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CIFP

PROFESSIONAL PRACTICE PAPER

UNDERSTANDING LATENT CONSUMER INSIGHT OF MUDHARABAH ACCOUNT


RHESA YOGASWARA (Student ID: 0900110) T! "ASA St#$te%&' C(n)u*t&n%

Paper submitted to the International Centre for Education in Islamic Finance as partial fulfillment of the CIFP program

18TH December, 2 11 Supervisor: Dr.Shaikh Hamzah Abdul Razak External Supervisor: Joko Wiyono, M.Sc

TABLE OF CONTENT

TABLE OF CONTENT ....................................................................................................................................... 2 TABLE OF DATA AND CHART ....................................................................................................................... 3 PLEDEGE OF ORIGINALITY OF WORK ..................................................................................................... 4 PERMISSION FOR ACADEMIC USE OF WORK BY INCEIF.................................................................... 5 SUPERVISOR CUM EXAMINERs DECLARATION ................................................................................... 6 TITLE AND AUTHOR AND AFFILIATION ................................................................................................... 7 ABSTRACT .......................................................................................................................................................... 8 I. INTRODUCTION ............................................................................................................................................. 9 II. RESEARCH QUESTIONS ........................................................................................................................... 12 III. OBJECTIVE OF THE RESEARCH ......................................................................................................... 14 IV. LITERATURE REVIEW ............................................................................................................................ 15 V. METHODOLOGY ........................................................................................................................................ 20 VI. EVALUATION ............................................................................................................................................. 27 VII. CONCLUSION AND RECOMMENDATION ........................................................................................ 51 VIII. REFERENCES .......................................................................................................................................... 53 IX. APPENDIX ................................................................................................................................................... 54

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TABLE OF DATA AND CHART

Chart II.a. Fram !or" of R # ar$h %a$"&ro'() ............................................................................................ 13 Ta*+ ,.1.a. Com-o#.t.o( of I(/0 -th I(t r1. ! ........................................................................................... 21 Ta*+ ,.2.a. Com-o#.t.o( of C+o# /E() ) 2' #t.o( r# ................................................................................. 23 Ta*+ ,.2.3.a. 3 .&ht ) S$or of 2' #t.o(a.r Part A .................................................................................. 24 Ta*+ ,.2.3.*. 3 .&ht ) S$or of 2' #t.o(a.r Part % .................................................................................. 25 Chart ,.2.5.a. %a#.$ Prof.+ ............................................................................................................................. 25 F.&'r ,.2.5.a. R # ar$h A--roa$h a() Pro$ ##............................................................................................ 26 Chart ,I.1.1.1. 4(o!+ )& a*o't F at'r # .( a$h # &m (t......................................................................... 28 Chart ,I.1.1.2. Th '() r#ta().(& of I#+am.$ F.(a($ .( a$h # &m (t ........................................................ 30 Chart ,I.1.1.3. Th a)h r ($ to Shar.ah R'+ # 5R +.&.o#.t67 .( a$h # &m (t ............................................. 31 Chart ,I.1.2.1. 4(o!+ )& a*o't f at'r # .( a$h # &m (t ......................................................................... 33 Chart ,I.1.2.2. Th a)h r ($ to Shar.ah R'+ # 5R +.&.o#.t67 .( a$h # &m (t ............................................. 34 Chart ,I.1.3.1. 4(o!+ )& a*o't f at'r # .( a$h # &m (t ......................................................................... 36 Chart ,I.1.3.2. Th '() r#ta().(& of I#+am.$ F.(a($ .( a$h # &m (t ........................................................ 37 Chart ,I.2. Chara$t r.#t.$# of Shar.ah 8# r S &m (t ..................................................................................... 39 Chart ,I.2.1. Co(#'m r9# "(o!+ )& a*o't th -ro)'$t f at'r # ................................................................ 40 Chart ,I.2.2. 4 6 Fa$tor# to (ro++:$+o# ;')hara*ah Sa1.(& A$$o'(t:T.m 0 -o#.t ................................. 42 Chart ,I.3. Chara$t r.#t.$# of No(/Shar.ah 8# r S &m (t ............................................................................. 44 Chart ,I.3.1. Co(#'m r9# - r$ -t.o( a*o't th -ro)'$t f at'r # ................................................................ 45 Chart ,I.3.2. 4 6 Fa$tor# to (ro++ ;')hara*ah Sa1.(& A$$o'(t:T.m 0 -o#.t ........................................... 46

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PLEDEGE OF ORIGINALITY OF WORK

I, Rhesa Yogaswara (ID No. 0900110) declare that the Professional Practice Paper submitted herein is my original work and has not been plagiarized from any person or persons. I also declare that both the report and the work on which basis the report is prepared has been undertaken by myself and I have not contracted out this work.

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PERMISSION FOR ACADEMIC USE OF WORK BY INCEIF

I hereby allow permission for the INTERNATIONAL CENTRE FOR EDUCATION IN ISLAMIC FINANCE, to:

1.

Load it in the INCEIFs KMC database and make available to INCEIF students for educational purposes.

2. Load it in INCEIFs website and make available to general public and students for educational purposes.

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SUPERVISOR CUM EXAMINER S DECLARATION

I, Joko Wiyono presently Managing Director at PT.QASA Strategic Consulting solemnly declare that I have supervised the above candidate for the Professional Practice Paper and to the best of my knowledge and belief, it is his own original work. I have further examined this final submitted paper and am of the opinion that it meets the academic standards required of six credit hour project paper at Masters Degree level.

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TITLE AND AUTHOR AND AFFILIATION

Student Name : Rhesa Yogaswara Student ID Program Topics : 0900110 : Chattered Islamic Finance Professional : Understanding Latent Consumer Insight of Mudharabah Account

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ABSTRACT

Student Name : Rhesa Yogaswara Student ID Program Topics : 0900110 : Chattered Islamic Finance Professional : Understanding Latent Consumer Insight of Mudharabah Account

Indonesia, as the biggest Muslim country, has been experiencing the significant growth of Mudharabah Saving and Deposit Account in the last several years. However, in terms of contribution, Mudharabah Saving and Deposit Account have very small market share. Hence, there is a market gap between Mudharabah Account and conventional account. This research will elaborate the consumers characteristics, to understand the unmet needs of the Shariah users, Non-Shariah users, and Shariah Issues of Mudharabah Saving and Deposit Accounts products. The methodology will consist of two major stages; collecting the general insights through qualitative research, then quantitative approach by interviewing 181 respondents. Hence, the magnitude of the insight can be measureable and statistically accountable. As the result, by considering Shariah compliance, Islamic Bank needs to position and to re-brand themselves as the Islamic Banks who comply with the Shariah rules, to increase the loyalty of Shariah users. In the other side, Non-Shariah users key factors are about the limited ATM network that owned by themselves, and the transfer fee of Joined ATM has been perceived more expensive than ATM that owned by themselves.

Keywords: Mudharabah, Saving Account, Time Deposit, pillar of Islam, perception, Shariah Issues, positioning, brand

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I. INTRODUCTION

Indonesia, as one of the biggest Muslim countries, has been developing Islamic Banking industry in the last several years. Dual-banking system is the development approach that has been implemented under Indonesian Banking Architecture (API) Framework. Profit/loss sharing concept which is the characteristics of Islamic Banking, is the alternative banking system for Indonesian society. Furthermore, Islamic Banking system concerns with justice in terms of financial transaction, ethical investment, togetherness in economic production, and minimize the speculative. In Indonesia, Islamic Banking has been classified into 2 major group classifications. First is Islamic Commercial Bank which includes Islamic Business Unit under conventional bank. Then the second group is the Islamic Rural Bank. Islamic Commercial Bank consists of 6 sub-group classifications. They are State Own Islamic Bank, Foreign Exchange Islamic Commercial Bank, Non-Foreign Exchange Islamic Commercial Bank, Regional Islamic Development Bank, Islamic Joint Ventures Bank, Foreign Owned Islamic Bank. Up to Q4 of 2010, players who have launched Mudharabah Saving Account have increased. The number of Islamic Commercial Bank in 2009 was 6 banks, and it has increased to be 11 banks in 2010. As the result, the growth of Mudharabah Saving Account from Islamic Commercial Banking in the last several years has shown a significant growth. The Cumulative Annual Growth Rate of Mudharabah Saving Account is 39.02%. In 2005 in terms of value, Mudharabah Saving Account was only 4,370 Billion IDR and by 2010 the Mudharabah Saving Account has achieved 22,688 Billion IDR. Furthermore, we can also look at the trend of Mudharabah Deposit Account. The Cumulative Annual Growth Rate of Mudharabah Deposit Account is 37.63%. In terms of value, in 2005, it was only 8,546 Billion IDR and by 2010 the Mudharabah Deposit Account has achieved 42,206 Billion IDR. Therefore, banks offering both Mudharabah Saving and Deposit products have shown a significant incremental from only 6 in 2009 up to 11 Islamic Commercial Banks in 2010. As stated by Suryodiningrat in The Jakarta Post, Indonesia has a big population that can become a strong target for the expansion of Islamic Bank offering the Shariah products. The population almost reaches 240 million people in 2010. Out of 240 million people, 85%

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from total population is Islam. The rest 15% consists of Catholic, Protestant, Hindu, and Budha.1 At least, there are 200 Million people (85% from 240 Million) which are Muslims that have same belief in terms of religion. Logically, these 200 Million people have no barrier to be offered Islamic Bank's products. Therefore, it is not impossible for Central Bank of Indonesia, to set 5% market share target compared to Conventional Bank. Indonesia is dominated by Muslim population (85% of total population). According to Statistics of Bank Indonesia, Islamic Commercial Bank has only 3% market share compared to Conventional Bank. We can conclude that Mudharabah Saving Account has a market gap compared to conventional Saving account. Bank Indonesia has been trying to reduce the gap through the instruments development, regulation, and policies in Islamic Finance area. Hence, it is reasonable for the significant growth of Mudharabah Saving Account with 39.02% growth annually. According to Bank Indonesias policy, there have been 6 (six) grand strategies to develop Islamic Banking Market in 2009-2012.2 They are the determination the vision as a leading Islamic Banking industry in ASEAN, creating a new branding of Islamic banking which is inclusive and universal, accurate market mapping, diverse product development, service improvement, as well as new communications strategy that positioned the Islamic Banking go Beyond Banking. First strategy, Central Bank has determined the asset target and growth of Islamic Banking to build Indonesian Islamic Banking as a leading Islamic Banking in ASEAN. For the last 5 years, Islamic Banking has increased by 36% in terms of Cummulative Annual Growth Rate (CAGR) of Assets. In 2005, total asset of Islamic Bank was 606,347 Billion IDR and by 2010 the asset has reached 2,836 Trillion IDR. The high growth is driven by the growth of Islamic Rural Bank which dominates Islamic Bank in Indonesia. Second strategy, positioning, differentiation, and branding are the areas that have been focused on building new image of Islamic Banking in Indonesia. In terms of differentiation, it will be provided the advantage products, diversity schemes, transparent, competent, ethical finance, Update information technology, user friendly, and the presence of Islamic financial investment expert. In terms of positioning, Islamic bank should be perceived as a banking

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Indonesian Islamic Banking An Overview and Opportunity Rhesa Yogaswara

that provides mutually beneficial to both bank and consumers. In branding area, Islamic banking will be socialized as a bank that is more than just a bank or beyond banking". Third strategy, potential market of Islamic banking will be targeted more accurate according to each player's strategy, in order to fulfill the demand of consumer for banking services as a universal service for all segments. From the above explanation about Grand Strategy to develop Islamic Banking Market in 2009-2012, there are several approaches which are referred to in the positioningdifferentiation-branding strategy that has been conducted since 2009. The 3 (three) approach policies are socialization and education program, strategic alliance, and internal development. Beside the Government side, there is also another approach that can be implemented for Islamic Commercial Bank to increase the Mudharabah Saving Account. This approach is from the consumer marketing area which is expected that Islamic Commercial Bank can more understand the Indonesian consumers, by exploring the latent consumer insight. According to the grand strategy of Central Bank, the Indonesia Shariah consumer can be segmented into 5 consumer segments, such as Shariah minded segment, floating mass, flexible based on benefits and needs segment, forced consumer segment, and conventional segment. Furthermore, Central Bank has focused on 3 types of consumer based on their activities. Those are women and youth, entrepreneurs, and Internet users (netizen). Therefore, the consumer marketing approach can be focused on several segments that represent the Indonesian consumers to explore the unmet needs from Islamic Commercial Banking products.

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II. RESEARCH QUESTIONS

Indonesia, as the biggest Muslim country, has been experiencing the significant growth of Mudharabah Saving and Deposit Account in the last several years. However, in terms of contribution, Mudharabah Saving and Deposit Account have very small market share contribution compared to conventional saving and deposit account. Hence, there is a market gap between Mudharabah Account and conventional account. Bank Indonesia has been trying to reduce the gap through the instruments development, regulation, and policies in Islamic Finance area. There is also another

approach that can be implemented for Islamic Commercial Bank, to increase Mudharabah Saving and Deposit Account rather than relying on Government side. This approach is from the consumer marketing area that is expected that Islamic Commercial Bank can more understand the Indonesian consumer, by exploring the latent consumer insight. Hence, there could be many possibilities that the consumer's needs are still unfulfilled. These unmet needs could be a barrier for Islamic Commercial Bank to penetrate to the market. In order to understand the possibility issues from the consumer side, we may conduct a consumer research to find out the unmet needs of Indonesia's consumer for Islamic Commercial Banking products. Consumers are divided into 2 major segments. The first segment is Shariah users, the consumers who already have a Mudharabah Saving or Deposit Account of Islamic Commercial Banking. Then, the second segment is Non-Shariah users, the consumer who have not had a Mudharabah Saving or Deposit Account. It means that this research will cover the Shariah users and Non-Shariah users. For the Shariah users, the output is expected to address their unmet needs that have a possibility to make them close their Mudharabah Saving or Deposit Account, and switch to Conventional Saving account. While for Non-Shariah users, the result is expected to address the unmet needs of conventional users that have made them loyal to have conventional Saving account. Therefore, there are three research questions to know the market gap possibilities: What are the unmet needs of the Shariah users that have possibilities to make them close their Mudharabah Saving or Deposit Account and switch to the conventional Saving account? What are the unmet needs of the Non-Shariah users that made them loyal to have conventional Saving account?
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What are the Shariah Issues of Mudharabah Saving or Deposit Account products from Fiqh Muamalah perspective?

To make the research background easy to understand, the following figures will describe the framework of the background, why this research is going to be important.

C HART II! A ! F RAMEWOR2

OF

R ESEARCH B AC2GROUND

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III. OBJECTIVE OF THE RESEARCH

This research will be useful to determine the growth of Mudharabah Saving and Deposit Account, from the consumer side. Specifically, the objectives of this research are to understand: The unmet needs of the Shariah users that have possibilities to make them close their Mudharabah Saving or Deposit Accounts and switch to the conventional saving accounts. The unmet needs of the Non-Shariah users that make them loyal to conventional saving accounts. The Shariah Issues of Mudharabah Saving and Deposit Accounts products from Fiqh Muamalah perspective.

For the long terms, this research can be used as an introduction prior to next research activities that might make us to understand: The gap among current marketing programs of Mudharabah Saving, Deposit Account and consumer's needs. The position of Mudharabah Saving and Deposit Account in consumer's perception is related to their willingness to be Shariah users. The gaps that will be enable us to see the leverage, to accelerate the growth and to assist player to be ahead of the competition. The consumer's needs and wants of Mudharabah Saving and Deposit Accounts. The Shariah Issues of Mudharabah Saving and Deposit Accounts, and advice Islamic Commercial Bank of improvement area which should align to Fiqh Muamalah.

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IV. LITERATURE REVIEW

IV.1. Basic Principles of Islamic Finance Islamic Banking has developed in the recent years. The development has taken place partially between conventional banking and Islamic banking. Conventional banking in Indonesia who adopted the Islamic principles will be entitled to establish Islamic Business Unit that be allowed to sell Shariah products. Currently, not only Islamic Business Unit of conventional banking, but also Islamic Commercial Bank has shown the development. There are basic principles of Islamic Finance that need to be adopted, to produce Shariah products. Those principles are to avoid Riba, Maysir, and Gharar. Prohibitions against riba and gharar are given treatment explicitly in both the Quran and Sunnah, in several places and different contexts. It means that financial services and instruments, must comply with these injunctions.3 The Quran does not mince words when it forbids the use of usury: Those who live on usury will not rise (on Doomsday) but like a man possessed of the devil and demented. (2:275)

The other statement is ALLAH has permitted BAI (sale) and prohibited RIBA (2: 275)

There are institutions devoted to Islamic research reaffirming that bank interest was covered by the prohibition of riba. So that, the result is if there is any related to the excess charged over the principal in case of a loan, then that will be riba. Therefore, we can conclude that Bank interest is riba.4 Another principle of Islamic Finance is Gharar. According to Abdul Rahim Al-Saatii, Islamic jurisprudent recognizes Gharar as a kind of uncertainty. Literally it means uncertainty, risk or hazard. Taghreer being the verbal noun, it means deception or

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misrepresentation, which includes exposing his own property to jeopardy. Gharar is defined as the risk or jeopardy which is the state of being near to destruction or wreckage.5 Ibn Taymiyah r.a. clarifies the distinction of Gharar and Maysir by saying that: ``Gharar is something the consequence of which is unknown (majhul al-`aqiba), selling it involves Maysir, which is gambling (qimar). Gharar is of three types: either what does not exist like habal al-habala or that which cannot be delivered, like the horse that has escaped; or third, that which is unknown in an absolute sense (majhul mutlaq), or the object which is identified but remains unknown in its genus or its quantity. Therefore, Maysir entails speculative elements in a contract where expected gains are not clearly defined at the initiation of the contract.6 There are so many contract types that have been allowed by Shariah rules. One of them is Mudharabah. It is a form of business contract in which one party contributes capital and the other is personal effort. The financier is known as rabb al-mal and the worker or entrepreneur as mudarib. The proportionate share in profit is determined by mutual consent. But the loss is borne only by the owner of the capital, in which case the entrepreneur gets nothing for his labour. As a financing technique adopted by Islamic banks, it is a contract in where all the capital is provided by the Islamic bank and the business is managed by the other party. The profit is shared in pre-agreed ratios, and loss, if any, unless caused by the negligence or violation of the terms of the contract by the mudarib, is borne by the Islamic bank. Ultimately, the bank passes on the loss to the depositors.7 Mudharabah Mutlaqah is one of Mudharabah contract which is named as Unrestricted Mudharabah or Unconditional Mudharabah. It is a contact of Mudharabah that does not bind the entrepreneur about the place, time, season, commodities, credit or techniques of trade. These matters are left to the option of the entrepreneur. The Mudharabah contract defines merely the profit-sharing ratio.8

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IV.2. The Five Pillars of Islam The Five Pillars of Islam (arkn-al-Islm; also arkn ad-dn "pillars of the religion") are five basic acts in Islam, considered obligatory by Sunni Muslims. These are summarized in the famous Hadith of Gabriel.9
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The Five Pillars of Islam are the framework of a

Muslims life. They are the testimony of faith (Syahada), prayer (Shalat), giving zakat (support of the needy), fasting during the month of Ramadan (Saum), and the pilgrimage to Makkah once in a lifetime for those who are able (Hajj). The explanation can be seen in the following details:11 1. Syahada. The testimony of faith is saying with conviction, La ilaha illa Allah, Muhammadur rasoolu Allah. This saying means There is no true god but God (Allah), and Muhammad is the Messenger (Prophet) of God. The first part, There is no true god but God, means that none has the right to be worshipped but God alone, and that God has neither partner nor son. 2. Shalat. Muslims perform five prayers a day. Each prayer does not take more than a few minutes to perform. Prayer in Islam is a direct link between the worshipper and God. There are no intermediaries between God and the worshipper. 3. Zakat. All things belong to God, and wealth is therefore held by human beings in trust. The original meaning of the word zakat is both purification and growth. Giving zakat means giving a specified percentage on certain properties to certain classes of needy people. 4. Saum. Every year in the month of Ramadan, Muslims fast from dawn until sundown, abstaining from food, drink, and sexual relations. 5. Hajj. The annual pilgrimage (Hajj) to Makkah is an obligation once in a lifetime for those who are physically and financially able to perform it.

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IV.3. Banking Products There are so many banking products, which are divided into 2 major groups. The first is Third Party Funds (TPF), and Financing/Load Products. This study will discuss about Saving Account and Time Deposit. If you have more funds than you need on a regular basis, then you may take a look at opening a saving account where interest can be earned. Some forms of Saving account require a minimum amount to be deposited at the time of opening the account, while others may have restrictions on how much money you can withdraw on a daily basis. Saving accounts are accounts maintained by retail financial institutions that cannot be used directly as money (for example, by writing a check). These accounts let customers set aside a portion of their liquid assets while earning a monetary return. For the bank, money in a saving account may not be callable immediately and therefore it often does not incur a reserve requirement freeing up cash from the bank's vault to be lent out with interest.12 13 14 Different with saving account, time deposit is a money deposit at a banking institution that cannot be withdrawn for a certain "term" or period of time (unless a penalty is paid). When the term is over it can be withdrawn or it can be held for another term. Generally, the longer the term, the better the yield returns on the money. A certificate of deposit is a timedeposit product.15

IV.4. Marketing The challenges of Islamic Banking in Indonesia are how to fulfill the consumers demand through selling the Shariah products which comply with Shariah rules. There are several marketing aspects that need to be considered by Islamic Bank. According to Kotler, Marketing must be understood not in the old sense of making a sale - 'selling' - but in the new sense of satisfying customer needs.16 Hence, its basic concept needs to be adopted by Islamic

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Bank to penetrate Mudharabah Saving Account/Time Deposit, without compromising the Shariah compliance. One of the marketings stages is positioning, which aims to place its product positioning in the minds of consumers. In other words, product positioning is the place for an offering occupies in the minds of consumers relative to competitive products. Then, product repositioning is changing the place an offering occupies in the minds of consumers relative to competitive offerings. Positioning is important because it is the means by which goods and services can be differentiated from one another and so give consumers a reason to buy. It means that Positioning is not what you do to a product; it is what you do to the mind of a prospect (Ries, A., and Trout, J. (1972), The positioning era cometh, Advertising Age, 24 April, 358.) 17 Then, the products should have a brand name. Brands can be defined in two ways. Firstly, a brand could be an identification or a mark that differentiates one business from another (through a name or a logo, for example). Secondly, a brand symbolizes how people think about your business. Building a brand helps customers in their decision-making, creating a perceived knowledge of what they are going to buy before they buy it. Brands are based on three related criteria.18 Positioning encompasses two fundamental elements. The first concerns the physical attributes, the functionality and capability that a brand offers. The second positioning element concerns the way in which a brand is communicated and how consumers perceive the brand relative to other competing brands in the marketplace. We can conclude that consumers perceptions are the result of products offered that had been designed and branded/re- branded through the right positioning.

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Indonesian Islamic Banking An Overview and Opportunity Rhesa Yogaswara

V. METHODOLOGY

The answer of research questions, in order to achieve the research objective, is a methodological which its approach prior to conduct the research execution. This methodology consists of analytical approach in order to achieve the structured and systematical objective. The methodology will consist of two major stages; the first stage is by collecting general insights through qualitative research. The source of obtained information can be considered to represent the respective segment. The second is the quantitative approach by interviewing many respondents. Hence, the information can be more statistically accountable.

V.1. Qualitative Stages This research will collect primary data from the consumers directly who have already had Mudharabah Saving or Deposit Accounts and from the consumer who haven't had Mudharabah Saving or Deposit Accounts yet. This data collection will consist of qualitative information through in-depth interview. The sample will be chosen randomly in limited area, it is only in Pasar Minggu sub-district in Central Jakarta, Indonesia. Pasar Minggu has been considered as the right area since there are many residents, offices, and traditional markets. It makes Pasar Minggu become a heterogeneous area. The sample respondents must meet several criteria; they are respondent with aged between 17-55 years old, who live in Pasar Minggu for at least 2 years, and must represent one of 4 types of respondents. Those types are, Shariah users, Non-Shariah users who have good knowledge of Islamic Finance (IF), Non-Shariah users who have medium knowledge of Islamic Finance (IF), and Non-Shariah users who have poor knowledge of Islamic Finance (IF). The following table will describe the composition of both in-depth interview and

close-ended questioners.

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T ABLE 3!1! A ! C OM
Shariah Users

OSITION OF I N 4D E TH I NTER3IEW

Type of Respondent

Number of Respondent 3 3 3 3 12

Non-Shariah users who have good knowledge of IF Non-Shariah users who have medium knowledge of IF Non-Shariah users who have poor knowledge of IF TOTAL

V.1.1. Questionnaire The questions in the questionnaire will focus on consumers minds which related to the following details: (The detail questionaire will be attached in the appendix) Consumers perception of Islamic Banks. Consumers perception towards the "iB" brand. The influence of "iB" brand perception for consumer. Knowledge about product features of Mudharabah Saving Account/Time Deposit. Knowledge about services offered by Islamic Banks. What can make current users close the account and back to the conventional account? What made the potential customers have not enrolled Mudharabah Saving Account/Time Deposit yet.

V.1.2. Objective of Qualitative Stage The purpose of this stage is to obtain the general insight from respondents who considered can represent the respective each segment. Another objective is to explore all determinant factors/parameters possibilities for the actual situation of the Islamic Banks as well as the Mudharabah Saving Account/Time Deposit, from the consumers perspective. In addition, the objective of qualitative stage is for the basis of quantitative study.

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V.1.3. The Results of Qualitative Stage After conducting in-depth-interview, the results of this first stage are expounded as follow: Shariah Users o Factors that have motivated them to enroll Mudharabah Saving Account/Time Deposit: Feel comfortable for hereafter life, with the given 'profit sharing' products under Mudharabah. "Shariah" Brand has made Islamic products are different with conventional ones, even though in terms of feature, Mudharabah Saving/time deposit have not as sophisticated as conventional products o Factors that will make them close their Mudharabah Saving Account/Time Deposit: If the value of Islam and the Islamic products does not comply with Shariah rules. In addition, if services of the Islamic Bank are not comfortable anymore, then they will close their Mudharabah Saving Account/Time Deposit

Non-Shariah Users who have Good Knowledge of IF o Barrier to enroll Mudharabah Saving Account/Time Deposit: They are eager to move to Islamic Bank since the system is more fairness. However, the incomplete features and ATM networks have made them keep loyal to their conventional products. o Factors that will make them enroll Mudharabah Saving Account/Time Deposit: Ease of transaction, when the payment features have been already exist, and the ATMs have been available everywhere.

Non-Shariah Users who have Medium Knowledge of IF o Barrier to enroll Mudharabah Saving Account/Time Deposit: Salary Payment is still using conventional products, then it has made them keep loyal to conventional products. In addition, the ATMs network of conventional bank was limited. o Factors that will make them enroll Mudharabah Saving Account/Time Deposit: Ease of transaction, when the payment features have been already exist, and the ATMs have been available everywhere. In addition, they would love to move to Islamic Bank, if the employer would like to pay their salary to the Islamic Bank.

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Non-Shariah Users who have Poor Knowledge of IF o Barrier to enroll Mudharabah Saving Account/Time Deposit: They have been a conventional customer for a long time, unfortunately they have not known yet what Islamic economic and finance are. Hence, they have no interest to enroll Mudharabah Saving Account/Time Deposit. o Factors that will make them enroll Mudharabah Saving Account/Time Deposit: If the features of transaction have same level with conventional ones, and it will be good if they understand the Islamic Finance better.

V.2. Quantitative Stages This stage will interview to the 181 respondents, which is divided in to 2 (two) major segments. The first segment is Shariah Users, who have enrolled Mudharabah Saving Account/Time Deposit. Then, second is Non-Shariah Users, who have not had Mudharabah Saving Account/Time Deposit and still keep loyal to the conventional product. The following table is the composition of the major segments.

T ABLE 3!+! A ! C OM

OSITION OF

C LOSE 4E NDED " UESTIONERS


Number of Respondent 101 80 181

Type of Respondent Shariah Users Non- Shariah Users TOTAL

V.2.1. Questionnaire In this stage, the questions will focus on 6 key questions that will be asked to the 181 respondents. (The detail questionaire will be attached in the appendix) Their understanding of Islamic Finance (IF) Adherence to Shariah Rules (Religiosity) Respondents understanding about the features of Mudharabah Saving Account/Time Deposit. Respondents perception about the features of Mudharabah Saving Account/Time Deposit.
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The Factors that will make them close their Mudharabah Saving Account/Time Deposit. Barrier to enroll Mudharabah Saving Account/Time Deposit.

V.2.2. Objective of Quantitative Stage The purpose of this stage is to quantify/to measure the magnitude the insight from first stage, since qualitative study is lacking of the magnitude. The approach will be through quantitative methodology. Hence, the information collected will be more acountable.

V.2.3. Weighted Process Especially for the question about the knowledge of Islamic Finance (IF) and the adherence to Shariah rules (Religiosity), will be converted into 3 groups of criteria. Therefore, the expected results of conversion will be as follows: 1. Knowledge of Islamic Finance (IF) a. Good Knowledge of Islamic Finance (IF) b. Medium Knowledge of Islamic Finance (IF) c. Poor Knowledge of Islamic Finance (IF) 2. Adherence to Shariah Rules (Religiosity) a. High Adherence to Shariah Rules b. Medium Adherence to Shariah Rules c. Low Adherence to Shariah Rules

The conversion will be converted through the following weighted score of Islamic Finance Knowledge (The detail questionaire will be attached in the appendix):

T ABLE 3!+!,! A ! W EIGHTED S CORE


Group Criteria about Knowledge of IF Good Medium Poor

OF

" U ESTIONAIRE

ART

Score of Part A Correct Number >= 4 Correct Number = 3 Correct Number <= 2

Then the conversion of Adherence to Shariah rules will be weighted in the following table (The detail questionaire will be attached in the appendix):
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T ABLE 3!+!,! B ! W EIGHTED S CORE


Group Criteria about Adherence to Shariah Rules High

OF

" U ESTIONAIRE

ART

Score of Part B

When respondents have a number of always more than seldom and never

Medium Low

Apart from on High and Low criteria When respondents have a number of never more than seldom and always

V.2.4. Sampling Methods Respondents selection will be conducted randomly from the first 181 respondents who were met in Pasar Minggu, Jakarta.

V.2.5. The Result of Quantitive Stage One of the results from this stage is the basic profile of 181 respondents, that has been coonverted through weighted process in section V.2.3. Then, the result can be seen in the following chart:

C HART 3!+!.! A ! B AS IC
Segments Knowledge of IF Non Shariah Users Poor Medium Good Shariah Users Poor Medium Good Total

ROFILE

Adherence to Sharuah Rules (Religiosity) Low 4 3 1 3 2 1 7 Medium 45 17 7 21 36 2 3 31 81 High 31 9 10 12 62 17 28 17 93 Total 80 29 17 34 101 21 32 48 181

Therefore, to understand the whole process of this research can be seen at the following figure, it is about Research Approach and Process.

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F IGURE 3!+!.! A ! R ESEARCH A

ROACH AND

ROCESS

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VI. EVALUATION

VI.1. Consumers characteristics In order to increase the market share of Islamic Banking, by knowing the characteristics of the consumers and their potential customers is vital, without considering their businesses size. According to the methodology, we would like to measure the magnitude of consumers insight by considering their knowledge of Islamic Finance (IF), their religiosity, and their understanding about the product features. This evaluation will be discussed through the following major topics: Consumers characteristics Characteristics of Shariah Users Segment Characteristics of Non-Shariah User Segment Implication for the Islamic Bank

VI.1.1. Consumers characteristics in each segment VI.1.1.1. Insight - Knowledge about features in each segment In this section, we can see that 82% of the Shariah users have known the features Mudharabah Saving Account/Time Deposit. The figure can be seen at Chart VI.1.1.1. There are several features that have been known by Shariah users, e.g. Profit Sharing Rate, Administration Fee, e-Banking, ATM Card as a Debit Card as well, Insurance covered, Shariah Contract Description of Mudharabah Saving Account, Automatic Roll Over, Shariah Contract Description of Mudharabah Time Deposit. In addition, this 82% of Shariah users have also known and have had experience about the services, such as ATM Network, ATM Transfer Fee, Call Center Service, Customer Service/Teller Service.

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C HART 3I!1!1!1! 2 N OWLEDGE

ABOUT

F EATURES

IN EAC H SEGMENT

Then, for the Non-Shariah users, 91% respondents do not know the features of Mudharabah Saving Account/Time Deposit. However, eventhough they do not know the features, they have their perception about the featues of Mudharabah Saving Account/Time Deposit. Most of respondent 91% respondents do not know the featues of Mudharabah Saving Account/Time Deposit said that most of product features was good, except the following insight: Mudharabah Contract, which they do not know how players structured the contract under the saving accounts in details. Even the actual number of ATMs is limited, they perceived that the ATMs of Islamic Bank are wide. Since most of Islamic Banks have joined their ATM to be incorporated in the shared ATM network.

Key Take-Outs: Overall, this study has indicated that consumers thought logically. Consumers will become Shariah users to enroll Mudharabah Saving Account/Time Deposit,
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because they know its features. For consumers who do not know the features of Mudharabah Saving Account/Time Deposit, loyal to their conventional product and still have not enrolled Mudharabah Saving Account/Time Deposit. However, we need to analyze how the relationship between their knowledge of Islamic Finance (IF) and their level of adherence to Shariah rules is.

VI.1.1.2. Insight - The understanding of Islamic Finance in each segment In this section, we can see that 47% of the Shariah users have good knowledge of Islamic Finance (IF). The figure can be seen in the Chart VI.1.1.2. It means that most users have good understanding about Islamic Finance, such as the study case about Riba, Gharar, Maysir, and the basic concept about Mudharabah/Musyarakah/Ijarah. It has indicated that the consumers have been already familiar with basic concept about Islamic Economics, Banking and Finance. Hence, we can conclude that most of Shariah users can be categorized as well educated in Islamic Finance.

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C HART 3I!1!1!+! T HE
SEGMENT

UNDERSTANDING OF I S LAMIC

F INANCE

IN EACH

Then, for the Non-Shariah users, 43% respondents have good knowledge of Islamic Finance (IF). It means that there are so many consumers who have good knowledge of Islamic Finance (IF) but they still keep their conventional Saving Accounts/Time Deposit, and they did not enroll Mudharabah Saving Account/Time Deposit. This finding has indicated us that there are other reasons why the consumers who have good knowledge of Islamic Finance (IF), are still a Non-Shariah users. The reason will be explained in the section VI.3.

Key Take-Outs: There is an interesting situation that need to be explored deeper. Most of Non-Shariah users (43%) have good knowledge of Islamic Finance (IF), which means they did not enroll Mudharabah Saving Accounts/Time Deposit. The reason will be explained in the section VI.3. Previously, we have assumed that consumers having good knowledge of Islamic Finance (IF), will understand the maslahah, benefit, impact for themselves and for the society, of the Islamic Finance
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VI.1.1.3. Insight - The adherence to Shariah Rules (Religiosity) in each segment In terms of adherence to Shariah Rules (Religiosity), we can see that 61% Shariah users have High level of adherence to Shariah Rules (Religiosity). The figure can be seen in the Chart VI.1.1.3. It means that most users are Good Muslim who often and always conducts the five pillars of Islam, such as Shalah, Fasting, Pay Zakah, and performing Hajj. It has indicated that the consumers know the reward from Allah SWT, if they do financial transactions that comply with Shariah. They tend to find the countenance and blessed business activities with Islamic Bank. Then, they know the punishment from Allah SWT, if they keep doing financial transactions that contain riba. They feel fear and obedience to Allah SWT when they violate the rules.

C HART 3I!1!1!,! T HE
EACH SEGMENT

ADHERENCE TO

S HARIAH R ULES (R ELIGIOSITY )

IN

Then, for the Non-Shariah users, 56% respondents have medium level of adherence to Shariah rules (Religiosity). It means that Non-Shariah users have been dominated by consumers who conduct the pillars of Islam only ordinary. The second contributor is
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consumers who have high level of adherence to Shariah rules (Religiosity), which contribute 39% of Non-Shariah users. This segment should be elaborated, to understand the hidden insight from their perspective, about the reason why they keep loyal to conventional Saving Accounts/Time Deposit.

Key Take-Outs: Non-Shariah users segment has been dominated by consumers who have High and Medium level of adherence to Shariah rules (Religiosity). Then, we need to explore and to elaborate deeper, since there is an indication that the adherence level to Shariah rules (Religiosity), has no relationship with the enrollment of Mudharabah Saving Accounts/Time Deposit.

VI.1.2. Consumers characteristics who have Good Knowledge of IF VI.1.2.1. Insight - Knowledge about features in each segment In section VI.1.2, we will elaborate the consumers having the characteristics of good knowledge of Islamic Finance (IF). In terms of product features, we can see that 87% the Shariah users have known the features Mudharabah Saving Account/Time Deposit. The figure can be seen in the Chart VI.1.2.1. In addition, this segment has also known and had experience about the services, such as ATM Network, ATM Transfer Fee, Call Center Service, Customer Service/Teller Service.

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C HART 3I!1!+!1! 2 N OWLEDGE

ABOUT FEATURES IN EAC H SEGMENT

Then, for the Non-Shariah users, 97% respondents do not know the featues of Mudharabah Saving Account/Time Deposit. However, eventhough they do not know the features, they have their perception about the features of Mudharabah Saving Account/Time Deposit. There are only 3% of Non-Shariah users with good knowledge of Islamic Finance (IF), know the features of Mudharabah Saving Account/Time Deposit. 97% of respondents do not know the features of Mudharabah Saving Account/Time Deposit said that most of product features were good, except the following insight: Mudharabah Contract, which they do not know how players structured the contract under the saving accounts in details. Even the actual number of ATMs are limited, they perceived that the ATM of network of Islamic Bank were wide. Since most of Islamic Banks have joined their ATM to be incorporated in the shared ATM network.

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Key Take-Outs: Even though consumers understand and having good knowledge about Islamic Finance (IF), if they do not know the product features of Mudharabah Saving Account/Time Deposit, then they will not enroll in Mudharabah Saving Account/Time Deposit. In other words, good knowledge of Islamic Finance (IF) is not enough to make them to be Shariah users.

VI.1.2.2. Insight - The adherence to Shariah Rules (Religiosity) in each segment In terms of adherence to Shariah Rules (Religiosity), we can see that those Shariah user who have good knowledge of Islamic Finance (IF), had also High level of adherence to Shariah Rules (Religiosity). The figure can be seen in the Chart VI.1.2.2. It means that most users are Good Muslim.

C HART 3I!1!+!+! T HE
EACH SEGMENT

ADHERENCE TO

S HARIAH R ULES (R ELIGIOSITY )

IN

Then, for the Non-Shariah users, only 3% respondents have low level of adherence to Shariah rules (Religiosity). It means that Non-Shariah users have been dominated by
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consumers who conduct the pillars of Islam only ordinary. This segment should be elaborated, to understand the hidden insight from their perspective, about the reason why they keep loyal to conventional Saving Accounts/Time Deposit.

VI.1.3. Consumers characteristics who have High adherence to Shariah rules (Religiosity) VI.1.3.1. Insight - Knowledge about features in each segment In section VI.1.3, we will discuss the consumers characteristics those having high adherence to Shariah rules (Religiosity). In terms of product features, we can see that 82% of the Shariah users had known the features Mudharabah Saving Account/Time Deposit. The figure can be seen in the Chart VI.1.3.1. Then, for the Non-Shariah users, it is only 23% respondents with high adherence to Shariah rules (Religiosity), who know the featues of Mudharabah Saving Account/Time Deposit.

Key Take-Outs: Even though consumers have high level of adherence to Shariah rules (Religiosity), if they do not know the product features of Mudharabah Saving Account/Time Deposit, then they will not enroll Mudharabah Saving Account/Time Deposit. We can said that high level of adherence to Shariah rules was not enough to make them move to be Shariah users.

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C HART 3I!1!,!1! 2 N OWLEDGE

ABOUT FEATURES IN EAC H SEGMENT

VI.1.3.2. Insight - The understanding of Islamic Finance in each segment In this section, we can see that 45% of the Shariah users with high level of adherence to Shariah rules (Religiosity) have medium knowledge of Islamic Finance (IF), followed by good knowledge of Islamic Finance (IF) with 28% share. The figure can be seen in the Chart VI.1.3.2. It means that most users have good understanding about Islamic Finance, such as the study case about Riba, Gharar, Maysir, and the basic concept about

Mudharabah/Musyarakah/Ijarah. Therefore, we can conclude that most of Shariah users can be categorized as a good moslem and well educated in Islamic Finance.

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C HART 3I!1!,!+! T HE
SEGMENT

UNDERSTANDING OF I S LAMIC

F INANCE

IN EACH

Key Take-Outs: There is an interesting situation that need to be explored deeper. Most of Non-Shariah users with high adherence to Shariah rules (Religiosity), 39% share have been contributed by respondents who have good knowledge of Islamic Finance (IF). It has indicated that the consumers with high level of adherence to Shariah rules (Religiosity), who have already familiar with basic concept about Islamic Economics, Banking and Finance do not have any significant relationship with the Mudharabah Saving Account/Time Deposit enrollment.

VI.2. Characteristics of Shariah Users Segment In this section, we will try to assess Shariah users segment. This assessment is the conclusion analysis from section VI.1. According to Chart VI.2 about the characteristics of Shariah Users segment, we can conclude that:

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Shariah users have contributed 56% of the total respondent (n=181), which is equal to 101 respondents. From the total 101 respondents, 97% has been contributed by Shariah users who have High and Medium level of adherence to Shariah rules (Religiosity). It is equal to 98 respondents.

From 98 Shariah users who have High and Medium level of adherence to Shariah rules (Religiosity), 81% has been contributed by Shariah users who have good and medium knowledge of Islamic Finance (IF). It is equal to 79 respondents.

Finally, we can see that 86% of Shariah users who have High and Medium level of adherence to Shariah rules (Religiosity) and have good and medium knowledge of Islamic Finance (IF); has been contributed by respondents who know the features of Mudharabah Saving Deposit/Time Deposit.

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C HART 3I!+! C HARACTERISTICS

OF

S HARIAH U SER S EGMENT

VI.2.1. Insight about the consumers knowledge about the product features Discussing about knowledge of the product features, the respondents have a very varied answers. However, we have compiled and concluded that their knowledge of features can be classified into 2 (two) groups. First group represents their knowledge with positive understanding. The other one represents their knowledge with negative understanding or no special competitive advantage compare to conventional products. In other words, we can say that negative score has indicated the unsatisfied features or the unmet needs.

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C HART 3I!+!1! C ON SUMER 5 S

2NOWLEDGE ABOUT THE

RODU CT FEATURES

According to the Chart VI.2.1, there are 5 features that can be categorized as unmet needs of Shariah users. We will discuss foe each unmet needs in the following details: Administration Fee: Respondents have been experiencing that the administration fee is charged properly and tend to similar with conventional saving account/time Deposit. E-Banking: This feature is worse than conventional. Shariah users think that ebanking was treated only as an added-value feature. ATM Network: Islamic Banks have joined their ATM to be incorporated in the shared ATM network, since the actual numbers of ATM are limited. However, Shariah users tend to use their (Islamic Banks) own ATM directly, and they feel unsecured if they have to use the Joined ATM. Call Center Service: Since most of Islamic banks in Indonesia established through Islamic Business Unit, the way of Call Center Service tends to operate similar

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with Conventional Banking. Therefore, Call Center Service has no strong differentiation. iB Brand for Islamic Banking in Indonesia: All respondents said that the iB was just ordinary. From the consumers perspective, the brand has no strong differentiation. For the result, iB brand is perceived not popular.

VI.2.2. Key Factors to enroll/close Mudharabah Saving Account/Time Deposit According to the section V.1.3, about The Result of Qualitative Stage, It has been explained that the factors that have motivated them to enroll Mudharabah Saving Account/Time Deposit are, they feel comfortable with hereafter life, the given 'profit sharing' products under Mudharabah. "Sharia" Brand has made Islamic products different with conventional ones, even though in terms of feature, Mudharabah Saving account/time deposit has not been as sophisticated as conventional products. When the value of Islam and/or the Islamic products do not comply with Shariah rules, then Shariah users have possibility to close their Mudharabah Saving Account/Time Deposit. Therefore, the Shariah Compliance is a Shariah users considerable whether they close their Mudharabah Saving Account/Time Deposit or to keep it. From the quantitative survey, the result has shown the similarity to the qualitative result. The key factors to enroll/to close Mudharabah Saving Account/Time Deposit of Shariah users are the Shariah contracts, both for saving accounts and time deposits. It is related to the Shariah compliance of the products as their first priority whether they close their Mudharabah Saving Account/Time Deposit or to keep it.

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C HART 3I!+!+! 2 EY F ACTORS TO A CCOUNT 6T IME D E OSIT

ENROLL 6 CLOSE

M UDHARABAH S A3ING

VI.2.3.The conclusion about the Shariah User who have good knowledge of IF and have high adherence to Shariah rules; which relate to the Shariah branding and the product features. According to the several insights in the previous section, we can conclude that: Shariah users needs to ensure that the products are comply with Shariah rules. The brand of iB or Islamic Bank has been perceived that it had no strong differentiation. For the result, iB brand is perceived not popular. There is an indication that Islamic Bank needs to maintain Shariah users expectation in terms of Shariah compliance along with the improvement of 5 unmet needs, instead of branding the iB, Islamic value, etc in order to increase their loyalty.

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VI.3. Characteristics of Non-Shariah User Segment In this section, we will try to assess Non-Shariah users segment. This assessment is the conclusion analysis from section VI.1. According to Chart VI.3 about the characteristics of Non-Shariah Users segment, we can conclude that: Non-Shariah users have contributed 44% of the total respondent (n=181), which is equal to 80 respondents. From the total 80 respondents, 95% has been contributed by Non-Shariah users who have High and Medium level of adherence to Shariah rules (Religiosity). It is equal to 76 respondents. From 76 Non-Shariah users who have High and Medium level of adherence to Shariah rules (Religiosity), 66% has been contributed by Non-Shariah users who have good and medium knowledge of Islamic Finance (IF). It is equal to 50 respondents. Finally, we can see that 94% of Non-Shariah users who have High and Medium level of adherence to Shariah rules (Religiosity) and have good and medium knowledge of Islamic Finance (IF); has been contributed by respondents who do not know the features of Mudharabah Saving Deposit/Time Deposit.

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C HART 3I!,! C HARACTERISTICS

OF

N ON 4S HARIAH U SER S EGMENT

VI.3.1. Insight about the consumers perception about the product features Discussing about perception of the product features, similar approach with section VI.2.1 will be implemented in this section. The consumers perception of features can be classified into 2 (two) groups. First group represents their positive perception. While the other one represents their negative perception or no special competitive advantage compared to conventional products. Hence, negative score has indicated the unmet perception from Non-Shariah users.

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C HART 3I!,!1! C ON SUMER 5 S

ERCE TION ABOUT THE

RODUCT FEATURES

According to the Chart VI.4.1, there are 2 features that have negative score: Automatic Roll Over of Time Deposit: Respondents have perceived that the Automatic Roll Over was similar with the conventional time Deposit. They think that there was no uniqueness of Mudharabah Time Deposit. Call Center Service: Since most of Islamic banks in Indonesia established through Islamic Business Unit, the way of Call Center Service tends to operate similar with Conventional Banking. Therefore, Call Center has no strong differentiation.

VI.3.2. Key Factors to enroll Mudharabah Saving Account/Time Deposit According to the section V.1.3, about The Result of Qualitative Stage, It has been explained that the barrier to enroll Mudharabah Saving Account/Time Deposit are mostly because of the limited ATM network, which perceived as an important service to support financial transaction. If we see Chart VI.3.1, ATM has been perceived positive. It is because Non-Shariah users believe that most banks in Indonesia has joined their ATM into Joined
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ATM. However, from the qualitative study, Non-Shariah users still believed that stand alone ATMs of Islamic banks were perceived more secure than Joined ATM. In addition, we can also compare to the result of quantitative survey in the chart VI.3.2. The figure has shown us that ATM Network and ATM Transfer fee were the key factors for Non-Shariah users.

C HART 3I!,!+! 2 EY F ACTORS TO A CCOUNT 6T IME D E OSIT

ENROLL

M UDHARABAH S A3ING

VI.3.3. The conclusion about the Non-Shariah User who have good knowledge of IF and have high adherence to Shariah rules; which relate to the Shariah branding and the product features. According to the several in sight in the previous section, we can conclude that: Non-Shariah users needs to ensure that the products are comply with Shariah rules. The brand of iB or Islamic Bank has been perceived that it had no strong differentiation. For the result, iB brand is perceived not popular.
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There is an indication that Islamic Bank needs to attract Non-Shariah users expectation in terms of Joined ATM is as cheap and secure as ATM that owned by themselves, with the improvement of 2 unmet needs especially for the call center service, instead of branding the iB, Islamic value, etc in order to increase their market share.

VI.4. Implication for the Islamic Bank VI.4.1. Positioning, Branding, and Marketing Communication After we understand the latent consumer insight of Mudharabah Account, we need to elaborate the implication for Islamic Bank. By considering 2 different segments (Shariah users and Non-Sharih users), there are 2 (two) different approach that need to be implemented by Islamic Bank. Shariah users need to be maintained in order to increase their loyalty. Hence, by considering their key factors, Shariah compliance, then Islamic Bank needs to position and re-branding themselves as the Islamic Banks who comply with the Shariah rules. Non-Shariah users need to be attracted in order to increase Islamic Banks market share. Hence, by considering their key factors about ATM Network in terms of security and competitive price; Islamic Bank needs to communicate to consumers that the Joined ATM is secure and no additional ATM transfer fee. Therefore, when Islamic Banks promise to customer which there will be no additional fee for Joined ATM transfer, then Islamic Banks needs to assess the pricing strategy for Mudharabah Saving Account/Time Deposit.

VI.4.2. Product Design According to the section VI.2.2, the key factors to enroll/close Mudharabah Saving Account/Time Deposit of Shariah users are the Shariah contracts, both for saving accounts and time deposits. It is related to Shariah compliance of the products as their first priority whether they close their Mudharabah Saving Account/Time Deposit or keep it. Hence, we will elaborate and assess whether there are issues in terms of Shariah rules in Mudharabah Saving Deposit/Time Deposit. In this section, we will discuss 2 big Islamic Banks in Indonesia. Then, we will explore whether there are any issues in their Saving Accounts/Time Deposit.
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VI.4.2.1. Bank Syariah Mandiri (BSM) According to the interview with Customer service in branch office of BSM and quoted from its brochure, the following are product specifications of Saving Account/Time Deposit Saving Deposit o Shariah contract: Mudharabah Mutlaqah o Minimum initial fund: Rp.80,000,o Minimum deposit: Rp.10,000,o Minimum Balance: Rp.50,000,o Cancellation Fee: Rp.20,000,o Administration Fee: Rp.6,000,o Profit sharing rate: Islamic Bank 66%, Depositors 34%

Time Deposit o Shariah contract: Mudharabah Mutlaqah o Flexible term: 1, 3, 6, and 12 months o Minimum initial fund: Rp.2,000,000,o Stamp Duty: Rp.6,000,o Profit sharing rate: Islamic Bank 48%, Depositors 52%

VI.4.2.2. Bank Muamalat Indonesia (BMI) According to the interview with Customer service in branch office of BMI and quoted from its brochure, the following are product specifications of Saving Account/Time Deposit Saving Deposit o Shariah contract: Mudharabah Mutlaqah o Minimum initial fund: Rp.20,000,o Minimum deposit: Rp.10,000,o Minimum Balance: Rp.0,o Cancellation Fee: Rp.0,o Administration Fee: Rp.0,o Profit sharing rate: Islamic Bank 88%, Depositors 12%

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Time Deposit o Shariah contract: Mudharabah Mutlaqah o Flexible term: 1, 3, 6, and 12 months o Minimum initial fund: Rp.1,000,000,o Stamp Duty: Rp.6,000,o Profit sharing rate: Islamic Bank 46%, Depositors 54%

VI.4.2.3. Shariah issues of Mudharabah Saving Account/Time Deposit According to section VI.4.2 about product design and features, we will assess the Shariah issues under Mudharabah based accounts, as follow: Shariah users under Mudharabah based accounts will share the profit with the bank on ageed profit sharing ratio. However, the profit rate in previous section mentioned that the profit sharing rate has been determined by the Islamic Bank only. It means that Shariah users have never determined or negotiated the expected profit rate. In Mudharabah contract, the distribution of actual profits will only be known after the contract has matured based on a pre-agreed profit-sharing ratio. The fact is, in the first month of enrollment, Shariah users will get the profit sharing according to the preagreed profit-sharing ratio. However, Islamic Banks usually know the real profit in the end of the year, after published the annual report. The problem arises when the profit sharing for Shariah users should be less than the previous paid profit sharing. BSM has charged the administration fee (Rp,6, 000,-). The issue is whether the Islamic Bank as a Mudharib can charge administration fee on Shariah users, from the Shariah perspective. If Islamic Banks require additional amount to cover the administrative cost, it should be taken into account when deciding on the profit sharing ratio as agreed by both parties. Discussing about time Deposit, both BSM and BMI has offered fixation of duration which were mentioned that the durations are 1, 3, 6, and 12 months. The issues arise when we assess from the Fiqh Muamalah perspective about fixation of duration. Maliki and Syafii Mahdzab have disallowed any fixation of duration in Mudharabah based account. However, Hanafi and Hanbali mahdzab has allowed any fixation of duration in Mudharabah based account.

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Therefore, these issues could be the sensitive key factors that can make Shariah users disloyal to the Islamic Banks, since the key factors to enroll/close Mudharabah Saving Account/Time Deposit of Shariah users are the Shariah contracts, both for saving accounts and time Deposit. It is related to Shariah compliance of the products as their first priority whether they will close their Mudharabah Saving Account/Time Deposit.

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VII. CONCLUSION AND RECOMMENDATION

After we understand the fact through this study, the following are the explanation to answer the research questions that has been mentioned in section II.

VII.1. Shariah users There are several unmet needs of the Shariah users that have possibilities to make them close their Mudharabah Saving Account/Time Deposit Account and switch to the conventional accounts: The 5 unmet needs according to their knowledge are o Administration Fee tends to similar with conventional account. o E-Banking is treated only as an added-value feature. o ATM Network is felt unsecured if they have to use the Joined ATM. o Call Center Service tends to operate similar with Conventional Banking. o iB Brand for Islamic Banking in Indonesia has no strong differentiation.

Those 5 (five unmet needs) can be their reason to switch to conventional account if Shariah users perceived that Islamic Banks did not comply with Shariah rules. In other words, Shariah users can switch to conventional banks if Islamic Banks have no differences, in terms of Shariah compliance. Then, we need to identify the Shariah issues in Mudharabah Saving Accounts/Time Deposit. o Pre-agreed profit-sharing ratio is not determined by both parties. o Profit distribution does not use the actual companys profit. o Charge of administration cost/fee should be covered on the profit sharing ratio. o Fixation of duration is disallowed by Maliki and Syafii Mahdzab.

Therefore, Shariah users need to be maintained in order to increase their loyalty. Hence, by considering their key factors, Shariah compliance, then Islamic Bank needs to position and re-branding themselves as the Islamic Banks who comply with the Shariah rules.

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VII.2. Non-Shariah users There are several perceptions of the Non-Shariah users that made them loyal to conventional Saving account: The 2 (two) negative perceptions that can be categorized as a barrier for them to enroll Mudharabah Saving Accounts/Time Deposit, are: o Automatic Roll Over of Time Deposit has been perceived that there is no uniqueness of Mudharabah Time Deposit. o Call Center Service tends to operate similar with Conventional Banking. Therefore, Call Center has no strong differentiation.

However, those features are not their main reason to stay with conventional accounts. Their key factors are: o The limited ATM network. Even though their ATMs have been joined into Joined ATM, Non-Shariah users still believe that ATM of Islamic bank that owned by themselves, is perceived more secure than Joined ATM. o ATMs transfer fee of Joined ATM has been perceived more expensive than ATM that owned by themselves.

There is an indication that Islamic Bank needs to attract Non-Shariah users expectation in terms of Joined ATM is as cheap and secure as ATM that owned by themselves, with the improvement of 2 unmet needs especially for the call center service, instead of branding the iB, Islamic value, etc in order to increase their market share.

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VIII. REFERENCES

Al-Fayumi, Ahmad. Al-Misbah Al-Munir. Beirut. Al-Saatii, Abdul Rahim (2003). The Permissible Gharar (Risk) in Classical Islamic Jurisprudence. J.KAU: Islamic Econ. Vol. 16, No. 2. Anonymous. Guide to Creating a Brand. GREEN Communications. 2006 Ebrahim, Shahid & Tan Kai Joo (2001). Islamic banking in Brunei Darussalam. International Journal of Social Economics, Vol. 28 No. 4. MCB University Press, 0306-8293. Five Pillars. http://www.pbs.org/empires/islam/faithpillars.html. United Kingdom: Public Broadcasting Service (PBS). Accessed December 10, 2011. Ibrahim, IA (1997). A Brief Illustrated Guide to Understanding Islam. Darussalam, Publishers and Distributors, Houston, Texas, USA. Khan, Muhammad Akram (2003). Islamic Economics and Finance: A Glossary. Routledge. United Kingdom. Kotler Philip. Marketing Management. 11th Edition. Pearson Education. USA. 2003. Kotler, Philip; Gary Amstrong; John Saunders & Veronica Wong (1999). Principles of Marketing. Second Edition. Prentice Hall Europe. Masterson, Rosalind & Pickton, David (2010). Marketing an Introduction. Second Edition. Sage Publication. Netzer, Miriam Sophia. Riba in Islamic Jurisprudence: The Role of Interest, In discourse on law and State, Thesis. The Fletcher School. 2004 Pillars of Islam. http://www.britannica.com/EBchecked/topic/295625/Pillars-of-Islam. Encyclopaedia Britannica Online. Accessed December 10, 2011. Saving account. http://en.wikipedia.org/wiki/Saving_account. Accessed December 10, 2011. Saving account. http://www.investopedia.com/terms/s/Savingaccount.asp#axzz1g9CpV5HJ. Accessed December 10, 2011. Saving account. http://www.investorwords.com/4388/Saving_account.html. Accessed December 10, 2011. Siddiqi, Mohammad Nejatullah. Riba (2004). Bank Interest and the Rationale of Its Prohibition. Islamic Development Bank and Islamic Research and Training Institute. Stanton William, Michael Etzel, Bruce Walker. Fundamental of Marketing. Ninth Edition. McGraw-Hill. 1991.

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IX. APPENDIX

IX.1. Discussion Guide of Qualitative Stage


3hat t6- of 0 -o#.t ar 6o' ha1.(& !.th th *a("> FOR@ Shariah Users o o o o 3hat .# 6o'r - r$ -t.o(> Go! )o 6o' f +> 3hat )o 6o' th.(" a*o't LI#+am.$ %a("M %ra().(&> Go! ) - $o'+) LI#+am.$ %a("M %ra().(& .(f+' ($ 6o'> 3h6> Go! a*o't .f th r .# a $o(tra).$t.o(> o o 3hat .# th -ro)'$t f at'r a() * ( f.t> 5-ro)'$t< -r.$ 7 Go! &oo) .# th * ( f.t a() f at'r > 5-ro)'$t< -r.$ 7 3h6> Go! a*o't .f th r .# a $o(tra).$t.o(> o o 3hat .# th # r1.$ off r ) a() * ( f.t> Go! &oo) .# th # r1.$ off r )> 5-ro)'$t< -r.$ 7 3h6> Go! a*o't .f th r .# a $o(tra).$t.o(> o o o 3hat .# th $om- t.t.1 a)1a(ta& of th -ro)'$t a() # r1.$ #> 3hat .# th ! a"( ## of th -ro)'$t# a() # r1.$ # off r )> 3hat fa$tor# that ma) 6o' (ro++ th ;')hara*ah A$$o'(t> 3h6> Go! a*o't .f th r .# a $o(tra).$t.o(> o 3hat ".() of * ( f.t that 6o' ar +oo".(& for f'rth r> 3h6> Go! a*o't .f th r .# a $o(tra).$t.o(> o o 3hat f at'r that #ho'+) * .m-ro1 )> 8() r !hat $o().t.o(# that ma" # 6o' #!.t$h to th $o(1 (t.o(a+ -ro)'$t#:a(oth r Shar.ah *ra()> 3h6> Go! a*o't .f th r .# a $o(tra).$t.o(> o o Go! .# th .m-+ m (tat.o( of Shar.ah R'+ #> Go! a*o't th Shar.ah I##' > I# th r a(6 .##' >

FOR@ Non-Shariah users who understand Islamic Finance very well Non-Shariah users who know the basic principle of Islamic Finance Non-Shariah users who aware that Islamic Banking is exist o 3hat .# 6o'r - r$ -t.o( a*o't ;')hara*ah Sa1.(&# A$$o'(t : ;')hara*ah
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0 -o#.t# A$$o'(t> o o o Go! )o 6o' f +> 3hat )o 6o' th.(" a*o't LI#+am.$ %a("M %ra().(&> Go! ) - $o'+) LI#+am.$ %a("M %ra().(& .(f+' ($ 6o'> 3h6> Go! a*o't .f th r .# a $o(tra).$t.o(> o Ga1 6o' $om-ar th -ro)'$t a() # r1.$ # off r ) !.th $o(1 (t.o(a+ -ro)'$t> A() ho! ar *oth #tr (&th a() ! a"( ## #> o 3hat .# th -ro)'$t f at'r a() * ( f.t> 5-ro)'$t< -r.$ 7 3h6> Go! a*o't .f th r .# a $o(tra).$t.o(> o Go! &oo) .# th * ( f.t a() f at'r > 5-ro)'$t< -r.$ 7 3h6> Go! a*o't .f th r .# a $o(tra).$t.o(> o o 3hat .# th # r1.$ off r ) a() * ( f.t> Go! &oo) .# th # r1.$ off r )> 5-ro)'$t< -r.$ 7 3h6> Go! a*o't .f th r .# a $o(tra).$t.o(> o o o 3hat .# th $om- t.t.1 a)1a(ta& of th -ro)'$t a() # r1.$ #> 3hat .# th ! a"( ## of th -ro)'$t# a() # r1.$ # off r )> 3hat fa$tor# that ma) 6o' #ta6 !.th $o(1 (t.o(a+ a$$o'(t> 3h6> Go! a*o't .f th r .# a $o(tra).$t.o(> o 3hat ".() of * ( f.t that 6o' ar +oo".(& for f'rth r> 3h6> Go! a*o't .f th r .# a $o(tra).$t.o(> o o 3hat f at'r that #ho'+) * .m-ro1 )> 8() r !hat $o().t.o(# that ma" # 6o' #!.t$h to Shar.ah *ra()> 3h6> Go! a*o't .f th r .# a $o(tra).$t.o(> o o Go! .# th .m-+ m (tat.o( of Shar.ah R'+ #> Go! a*o't th Shar.ah I##' > I# th r a(6 .##' >

Th E() /

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IX.2. Questionnaire of Quantitative Stage

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IX.3. Data Processing of Section A


!U"S#I$NS espondents code '( 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 % A C 0 0 0 0 A % 0 A 0 0 A A A 0 A % 0 0 % A A A A A A A A A A A A A A % A A A ') % % A % % % % % 0 % 0 0 % % % % 0 % 0 % A A % % A % % % % % % % % % % % C % % % '* A A A A A A A A 0 A % C A A A A A % A A A C A A A A A A A A A A A A A C % A A A '+ 0 A A % A A A A % A 0 % A A A A % A A A A % A A % A A A A A A A A A A % % A A A ', C 0 0 C % A A % % A % % A % % % C % 0 A % C % % % % % % % % % % % % % A C % % % '% % % 0 0 % % % % % % A % % % % A % A % % A % % % % % % % % % % % % % % C % % % '( 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 ') 1 1 0 1 1 1 1 1 0 1 0 0 1 1 1 1 0 1 0 1 0 0 1 1 0 1 1 1 1 1 1 1 1 1 1 1 0 1 1 1 '* 1 1 1 1 1 1 1 1 0 1 0 0 1 1 1 1 1 0 1 1 1 0 1 1 1 1 1 1 1 1 1 1 1 1 1 0 0 1 1 1 '+ 1 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 ', 0 0 0 0 1 0 0 1 1 0 1 1 0 1 1 1 0 1 0 0 1 0 1 1 1 1 1 1 1 1 1 1 1 1 1 0 0 1 1 1 '1 1 1 0 0 1 1 1 1 1 1 0 1 1 1 1 0 1 0 1 1 0 1 1 1 1 1 1 1 1 1 1 1 1 1 1 0 1 1 1 4 3 3 2 3 3 3 4 2 3 3 1 3 4 4 4 1 3 1 3 3 0 4 4 3 4 4 4 4 4 4 4 4 4 4 2 0 4 4 4 EOO0 ;E0I8; ;E0I8; POOR ;E0I8; ;E0I8; ;E0I8; EOO0 POOR ;E0I8; ;E0I8; POOR ;E0I8; EOO0 EOO0 EOO0 POOR ;E0I8; POOR ;E0I8; ;E0I8; POOR EOO0 EOO0 ;E0I8; EOO0 EOO0 EOO0 EOO0 EOO0 EOO0 EOO0 EOO0 EOO0 EOO0 POOR POOR EOO0 EOO0 EOO0 S%$ " S%$ " Shariah &nowledge

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41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 81 82 83 84

A A A A A 0 A % 0 A 0 0 A A 0 A A A A A A A A 0 A A A A A A A 0 0 0 A A A A A A A 0 A A

% % % % % 0 % 0 0 % 0 0 % % 0 % C % % % % % % 0 % % % % % % % 0 0 0 % % % A % % % % 0 %

A A A A A 0 A 0 0 A 0 0 A A % A 0 A A A A A A % A A A A A A A 0 % 0 A A A A A A A C C A

A A A A A 0 A 0 A A 0 A A A C A % A A A A % A % A % A % A A A % % 0 A A A % % A A % A A

% % % % % % % % % % % % % % % % C % % % % % % % % % % % % % % % % % % % % % % % % % % %

% % % % % % C % % % C % % % % % 0 % % % % % % % % % % % % % % A A A % % % % % % % A % %

0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

1 1 1 1 1 0 1 0 0 1 0 0 1 1 0 1 0 1 1 1 1 1 1 0 1 1 1 1 1 1 1 0 0 0 1 1 1 0 1 1 1 1 0 1

1 1 1 1 1 0 1 0 0 1 0 0 1 1 0 1 0 1 1 1 1 1 1 0 1 1 1 1 1 1 1 0 0 0 1 1 1 1 1 1 1 0 0 1

0 0 0 0 0 1 0 1 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0

1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 0 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1

1 1 1 1 1 1 0 1 1 1 0 1 1 1 1 1 0 1 1 1 1 1 1 1 1 1 1 1 1 1 1 0 0 0 1 1 1 1 1 1 1 0 1 1

4 4 4 4 4 3 3 3 2 4 2 2 4 4 2 4 0 4 4 4 4 4 4 2 4 4 4 4 4 4 4 1 1 2 4 4 4 3 4 4 4 2 2 4

EOO0 EOO0 EOO0 EOO0 EOO0 ;E0I8; ;E0I8; ;E0I8; POOR EOO0 POOR POOR EOO0 EOO0 POOR EOO0 POOR EOO0 EOO0 EOO0 EOO0 EOO0 EOO0 POOR EOO0 EOO0 EOO0 EOO0 EOO0 EOO0 EOO0 POOR POOR POOR EOO0 EOO0 EOO0 ;E0I8; EOO0 EOO0 EOO0 POOR POOR EOO0

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85 86 87 88 89 90 91 92 93 94 95 96 97 98 99 100 101 102 103 104 105 106 107 108 109 110 111 112 113 114 115 116 117 118 119 120 121 122 123 124 125 126 127 128

A 0 A A A A A A A A A A A % A 0 A A A A A 0 0 A 0 0 A A 0 C 0 A % % 0 0 0 A A C A A 0 A

% 0 % % % % % % % % A % 0 A % 0 % % % % % % % % 0 0 % C % A % A 0 % A A % C % A % C A %

A 0 A A A A A A A A A A 0 % A A A A A A A A A A 0 A C C A % A A 0 A A A A 0 A A % C C A

A 0 A A % A A A A A A A % % A A A A A A % A A A A A % C % % % % A 0 A A A % A % A % A %

% C % % % % % % % % % % % % % % % % % % % A A % 0 A C C % % C C % C % % A % % % % 0 C %

% % % % % % % % % % % % % A % % % % % % % % % A % % % A % % % 0 % % % % % % % % % A A %

0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 1 0 0 0 0

1 0 1 1 1 1 1 1 1 1 0 1 0 0 1 0 1 1 1 1 1 1 1 1 0 0 1 0 1 0 1 0 0 1 0 0 1 0 1 0 1 0 0 1

1 0 1 1 1 1 1 1 1 1 1 1 0 0 1 1 1 1 1 1 1 1 1 1 0 1 0 0 1 0 1 1 0 1 1 1 1 0 1 1 0 0 0 1

0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0

1 0 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 0 0 1 0 0 0 0 1 1 0 0 1 0 1 1 0 1 1 1 1 0 0 1

1 1 1 1 1 1 1 1 1 1 1 1 1 0 1 1 1 1 1 1 1 1 1 0 1 1 1 0 1 1 1 0 1 1 1 1 1 1 1 1 1 0 0 1

4 2 4 4 4 4 4 4 4 4 3 4 2 1 4 3 4 4 4 4 4 3 3 3 1 2 2 0 4 3 3 1 2 4 3 3 3 2 4 4 3 0 0 4

EOO0 POOR EOO0 EOO0 EOO0 EOO0 EOO0 EOO0 EOO0 EOO0 ;E0I8; EOO0 POOR POOR EOO0 ;E0I8; EOO0 EOO0 EOO0 EOO0 EOO0 ;E0I8; ;E0I8; ;E0I8; POOR POOR POOR POOR EOO0 ;E0I8; ;E0I8; POOR POOR EOO0 ;E0I8; ;E0I8; ;E0I8; POOR EOO0 EOO0 ;E0I8; POOR POOR EOO0

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129 130 131 132 133 134 135 136 137 138 139 140 141 142 143 144 145 146 147 148 149 150 151 152 153 154 155 156 157 158 159 160 161 162 163 164 165 166 167 168 169 170 171 172

C % A 0 0 0 0 A 0 0 0 % % A 0 0 0 0 C A 0 A A A A % 0 A % A A A C % 0 % C 0 0 0 A A A A

% A 0 % % % A A % A % % C 0 A % C 0 0 C % % A % % % C % % A A 0 % C % % A % % % % % A A

0 A A A A A A A A A A % A C A A C A % % C A A A A A % A A 0 A A % A A A % A A A A A A A

A % 0 A A A A % A A A % % % A A 0 A % A 0 % % % % A C % 0 0 A % A % % 0 0 A A A A % % A

% % C A A A C % A C A % % % C A % % % % % C % % % % C C C 0 A % % C A C % A A A % % % A

% % A % % % % % % % % % A % % % 0 A 0 % 0 % % % % % C % % % A % % C % % A % % % % % % %

1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 1 0 0 0 0 0 0 0

1 0 0 1 1 1 0 0 1 0 1 1 0 0 0 1 0 0 0 0 1 1 0 1 1 1 0 1 1 0 0 0 1 0 1 1 0 1 1 1 1 1 0 0

0 1 1 1 1 1 1 1 1 1 1 0 1 0 1 1 0 1 0 0 0 1 1 1 1 1 0 1 1 0 1 1 0 1 1 1 0 1 1 1 1 1 1 1

0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 1 0 0 0 0 0 0 0 1 1 0 0 0 0 0 1 1 0 0 0 0 0 0 0

1 1 0 0 0 0 0 1 0 0 0 1 1 1 0 0 1 1 1 1 1 0 1 1 1 1 0 0 0 0 0 1 1 0 0 0 1 0 0 0 1 1 1 0

1 1 0 1 1 1 1 1 1 1 1 1 0 1 1 1 0 0 0 1 0 1 1 1 1 1 0 1 1 1 0 1 1 0 1 1 0 1 1 1 1 1 1 1

4 3 2 3 3 3 2 3 3 2 3 3 2 2 2 3 2 2 2 2 3 3 3 4 4 4 0 3 4 2 1 3 4 1 3 4 3 3 3 3 4 4 3 2

EOO0 ;E0I8; POOR ;E0I8; ;E0I8; ;E0I8; POOR ;E0I8; ;E0I8; POOR ;E0I8; ;E0I8; POOR POOR POOR ;E0I8; POOR POOR POOR POOR ;E0I8; ;E0I8; ;E0I8; EOO0 EOO0 EOO0 POOR ;E0I8; EOO0 POOR POOR ;E0I8; EOO0 POOR ;E0I8; EOO0 ;E0I8; ;E0I8; ;E0I8; ;E0I8; EOO0 EOO0 ;E0I8; POOR

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173 174 175 176 177 178 179 180 181

A A A C A 0 A A A

A % % A % A 0 C %

% A A A 0 A A C A

% % % A A A A % A

% % % % % C A C %

% % % A % % % % %

0 0 0 1 0 0 0 0 0

0 1 1 0 1 0 0 0 1

0 1 1 1 0 1 1 0 1

0 0 0 0 0 0 0 0 0

1 1 1 1 1 0 0 0 1

1 1 1 0 1 1 1 1 1

2 4 4 3 3 2 2 1 4

POOR EOO0 EOO0 ;E0I8; ;E0I8; POOR POOR POOR EOO0

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IX.4. Data Processing of Section B


espondents code 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 !U"S#I$NS B( A A A A % A A % % A % % A % % % % A % A % % % % B) A 0 A C 0 A A C 0 A C C A 0 C C C C 0 A A 0 C C B* A A A A A A A % A A A A A A A A A A A A C A A A B+ C C % % % C C C 0 C % C C C C C 0 C C C C % C C B, A % % A % A A % C A % C A % % % C % C A A C % % BA % A A A A A A A A A A A A A A A A A A A A A A B6 A % A A A A A % C A % % A % % % C A % A % C % % B/ A A A A A A A A A A A A A A A A % A A A A A A A B7 A % % A A A A % % A % % A % A A % % % A % % A A B(8 A % A A A A A % % A % % A % A A % % % A A % A A ' 7 3 6 6 4 7 7 2 3 7 3 3 7 3 3 3 2 5 3 7 4 3 3 3 'NS." $F !U"S#I$NS B(-B/ B 0 3 2 1 3 0 0 4 1 0 4 2 0 3 3 3 2 1 2 0 2 2 3 3 % 1 1 0 1 0 1 1 2 2 1 1 3 1 1 2 2 3 2 2 1 2 2 2 2 3 0 1 0 0 1 0 0 0 2 0 0 0 0 1 0 0 1 0 1 0 0 1 0 0 " 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0I10 'NS." 9' 7 3 6 6 4 7 7 2 3 7 3 3 7 3 3 3 2 5 3 7 4 3 3 3 2"3IU2 'NS." 9B 0 3 2 1 3 0 0 4 1 0 4 2 0 3 3 3 2 1 2 0 2 2 3 3 4$. "4I1I$SI#5 'NS." 9%:3:" 1 2 0 1 1 1 1 2 4 1 1 3 1 2 2 2 4 2 3 1 2 3 2 2 G.&h ; ).'m G.&h G.&h G.&h G.&h G.&h ; ).'m ; ).'m G.&h ; ).'m ; ).'m G.&h ; ).'m ; ).'m ; ).'m ; ).'m G.&h ; ).'m G.&h G.&h ; ).'m ; ).'m ; ).'m

Indonesian Islamic Banking An Overview and Opportunity Rhesa Yogaswara

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25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52

% % % % % % % A % % % % % % % % % % % % % % A % % % % %

C C C C C C C % C C C % C C C C C C C C C C C C C C C C

A A A A A A A A A A A A % A A A A A A A A A A A A A A A

% C C C C C C % C C C % 0 C C C C C C C C C C 0 C C C C

% % % C % % % % % % % % C % % % % % % % % C % 0 C % C C

A A A A A A A A A A A A A A A A A A A A A A A A A A A A

A % A % % A % A % % % A % % % % % % % % % % % C C % C C

A A A A A A A A A A A % A A A A A A A A A A A A % A % A

A A % % % % % A A A A % % A % A % % % A A % % % % A % %

% A % % % % % % A A A % % A % A % % % A A % % % % A % %

4 3 4 3 3 4 3 5 3 3 3 3 2 3 3 3 3 3 3 3 3 3 4 3 2 3 2 3

3 3 2 2 3 2 3 3 3 3 3 5 3 3 3 3 3 3 3 3 3 2 2 1 2 3 2 1

1 2 2 3 2 2 2 0 2 2 2 0 2 2 2 2 2 2 2 2 2 3 2 2 4 2 4 4

0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 2 0 0 0 0

0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

4 3 4 3 3 4 3 5 3 3 3 3 2 3 3 3 3 3 3 3 3 3 4 3 2 3 2 3

3 3 2 2 3 2 3 3 3 3 3 5 3 3 3 3 3 3 3 3 3 2 2 1 2 3 2 1

1 2 2 3 2 2 2 0 2 2 2 0 3 2 2 2 2 2 2 2 2 3 2 4 4 2 4 4

G.&h ; ).'m G.&h ; ).'m ; ).'m G.&h ; ).'m G.&h ; ).'m ; ).'m ; ).'m ; ).'m Lo! ; ).'m ; ).'m ; ).'m ; ).'m ; ).'m ; ).'m ; ).'m ; ).'m ; ).'m G.&h ; ).'m ; ).'m ; ).'m ; ).'m ; ).'m

Indonesian Islamic Banking An Overview and Opportunity Rhesa Yogaswara

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53 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80

% % % % A % % % % A % % % % % % % % % % % % % % % % % %

C % C C C C C C C C C C C C C C 0 C 0 C C C C C C C C C

A A A A A A A A A A A A A A A A A A A A A A A A A A A A

C C C C % C C C C C C C C C C C C C C C C C C C C C C C

% % C A A % % % % % A C % % % % A % C C C % % % % % % %

A A A A A A A A A A % A A A A A A A A A A A A A A % A A

% A % % A % A % % A % % % % % A % A C C C % % A % A % %

A A % A A A A % A A A A A A A A A A % % A A A A A A A A

A A % A A A A % A % A % % % A A % A % % % % A % A A A A

A A % A A A A % A % A % % % A A % A % % % % A % A A A A

3 4 2 4 6 3 4 2 3 5 3 3 3 3 3 4 4 4 2 2 3 3 3 4 3 3 3 3

3 3 3 2 1 3 2 4 3 1 3 2 3 3 3 2 2 2 2 2 1 3 3 2 3 3 3 3

2 1 3 2 1 2 2 2 2 2 2 3 2 2 2 2 1 2 3 4 4 2 2 2 2 2 2 2

0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 1 0 0 0 0 0 0 0 0 0

0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

3 4 2 4 6 3 4 2 3 5 3 3 3 3 3 4 4 4 2 2 3 3 3 4 3 3 3 3

3 3 3 2 1 3 2 4 3 1 3 2 3 3 3 2 2 2 2 2 1 3 3 2 3 3 3 3

2 1 3 2 1 2 2 2 2 2 2 3 2 2 2 2 2 2 4 4 4 2 2 2 2 2 2 2

; ).'m G.&h Lo! G.&h G.&h ; ).'m G.&h ; ).'m ; ).'m G.&h ; ).'m ; ).'m ; ).'m ; ).'m ; ).'m G.&h G.&h G.&h ; ).'m ; ).'m ; ).'m ; ).'m ; ).'m G.&h ; ).'m ; ).'m ; ).'m ; ).'m

Indonesian Islamic Banking An Overview and Opportunity Rhesa Yogaswara

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81 82 83 84 85 86 87 88 89 90 91 92 93 94 95 96 97 98 99 100 101 102 103 104 105 106 107 108

% % % % % % % % % % % % % % A % % % A % % A % % % % A %

C C C C C C C C C C C C C C % C C 0 % 0 C % C C C A C C

A A A A A A A A A A A A A A A A A C A A % A A A A % A A

C 0 C C C C C C C C C C C C % C C 0 % 0 C % C C 0 % C C

% C 0 % % C % % % % % % % % % C C 0 % C % % % % A % A A

A A A A A A A A A A A A A A A A A A A A A A A A A A A A

% C A % % % % % % A % A C % A % C % A A A A % % % C A A

A A A A A % A A A A A A A A A A A A A % A A A A A A A A

A % % A A % A % % % A A % % A % % % A % % A % A % A A A

A % % A A % A % % % A A % % A % % % A % % A % A % A A %

3 3 4 3 3 2 3 3 3 4 3 4 3 3 5 3 3 2 5 3 3 5 3 3 4 3 6 5

3 1 1 3 3 3 3 3 3 2 3 2 2 3 3 2 1 2 3 2 3 3 3 3 2 4 0 1

2 3 2 2 2 3 2 2 2 2 2 2 3 2 0 3 4 1 0 1 2 0 2 2 1 1 2 2

0 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 3 0 2 0 0 0 0 1 0 0 0

0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

3 3 4 3 3 2 3 3 3 4 3 4 3 3 5 3 3 2 5 3 3 5 3 3 4 3 6 5

3 1 1 3 3 3 3 3 3 2 3 2 2 3 3 2 1 2 3 2 3 3 3 3 2 4 0 1

2 4 3 2 2 3 2 2 2 2 2 2 3 2 0 3 4 4 0 3 2 0 2 2 2 1 2 2

; ).'m ; ).'m G.&h ; ).'m ; ).'m Lo! ; ).'m ; ).'m ; ).'m G.&h ; ).'m G.&h ; ).'m ; ).'m G.&h ; ).'m ; ).'m ; ).'m G.&h ; ).'m ; ).'m G.&h ; ).'m ; ).'m G.&h ; ).'m G.&h G.&h

Indonesian Islamic Banking An Overview and Opportunity Rhesa Yogaswara

$%e /1 of 81

109 110 111 112 113 114 115 116 117 118 119 120 121 122 123 124 125 126 127 128 129 130 131 132 133 134 135 136

A A % A A A A % % A A A A A A % % A A A % A A A A A A %

C 0 0 C 0 0 A C C C A A A C C 0 C A A C 0 C C A A A A %

A A A A % A A A A A A A A A A A % A % A A A A A A A A A

% 0 C C % C % C 0 C % % % C C C C C A C 0 % C C C C C 0

A 0 A % % A A A % A A A A A % 0 % 0 A % % % A A A A A 0

A A A A A A A A A A A A A A A A % A A A A A A A A A A A

A A % A A % A A A % % % A A % A % A A A % A A A A A A A

A A A E E A A A A A A A A % A A A A E A E A 0 A A A A A

% % % A % % A A A % A A A % A A A A A % % % % A A A A %

A A A % % % % A A % A A A A % % % % A A % % % A % A A %

6 5 4 4 3 5 7 5 4 5 6 6 7 5 4 4 1 6 6 5 2 5 5 7 7 7 7 4

1 0 2 1 3 1 1 1 2 1 2 2 1 1 2 1 5 0 1 1 3 2 0 0 0 0 0 2

1 0 1 2 0 1 0 2 1 2 0 0 0 2 2 1 2 1 0 2 0 1 2 1 1 1 1 0

0 3 1 0 1 1 0 0 1 0 0 0 0 0 0 2 0 1 0 0 2 0 1 0 0 0 0 2

0 0 0 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 1 0 0 0 0 0 0 0

6 5 4 4 3 5 7 5 4 5 6 6 7 5 4 4 1 6 6 5 2 5 5 7 7 7 7 4

1 0 2 1 3 1 1 1 2 1 2 2 1 1 2 1 5 0 1 1 3 2 0 0 0 0 0 2

1 3 2 3 2 2 0 2 2 2 0 0 0 2 2 3 2 2 1 2 3 1 3 1 1 1 1 2

G.&h G.&h G.&h G.&h ; ).'m G.&h G.&h G.&h G.&h G.&h G.&h G.&h G.&h G.&h G.&h G.&h Lo! G.&h G.&h G.&h Lo! G.&h G.&h G.&h G.&h G.&h G.&h G.&h

Indonesian Islamic Banking An Overview and Opportunity Rhesa Yogaswara

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137 138 139 140 141 142 143 144 145 146 147 148 149 150 151 152 153 154 155 156 157 158 159 160 161 162 163 164

% A A A A A A A % A % A % % A A A % % % A A A A A 0 A A

A C A % % C 0 A 0 % C C 0 C C % C C C C A C C A C % A %

A A A A A A A A A A A A A % % A A A % % A A A A A C A A

0 C C 0 C C C C 0 C 0 C 0 C C % C C C C % C % C % % C %

C A A 0 A C % A C C % % C % % % A % % % A A A A A A A A

A A A A A A A A A A A A A A A A A A % A A A A A A % A A

A A A % A A A A A A A A A % A A A A % % A A A A A % A A

A A A A A 0 A A A A % A % A A A A A % A A A A A % % A A

A A A % % A A A % A % A % A % A A A A % A A % % % A A A

A A A % % % A A % A % A % A % A A % % % A A % % % % A A

5 6 7 4 6 4 5 7 4 5 3 5 3 2 4 5 6 4 0 2 7 6 6 7 5 1 7 6

1 0 0 2 1 0 1 0 1 1 3 1 2 4 2 3 0 2 6 4 1 0 1 0 2 5 0 2

1 2 1 0 1 3 1 1 1 2 1 2 1 2 2 0 2 2 2 2 0 2 1 1 1 1 1 0

1 0 0 2 0 1 1 0 2 0 1 0 2 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0

0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

5 6 7 4 6 4 5 7 4 5 3 5 3 2 4 5 6 4 0 2 7 6 6 7 5 1 7 6

1 0 0 2 1 0 1 0 1 1 3 1 2 4 2 3 0 2 6 4 1 0 1 0 2 5 0 2

2 2 1 2 1 4 2 1 3 2 2 2 3 2 2 0 2 2 2 2 0 2 1 1 1 2 1 0

G.&h G.&h G.&h G.&h G.&h ; ).'m G.&h G.&h G.&h G.&h ; ).'m G.&h ; ).'m ; ).'m G.&h G.&h G.&h G.&h Lo! ; ).'m G.&h G.&h G.&h G.&h G.&h Lo! G.&h G.&h

Indonesian Islamic Banking An Overview and Opportunity Rhesa Yogaswara

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165 166 167 168 169 170 171 172 173 174 175 176 177 178 179 180 181

A A A A % % A A C % % % % % A % %

% A A A C C % A C C C C 0 C C C C

A A A A % A A A % A A A A A A A A

A C C C C C % A C C C C C C C 0 %

% A A A % % A A C % % % A A A A %

A A A A A A A A A A A A A A A A A

A A A A % A A A % % % A A A A A A

A A A A A A A A A A A A A A A A A

A A A A A % A A A A A A A A A A %

A A A A % % A A % A % A % A A A %

6 7 7 7 2 4 6 8 2 3 3 4 5 5 6 5 4

2 0 0 0 4 2 2 0 2 3 3 2 1 1 0 1 3

0 1 1 1 2 2 0 0 4 2 2 2 1 2 2 1 1

0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 1 0

0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

6 7 7 7 2 4 6 8 2 3 3 4 5 5 6 5 4

2 0 0 0 4 2 2 0 2 3 3 2 1 1 0 1 3

0 1 1 1 2 2 0 0 4 2 2 2 2 2 2 2 1

G.&h G.&h G.&h G.&h ; ).'m G.&h G.&h G.&h ; ).'m ; ).'m ; ).'m G.&h G.&h G.&h G.&h G.&h G.&h

Indonesian Islamic Banking An Overview and Opportunity Rhesa Yogaswara

$%e 01 of 81

IX.5. Data Processing of Section C.2 (B9 = B and B10 = B)


espondents code 2 8 11 14 18 27 28 29 30 31 39 41 42 43 46 47 48 60 62 65 66 69 71 76 88 B7 % % % % % % % % % % % % % % % % % % % % % % % % % B(8 % % % % % % % % % % % % % % % % % % % % % % % % % Shariah &nowledge ;E0I8; EOO0 ;E0I8; EOO0 ;E0I8; EOO0 EOO0 EOO0 EOO0 EOO0 EOO0 EOO0 EOO0 EOO0 ;E0I8; ;E0I8; ;E0I8; EOO0 EOO0 EOO0 EOO0 EOO0 EOO0 EOO0 EOO0 "4I1I$SI#5 ;E0I8; ;E0I8; ;E0I8; ;E0I8; GIEG GIEG ;E0I8; ;E0I8; GIEG ;E0I8; ;E0I8; ;E0I8; ;E0I8; ;E0I8; ;E0I8; GIEG ;E0I8; ;E0I8; GIEG ;E0I8; ;E0I8; GIEG ;E0I8; GIEG ;E0I8; %;);( / A A A A A A A A A / / A A A A A / A A A A A A A %;);) / A A A A A A A A A A A A A A A A A A A A A A A A %;);* / / A A A A A A A A / / / / A / A / / / A A A A A %;);+ / / A A A A A A A A A A A A A / A / A / A A A A A %;);, / / A A A A A A A A A / A A A / A / / / A A A A A %;);/ / A A A A A A A A / / / / A / A / / / A A A A A %;);6 / / / A / / / / A / / / / / / / A / / / A A A A A %;);/ / / / A A / / / A / / / / / / / A / A / A A A A A %;);7 / / A A / / A A A A A A / A A A A / / / A A A / A %;);(8 A A A A A A A A A A / A / A A A A A A A A A A A A %;);(( / / / A / / A A A A / / / / A / A / / / A A A / A %;);() A A / A A / A A A A A / A / A A A A A / A A A / A %;);(* / A A A A A A A A A A A A A A A A A A A A A A A A %;);(+ / A A A A A A A A A A A A A A A A A A A A A A A A %;);(, / A A A A A A A A A A A A A A A A A A A A A A A A

Indonesian Islamic Banking An Overview and Opportunity Rhesa Yogaswara

$%e 0+ of 81

89 90 93 94 96 100 100 103 105 113 114 118 130 136 140 149 151 156 160 161 170 181

% % % % % % % % % % % % % % % % % % % % % %

% % % % % % % % % % % % % % % % % % % % % %

EOO0 EOO0 EOO0 EOO0 EOO0 ;E0I8; EOO0 EOO0 EOO0 EOO0 ;E0I8; EOO0 ;E0I8; ;E0I8; ;E0I8; ;E0I8; ;E0I8; ;E0I8; ;E0I8; EOO0 EOO0 EOO0

;E0I8; GIEG ;E0I8; ;E0I8; ;E0I8; ;E0I8; ;E0I8; ;E0I8; GIEG ;E0I8; GIEG GIEG GIEG GIEG GIEG ;E0I8; GIEG ;E0I8; GIEG GIEG GIEG GIEG

A A A / A A A / A A A / A / A / A A A / A A

A A A A A A A A A A A A / A A A A A A A A /

A / / / / A A / A A A / A A A A / / / A / /

A A A A A A A A A A A / A A A A / / A A / A

A A A A A A A A A A A / A A A A A A A A / A

A / / / / A A / A / A / A A / A / A / A / A

A / / / / / A / A / A A A / A / / A / / / A

A / / / / / A / A / A A / / / / / A / A / A

A A A A A A A A A A A A A / A A / / A A / A

A A A A / A A / A / A A / A A A A A A A A /

A A A A A / / A / / A / A A / A / / / A / A

A A A / A / / A / / A A A / / A / / A A A A

A A A A A A A A A A / A A A / / A A / A A A

A A A A A A A A A A / A A / / A A A / A A A

A A A A A A A A A A / A A A / A / A / A A A

Indonesian Islamic Banking An Overview and Opportunity Rhesa Yogaswara

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IX.6. Data Processing of Section C.3 (B9 = B and B10 = B)


espondents code 2 8 11 14 18 27 28 29 30 31 39 41 42 43 46 47 48 60 62 65 66 69 71 76 88 B7 % % % % % % % % % % % % % % % % % % % % % % % % % B(8 % % % % % % % % % % % % % % % % % % % % % % % % % Shariah &nowledge ;E0I8; EOO0 ;E0I8; EOO0 ;E0I8; EOO0 EOO0 EOO0 EOO0 EOO0 EOO0 EOO0 EOO0 EOO0 ;E0I8; ;E0I8; ;E0I8; EOO0 EOO0 EOO0 EOO0 EOO0 EOO0 EOO0 EOO0 "4I1I$SI#5 ;E0I8; ;E0I8; ;E0I8; ;E0I8; GIEG GIEG ;E0I8; ;E0I8; GIEG ;E0I8; ;E0I8; ;E0I8; ;E0I8; ;E0I8; ;E0I8; GIEG ;E0I8; ;E0I8; GIEG ;E0I8; ;E0I8; GIEG ;E0I8; GIEG ;E0I8; %;*;( No N # No No No No No No No No No No No No No No No No N # No No No No No No %;*;) No N # No No No No No No No No No No No No No No No No N # No No No No No No %;*;* No N # No No No No No No No No No No No No No No No No N # No No No No No No %;*;+ No No No No No No No No No No No No No No No No No No No No No No No No No %;*;, No No No No No No No No No No No No No No No No No N # No No No No No No No %;*;No No No No No No No No No No No No No No No No No No No No No No No No No %;*;6 No No No No No No No No No No No No No No No No No No No No No No No No No %;*;/ No No No No No No No No No No No No No No No No No No No No No No No No No %;*;7 No N # No No No No No No No No No No No No No No No N # N # No No No No No No %;*;(8 No N # No No No No No No No No No No No No No No No N # N # No No No No No No %;*;(( No N # No No No No No No No No No No No No No No No N # N # No No No No No No %;*;() No No No No No No No No No No No No No No No No No No No No No No No No No %;*;(* No No No No No No No No No No No No No No No No No No No No No No No No No %;*;(+ No No No No No No No No No No No No No No No No No No No No No No No No No %;*;(, No No No No No No No No No No No No No No No No No No No No No No No No No

Indonesian Islamic Banking An Overview and Opportunity Rhesa Yogaswara

$%e 0- of 81

89 90 93 94 96 100 100 103 105 113 114 118 130 136 140 149 151 156 160 161 170 181

% % % % % % % % % % % % % % % % % % % % % %

% % % % % % % % % % % % % % % % % % % % % %

EOO0 EOO0 EOO0 EOO0 EOO0 ;E0I8; EOO0 EOO0 EOO0 EOO0 ;E0I8; EOO0 ;E0I8; ;E0I8; ;E0I8; ;E0I8; ;E0I8; ;E0I8; ;E0I8; EOO0 EOO0 EOO0

;E0I8; GIEG ;E0I8; ;E0I8; ;E0I8; ;E0I8; ;E0I8; ;E0I8; GIEG ;E0I8; GIEG GIEG GIEG GIEG GIEG ;E0I8; GIEG ;E0I8; GIEG GIEG GIEG GIEG

No No No No No No No No No No No No No No No No N # No No No No No

No No No No No No No No No No No No N # N # No No N # No No No No No

No No No No No No No No No No No No No No No No No No No No No No

No No No No No No No No No No No No No No No No No No N # No No No

No No No No No No No No No No No No N # No No No No No N # No No No

No No No No No No No No No No No No No No No No No No N # No No No

No No No No No No No No No No No No N # No No No No No N # No No No

No No No No No No No No No No No No No No No No No No N # No No No

No No No No No No No No No No No No N # N # No No N # N # No No No No

No No No No No No No No No No No No N # N # N # No N # N # N # No No No

No No No No No No No No No No No No N # No No No No No N # No No No

No No No No No No No No No No No No N # No No No No No No No No No

No No No No No No No No No No No No N # No No No No No No No No No

No No No No No No No No No No No No N # No No No No No No No No No

No No No No No No No No No No No No No No No No No No No No No No

Indonesian Islamic Banking An Overview and Opportunity Rhesa Yogaswara

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IX.7. Data Processing of Section C.5 (B9 = A andB10 = A)


espondents code 1 5 6 7 10 13 15 16 20 23 24 26 33 34 35 38 40 44 45 50 53 54 56 58 59 B7 A A A A A A A A A A A A A A A A A A A A A A A A A ') A A A A A A A A A A A A A A A A A A A A A A A A A '* EOO0 ;E0I8; ;E0I8; ;E0I8; ;E0I8; ;E0I8; EOO0 EOO0 ;E0I8; EOO0 EOO0 EOO0 EOO0 EOO0 EOO0 EOO0 EOO0 EOO0 EOO0 EOO0 EOO0 EOO0 EOO0 EOO0 EOO0 '+ GIEG GIEG GIEG GIEG GIEG GIEG ;E0I8; ;E0I8; GIEG ;E0I8; ;E0I8; ;E0I8; ;E0I8; ;E0I8; ;E0I8; ;E0I8; ;E0I8; ;E0I8; ;E0I8; ;E0I8; ;E0I8; GIEG GIEG ;E0I8; GIEG %;,;( / A A A A A A A A A A A A A A A A A A A A A A A A %;,;) / / / / / / / / / / / / / / / / / / / / / / / / / %;,;* / A / / / / / / / / / / / / / / / / / / / / / / / A A A A A A A A A A A A A A A A A A A A / A A A A A A A A A A A A A A A A A A A A A A A / A A A / / / / / / / / / / / / / / / / / / / / / / / A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A %;,;+ %;,;, %;,;/ %;,;6 %;,;/ %;,;7 / / / / / / / / / / / / / / / / / / / / / / / / / %;,;(8 / / A A A A A A A A A A A A A A A A A A A / A A / / / / / / / / / / / / / / / / / / / A / / A %;,;(( / A %;,;() A A A A A A A A A A A A A A A A A A A A A / A A A %;,;(* / / / / / / / / / / / / / / / / / / / / / / / / / / A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A %;,;(+ %;,;(,

Indonesian Islamic Banking An Overview and Opportunity Rhesa Yogaswara

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61 63 67 68 70 75 77 78 79 80 81 84 85 87 91 92 95 99 102 104 106 107 119 120 121 132 134 137

A A A A A A A A A A A A A A A A A A A A A A A A A A A A

A A A A A A A A A A A A A A A A A A A A A A A A A A A A

EOO0 EOO0 EOO0 EOO0 EOO0 EOO0 EOO0 ;E0I8; EOO0 EOO0 EOO0 EOO0 EOO0 EOO0 EOO0 EOO0 ;E0I8; EOO0 EOO0 EOO0 ;E0I8; ;E0I8; ;E0I8; ;E0I8; ;E0I8; ;E0I8; ;E0I8; ;E0I8;

;E0I8; ;E0I8; ;E0I8; GIEG GIEG ;E0I8; ;E0I8; ;E0I8; ;E0I8; ;E0I8; ;E0I8; ;E0I8; ;E0I8; ;E0I8; ;E0I8; GIEG GIEG GIEG GIEG ;E0I8; ;E0I8; GIEG GIEG GIEG GIEG GIEG GIEG GIEG

A A A A A A A / / A A A A A A A / / / A A A / / A A A A

A / / / / / / / / / / / / / / / / / / / A A / / A A A A

/ / / / / / / A A / / / / / / / / / / / / / A A / / / /

A A A A A A A A A A A A A A A A A A A A / / A A A / / /

A A A A A A A / / A A A / A A A A A A A / / A A A / / /

A / / / / / / / / / / / / / / / / / / / / / / / A / / /

A A A A A A A / A A A A A A A A A A A A A A A A / A A A

A A A A A A A / A A A A A A A A A A A A A A A A A A A A

/ / / / / / / / / / / / / / / / / / / / / / / / / / / /

A A A / / A A / A A A A A A A A / / / A A A / / A A A A

A / / A A / / / / / A / / / / / A A A / A A A A A A A A

A A A A A A A A A A A A A A A A / / / A A A A A A A A A

/ / / / / / / / / / / / / / / / / / / / / / / / / / / /

A A A A A A A A A A A A A A A A A A A A / A A A / A A A

A A A A A A A A A A A A A A A A A A A A A A A A A A A A

Indonesian Islamic Banking An Overview and Opportunity Rhesa Yogaswara

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A A A A A A A A A A A A A A A

A A A A A A A A A A A A A A A

;E0I8; ;E0I8; ;E0I8; EOO0 EOO0 EOO0 ;E0I8; EOO0 ;E0I8; ;E0I8; ;E0I8; ;E0I8; ;E0I8; EOO0 ;E0I8;

GIEG GIEG ;E0I8; GIEG GIEG GIEG GIEG GIEG GIEG GIEG GIEG GIEG GIEG ;E0I8; GIEG

A A / A A A A / A A A A A A A

A A / A / A A / A A A A / / A

/ / / / / / / A A / / / / / A

/ / A / A A / A A / / / A A A

/ / / / A A / A A / / / A A A

/ / A / A A / A A / / / A A A

A A / A A A A A A A A A A A A

A A A A A A A A A A A A A A A

/ / / / / / / / / / / / / / /

A A A / / A A / / A A A / / /

A A / A / A A A A A A A / / /

A A A A A A A A A A A A A A A

/ / / / / / / / / / / / / / /

A A A A A A A / A A A A A A A

A A A A A / A / A A A A A A A

Indonesian Islamic Banking An Overview and Opportunity Rhesa Yogaswara

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IX.8. Data Processing of Section C.7 (B9 = A andB10 = A)


espondents code 1 5 6 7 10 13 15 16 20 23 24 26 33 34 35 38 40 44 45 50 53 54 56 58 59 B7 A A A A A A A A A A A A A A A A A A A A A A A A A ') A A A A A A A A A A A A A A A A A A A A A A A A A '* EOO0 ;E0I8; ;E0I8; ;E0I8; ;E0I8; ;E0I8; EOO0 EOO0 ;E0I8; EOO0 EOO0 EOO0 EOO0 EOO0 EOO0 EOO0 EOO0 EOO0 EOO0 EOO0 EOO0 EOO0 EOO0 EOO0 EOO0 '+ GIEG GIEG GIEG GIEG GIEG GIEG ;E0I8; ;E0I8; GIEG ;E0I8; ;E0I8; ;E0I8; ;E0I8; ;E0I8; ;E0I8; ;E0I8; ;E0I8; ;E0I8; ;E0I8; ;E0I8; ;E0I8; GIEG GIEG ;E0I8; GIEG %;6;( No No No No No No No No No No No No No No No No No No No No No No No No No %;6;) No N # No No No No No No No No No No No No No No No No No No No No No No No %;6;* No No No No No No No No No No No No No No No No No No No No No No No No No %;6;+ No No No No No No No No No No No No No No No No No No No No No No No No No %;6;, No No No No No No No No No No No No No No No No No No No No No No No No No %;6;N # N # No No No No No No No No No No No No No No No No No No No No No No No %;6;6 No No No No No No No No No No No No No No No No No No No No No No No No No %;6;/ N # No No No No No No No No No No No No No No No No No No No No No No No No %;6;7 No No No No No No No No No No No No No No No No No No No No No No No No No %;6;(8 No No No No No No No No No No No No No No No No No No No No No No No No No %;6;(( No No No No No No No No No No No No No No No No No No No No No No No No No %;6;() No No No No No No No No No No No No No No No No No No No No No No No No No %;6;(* No No No No No No No No No No No No No No No No No No No No No No No No No %;6;(+ No No No No No No No No No No No No No No No No No No No No No No No No No %;6;(, No N # No No No No No No No No No No No No No No No No No No No No No No No

Indonesian Islamic Banking An Overview and Opportunity Rhesa Yogaswara

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61 63 67 68 70 75 77 78 79 80 81 84 85 87 91 92 95 99 102 104 106 107 119 120 121 132 134 137

A A A A A A A A A A A A A A A A A A A A A A A A A A A A

A A A A A A A A A A A A A A A A A A A A A A A A A A A A

EOO0 EOO0 EOO0 EOO0 EOO0 EOO0 EOO0 ;E0I8; EOO0 EOO0 EOO0 EOO0 EOO0 EOO0 EOO0 EOO0 ;E0I8; EOO0 EOO0 EOO0 ;E0I8; ;E0I8; ;E0I8; ;E0I8; ;E0I8; ;E0I8; ;E0I8; ;E0I8;

;E0I8; ;E0I8; ;E0I8; GIEG GIEG ;E0I8; ;E0I8; ;E0I8; ;E0I8; ;E0I8; ;E0I8; ;E0I8; ;E0I8; ;E0I8; ;E0I8; GIEG GIEG GIEG GIEG ;E0I8; ;E0I8; GIEG GIEG GIEG GIEG GIEG GIEG GIEG

No No No No No No No No No No No No No No No No No No No No No No No No N # No No No

No No No No No No No No No No No No No No No No No No No No No No N # N # N # No No No

No No No No No No No No No No No No No No No No No No No No No No No No N # No No No

No No No No No No No No No No No No No No No No No No No No No No No No N # No No No

No No No No No No No No No No No No No No No No No No No No No No N # N # N # No No No

No No No No No No No No No No No No No No No No No No No No No No N # N # N # No No No

No No No No No No No No No No No No No No No No No No No No No No N # N # N # No No No

No No No No No No No No No No No No No No No No No No No No No No N # N # N # No No No

No No No No No No No No No No No No No No No No No No No No No No No No N # No No No

No No No No No No No No No No No No No No No No No No No No No No No N # N # No No No

No No No No No No No No No No No No No No No No No No No No No No N # No N # No No No

No No No No No No No No No No No No No No No No No No No No No No No No N # No No No

No No No No No No No No No No No No No No No No No No No No No No No No N # No No No

No No No No No No No No No No No No No No No No No No No No No No No No N # No No No

No No No No No No No No No No No No No No No No No No No No No No No No N # No No No

Indonesian Islamic Banking An Overview and Opportunity Rhesa Yogaswara

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139 144 150 152 153 157 163 164 165 166 167 168 171 174 176

A A A A A A A A A A A A A A A

A A A A A A A A A A A A A A A

;E0I8; ;E0I8; ;E0I8; EOO0 EOO0 EOO0 ;E0I8; EOO0 ;E0I8; ;E0I8; ;E0I8; ;E0I8; ;E0I8; EOO0 ;E0I8;

GIEG GIEG ;E0I8; GIEG GIEG GIEG GIEG GIEG GIEG GIEG GIEG GIEG GIEG ;E0I8; GIEG

No No No No No No No No No No No No No No N #

No No No No No No No No No No No No No No N #

No No No No No No No N # No No No No No No N #

No No No No No No No No No No No No No No N #

No No No No No No No No No No No No No No N #

No No No No No No No N # No No No No No No N #

No No No No No No No No No No No No No No N #

No No No No No No No N # No No No No No No N #

No No No No No No No No No No No No No No N #

No No No No No No No No No No No No No No N #

No No No No No No No N # No No No No No No N #

No No No No No No No No No No No No No No No

No No No No No No No No No No No No No No No

No No No No No No No No No No No No No No No

No No No No No No No No No No No No No No No

Indonesian Islamic Banking An Overview and Opportunity Rhesa Yogaswara

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