ANALYSIS OF BPKH FUND PLACEMENT AND INTERNAL FACTORS IMPACT ON ISLAMIC BANK PROFITABILITY (2010–2023)
Abstract
This study examines the impact of BPKH (Hajj Fund Management Agency) placements on the profitability of Islamic Commercial Banks in the period of 2010–2023. Profitability is measured using the Return on Assets (ROA) variable, while the independent variables consist of BPKH fund placement (dummy), along with other financial ratios such as Third Party Funds (DPK), Financing to Deposit Ratio (FDR), Operating Expenses to Operating Income (BOPO), Non-Performing Financing (NPF), and Capital Adequacy Ratio (CAR). Control variables include macroeconomic factors: inflation and the Bank Indonesia interest rate. This research employs a quantitative approach using panel data and finds that the Fixed Effect Model (FEM) is the most appropriate, based on the results of Chow and Hausman tests. The findings show that BPKH fund placements do not have a significant impact on ROA. Similarly, NPF, CAR, inflation, and interest rate variables also show no significant influence. Meanwhile, the variables FDR, DPK, and BOPO have a significant negative impact on ROA. Conversely, total assets have a significant positive effect on ROA. This study concludes that operational efficiency and effective fund management are crucial in enhancing profitability, and that optimization of fund placements—including Hajj funds—is necessary
References
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Alghifary, M. S., Kadji, D., & Kornitasari, Y. (2021). PENGARUH PEMBIAYAAN BANK SYARIAH TERHADAP NILAI OUTPUT UMKM: ANALISIS DATA PANEL. Jurnal Ekonomi Syariah Teori Dan Terapan, 8(4), 518. https://doi.org/10.20473/vol8iss20214pp518-529
Ali, M. M., Devi, A., Furqani, H., & Hamzah, H. (2020). Islamic financial inclusion determinants in Indonesia: an ANP approach. International Journal of Islamic and Middle Eastern Finance and Management, 13(4), 727–747. https://doi.org/10.1108/IMEFM-01-2019-0007
ALNAJJAR, A., & Abdullah Othman, A. H. (2021). The Impact of Capital Adequacy Ratio (CAR) on Islamic Banks’ Performance in Selected MENA Countries. International Journal of Business Ethics and Governance, 116–133. https://doi.org/10.51325/ijbeg.v4i2.70
Ben Abdallah, M., & Bahloul, S. (2024). The influence of solvency and liquidity ratios on profitability of Tunisian banks: the moderating effect of asset quality. African Journal of Economic and Management Studies. https://doi.org/10.1108/AJEMS-02-2024-0136
Bordeleau, É., & Graham, C. (2010). The impact of liquidity on bank profitability (Working Paper No. 2010-38). Bank of Canada. https://www.bankofcanada.ca/
BSI. (2023). Sejarah dan Perkembangan Bank Syariah di Indonesia. Bankbsi.Co.Id. https://www.bankbsi.co.id/news-update/edukasi/sejarah-dan-perkembangan-bank-syariah-di-indonesia
Buchory, H. A., & Widyawati, RA. D. U. (2022). The performance of third-party funds, consumption credit and profitability. JPPI (Jurnal Penelitian Pendidikan Indonesia), 8(4), 1029. https://doi.org/10.29210/020221700
Budianto, E. W. H., & Dewi, N. D. T. (2023). Pemetaan Penelitian Rasio Capital Adequacy Ratio (CAR) pada Perbankan Syariah dan Konvensional: Studi Bibliometrik VOSviewer dan Literature Review. Journal of Accounting, Finance, Taxation, and Auditing (JAFTA), 4(2). https://doi.org/10.28932/jafta.v4i2.7650
Choudhury, M. A., & Hussain, M. M. (2005). A paradigm of Islamic money and banking. International Journal of Social Economics, 32(3), 203–217. https://doi.org/10.1108/03068290510580760
Emilia, N., Ananda, A. S., & Yuniar, H. S. (2025). Pengaruh CAR, FDR, NPF, BOPO Terhadap ROA Bank Muamalat. RIGGS: Journal of Artificial Intelligence and Digital Business, 4(2), 787–798. https://doi.org/10.31004/riggs.v4i2.570
Gaur, D., & Mohapatra, D. R. (2021). Non-performing Assets and Profitability: Case of Indian Banking Sector. Vision, 25(2), 180–191. https://doi.org/10.1177/0972262920914106
Gurley, J. G., & Shaw, E. S. (1956). Financial Intermediaries and the Saving-Investment Process. In Source: The Journal of Finance (Vol. 11, Issue 2).
Handayani, E., Rahmawati, A., Tubastuvi, N., & Hapsari, I. (2021). Performance analysis of sharia commercial banks in Indonesia before the covid pandemic period (2015-2019). International Journal of Research in Business and Social Science (2147- 4478), 10(2), 228–237. https://doi.org/10.20525/ijrbs.v10i2.1010
Hasan, M., & Dridi, J. (2010). The Effects of the Global Crisis on Islamic and Conventional Banks: A Comparative Study; by Maher Hasan and Jemma Dridi; IMF Working Paper 10/201; September 1, 2010.
Hassan, M. K., & Bashir, A.-H. M. (2012). Determinants of Islamic Banking Profitability. In Islamic Perspectives on Wealth Creation (pp. 118–140). Edinburgh University Press. https://doi.org/10.3366/edinburgh/9780748621002.003.0008
Hawaldar, I. T., Meher, B. K., Kumari, P., & Kumar, S. (2022). “Modelling the effects of capital adequacy, credit losses, and efficiency ratio on return on assets and return on equity of banks during COVID-19 pandemic.” Banks and Bank Systems, 17(1), 115–124. https://doi.org/10.21511/bbs.17(1).2022.10
Hossain, I., & Alam, J. (2019). The Relationship between Liquidity and Profitability in Emerging Countries: Evidence from Bangladesh. Journal of Finance and Accounting, 7(1), 22–27. https://doi.org/10.12691/jfa-7-1-4
Humairoh, S., & Usman, H. (2016). Competition of Islamic Bank in Indonesia. In Journal of Distribution Science (Vol. 14, Issue 6). https://doi.org/10.15722/jds.14.6.201606.39
IMF. (2017). Multi Country Report : Ensuring Financial Stability in Countries with Islamic Banking Case Studies -Press Release: Staff Report.
Kasri, R. A. (2012). The Determinants of Islamic Banking Growth in Indonesia. SSRN Electronic Journal. https://doi.org/10.2139/ssrn.1740500
Koroleva, E., Jigeer, S., Miao, A., & Skhvediani, A. (2021). Determinants affecting profitability of state-owned commercial banks: Case study of china. Risks, 9(8). https://doi.org/10.3390/risks9080150
Leibenstein, H. (1966). Allocative efficiency vs. “X efficiency.” The American Economic Review, 56(3), 392–415.
Lim, H., & Rokhim, R. (2020). Factors affecting profitability of pharmaceutical company: an Indonesian evidence. Journal of Economic Studies, 48(5), 981–995. https://doi.org/10.1108/JES-01-2020-0021
Lisnawati. (2017). Optimalisasi pengelolaan dana haji melalui investasi. Buletin APBN, 17(2), 3–7.
Mainata, D., & Ardiani, A. F. (2018). Pengaruh Capital Adequacy Ratio (CAR) Terhadap Return On Aset (ROA) Pada Bank Syariah. Al-Tijary, 3(1), 19. https://doi.org/10.21093/at.v3i1.960
Maria, M. B., & Hussain, F. (2024). Does inflation expectation affect banks’ performances? Evidence from Indian banking sector. Journal of Economic and Administrative Sciences. https://doi.org/10.1108/JEAS-05-2023-0123
Marwan, L. E., Setiawan, I., Akuntansi, J., & Bandung, P. N. (2021). Analisis Kinerja Keuangan Bank Umum Syariah Sebelum dan Sesudah Pengalihan Dana Haji pada Bank Syariah Ine Mayasari. Journal of Applied Islamic Economics and Finance, 1(2), 309–331.
Mebarki, S. E., & Mohamed, M. H. (2022). EFFECTS OF INTEREST RATE (RIBĀ) ON ISLAMIC BANKS & ECONOMY Mohamed Kadia International Centre for Education in Islamic Finance EFFECTS OF INTEREST RATE (RIBĀ) ON ISLAMIC BANKS & ECONOMY. 2(4). https://www.researchgate.net/publication/370376435
Miera Albania, M., Rafsanjani, H., & Maftuhah, atul. (2025). Ekonomi Bisnis Volume (Vol. 30, Issue 1). Online.
Nasution, Z. (2020). Profit efficiency development of Islamic Banking using the stochastic frontier approach. Jurnal Ekonomi & Keuangan Islam, 6(1), 55–63. https://doi.org/10.20885/jeki.vol6.iss1.art6
Nouman, M., Hashim, M., Trifan, V. A., Spinu, A. E., Siddiqi, M. F., & Khan, F. U. (2022). Interest rate volatility and financing of Islamic banks. PLoS ONE, 17(7 July). https://doi.org/10.1371/journal.pone.0268906
Otoritas Jasa Keuangan. (2023, 30 Juni). Laporan Perkembangan Keuangan Syariah Indonesia 2022. OJK. https://ojk.go.id/id/kanal/syariah/data-dan-statistik/laporan-perkembangan-keuangan-syariah-indonesia/Pages/Laporan-Perkembangan-Keuangan-Syariah-Indonesia-2022.aspx
Permatasari Najib, I., Hakiem Ajuna, L., Rusdi, W., Muhajir Kadim, I., & Sultan Amai Gorontalo, I. (2024). Maximizing Returns: The Impact of Key Ratios on Bank Mega Syariah’s ROA. Journal of Principles Management and Bussines, 03(02).
Putri, F. M., Rismawati, N., & Rista, N. (2025). Pengaruh Dana Ketiga, BOPO dan FDR Terhadap Return on Assets. RIGGS: Journal of Artificial Intelligence and Digital Business, 4(2), 1159–1166. https://doi.org/10.31004/riggs.v4i2.632
Rizqi Zainul, Z., Kunci, K., Haji, D., & Aceh Syariah, B. (2019). Analisis Pengelolaan Dana Haji Pada PT. Bank Aceh Syariah. EQUILIBRIUM, 7(2).
Roswinna, W., Komar Priatna, D., & Anggraeni, A. F. (2023). The Profitability On Perspective: Capital, Liquidity, Credit Quality And Efficiency Of Sharia Commercial Banks Before And After The Pandemic *. In Procedia Environmental Science, Engineering and Management (Vol. 10, Issue 4). http://www.procedia-esem.eu
Saeed, A. (1996). Islamic Banking and Interest: A Study of Prohibition of Interest and its Contemporary Interpretation. Brill.
Saif-Alyousfi, A. Y. H., & Saha, A. (2021). Determinants of banks’ risk-taking behavior, stability and profitability: evidence from GCC countries. International Journal of Islamic and Middle Eastern Finance and Management, 14(5), 874–907. https://doi.org/10.1108/IMEFM-03-2019-0129
Shandy Utama, A. (2020). Perkembangan Perbankan Syariah Di Indonesia. UNES Law Review, 2(3), 290–298. https://doi.org/10.31933/unesrev.v2i3.121
Simbolon, N., Febrianty Br Marbun, M., Purba, E., Simbolon Politeknik Negeri Medan Tanjung Priuk, N., & Utara, J. (n.d.). SIMPOSIUM ILMIAH AKUNTANSI 6 THE INFLUENCE OF BOPO (OPERATING EXPENSES AND OPERATING INCOME) ON RETURN ON ASSETS (ROA) AT PT. BANK MEGA TBK THE INFLUENCE OF BOPO (OPERATING EXPENSES AND OPERATING INCOME) ON RETURN ON ASSETS (ROA) AT PT. BANK MEGA TBK.
Siregar, I. M., & Haryono, S. (2023). Green Banking: Operating Costs on Operating Income, Capital Adequacy Ratio, Financial Slack, Sustainability Officer, and Sustainability Committee Green Banking: Biaya Operasi pada Pendapatan Operasional, Capital Adequacy Ratio, Financial Slack, Sustainability Officer, dan Sustainability Committee. 10(5), 427–442. https://doi.org/10.20473/vol10iss20235pp427-442
Rongiyati, S. (2017). Perspektif yuridis pengelolaan dana haji untuk investasi infrastruktur. Majalah Info Hukum Singkat, 9(15), 1–4.
Sulieman Alshatti, A. (2014). The Effect of the Liquidity Management on Profitability in the Jordanian Commercial Banks. International Journal of Business and Management, 10(1). https://doi.org/10.5539/ijbm.v10n1p62
Supriani, I., & Sudarsono, H. (2018). Analisis Pengaruh Variabel Mikro Dan Makro Terhadap NPF Perbankan Syariah di Indonesia. EQUILIBRIUM: Jurnal Ekonomi Syariah, 6(1), 1–18.
Terzoudis, S., Kontodimopoulos, N., & Fanourgiakis, J. (2024). Relationship between profitability and financial factors of hospitals after a period of austerity and health care reforms: evidence from Greece. Journal of Health Organization and Management, 38(4), 512–527. https://doi.org/10.1108/JHOM-05-2023-0147
Gujarati, D. N., & Porter, D. C. (2009). Basic econometrics (5th ed., The McGraw-Hill Series Economics). McGraw-Hill/Irwin.
Undang Undang Republik Indonesia Nomor 34 Tahun 2014 tentang Pengelolaan Keuangan Haji. LN 2014/No. 296; TLN No. 5605. (17 Oktober 2014).
Valarie A. Zeithaml, Leonard L. Berry, A. P. (1996). The Behavioural Consequences of Service Quality. Journal of Marketing, 60, 31–46.
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Published
2025-10-15
How to Cite
AHMAD, Hisyam Abiyya; FADLI, Faishal.
ANALYSIS OF BPKH FUND PLACEMENT AND INTERNAL FACTORS IMPACT ON ISLAMIC BANK PROFITABILITY (2010–2023).
Proceedings of the International Conference of Islamic Economics and Business (ICONIES), [S.l.], v. 11, n. 1, p. 981-1000, oct. 2025.
ISSN 2541-3333.
Available at: <https://conferences.uin-malang.ac.id/index.php/iconies/article/view/3442>. Date accessed: 15 may 2026.
Section
Articles
This work is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.
