank. In the banking sector, management is an important factor that determines the performance of a bank. Weak management of the bank management, human resources and supervision of banks will reduce the efficiency of a bank (Fitriani, 2010).
This suggests that internal factors are very important in influencing bank profits. Based on previous research, the bank management strategies can be traced through the data in the balance sheet (balance sheet) and income statement (income statement) of a bank.
Items in the balance of return is part of the financial statements indicating the financial position of banks at a point in time. It reflects the policies and decisions of bank management in allocating resources. Item balance statement is a direct indicator of the total costs and the costs of the bank. While the income statement measures the success of the operations of the bank for a certain period. Operating ratio derived from the income statement reflects the efficiency of management in generating revenue and controlling costs at the same time (Vong and Chan, 2009). The study by Hester and Zoelinier (1966) on the 300 banks in the city of Kansas and Connecticut found that changes in the structure of the balance of return has a significant impact on bank earnings (Sudin Haron, 2004). In fact, the majority of previous studies found that the quality of assets, capital ratios, liquidity ratios, and spending as internal factors that affect bank profitability.
Asset quality can be measured with the provision for bad debts to total credit. This is a measure of the size of the capital risk and credit quality. If banks operate in a more risky and did not have the expertise to handle their loan operations, it is likely to produce the ratio of bad debt provision of higher and reduce profits (Vong & Chan, 2009). This is consistent from the previous study by Vong & Chan (2009) and Fadzlan (2008) who found that the LLP and the number of loans has a significant negative correlation to profitability. However, the study by Shahida et al. (2005) found that the provision for bad debts positively related to bank profit margins. This indicates that more bad debt provisions made by banks, more secure bank Clappers margin of external shocks. The findings by Alkassim (2005) found that the ratio of bad debt provision is lower in conventional banks shows that the conventional banks have better asset quality than the Islamic banking in the GCC countries.
Capital ratio is used as a tool for assessing capital adequacy and the level of safety and health of the bank umum.Kebanyakan previous researchers used the ratio of total equity to total assets as a capital ratio (EQTA). EQTA ratio indicates the ability of banks to withstand losses. EQTA low ratio indicates a high risk of exposure and potential problems of capital adequacy (Melaty, 2008). EQTA a high ratio indicates the level of bank capital adequacy is good and this causes the lower the possibility of a troubled bank, and this can increase the trust of the community and increase the profitability of Islamic banks (Fitriani, 2010). This hypothesis is supported by findings by Dermirguc & Huizinga (1998), Ferdi (2005), Fadzlan & Royfaizal (2008), Vong & Chan (2009) and Fitriani (2010) who found that there is a positive and significant relationship between capital gains ( ROA and ROE) for a conventional bank. Similar results were also found by Bashir (2002), Bashir (2003), Hasan & Bashir (2004) and Melaty (2008) on profit (ROA and ROE) of Islamic banking. . This indicates that banks have better capital face lower bankruptcy costs which reduce the cost of external financing and thus improve bank profitability.
Contrary to the results of research by Pratomo et al., (2007) who found that there are negative and significant relationship between EQTA and bank profits. These findings support the hypothesis supports the agency says the cost of high leverage or the ratio of equity to assets (EQTA) low to reduce the cost of equity and external agencies is increasing the value of the firm and lead to better performance. Rasiah (2010) and Zantioti (2010) also found a negative relationship exists and siginikan antra EQTA and ROE is found negative and significant relationship exists between the ratio of equity to assets with gains. This suggests that a higher capital ratio will reduce the efficiency or performance, and reduce returns to shareholders.
Alkasim (2005) also found a positive correlation between the ratio of EQTA and profitability of Islamic banks and a negative correlation between the ratio of profits EQTA and conventional banks in the GCC countries. This shows the level of Islamic banks have capital adequacy better than conventional banks in the GCC countries.
LIQUIDITY / Liquidity
According Towpek and Borhan (2006), one of the objectives of the establishment of the bank is to maintain liquidity. A bank can be said to be diluted if the banks can meet the obligations to pay back all deposits and loan demand customer without delay occurs (Ferdi Rindhatmono, 2005). Based on previous research, there are three ratios are often used as a proxy of liquidity of bank loans to total asset ratio, the ratio of deposits to total assets and the ratio of loans to total deposits.
Bank loans are the main source of banks and bank operations depends on the loan.Loans to total asset ratio is often used as a measure of bank liquidity. Source of funds from the public deposits are used in the process of granting credits or loans by the bank. More and more loans from the bank, the higher the ratio of total loans to total assets, the less liquid the bank and this would lead to a better performance improvement. However, the ratio of total loans to total assets is too high so as to reduce liquidity and increase the number of marginal borrowers in default (default) to pay and reduce bank profits.
The results of research by Dermirguc & Huizinga (1998), Vong & Chan (2006) and Fadzlan & Royfaizal (2008) to confirm the hypothesis that the conventional banking where the results show that there is a positive and significant relationship between bank lending and profitability. Similar results were obtained on a study by the Islamic banking by Bashir (2000), Bashir (2003), Hassan & Bashir (2004), Aaron (2004), Azura & Ghafar (2005) and Alkasim (2005) and Melaty (2008 ) shows that riba-free loans increase in Islamic banking is based on profit and loss sharing leads to increased profitability in banking.
The ratio of deposits to total asset ratio also known as short-term funding and customers (customer and short-term funding) to total assets is used as a proxy of liquidity coming from the bank liability. This ratio is obtained by dividing the number of third party assets (Winwin, (2009). Third-party funds are funds which come from the current deposit, savings and investment deposits (Fitriani, 2010). As the holdings reflect the expenses of the bank liquidity, increasing These costs will reduce profit margins (Winwin Yadiati, 2009). However, the results of empirical studies find no consistent relationship between the customer and the ratio of short-term funding to total assets of the profits.
Empirical research conducted by Dermirguc and Huizinga (1997), Bashir (2000 and 2003) found no significant relationship between the ratio of customer financing and short-term profits. However, further empirical study by Bashir and Hassan (2004) found a negative correlation exists between these two variables which indicates that the ratio of short-term customer financing and high interest rates led to lower margins without.Different results were found later by Winwin Yadiati (2009) who found that there is a significant positive impact of customer financing and the ratio of short-term profit to total assets of Islamic banks in Indonesia. This shows that the increase in the ratio of short-term financing to customers and total assets will increase the profitability of Islamic banks.
Aaron (2004) extend the study to detail the impact of funding sources in all three accounts, namely the ratio of deposits in current accounts, savings accounts and investment accounts. In the study, Aaron (2004) found that the funds deposited in the current account result in a significant positive. This decision was supported by research findings Rasiah (2010) to the conventional banking which also found a positive correlation between the ratio of time deposits to total assets of the bank profits. This suggests that more time deposits placed by customers in the bank, the more revenue received by the bank. However, no significant results obtained for the funds deposited in savings accounts and savings and investment accounts which resulted in negative results, while the investment account to produce positive results. This research also confirms the practice Islamic banks are using the latest principles of mark-ups to finance their activities and the application of the principle of profit sharing that led to the inverse relationship with profitability (Sudin Haron, 2004).
Loan to deposit ratio (LDR)
Loan to deposit ratio (LDR) is used to assess the ability of banks to meet obligations
Research conducted by Ferdi (2005), Fitriani (2010) and Rasiah (2010) found that there is a positive and significant relationship between the ratio of the LDR and bank profits.
COST EFFICIENCY IN MANAGEMENT
Efficiency in cost management is an important internal factor that can be traced through the income statement. Components include staff costs and salaries and the cost of running the facilities available at each branch. The higher expenditure of the bank, the lower bank profits. However, empirical research shows the results for the overhead costs that are not consistent. The studies by Ferdi (2005), Melaty (2008), Fitriani (2010) and Rasiah (2010) confirmed the hypothesis on which the study found that there is a negative and significant relationship between overhead costs and bank profits. In contrast to the results of research conducted by Dermirguc & Huizinga (1998), Bashir (2003), Hasan & Bashir (2004) and Aaron (2004) who found that there is a positive and significant relationship between overhead costs and profits in the bank. Similar results were also found by Alkasim (2005) in Islamic banking in the GCC countries. Alkasim (2005) also found that the total cost higher than conventional banking to Islamic banking in the GCC countries.
Non-interest income or interest income is used as a proxy for diversification of banks (Fadzlan & Royfaizal, 2008). Non-interest income is income derived from services provided by the bank in which it does not require the use of savings. Non-interest income consists of commissions, service charges and fees, guarantee fees, net gains from sale of investment securities and foreign exchange gains. Interest income is not very popular because it is so profitable and free from lending activities or payment of capital does not require supervision (Towpek & Borhan, 2006). Diversification is usually higher will increase bank profits.
However, empirical research shows inconsistent results. The study by Fadzlan and Royfaizal (2008) showed a significant and positive relationship between diversification and profit of the bank where this shows that the increased diversification of banks to increase profits. Contrary to the findings by Dermirguc & Huizinga (1997), Hasan & Kabir (2004), Azura & Ghafar (2005) and Zantioti (2009) who found that the inverse correlation between the diversification of the profits. Based on research by Azura & Ghafar (2005), this inverse relationship is caused by the income earned Islamic banks in Malaysia are not too dependent on non-interest income, the diversification of banks do not play an important role in the production of bank profits.
The risk factor is a very important factor in determining profitability of a bank. Risk is the volatility (uncertainty) in connection with certain events in the banking operations.Generally, bank management will focus on some form of risk, namely credit risk, liquidity risk, interest rate risk, market risk, revenue risk and capital risk (Muhammad Taqiuddin, 2009).
In addition to using the ratio of bad debt provision as a proxy for risk capital and credit quality, the use of non-performing loans (NPL, non-performance loan) is also used to measure credit risk. High NPL ratio indicates that the risk of failure of borrowers to pay back the loans the banks are high and causing the credit risk faced by banks is high.This will lead to bank profits will decline. Fitriani Prastiyanintyas Research (2010) confirmed the hypothesis on the NPL, where he finds a significant negative profits. This shows that the higher the lower the NPL ratio of profits recorded by banks in Indonesia.
However, the study Zantioti (2009) on Islamic banks around the world have no country credit risk is a significant relationship with profitability. In the study Shahida Shahimi. et al., (2005) on Islamic banks in Malaysia found that the risk of default (default risk) negatively related to the NIM. This means a high risk of causing a breach of earnings margin declined funding. In addition to credit risk, market risk is studied in which the findings of the study found a negative correlation between market risk (market risk) and NIM. This shows the uncertainty in the rate of return of the Islamic financial market (market risk) leads to a lower margin.
Overall, the results of research done on previous researches, a significant internal factor that has proved to be empirical is like capital, asset quality, liquidity, expenses, costs and risks. This proves that the internal factors that influence these factors include the bank CAMEL (capital, asset, management, earnings, liquidity).
2.3 EXTERNAL FACTORS
Extrapolation is defined as factors that are beyond the control of management of a bank. The main components of the external determinants of macroeconomic factors, financial structure and global factors.
Economic growth or GDP is often used as indicators of macroeconomic and it is a measure of total economic activity within a country. GDP growth reflects the economic cycle and it also affects demand and supply of bank loans. GDP growth will increase bank profits and lowering the GDP growth will reduce bank profits. Hassan and Bashir (2003), Melaty (2008), Fadzlan & Royfaizal (2008), Zantioti (2009) and Rasiah (2010) found a significant positive relationship between economic growth and benefit the bank in which he showed that GDP growth will increase profits bank. Zantioti (2009) also found that GDP growth is significantly different between North Africa and two other areas. In North Africa, the impact on GDP growth of Islamic banking profits are negative, while in South Asia and the Middle East is a positive effect.
A macro is no less important is inflation. Inflation is an important factor influencing bank profits. Inflation is defined as the price of goods and services prevailing in an economy from one period to another period (Sadono Sukirno, 2007). Inflation affects the real value of the costs and revenues which may affect bank profitability in a positive or negative (Melaty, 2008). The effect of inflation depends on the factors anticipated / expected and anticipated or not anticipated. In the case of anticipated inflation, when inflation occurs, the bank may adjust the interest rate exactly on time. So this will cause earnings to rise faster than costs and will then lead to increased profits. But in the case of inflation is not anticipated, the possibility of passing the bank adjusts interest rates and this will lead to cost banks grew faster than revenues. As a result, profits will decrease (Melaty, 2008).
In a study of the effect of inflation on profits, most researchers use the CPI (consumer price index) as an indicator of inflation. Fadzlan & Royfaizal (2008) found that the rate of inflation is negatively related to bank profitability in the Philippines during the period 1990-2005 showed that the rate of inflation is not anticipated or expected by the bank and lead bank profits fell Philippines. Contrary to the study by Vong & Chan (2006) in which the inflation rate shows a positive effect on return on bank assets. This resulted in bank management can expect the rate of inflation and respond appropriately. This suggests that banks in Macao tend to be more profitable in an environment of inflation.Haron (1996 & 2004) find that inflation has a significant positive effect on the profitability of Islamic banks with conventional banks.
Changes in money supply lead to changes in nominal GDP and price level. Brouke (1998) believe that market growth will generate opportunities for banks to earn higher profit bank.
The market share is considered as external factors that determine the bank profit on the assumption that as a result of the efficiency of the bank, the bank will acquire a greater market share and this will increase bank profits. A larger market share means more power for the bank to control prices and services offered to customers (Aaron, 1996).However, the study by Aaron (1996 & 2004) found that there is inverse relationship between market share and profitability of Islamic banks (Tita and BITA). It is caused by the existence of excess liquidity that are predominantly in the short term due to lack of funding for Islamic financial instruments and the absence of the Islamic financial markets in many countries.
It suggests that the possibility of funds deposited by clients are liquid assets that produce little income or no income to the bank (Aaron, 2004).
Bank size is generally used to see the potential economies of scale or economies of scale in the banking sector disekonomi. Economies of scale is defined as a reduction in cost per unit of product produced and sold. If an industry dependent on economies of scale, larger institutions will be more efficient and to provide services with lower costs.Consequently, a larger bank will acquire a higher level of profit if the entry of new banks in the market is hindered (Gift, 1996, pg 54).
Most of researchers use total assets as a proxy for size. Vong & Chan (2006) found that a significant negative effect of bank size and ROA indicates that a larger bank to achieve a lower ROA than smaller banks. This showed that the interbank market is competitive and efficient as the bank with a network of large retail deposit-taking should not enjoy the excess of the cost of other banks. This is contrary to the study Sudin Haron (1996 & 2004) who found that bank size has a significant positive relationship with profitability.
Financial regulation are the characteristics of an important industry that can affect the profitability of commercial banks. If the regulator to reduce the restrictions imposed on the bank, the bank can take on more risk. If a higher risk-taking is beneficial, this will benefit the shareholders and depositors. But if instead the bank will fail and depositors to lose (Hasan & Bashir, 2004). To see the impact of financial regulation, previous studies using the proposed reserve requirements of the banking system (RES) and the payment of taxes distributed pre-tax profit for each bank as a proxy of the financial regulations. Reserve requirements reserves of the banking system does not generate any revenue to the bank is considered as an implicit tax.
Dermirguc and Huizinga (1997) find that reserves reduce interest margins and profitability, especially in developing countries because there is the opportunity cost of holding reserves is higher and lower remuneration. These findings are consistent with the effects of implicit taxes on Islamic banks by Bashir (2000) and Bashir (2003) who found that the effect of implicit tax on bank profits are negative. But Bashir and Hassan (2004) found no significant relationship between reserve requirements and bank profits, while the reserve requirement of interaction with the GDP shows that the proposed requirements do not have a strong effect on profits.
Taxation is one of the factors that affect bank profitability in terms of business and policy choices as they affect the competition a few instruments and different segments of financial markets (Greuning, HV, 2008). Explicit tax rate (average) clearly applies to all banks in certain countries. Bashir (2000) and Bashir (2003) found a negative correlation between taxes and benefits the bank where he shows that financial repression lead to decreased performance of Islamic banks. However, the results Bashir and Hassan (2004) found that taxes have a significant positive impact on bank performance.
Azura & Ghafar (2005) extend these studies to Islamic banks in Malaysia, but they change the payment of zakat tax indicators. Zakat is a tax instrument to help poor Muslims. Unlike the corporate tax, Zakat will be charged from the bank proper ownership model for working capital and growth model. In this study, they found that the charity was a significant positive relation in which it affects the ROA shows that zakat payments will increase bank profits. However, the results were not significant for ROE and ROD for corporate charity is only imposed on bank ownership. So the income attributable to shareholders and depositors are not charged for zakat paid by the bank depositors’ funds from investment income.
Review the financial structure of the banking industry relating to the performance of some market constraints. Competition from other financial service providers and the effect of the stock market affect the operations of the bank. Researchers previously used capital market share of GDP as a proxy of competition. On the other hand, the size of the banking system total assets ratio for bank deposits
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