JOSR: Journal of Social Research
Oktiber 2022, 1 (11), 410-423
p-ISSN: 2827-9832 e-ISSN: xxxx-xxxx
Available online at http:// https://ijsr.internationaljournallabs.com/index.php/ijsr
http://ijsr.internationaljournallabs.com/index.php/ijsr
COMPARISON OF SHARIA BANK PERFORMANCE
BEFORE AND AFTER INITIAL PUBLIC OFFERRING
(Case Study of Panin Dubai Sharia Bank)
Himyar Pasrizal
1
, Suci Hayati
2,
Elfadhli
3
, Yelia Syamsul
4
Fakultas Ekonomi dan Bisnis Islam IAIN Batusangkar
134
Fakultas Ekonomi dan
Bisnis Islam IAIN Metro
2
himyar.pasrizal@iainbatusangkar.ac.id
1
, sucih867@gmail.com
2
,
elfadhli@iainbatusangkar.ac.id
3
, syamsul.yelia@gmail.com
4
Abstrak (indonesia)
Received:28
September
2022
Revised :15
Oktober
2022
Accepted:24
Oktober
2022
Latar Belakang: Permasalahan dalam penelitian ini
adalah bagaimana kinerja keuangan Panin Dubai
Syariah Bank sebelum dan sesudah IPO yang diukur
dengan rasio profitabilitas. pada Gross Profit Margin
(GPM), Net Profit Margin (NPM), Return On
Investment (ROI), Return on Asset (ROA), Return on
Equity (ROE), Beban Operasional / Pendapatan
Operasional (BOPO).
Tujuan: Tujuan dari penelitian ini adalah untuk
melihat hasil perbandingan kinerja Panin Dubai
Syariah Bank sebelum dan sesudah IPO.
Metode: Jenis penelitian yang penulis gunakan adalah
metode penelitian deskriptif kuantitatif.
Hasil: Hasil penelitian ini dapat dikatakan bahwa IPO
merupakan pengembangan usaha yang menyeluruh
dengan memperoleh modal melalui kepemilikan
saham sehingga memberikan peluang sekaligus
tantangan untuk bersaing secara sehat, dan sebagai
bentuk upaya mempertahankan modal jangka panjang.
Kesimpulan: Berdasarkan hasil pengolahan dan
analisis data yang sudah dilakukan diatas maka dapat
disimpulkan bahwa IPO bagi bank syariah khususnya
Bank Panin Dubai Syariah merupakan bentuk upaya
survival di masa mendatang melalui penambahan
modal baik dengan debt financing atau equity
financing. Bank syariah mempunyai kesempatan
besar untuk meningkatkan modal kerja dan
Himyar Pasrizal
1
, Suci Hayati
2
, Elfadhli
3
, Yelia Syamsul
4
/ JOSR: Journal of Social
Research, 1(11), 410-423
Comparison Of Sharia Bank Performance Before And After Initial Public Offerring
(Case Study Of Panin Dubai Sharia Bank) 411
memperlebar ekspansi usaha di era milenial. Dengan
melepas saham ke publik, perusahaan memperoleh
ketahanan dana dalam rangka mengantisipasi
berbagai macam risiko seperti kegagalan pembayaran
hutang ketika jatuh tempo, disorientasi para
pemegang saham atau respon gejolak pasar yang
tidak menentu. IPO bank syariah secara tidak
langsung mengindikasikan suatu Ketahanan modal
atau sistem keuangan jangka panjang dan semakin
memperluas ekosistem dan sektor bisnis syariah.
Kata kunci: IPO, Perbandingan Kinerja, Rasio
Profitabilitas
Abstract (English)
Background: The problem in this study is how the
financial performance of Panin Dubai Syariah Bank
before and after the IPO as measured by the
profitability ratio. on Gross Profit Margin (GPM),
Net Profit Margin (NPM), Return On Investment
(ROI), Return on Assets (ROA), Return on Equity
(ROE), Operating Expenses / Operating Income
(BOPO).
Objective: The purpose of this study was to compare
the results of the performance comparison of Panin
Dubai Syariah Bank before and after the IPO.
Methods:The type of research that the author uses is
a quantitative descriptive research method.
Results: The results of this study can be said that the
IPO is a comprehensive business development by
obtaining capital through share ownership so as to
provide opportunities as well as challenges to
compete in a healthy manner, and as an effort to
maintain long-term capital.
Conslusion: Based on the results of data processing
and analysis that has been done above, it can be
concluded that the IPO for Islamic banks, especially
the Panin Dubai Syariah Bank, is a form of survival
effort in the future through additional capital either
by debt financing or equity financing. Islamic banks
have a great opportunity to increase working capital
and widen business expansion in the millennial era.
Himyar Pasrizal
1
, Suci Hayati
2
, Elfadhli
3
, Yelia Syamsul
4
/ JOSR: Journal of Social
Research, 1(11), 410-423
Comparison Of Sharia Bank Performance Before And After Initial Public Offerring
(Case Study Of Panin Dubai Sharia Bank) 412
By releasing shares to the public, the company gains
resilience in order to anticipate various risks, such
as failure to pay debts when they fall due,
disorientation of shareholders or the response to
uncertain market fluctuations. The IPO of Islamic
banks indirectly indicates a long-term capital or
financial system resilience and further expands the
sharia business ecosystem and sector.
Keywords: IPO, Performance Comparison,
Profitability Ratio
*Correspondent Author : Himyar Pasrizal
Email : himyar.pasrizal@iainbatusangkar.ac.id
BACKGROUND
Since the enactment of Law Number 10 of 1998, it has signaled that there
is a dual banking system which is expected to be the locomotive for the
acceleration of Islamic banking in Indonesia (Abdurrahmat & Si, 2006). Dual
banking aims to restructure the banking system as a whole in accordance with
Islamic Sharia (full fl edged Islamic financial system) as happened in Sudan, Iran
and Pakistan based on the OIC finance ministerial meeting in Jeddah in 1975
which approved the establishment of an IDB (Islamic Development Bank) with
capital initial 2 billion Islamic Dinar or equivalent to 2 billion SDR (Special
Drawing Right) ( Ang, 1997). All members of the OIC are members of the IDB,
including Indonesia. The public's interest in Islamic Economics has made the pace
of development of Islamic banks increasingly rapid.
Islamic banking encourages the application of entrepreneurship and risk
sharing, weakens speculative behavior and emphasizes the sanctity of contracts
(Alhifni, 2015). One way to accelerate the growth of Islamic banking is to invest
in the banking sector. Investing assets productively will benefit at least being able
to adjust the asset value with prices. In accordance with the hadith of the Prophet
Muhammad SAW said: "People who are the same today as yesterday are among
the losers". This hadith contains qiyas in the management of a Muslim's property.
If today's assets are less than yesterday's, it means that people are losing money
because they are not able to optimize the function of assets for productive things.
Furthermore, the benefits of investing in Islam are achieving halal, blessing and
increasing benefits (Setiyaningsih, Haryanti, & Hana, 2020).
One form of sharia investment in banking is to conduct an Initial Public
Offering (IPO) on the Stock Exchange or Sharia Capital Market. IPO means
selling some of its shares to the public and listing its shares on the Indonesia
Stock Exchange (Arifin, 2002). When carrying out an IPO, There are four stages,
Himyar Pasrizal
1
, Suci Hayati
2
, Elfadhli
3
, Yelia Syamsul
4
/ JOSR: Journal of Social
Research, 1(11), 410-423
Comparison Of Sharia Bank Performance Before And After Initial Public Offerring
(Case Study Of Panin Dubai Sharia Bank) 413
namely preparation, submission of an offer statement, offering of shares and
listing of shares on the stock exchange Mayes & Asrina, 2015).
The success of Islamic bank IPOs is also determined by Capital, Asset
Quality, Management, Earning, Liquidity and probability (Ascarya, 2011).
Islamic Bank IPOs are not only focused on profit, but also direct Islamic banks to
comply with Maqasid Syariah and Sharia Compliance (Bastian 2006). The
advantage of an IPO is an increase in future sources of funding. Because investors
will invest their capital to invest after knowing very well the company that has
entered the stock exchange. In addition, the IPO has the potential to increase
shareholder liquidity. IPOs help companies increase Economic Value Add
through disclosure of information, which in this case is contained in the
prospectus. Prospectus is all written information of a company in a public offering
( Buchari 2009).
PT. Bank Panin Dubai Syariah is the first Islamic bank to conduct an IPO
(Initial Public Offering) with the stock code PNBS, on December 30, 2013 PNBS
obtained an effective statement from the Financial Services Authority (OJK) to
conduct an initial public offering of PNBS shares (IPO) and on December 30,
2013 On January 15, 2014 PNBS listed its shares on the Indonesia Stock
Exchange (IDX) with an initial price of Rp 100 per share. After conducting IPO
(Initial Public Offering) PT (Bursa 2016). Bank Panin Dubai Syariah has
undergone several changes. As we know that both the size and business trends are
expanding, namely the expansion of the company's reach in forming a future plan
that is of interest to the community, work culture which is a value (Veithzal &
Veithzal, 2008), habits and also a driving force that is cultured in a group and
reflected in attitudes into behavior, ideals, opinions, views and actions that are
manifested as work or work as well as financial system stability, namely a
condition where pricing, allocation, funds and risk management function properly
and support economic growth or can be called a condition that allows the financial
system to function effectively and efficiently which is reflected in more profits
than usual, this can be seen from the financial data that the author got through the
website of PT. Panin Dubai Sharia Bank http://www. bankpaninsyariah. co.id, it
can be seen the income, capital, total assets and net profit of PT. Panin Dubai
Sharia Bank as follows:
Table.1
Total Income and Capital at PT. Panin Dubai Sharia Bank
2011 – 2018 (In thousands of rupiah)
Year
Income
C
%
Sebelum
IPO
2011
Rp. 149.788.000
-
-
012
Rp.
03,57
Rp. 449,517.000
-
Himyar Pasrizal
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, Suci Hayati
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, Elfadhli
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, Yelia Syamsul
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/ JOSR: Journal of Social
Research, 1(11), 410-423
Comparison Of Sharia Bank Performance Before And After Initial Public Offerring
(Case Study Of Panin Dubai Sharia Bank) 414
304.936.000
013
Rp.
283.759.153
6,94)
07,01
014
Rp.
559.788.716
7,28
03,95
Setelah
IPO
015
Rp.
734.236.201
31,16)
71
016
Rp.
716.660.312
39
81
017
Rp.
814.747.305
3,68
76,92)
018
Rp.
671.741.642
17,55)
08,49
Sumber: Laporan Keuangan Bank Dubai Panin Syariah 2011s/d2018, diakses
Melalui Website https://www.bankpaninsyariah.co.id
Table.2 2
Total Assets and Net Profit at Panin Dubai Syariah Bank
2011 – 2018 (In thousands of rupiah)
Year
Total Assets
%
Net Profit
%
Sebelum
IPO
2011
Rp. 1,016,878.000
-
Rp. 9.233.000
-
012
Rp. 2,136,576.000
10,11
Rp. 35.057.000
79,69
013
Rp. 4.052.700.692
89,68
Rp. 21.332.026
39,15)
014
Rp. 6.207.678.452
3,17
Rp. 70.938.895
32,54
Setelah
IPO
015
Rp. 7.134.234.975
4,92
Rp. 53.578.381
24,47)
016
Rp. 8.757.963.603
2,76
Rp. 19.540.914
63,53)
017
Rp. 8.629.275.047
1,46)
Rp. (968.851.297)
5058,1)
018
Rp. 8.771.057.795
64
Rp. 20.788.229
102,15)
Sumber: Laporan Keuangan Bank Dubai Panin Syariah
2011s/d2018, diakses Melalui Website https://www.bankpaninsyariah.co.id
The decision of Bank Panin Dubai Syariah as the first Islamic bank in
conducting an IPO can be an example for other Islamic banks in investing and
adding value to the profits obtained and helping to face competition in the
financial institution sector which is growing rapidly so that it requires bank
performance to be improved because it will impact on the image of the bank itself
( Dendawijaya, 2005).
A. Definition of Financial Statement Analysis
Himyar Pasrizal
1
, Suci Hayati
2
, Elfadhli
3
, Yelia Syamsul
4
/ JOSR: Journal of Social
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Comparison Of Sharia Bank Performance Before And After Initial Public Offerring
(Case Study Of Panin Dubai Sharia Bank) 415
Financial statement analysis needs to be carried out carefully by using
appropriate analytical methods and techniques so that the expected results are
truly correct. Errors in entering numbers or formulas will result in inaccurate
results to be achieved. Then the results of these calculations (PRASTIWI, 2016),
are analyzed and interpreted so that the real financial position is known (Endri,
2009). Activities in the analysis of financial statements can be done by
determining and measuring between the items in one financial report. Then, the
analysis of financial statements can also be done by analyzing the financial
statements held in one period. In addition, financial statement analysis can also be
carried out between several periods (eg three years) (Faisal, Samben, &
Pattisahusiwa, 2018). The analysis of financial statements for several periods is to
analyze between the items in one report. Or it can be done from one report to
another. This is done to be more precise in assessing the progress or performance
of management from period to period ( Hadari Nawawi, 2001).
A. Objectives of Financial Statement Analysis
Analysis of banking financial statements aims to: Knowing the level of
achievement of bank company performance, Knowing banking developments
from one period to the next (Udiyana, Pradnyana, & Astini, 2008), As
consideration for management in carrying out operational activities and preparing
bank budget work plans ( Harahap & Yusuf, 2010).
Weaknesses of Financial Statement Analysis
Some of the weaknesses of financial statement analysis are as follows:
Financial statement analysis is based on financial statements, therefore the
weaknesses of financial statements must always be remembered so that the
conclusions from the analysis are not wrong, The object of financial statement
analysis is only financial statements. To assess a financial report is not enough
just from the numbers of financial statements (Ahmad Nawawi, Nurdiansyah, &
Al Qodliyah, 2018). We also have to look at other aspects such as company goals,
economic situation, industry situation, management style, corporate culture, and
community culture. The object of analysis is historical data that describes the past
and this condition can be different from future conditions. If we make a
comparison with other companies, it is necessary to look at some differences in
principles that could be the cause of the difference in numbers, for example:
Accounting principles, company size, type of industry, reporting period,
individual reports or consolidated reports, type of company with profit motive or
non-profit motive (Hestanto 2008).
RESEARCH METHODS
The author conducted research from January 2018 to July 2019. The place
where the author conducted the research was at PT (Harmono, 2014). Bank Panin
Dubai Syariah, through direct interviews with PT. Bank Panin Dubai Syariah and
the official website of PT. Panin Dubai Sharia Bank https://www. Panin bank
Himyar Pasrizal
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, Suci Hayati
2
, Elfadhli
3
, Yelia Syamsul
4
/ JOSR: Journal of Social
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Comparison Of Sharia Bank Performance Before And After Initial Public Offerring
(Case Study Of Panin Dubai Sharia Bank) 416
syariah.co.id to obtain annual financial reports. In qualitative research, the main
instrument or research tool is the researcher himself (Heri 2012), using interview
guidelines and study guidelines on literacy, documentation, and supporting
instruments that researchers use, namely: notebooks and interview lists and
cellphones. As for the quantitative research, the author refers to the financial
statements contained on the official website of PT. Panin Dubai Sharia Bank
httpshttp://www. Panin bank sharia.co.id. Sources of data used in this study are:
Primary Data Primary data obtained through interviews with internal parties or
staff from PT. Panin Dubai Syariah Bank, which can provide all information
related to the Initial Public Offering conducted by PT (Fahmi 2013). Bank Panin
Dubai Syariah. Secondary Data This secondary data was obtained from
Publication Financial Reports, journals, books, articles, and regulations related to
Bank Indonesia's Initial Public Offering conducted by PT. Panin Dubai Sharia
Bank (Jumingan 2011).
The development of research instruments carried out by the author is to
use Financial Ratio Analysis obtained from financial reports published in the
Annual Report in accordance with the formula for profitability ratios. After the
data has been collected (Umam & Utomo, n.d.), then a calculation is carried out
using the financial ratios, then the results are obtained and compared between the
ratios and conclusions are made about the results of the comparison. In supporting
the method used above, the data collection technique that the author uses is to use
the following data collection techniques: Documentation study is a data collection
technique by studying records regarding personal data of related agencies, as is
done by a psychologist in researching the development of a person. clients
through their personal records (Syamsuddin, 2011). This technique is used to
analyze documents related to the financial statements of PT. Bank Panin Dubai
Syariah to compare the financial performance obtained before and after the IPO
(Muhamad 2011).
An interview is a meeting of two people to exchange information and ideas
through question and answer, so that meaning can be constructed in a particular
topic (Inayah, 2011). For this research, the interview method is needed to obtain
valid and more specific data related to the IPO conducted by PT (Rudianto 2013).
Panin Dubai Sharia Bank. Literature study, is a technique used to obtain theories
that support research by reading various reference books, journals, documents and
readings that may be related to the problem under study. In this case the theory
related to the comparison of the performance of PT. Panin Dubai Sharia Bank
Before and After IPO (Veithzal & Veithzal, 2008). Data analysis is the
researcher's interpretation of the data and solutions that have been processed. In
quantitative research, the analysis that the author uses is financial ratio analysis.
The results of the analysis are presented in the form of numbers and interpreted in
the description. The financial performance analysis tool that the author uses is the
Himyar Pasrizal
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, Suci Hayati
2
, Elfadhli
3
, Yelia Syamsul
4
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Comparison Of Sharia Bank Performance Before And After Initial Public Offerring
(Case Study Of Panin Dubai Sharia Bank) 417
profitability ratio because the profitability ratio can describe the company's
performance thoroughly and for a long period of time, the ratios used include:
Gross Profit Margin (GPM)



This means that the bank's ability to generate profits is seen from sales or income
made by companies or financial institutions.Net Profit Margin (NPM) NPM=(Net
Profit)/Sales x 100% This means that the company's ability to generate net profit
from sales made (Rudiato, 2013: 192). In general, a low ratio can indicate
management inefficiency. This ratio is quite varied from industry to industry
(Hanafi. Halim, 2003: 84). Rate Of Return On Investment (ROI)


 According to BI regulation SE 13/1/PBI/2011, the rating
standards are as follows: Rank 1, ROE > 23%, Rank 2, 18% < ROE < 23%, Rank
3, 13% < ROE < 18%, Rank 4, 8% < ROE < 13%, Rank 5, ROE < 8%
RESULTS AND DISCUSSION
The IPO of Islamic Banks has a specific target, namely to expand
financing that automatically expands business reach, development of information
technology networks as the best form of service and a means of educating the
public about the virtues of business transactions through Islamic banks while at
the same time establishing financial system resilience, known as financial system
stability. Funds offered in the Islamic capital market through the listing of initial
IPO shares are considered to be much more efficient than funding obtained
through banks, especially when the inflation trend has increased indirectly so that
it affects loan interest rates in banks (Utami, Ramayani, ME, & Kusumah, 2014 ).
The IPO allows Panin Dubai Syariah Bank to get additional business
capital with shares purchased by the public, the government or the private sector.
This additional capital is used as power to increase production capacity and
expand employment (Weston 1995). Substantially, the IPO is a means of state
revenue as well as an indicator of national economic growth. The company's
performance will be reflected in its share price offering. This opens up huge
investment opportunities both from within and outside the country. In addition to
being a trend in the financial sector, IPOs are indeed an indicator of domestic
economic growth which is marked by a growing investment climate in the private
sector and the expansion of business actors. Simultaneously, through the IPO
(Wiyono 2006), Bank Panin Dubai Syariah was encouraged to improve its
intermediation function with the aim of building a banking system of resilience
and financial stability. The trust given by the public or investors to Panin Dubai
Syariah Bank through the IPO adds a great trust and responsibility so that Panin
Dubai Syariah Bank must prepare a strong business strategy and infrastructure
and the ability to manage credit risk fairly well which in turn contributes to
maintaining and maintaining profitability and capital resilience in the long term (
Wirdyaningsih, Gemala, & Berlinti, 2005).
Himyar Pasrizal
1
, Suci Hayati
2
, Elfadhli
3
, Yelia Syamsul
4
/ JOSR: Journal of Social
Research, 1(11), 410-423
Comparison Of Sharia Bank Performance Before And After Initial Public Offerring
(Case Study Of Panin Dubai Sharia Bank) 418
The IPO of Bank Panin Dubai Syariah has great potential in overcoming
financial system failures. The public and investors will see the performance of
their business units while reading about their strategic and operational planning in
the future. This shows the soundness of the bank. The better the soundness of the
bank, the better its management in generating profits and returns. As stated in the
law, Islamic banks not only expand their business but also have priorities in
achieving benefit and loss in their business. Therefore, the macroprudential
banking system, GCG, bank soundness level, financial performance must be
maintained and maintained.
How Islamic banks are able to generate pre-tax profits by using their
assets. When the IPO becomes a new way to create a strong and durable financial
system infrastructure, then that is a very substantial point. Various challenges,
opportunities, risks and crises have made all stakeholders aware of the importance
of maintaining financial system stability. To maintain public confidence in the
stock market or in the midst of a global crisis, a new commitment was born in the
economic and financial sectors, namely maintaining financial system stability.
The IPO at Bank Panin Dubai Syariah played a role in overcoming the crisis and
financial risks that caused the loss of public and investor confidence, thus
disrupting the intermediation process that occurred in the banking sector and
capital market. In addition, monetary policy and transmission of policy could also
be disrupted. It is absolutely certain that financial system stability is a central,
actual and global issue in almost all countries because it is an indicator of
economic growth. Financial system stability is a condition that enables the
national financial system to function effectively and efficiently and is able to
withstand internal and external vulnerabilities so that the allocation of funding or
financing sources can contribute to the growth of national economic stability.
Financial system stability also has the meaning as a condition in which the
economic mechanism in setting prices, allocation of funds, and risk management
functions properly and is conducive to supporting the country's economic growth.
Or it could also mean the avoidance of a country from monetary and financial
crises. While the financial system itself is a system consisting of financial
institutions, financial markets, financial infrastructure, as well as non-financial
companies and households that interact and integrate with each other in funding
and/or providing financing for economic growth.
Financial system stability, which is one of the new values in the IPO
process of Bank Panin Dubai Syariah, especially indicates an efficient financial
system that is able to facilitate the allocation of funding sources from time to time
as a whole, is able to identify financial risks and can absorb shocks well in the
economic and financial sectors. . In order for Panin Dubai Syariah Bank to carry
out its intermediation function optimally, to carry out funding and financing on an
ongoing basis, there must be a financial system that plays an appropriate role in
carrying out the intermediation function of depositors and borrowers of funds to
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(Case Study Of Panin Dubai Sharia Bank) 419
be able to provide the best transaction services in order to reallocate risk. best. In
general, the stability of the financial system is relatively stable, supported by
capital. This is reflected in the FSS index and the Banking Systemic Risk Index.
This can be seen from the improvement in performance and the addition of bank
liquidity capital as well as a stable financial market. The IPO made Bank Panin
Dubai Syariah improve its intermediation function again.
Performance After the IPO, the IPO of Bank Panin Dubai Syariah showed
improvements and additions to the capital structure. On the other hand, the
company is expanding and diversifying to maintain business continuity. With the
addition of capital to capital, Bank Panin Dubai Syariah must increase employee
productivity, work professionalism, transparency and accept a new work culture.
The culture of open mind and focus group discussion is a new culture offered by
Dubai in spurring new conducive and competitive businesses. Utilization of
networks and information supported by technology has become a new sharia
business development platform. This was confirmed by Edy Tri Sujarwadi, Vice
President Product Development Head, Panin Dubai Syariah Bank. "After this IPO,
we have a concentration on improving public services with digital technology that
has great benefits for sharia businesses. For us, digital technology has three bases
or three important scopes, namely, scope, efficiency and innovation. Scope
includes trade, participation and employment and cooperation opportunities.
Efficiency includes capital utilization, productivity and capability of the public
sector. Meanwhile, innovation, continued Edy, includes competition, public
welfare and bank business plans. Panin Dubai Syariah Bank continues to innovate
and improve itself after the IPO to improve the quality, efficiency and benefits of
its products. Improving the quality of service and network which is still
constrained. Preparing products are able to balance the competition with
conventional banks. Although in terms of services and networks there are still far
differences from conventional banks, the qualitative advantage of Islamic banks is
the main differentiator with conventional bank products.
As in the interview that the author conducted, Edy Tri Sujarwadi, Vice
President Product Development Head, Panin Dubai Syariah Bank emphasized that
the development of Panin Dubai Syariah Bank's business trends globally is
towards the retail and consumer sectors. There are three segments, continued Edy
in this regard. First, the institutional corporate sector in the form of services, cash
management services, electric payroll, tax payments, etc. Second, the productive
retail segment and the third the consumer retail segment.
In line with that, the Deputy Director of the Department of Islamic
Economics and Finance, Bank Indonesia, Prof. Rifki Ismal strengthens this
research on the importance of sharia business infrastructure. “Infrastructure is an
important requirement for Islamic banks, especially Panin Dubai Syariah in the
ongoing operational process. After the IPO, Islamic banks must improve services
to facilitate Islamic banking services to the public. An important infrastructure for
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(Case Study Of Panin Dubai Sharia Bank) 420
a nation is information technology. Especially now that branchless banking is
developing. The results of the exercise on Islamic commercial banks and sharia
business units, continued Rifki, are to conclude that Islamic banking requires
large costs to finance infrastructure projects. For that, an IPO is absolutely
necessary.” Rifki continued, “The performance of companies that have conducted
IPOs is proxied through profitability, solvency and business risk ratios, which
tend to be better before going public. The IPO of bank panin dubai syariah
showed an increase in performance through the proceeds from the sale of shares.
This condition is also reinforced by the results of an interview that the
author conducted on January 18, 2019 with Mr. Edy Tri Sujarwadi, Vice President
Product Development Head, Panin Dubai Syariah Bank. “After the IPO, there was
an inflow of funds from Dubai. There are new challenges and demands for us. We
are currently preparing many things related to business infrastructure. What is
needed by the Muslim community in general from funding and financing
products. We are increasingly introducing ourselves with products needed by the
Muslim community such as Hajj and Umrah savings, umrah bailouts and waqf
savings so that people can remember us more easily and become more familiar.
Automatically the position of Bank Panin Dubai Syariah is increasingly
recognized by the wider community. We are expanding our sharia business
expansion that is tailored to the shareholders and also adapted to the existing
sharia business trends in Indonesia. Bank Panin Dubai Syariah is directing its
business expansion towards retail banking and community banking although it is
still in the building process. According to Edy Tri Sujarwadi, this additional long-
term fund adds value and power to long-term capital so that we can reach business
trends that have never been reached. Edy Tri Sujarwadi, Vice President Product
Development Head, Panin Dubai Syariah Bank. "After this IPO, we have a
concentration on improving public services with digital technology which has
great benefits for sharia businesses. For us, digital technology has three bases or
three important scopes, namely, scope, efficiency and innovation. Scope includes
trade, participation and employment and cooperation opportunities. Efficiency
includes capital utilization, productivity and capability of the public sector.
Meanwhile, innovation, continued Edy, includes competition, public welfare and
bank business plans. Panin Dubai Syariah Bank continues to innovate and
improve itself after the IPO to improve the quality, efficiency and benefits of its
products. Improving the quality of service and network which is still constrained.
Preparing products are able to balance the competition with conventional banks.
Although in terms of services and networks there are still far differences from
conventional banks, the qualitative advantage of Islamic banks is the main
differentiator with conventional bank products.
As in the interview that the author conducted, Edy Tri Sujarwadi, Vice
President Product Development Head, Panin Dubai Syariah Bank emphasized that
the development of Panin Dubai Syariah Bank's business trends globally is
Himyar Pasrizal
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, Suci Hayati
2
, Elfadhli
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, Yelia Syamsul
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/ JOSR: Journal of Social
Research, 1(11), 410-423
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towards the retail and consumer sectors. There are three segments, continued Edy
in this regard. First, the institutional corporate sector in the form of services, cash
management services, electric payroll, tax payments, etc. Second, the productive
retail segment and the third the consumer retail segment. The Islamic work culture
has become increasingly prominent at Panin Dubai Syariah Bank after the IPO.
The Islamic work culture is getting stronger with the open mind trend and the
proliferation of problem solving discussion forums. This is in line with the Islamic
principles of honesty, justice and deliberation. Help each other in goodness and
piety.
After conducting the IPO, there was a cultural change in the work culture
at Panin Dubai Syariah, namely with the influence of the work culture that
became the habit of people in Dubai. This was conveyed by Mrs. Evi, Director of
Human Resources Development at Panin Dubai Syariah Bank. “There is an
addition to a new culture or culture after capital from Dubai enters this company,
namely Open Mind and Open Discussion in work culture. Maybe this is the
influence brought by people in developed countries like Dubai. This culture is
new to us. But that doesn't mean we can't adapt. We have learned a lot from this
country that is denominated in dirhams so that we can be successful like the Dubai
Islamic Bank which has become Investment Banking. In addition, we are
challenged to improve our competence and professionalism in one or two stages
in the future. Another positive value is that our five daily prayers or aspects of our
worship also improve. We often do studies and recite the Koran after work.
Between us we remind each other about the zakat and alms that we have to spend.
Evi added, “We found a total work culture, disclosure of information about
important things that must be absorbed by the company, discipline and getting
used to solving or formulating problems with focus group discussions. I hope,
continued Evi, “Hopefully other Islamic banks whose shares are bought by
foreign banks, especially OIC countries, can accelerate a work culture like ours.
CONCLUSION
Based on the results of data processing and analysis that has been done
above, it can be concluded that the IPO for Islamic banks, especially the Panin
Dubai Syariah Bank, is a form of survival effort in the future through additional
capital either by debt financing or equity financing. Islamic banks have a great
opportunity to increase working capital and widen business expansion in the
millennial era. By releasing shares to the public, the company gains resilience in
order to anticipate various risks, such as failure to pay debts when they fall due,
disorientation of shareholders or the response to uncertain market fluctuations.
The IPO of Islamic banks indirectly indicates a long-term capital or financial
system resilience and further expands the sharia business ecosystem and sector.
The comparison of profitability ratios before and after the IPO at Panin
Dubai Syariah Bank showed an increase. This can be proven based on
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, Elfadhli
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calculations made in the annual financial statements for 4 years before and 4 years
after the IPO (2011-2018 period), if it is seen that the gross profit margin ratio
increased from 6.44 to 19.41. based on the ratio of net profit margin increased
from 9.46 to 26.45. based on the ratio of return on investment increased from 1.06
to 2.51. based on gross profit margin ratio increased from 6.44 to 19.41. Based on
the ratio of return on assets increased from 1.41 to 2.43. Based on return on
equity, it increased from 5.13 to 86.46. Based on operating expenses, operating
income increased from 18.47 to 34.17.
Judging from the overall profitability, it can be concluded that the IPO
(Initial Public Offering) step carried out by Panin Dubai Syariah Bank has a
positive impact on the company, namely the profit or profit earned by Panin
Dubai Syariah Bank has increased in each period. In addition to the better image
of the company in the eyes of the public, with the increase in profits generated,
Bank Panin Dubai Syariah gained more trust from the public for the
professionalism and reliability of the bank in managing its management,
especially for the bank's financial performance after conversion. This also
indicates that Panin Dubai Syariah Bank is developing well.
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© 2021 by the authors. Submitted for possible open access publication under
Himyar Pasrizal
1
, Suci Hayati
2
, Elfadhli
3
, Yelia Syamsul
4
/ JOSR: Journal of Social
Research, 1(11), 410-423
Comparison Of Sharia Bank Performance Before And After Initial Public Offerring
(Case Study Of Panin Dubai Sharia Bank) 423
the terms and conditions of the Creative Commons Attribution (CC BY SA)
license (https://creativecommons.org/licenses/by-sa/4.0/).