understanding latent consumer insight of banking mudharabah account - rhesa yogaswara
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CIFP PROFESSIONAL PRACTICE PAPER
UNDERSTANDING LATENT CONSUMER
INSIGHT OF MUDHARABAH ACCOUNT
RHESA YOGASWARA (Student ID: 0900110)
PT. QASA Strategic Consulting
Paper submitted to the International Centre for Education in Islamic Finance as partial
fulfillment of the CIFP program
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Supervisor: Dr.Shaikh Hamzah Abdul RazakSupervisor: Dr.Shaikh Hamzah Abdul RazakSupervisor: Dr.Shaikh Hamzah Abdul RazakSupervisor: Dr.Shaikh Hamzah Abdul Razak External Supervisor: Joko Wiyono, M.ScExternal Supervisor: Joko Wiyono, M.ScExternal Supervisor: Joko Wiyono, M.ScExternal Supervisor: Joko Wiyono, M.Sc
Indonesian Islamic Banking – An Overview and Opportunity – Rhesa Yogaswara Page 2 of 81
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 EXAMINER’s 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. Framework of Research Background ............................................................................................ 13
Table V.1.a. Composition of In-Depth Interview ........................................................................................... 21
Table V.2.a. Composition of Close-Ended Questioners ................................................................................. 23
Table V.2.3.a. Weighted Score of Questionaire Part A .................................................................................. 24
Table V.2.3.b. Weighted Score of Questionaire Part B .................................................................................. 25
Chart V.2.5.a. Basic Profile............................................................................................................................. 25
Figure V.2.5.a. Research Approach and Process ............................................................................................ 26
Chart VI.1.1.1. Knowledge about Features in each segment ......................................................................... 28
Chart VI.1.1.2. The understanding of Islamic Finance in each segment ........................................................ 30
Chart VI.1.1.3. The adherence to Shariah Rules (Religiosity) in each segment ............................................. 31
Chart VI.1.2.1. Knowledge about features in each segment ......................................................................... 33
Chart VI.1.2.2. The adherence to Shariah Rules (Religiosity) in each segment ............................................. 34
Chart VI.1.3.1. Knowledge about features in each segment ......................................................................... 36
Chart VI.1.3.2. The understanding of Islamic Finance in each segment ........................................................ 37
Chart VI.2. Characteristics of Shariah User Segment ..................................................................................... 39
Chart VI.2.1. Consumer’s knowledge about the product features ................................................................ 40
Chart VI.2.2. Key Factors to enroll/close Mudharabah Saving Account/Time Deposit ................................. 42
Chart VI.3. Characteristics of Non-Shariah User Segment ............................................................................. 44
Chart VI.3.1. Consumer’s perception about the product features ................................................................ 45
Chart VI.3.2. Key Factors to enroll Mudharabah Saving Account/Time Deposit ........................................... 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.
Indonesian Islamic Banking – An Overview and Opportunity – Rhesa Yogaswara Page 5 of 81
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 INCEIF’s KMC database and make available to INCEIF students for
educational purposes.
2. Load it in INCEIF’s website and make available to general public and students for
educational purposes.
Indonesian Islamic Banking – An Overview and Opportunity – Rhesa Yogaswara Page 6 of 81
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 : 0900110
Program : Chattered Islamic Finance Professional
Topics : Understanding Latent Consumer Insight of Mudharabah Account
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ABSTRACT
Student Name : Rhesa Yogaswara
Student ID : 0900110
Program : Chattered Islamic Finance Professional
Topics : 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 consumer’s 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%
Indonesian Islamic Banking – An Overview and Opportunity – Rhesa Yogaswara Page 10 of 81
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 Indonesia’s 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
1 Suryodiningrat, Meidyatama, "Who Are Indonesians?", The Jakarta Post, 2 Oktober 2006
2 http://www.bi.go.id/web/id/Perbankan/Perbankan+Syariah/ (Accessed on 12
th April 2011)
Indonesian Islamic Banking – An Overview and Opportunity – Rhesa Yogaswara Page 11 of 81
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 positioning-
differentiation-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.
CHART II.A . FRAMEWORK OF RESEARCH BACKGROUND
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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
3 Netzer, Miriam Sophia. Riba in Islamic Jurisprudence: The Role of Interest, In discourse on law and State,
Thesis. The Fletcher School. 2004. Pg 8
4 Siddiqi, Mohammad Nejatullah. Riba, Bank Interest and The Rationale of Its Prohibition. Islamic Development
Bank and Islamic Research and Training Institute. 2004. Pg 55-64
Indonesian Islamic Banking – An Overview and Opportunity – Rhesa Yogaswara Page 16 of 81
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
5 Al-Saatii, Abdul Rahim (2003). The Permissible Gharar (Risk) in Classical Islamic Jurisprudence. J.KAU: Islamic
Econ. Vol. 16, No. 2. pg. 3-19
6 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. pg. 314-337.
7 Khan, Muhammad Akram (2003). Islamic Economics and Finance: A Glossary. Routledge. United Kingdom. Pg
129
8 Ibid. Pg 130
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IV.2. The Five Pillars of Islam
The Five Pillars of Islam (arkān-al-Islām; also arkān ad-dīn "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 10 The Five Pillars of Islam are the framework of a
Muslim’s 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.
9 Pillars of Islam. http://www.britannica.com/EBchecked/topic/295625/Pillars-of-Islam. Encyclopaedia
Britannica Online. Accessed December 10, 2011.
10 Five Pillars. http://www.pbs.org/empires/islam/faithpillars.html. United Kingdom: Public Broadcasting
Service (PBS). Accessed December 10, 2011.
11 Ibrahim, IA (1997). A Brief Illustrated Guide to Understanding Islam. Darussalam, Publishers and Distributors,
Houston, Texas, USA. Pg 65-67
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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 time-
deposit product.15
IV.4. Marketing
The challenges of Islamic Banking in Indonesia are how to fulfill the consumer’s
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
12
Saving account. http://en.wikipedia.org/wiki/Saving_account. Accessed December 10, 2011
13 Saving account. http://www.investorwords.com/4388/Saving_account.html. Accessed December 10, 2011
14 Saving account. http://www.investopedia.com/terms/s/Savingaccount.asp#axzz1g9CpV5HJ. Accessed
December 10, 2011
15 Time Deposit. http://en.wikipedia.org/wiki/Time_deposit. Accessed December 10, 2011
16 Kotler, Philip; Gary Amstrong; John Saunders & Veronica Wong (1999). Principles of Marketing. Second
Edition. Prentice Hall Europe. Pg 9
Indonesian Islamic Banking – An Overview and Opportunity – Rhesa Yogaswara Page 19 of 81
Bank to penetrate Mudharabah Saving Account/Time Deposit, without compromising the
Shariah compliance.
One of the marketing’s 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, 35–8.) 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 consumer’s
perceptions are the result of products offered that had been designed and branded/re- branded
through the right positioning.
17
Masterson, Rosalind & Pickton, David (2010). Marketing an Introduction. Second Edition. Sage Publication.
Pg 147-148
18 Anonymous. Guide to Creating a Brand. GREEN Communications, 2006
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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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TABLE V.1.A . COMPOSITION OF IN-DEPTH INTERVIEW
Type of Respondent Number of Respondent
Shariah Users 3
Non-Shariah users who have good knowledge of IF 3
Non-Shariah users who have medium knowledge of IF 3
Non-Shariah users who have poor knowledge of IF 3
TOTAL 12
V.1.1. Questionnaire
The questions in the questionnaire will focus on consumer’s minds which related to
the following details: (The detail questionaire will be attached in the appendix)
• Consumer’s perception of Islamic Banks.
• Consumer’s 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 consumer’s 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.
TABLE V.2.A . COMPOSITION OF CLOSE-ENDED QUESTIONERS
Type of Respondent Number of Respondent
Shariah Users 101
Non- Shariah Users 80
TOTAL 181
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)
• Respondent’s understanding about the features of Mudharabah Saving Account/Time
Deposit.
• Respondent’s 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):
TABLE V.2.3.A . WEIGHTED SCORE OF QUESTIONAIRE PART A
Group Criteria about Knowledge of IF Score of Part A
Good Correct Number >= 4
Medium Correct Number = 3
Poor 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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TABLE V.2.3.B . WEIGHTED SCORE OF QUESTIONAIRE PART B
Group Criteria about Adherence to
Shariah Rules
Score of Part B
High When respondents have a number of “always”
more than “seldom” and “never”
Medium Apart from on “High” and “Low” criteria
Low 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:
CHART V.2.5.A . BASIC PROFILE
Segments Adherence to Sharuah Rules (Religiosity)
Knowledge of IF Low Medium High Total
Non Shariah Users 4 45 31 80
Poor 3 17 9 29
Medium - 7 10 17
Good 1 21 12 34
Shariah Users 3 36 62 101
Poor 2 2 17 21
Medium 1 3 28 32
Good - 31 17 48
Total 7 81 93 181
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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FIGURE V.2.5.A . RESEARCH APPROACH AND PROCESS
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VI. EVALUATION
VI.1. Consumer’s 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 consumer’s 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:
• Consumer’s characteristics
• Characteristics of Shariah Users Segment
• Characteristics of Non-Shariah User Segment
• Implication for the Islamic Bank
VI.1.1. Consumer’s 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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CHART VI.1.1.1. KNOWLEDGE ABOUT FEATURES IN EACH 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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CHART VI.1.1.2. THE UNDERSTANDING OF ISLAMIC FINANCE IN EACH
SEGMENT
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.
CHART VI.1.1.3. THE ADHERENCE TO SHARIAH RULES (RELIGIOSITY) IN
EACH SEGMENT
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. Consumer’s 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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CHART VI.1.2.1. KNOWLEDGE ABOUT FEATURES IN EACH 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.
CHART VI.1.2.2. THE ADHERENCE TO SHARIAH RULES (RELIGIOSITY) IN
EACH SEGMENT
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. Consumer’s 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 consumer’s 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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CHART VI.1.3.1. KNOWLEDGE ABOUT FEATURES IN EACH 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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CHART VI.1.3.2. THE UNDERSTANDING OF ISLAMIC FINANCE IN EACH
SEGMENT
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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CHART VI.2. CHARACTERISTICS OF SHARIAH USER SEGMENT
VI.2.1. Insight about the consumer’s 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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CHART VI.2.1. CONSUMER ’S KNOWLEDGE ABOUT THE PRODUCT 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 e-
banking 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 consumer’s 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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CHART VI.2.2. KEY FACTORS TO ENROLL/CLOSE MUDHARABAH SAVING
ACCOUNT/TIME DEPOSIT
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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CHART VI.3. CHARACTERISTICS OF NON-SHARIAH USER SEGMENT
VI.3.1. Insight about the consumer’s 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 consumer’s 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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CHART VI.3.1. CONSUMER ’S PERCEPTION ABOUT THE PRODUCT 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.
CHART VI.3.2. KEY FACTORS TO ENROLL MUDHARABAH SAVING
ACCOUNT/TIME DEPOSIT
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.
Indonesian Islamic Banking – An Overview and Opportunity – Rhesa Yogaswara Page 47 of 81
• 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 Bank’s 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.
Indonesian Islamic Banking – An Overview and Opportunity – Rhesa Yogaswara Page 48 of 81
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%
Indonesian Islamic Banking – An Overview and Opportunity – Rhesa Yogaswara Page 49 of 81
• 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 pre-
agreed 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.
Indonesian Islamic Banking – An Overview and Opportunity – Rhesa Yogaswara Page 50 of 81
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.
Indonesian Islamic Banking – An Overview and Opportunity – Rhesa Yogaswara Page 51 of 81
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 company’s 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.
Indonesian Islamic Banking – An Overview and Opportunity – Rhesa Yogaswara Page 52 of 81
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 ATM’s 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.
Indonesian Islamic Banking – An Overview and Opportunity – Rhesa Yogaswara Page 53 of 81
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.
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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
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Stanton William, Michael Etzel, Bruce Walker. Fundamental of Marketing. Ninth Edition.
McGraw-Hill. 1991.
Indonesian Islamic Banking – An Overview and Opportunity – Rhesa Yogaswara Page 54 of 81
IX. APPENDIX
IX.1. Discussion Guide of Qualitative Stage
What type of Deposit are you having with the bank?
FOR:
• Shariah Users
o What is your perception?
o How do you feel?
o What do you think about “Islamic Bank” Branding?
o How deep could “Islamic Bank” Branding influence you? Why? How about if there is
a contradiction?
o What is the product feature and benefit? (product, price)
o How good is the benefit and feature? (product, price) Why? How about if there is a
contradiction?
o What is the service offered and benefit?
o How good is the service offered? (product, price) Why? How about if there is a
contradiction?
o What is the competitive advantage of the product and services?
o What is the weakness of the products and services offered?
o What factors that made you enroll the Mudharabah Account? Why? How about if
there is a contradiction?
o What kind of benefit that you are looking for further? Why? How about if there is a
contradiction?
o What feature that should be improved?
o Under what conditions that makes you switch to the conventional products/another
Shariah brand? Why? How about if there is a contradiction?
o How is the implementation of Shariah Rules?
o How about the Shariah Issue? Is there any issue?
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 What is your perception about Mudharabah Savings Account / Mudharabah
Indonesian Islamic Banking – An Overview and Opportunity – Rhesa Yogaswara Page 55 of 81
Deposits Account?
o How do you feel?
o What do you think about “Islamic Bank” Branding?
o How deep could “Islamic Bank” Branding influence you? Why? How about if there is
a contradiction?
o Have you compare the product and services offered with conventional product? And
how are both strength and weaknesses?
o What is the product feature and benefit? (product, price) Why? How about if there
is a contradiction?
o How good is the benefit and feature? (product, price) Why? How about if there is a
contradiction?
o What is the service offered and benefit?
o How good is the service offered? (product, price) Why? How about if there is a
contradiction?
o What is the competitive advantage of the product and services?
o What is the weakness of the products and services offered?
o What factors that made you stay with conventional account? Why? How about if
there is a contradiction?
o What kind of benefit that you are looking for further? Why? How about if there is a
contradiction?
o What feature that should be improved?
o Under what conditions that makes you switch to Shariah brand? Why? How about if
there is a contradiction?
o How is the implementation of Shariah Rules?
o How about the Shariah Issue? Is there any issue?
- The End -
Indonesian Islamic Banking – An Overview and Opportunity – Rhesa Yogaswara Page 56 of 81
IX.2. Questionnaire of Quantitative Stage
Indonesian Islamic Banking – An Overview and Opportunity – Rhesa Yogaswara Page 60 of 81
IX.3. Data Processing of Section A
Respondents code QUESTIONS SCORE
SCORE Shariah Knowledge A1 A2 A3 A4 A5 A6 A1 A2 A3 A4 A5 A6
1 B B A D C B 0 1 1 1 0 1 4 GOOD
2 A B A A D B 0 1 1 0 0 1 3 MEDIUM
3 C A A A D B 1 0 1 0 0 1 3 MEDIUM
4 D B A B C D 0 1 1 0 0 0 2 POOR
5 D B A A B D 0 1 1 0 1 0 3 MEDIUM
6 D B A A A B 0 1 1 0 0 1 3 MEDIUM
7 D B A A A B 0 1 1 0 0 1 3 MEDIUM
8 A B A A B B 0 1 1 0 1 1 4 GOOD
9 B D D B B B 0 0 0 0 1 1 2 POOR
10 D B A A A B 0 1 1 0 0 1 3 MEDIUM
11 A D B D B B 0 0 0 1 1 1 3 MEDIUM
12 D D C B B A 0 0 0 0 1 0 1 POOR
13 D B A A A B 0 1 1 0 0 1 3 MEDIUM
14 A B A A B B 0 1 1 0 1 1 4 GOOD
15 A B A A B B 0 1 1 0 1 1 4 GOOD
16 A B A A B B 0 1 1 0 1 1 4 GOOD
17 D D A B C A 0 0 1 0 0 0 1 POOR
18 A B B A B B 0 1 0 0 1 1 3 MEDIUM
19 B D A A D A 0 0 1 0 0 0 1 POOR
20 D B A A A B 0 1 1 0 0 1 3 MEDIUM
21 D A A A B B 0 0 1 0 1 1 3 MEDIUM
22 B A C B C A 0 0 0 0 0 0 0 POOR
23 A B A A B B 0 1 1 0 1 1 4 GOOD
24 A B A A B B 0 1 1 0 1 1 4 GOOD
25 A A A B B B 0 0 1 0 1 1 3 MEDIUM
26 A B A A B B 0 1 1 0 1 1 4 GOOD
27 A B A A B B 0 1 1 0 1 1 4 GOOD
28 A B A A B B 0 1 1 0 1 1 4 GOOD
29 A B A A B B 0 1 1 0 1 1 4 GOOD
30 A B A A B B 0 1 1 0 1 1 4 GOOD
31 A B A A B B 0 1 1 0 1 1 4 GOOD
32 A B A A B B 0 1 1 0 1 1 4 GOOD
33 A B A A B B 0 1 1 0 1 1 4 GOOD
34 A B A A B B 0 1 1 0 1 1 4 GOOD
35 A B A A B B 0 1 1 0 1 1 4 GOOD
36 A B C B A B 0 1 0 0 0 1 2 POOR
37 B C B B C C 0 0 0 0 0 0 0 POOR
38 A B A A B B 0 1 1 0 1 1 4 GOOD
39 A B A A B B 0 1 1 0 1 1 4 GOOD
40 A B A A B B 0 1 1 0 1 1 4 GOOD
Indonesian Islamic Banking – An Overview and Opportunity – Rhesa Yogaswara Page 61 of 81
41 A B A A B B 0 1 1 0 1 1 4 GOOD
42 A B A A B B 0 1 1 0 1 1 4 GOOD
43 A B A A B B 0 1 1 0 1 1 4 GOOD
44 A B A A B B 0 1 1 0 1 1 4 GOOD
45 A B A A B B 0 1 1 0 1 1 4 GOOD
46 D D D D B B 0 0 0 1 1 1 3 MEDIUM
47 A B A A B C 0 1 1 0 1 0 3 MEDIUM
48 B D D D B B 0 0 0 1 1 1 3 MEDIUM
49 D D D A B B 0 0 0 0 1 1 2 POOR
50 A B A A B B 0 1 1 0 1 1 4 GOOD
51 D D D D B C 0 0 0 1 1 0 2 POOR
52 D D D A B B 0 0 0 0 1 1 2 POOR
53 A B A A B B 0 1 1 0 1 1 4 GOOD
54 A B A A B B 0 1 1 0 1 1 4 GOOD
55 D D B C B B 0 0 0 0 1 1 2 POOR
56 A B A A B B 0 1 1 0 1 1 4 GOOD
57 A C D B C D 0 0 0 0 0 0 0 POOR
58 A B A A B B 0 1 1 0 1 1 4 GOOD
59 A B A A B B 0 1 1 0 1 1 4 GOOD
60 A B A A B B 0 1 1 0 1 1 4 GOOD
61 A B A A B B 0 1 1 0 1 1 4 GOOD
62 A B A B B B 0 1 1 0 1 1 4 GOOD
63 A B A A B B 0 1 1 0 1 1 4 GOOD
64 D D B B B B 0 0 0 0 1 1 2 POOR
65 A B A A B B 0 1 1 0 1 1 4 GOOD
66 A B A B B B 0 1 1 0 1 1 4 GOOD
67 A B A A B B 0 1 1 0 1 1 4 GOOD
68 A B A B B B 0 1 1 0 1 1 4 GOOD
69 A B A A B B 0 1 1 0 1 1 4 GOOD
70 A B A A B B 0 1 1 0 1 1 4 GOOD
71 A B A A B B 0 1 1 0 1 1 4 GOOD
72 D D D B B A 0 0 0 0 1 0 1 POOR
73 D D B B B A 0 0 0 0 1 0 1 POOR
74 D D D D B A 0 0 0 1 1 0 2 POOR
75 A B A A B B 0 1 1 0 1 1 4 GOOD
76 A B A A B B 0 1 1 0 1 1 4 GOOD
77 A B A A B B 0 1 1 0 1 1 4 GOOD
78 A A A B B B 0 0 1 0 1 1 3 MEDIUM
79 A B A B B B 0 1 1 0 1 1 4 GOOD
80 A B A A B B 0 1 1 0 1 1 4 GOOD
81 A B A A B B 0 1 1 0 1 1 4 GOOD
82 D B C B B A 0 1 0 0 1 0 2 POOR
83 A D C A B B 0 0 0 0 1 1 2 POOR
84 A B A A B B 0 1 1 0 1 1 4 GOOD
Indonesian Islamic Banking – An Overview and Opportunity – Rhesa Yogaswara Page 62 of 81
85 A B A A B B 0 1 1 0 1 1 4 GOOD
86 D D D D C B 0 0 0 1 0 1 2 POOR
87 A B A A B B 0 1 1 0 1 1 4 GOOD
88 A B A A B B 0 1 1 0 1 1 4 GOOD
89 A B A B B B 0 1 1 0 1 1 4 GOOD
90 A B A A B B 0 1 1 0 1 1 4 GOOD
91 A B A A B B 0 1 1 0 1 1 4 GOOD
92 A B A A B B 0 1 1 0 1 1 4 GOOD
93 A B A A B B 0 1 1 0 1 1 4 GOOD
94 A B A A B B 0 1 1 0 1 1 4 GOOD
95 A A A A B B 0 0 1 0 1 1 3 MEDIUM
96 A B A A B B 0 1 1 0 1 1 4 GOOD
97 A D D B B B 0 0 0 0 1 1 2 POOR
98 B A B B B A 0 0 0 0 1 0 1 POOR
99 A B A A B B 0 1 1 0 1 1 4 GOOD
100 D D A A B B 0 0 1 0 1 1 3 MEDIUM
101 A B A A B B 0 1 1 0 1 1 4 GOOD
102 A B A A B B 0 1 1 0 1 1 4 GOOD
103 A B A A B B 0 1 1 0 1 1 4 GOOD
104 A B A A B B 0 1 1 0 1 1 4 GOOD
105 A B A B B B 0 1 1 0 1 1 4 GOOD
106 D B A A A B 0 1 1 0 0 1 3 MEDIUM
107 D B A A A B 0 1 1 0 0 1 3 MEDIUM
108 A B A A B A 0 1 1 0 1 0 3 MEDIUM
109 D D D A D B 0 0 0 0 0 1 1 POOR
110 D D A A A B 0 0 1 0 0 1 2 POOR
111 A B C B C B 0 1 0 0 0 1 2 POOR
112 A C C C C A 0 0 0 0 0 0 0 POOR
113 D B A B B B 0 1 1 0 1 1 4 GOOD
114 C A B B B B 1 0 0 0 1 1 3 MEDIUM
115 D B A B C B 0 1 1 0 0 1 3 MEDIUM
116 A A A B C D 0 0 1 0 0 0 1 POOR
117 B D D A B B 0 0 0 0 1 1 2 POOR
118 B B A D C B 0 1 1 1 0 1 4 GOOD
119 D A A A B B 0 0 1 0 1 1 3 MEDIUM
120 D A A A B B 0 0 1 0 1 1 3 MEDIUM
121 D B A A A B 0 1 1 0 0 1 3 MEDIUM
122 A C D B B B 0 0 0 0 1 1 2 POOR
123 A B A A B B 0 1 1 0 1 1 4 GOOD
124 C A A B B B 1 0 1 0 1 1 4 GOOD
125 A B B A B B 0 1 0 0 1 1 3 MEDIUM
126 A C C B D A 0 0 0 0 0 0 0 POOR
127 D A C A C A 0 0 0 0 0 0 0 POOR
128 A B A B B B 0 1 1 0 1 1 4 GOOD
Indonesian Islamic Banking – An Overview and Opportunity – Rhesa Yogaswara Page 63 of 81
129 C B D A B B 1 1 0 0 1 1 4 GOOD
130 B A A B B B 0 0 1 0 1 1 3 MEDIUM
131 A D A D C A 0 0 1 1 0 0 2 POOR
132 D B A A A B 0 1 1 0 0 1 3 MEDIUM
133 D B A A A B 0 1 1 0 0 1 3 MEDIUM
134 D B A A A B 0 1 1 0 0 1 3 MEDIUM
135 D A A A C B 0 0 1 0 0 1 2 POOR
136 A A A B B B 0 0 1 0 1 1 3 MEDIUM
137 D B A A A B 0 1 1 0 0 1 3 MEDIUM
138 D A A A C B 0 0 1 0 0 1 2 POOR
139 D B A A A B 0 1 1 0 0 1 3 MEDIUM
140 B B B B B B 0 1 0 0 1 1 3 MEDIUM
141 B C A B B A 0 0 1 0 1 0 2 POOR
142 A D C B B B 0 0 0 0 1 1 2 POOR
143 D A A A C B 0 0 1 0 0 1 2 POOR
144 D B A A A B 0 1 1 0 0 1 3 MEDIUM
145 D C C D B D 0 0 0 1 1 0 2 POOR
146 D D A A B A 0 0 1 0 1 0 2 POOR
147 C D B B B D 1 0 0 0 1 0 2 POOR
148 A C B A B B 0 0 0 0 1 1 2 POOR
149 D B C D B D 0 1 0 1 1 0 3 MEDIUM
150 A B A B C B 0 1 1 0 0 1 3 MEDIUM
151 A A A B B B 0 0 1 0 1 1 3 MEDIUM
152 A B A B B B 0 1 1 0 1 1 4 GOOD
153 A B A B B B 0 1 1 0 1 1 4 GOOD
154 B B A A B B 0 1 1 0 1 1 4 GOOD
155 D C B C C C 0 0 0 0 0 0 0 POOR
156 A B A B C B 0 1 1 0 0 1 3 MEDIUM
157 B B A D C B 0 1 1 1 0 1 4 GOOD
158 A A D D D B 0 0 0 1 0 1 2 POOR
159 A A A A A A 0 0 1 0 0 0 1 POOR
160 A D A B B B 0 0 1 0 1 1 3 MEDIUM
161 C B B A B B 1 1 0 0 1 1 4 GOOD
162 B C A B C C 0 0 1 0 0 0 1 POOR
163 D B A B A B 0 1 1 0 0 1 3 MEDIUM
164 B B A D C B 0 1 1 1 0 1 4 GOOD
165 C A B D B A 1 0 0 1 1 0 3 MEDIUM
166 D B A A A B 0 1 1 0 0 1 3 MEDIUM
167 D B A A A B 0 1 1 0 0 1 3 MEDIUM
168 D B A A A B 0 1 1 0 0 1 3 MEDIUM
169 A B A A B B 0 1 1 0 1 1 4 GOOD
170 A B A B B B 0 1 1 0 1 1 4 GOOD
171 A A A B B B 0 0 1 0 1 1 3 MEDIUM
172 A A A A A B 0 0 1 0 0 1 2 POOR
Indonesian Islamic Banking – An Overview and Opportunity – Rhesa Yogaswara Page 64 of 81
173 A A B B B B 0 0 0 0 1 1 2 POOR
174 A B A B B B 0 1 1 0 1 1 4 GOOD
175 A B A B B B 0 1 1 0 1 1 4 GOOD
176 C A A A B A 1 0 1 0 1 0 3 MEDIUM
177 A B D A B B 0 1 0 0 1 1 3 MEDIUM
178 D A A A C B 0 0 1 0 0 1 2 POOR
179 A D A A A B 0 0 1 0 0 1 2 POOR
180 A C C B C B 0 0 0 0 0 1 1 POOR
181 A B A A B B 0 1 1 0 1 1 4 GOOD
Indonesian Islamic Banking – An Overview and Opportunity – Rhesa Yogaswara Page 65 of 81
IX.4. Data Processing of Section B
Respondents
code
QUESTIONS ANSWER OF QUESTIONS B1-B8 HIGH MEDIUM LOW RELIGIOSITY
B1 B2 B3 B4 B5 B6 B7 B8 B9 B10 A B C D E ANSWER=A ANSWER=B ANSWER=C,D,E
1 A A A C A A A A A A 7 0 1 0 0 7 0 1 High
2 A D A C B B B A B B 3 3 1 1 0 3 3 2 Medium
3 A A A B B A A A B A 6 2 0 0 0 6 2 0 High
4 A C A B A A A A A A 6 1 1 0 0 6 1 1 High
5 B D A B B A A A A A 4 3 0 1 0 4 3 1 High
6 A A A C A A A A A A 7 0 1 0 0 7 0 1 High
7 A A A C A A A A A A 7 0 1 0 0 7 0 1 High
8 B C B C B A B A B B 2 4 2 0 0 2 4 2 Medium
9 B D A D C A C A B B 3 1 2 2 0 3 1 4 Medium
10 A A A C A A A A A A 7 0 1 0 0 7 0 1 High
11 B C A B B A B A B B 3 4 1 0 0 3 4 1 Medium
12 B C A C C A B A B B 3 2 3 0 0 3 2 3 Medium
13 A A A C A A A A A A 7 0 1 0 0 7 0 1 High
14 B D A C B A B A B B 3 3 1 1 0 3 3 2 Medium
15 B C A C B A B A A A 3 3 2 0 0 3 3 2 Medium
16 B C A C B A B A A A 3 3 2 0 0 3 3 2 Medium
17 B C A D C A C B B B 2 2 3 1 0 2 2 4 Medium
18 A C A C B A A A B B 5 1 2 0 0 5 1 2 High
19 B D A C C A B A B B 3 2 2 1 0 3 2 3 Medium
20 A A A C A A A A A A 7 0 1 0 0 7 0 1 High
21 B A C C A A B A B A 4 2 2 0 0 4 2 2 High
22 B D A B C A C A B B 3 2 2 1 0 3 2 3 Medium
23 B C A C B A B A A A 3 3 2 0 0 3 3 2 Medium
24 B C A C B A B A A A 3 3 2 0 0 3 3 2 Medium
Indonesian Islamic Banking – An Overview and Opportunity – Rhesa Yogaswara Page 66 of 81
25 B C A B B A A A A B 4 3 1 0 0 4 3 1 High
26 B C A C B A B A A A 3 3 2 0 0 3 3 2 Medium
27 B C A C B A A A B B 4 2 2 0 0 4 2 2 High
28 B C A C C A B A B B 3 2 3 0 0 3 2 3 Medium
29 B C A C B A B A B B 3 3 2 0 0 3 3 2 Medium
30 B C A C B A A A B B 4 2 2 0 0 4 2 2 High
31 B C A C B A B A B B 3 3 2 0 0 3 3 2 Medium
32 A B A B B A A A A B 5 3 0 0 0 5 3 0 High
33 B C A C B A B A A A 3 3 2 0 0 3 3 2 Medium
34 B C A C B A B A A A 3 3 2 0 0 3 3 2 Medium
35 B C A C B A B A A A 3 3 2 0 0 3 3 2 Medium
36 B B A B B A A B B B 3 5 0 0 0 3 5 0 Medium
37 B C B D C A B A B B 2 3 2 1 0 2 3 3 Low
38 B C A C B A B A A A 3 3 2 0 0 3 3 2 Medium
39 B C A C B A B A B B 3 3 2 0 0 3 3 2 Medium
40 B C A C B A B A A A 3 3 2 0 0 3 3 2 Medium
41 B C A C B A B A B B 3 3 2 0 0 3 3 2 Medium
42 B C A C B A B A B B 3 3 2 0 0 3 3 2 Medium
43 B C A C B A B A B B 3 3 2 0 0 3 3 2 Medium
44 B C A C B A B A A A 3 3 2 0 0 3 3 2 Medium
45 B C A C B A B A A A 3 3 2 0 0 3 3 2 Medium
46 B C A C C A B A B B 3 2 3 0 0 3 2 3 Medium
47 A C A C B A B A B B 4 2 2 0 0 4 2 2 High
48 B C A D D A C A B B 3 1 2 2 0 3 1 4 Medium
49 B C A C C A C B B B 2 2 4 0 0 2 2 4 Medium
50 B C A C B A B A A A 3 3 2 0 0 3 3 2 Medium
51 B C A C C A C B B B 2 2 4 0 0 2 2 4 Medium
52 B C A C C A C A B B 3 1 4 0 0 3 1 4 Medium
Indonesian Islamic Banking – An Overview and Opportunity – Rhesa Yogaswara Page 67 of 81
53 B C A C B A B A A A 3 3 2 0 0 3 3 2 Medium
54 B B A C B A A A A A 4 3 1 0 0 4 3 1 High
55 B C A C C A B B B B 2 3 3 0 0 2 3 3 Low
56 B C A C A A B A A A 4 2 2 0 0 4 2 2 High
57 A C A B A A A A A A 6 1 1 0 0 6 1 1 High
58 B C A C B A B A A A 3 3 2 0 0 3 3 2 Medium
59 B C A C B A A A A A 4 2 2 0 0 4 2 2 High
60 B C A C B A B B B B 2 4 2 0 0 2 4 2 Medium
61 B C A C B A B A A A 3 3 2 0 0 3 3 2 Medium
62 A C A C B A A A B B 5 1 2 0 0 5 1 2 High
63 B C A C A B B A A A 3 3 2 0 0 3 3 2 Medium
64 B C A C C A B A B B 3 2 3 0 0 3 2 3 Medium
65 B C A C B A B A B B 3 3 2 0 0 3 3 2 Medium
66 B C A C B A B A B B 3 3 2 0 0 3 3 2 Medium
67 B C A C B A B A A A 3 3 2 0 0 3 3 2 Medium
68 B C A C B A A A A A 4 2 2 0 0 4 2 2 High
69 B D A C A A B A B B 4 2 1 1 0 4 2 2 High
70 B C A C B A A A A A 4 2 2 0 0 4 2 2 High
71 B D A C C A C B B B 2 2 3 1 0 2 2 4 Medium
72 B C A C C A C B B B 2 2 4 0 0 2 2 4 Medium
73 B C A C C A C A B B 3 1 4 0 0 3 1 4 Medium
74 B C A C B A B A B B 3 3 2 0 0 3 3 2 Medium
75 B C A C B A B A A A 3 3 2 0 0 3 3 2 Medium
76 B C A C B A A A B B 4 2 2 0 0 4 2 2 High
77 B C A C B A B A A A 3 3 2 0 0 3 3 2 Medium
78 B C A C B B A A A A 3 3 2 0 0 3 3 2 Medium
79 B C A C B A B A A A 3 3 2 0 0 3 3 2 Medium
80 B C A C B A B A A A 3 3 2 0 0 3 3 2 Medium
Indonesian Islamic Banking – An Overview and Opportunity – Rhesa Yogaswara Page 68 of 81
81 B C A C B A B A A A 3 3 2 0 0 3 3 2 Medium
82 B C A D C A C A B B 3 1 3 1 0 3 1 4 Medium
83 B C A C D A A A B B 4 1 2 1 0 4 1 3 High
84 B C A C B A B A A A 3 3 2 0 0 3 3 2 Medium
85 B C A C B A B A A A 3 3 2 0 0 3 3 2 Medium
86 B C A C C A B B B B 2 3 3 0 0 2 3 3 Low
87 B C A C B A B A A A 3 3 2 0 0 3 3 2 Medium
88 B C A C B A B A B B 3 3 2 0 0 3 3 2 Medium
89 B C A C B A B A B B 3 3 2 0 0 3 3 2 Medium
90 B C A C B A A A B B 4 2 2 0 0 4 2 2 High
91 B C A C B A B A A A 3 3 2 0 0 3 3 2 Medium
92 B C A C B A A A A A 4 2 2 0 0 4 2 2 High
93 B C A C B A C A B B 3 2 3 0 0 3 2 3 Medium
94 B C A C B A B A B B 3 3 2 0 0 3 3 2 Medium
95 A B A B B A A A A A 5 3 0 0 0 5 3 0 High
96 B C A C C A B A B B 3 2 3 0 0 3 2 3 Medium
97 B C A C C A C A B B 3 1 4 0 0 3 1 4 Medium
98 B D C D D A B A B B 2 2 1 3 0 2 2 4 Medium
99 A B A B B A A A A A 5 3 0 0 0 5 3 0 High
100 B D A D C A A B B B 3 2 1 2 0 3 2 3 Medium
101 B C B C B A A A B B 3 3 2 0 0 3 3 2 Medium
102 A B A B B A A A A A 5 3 0 0 0 5 3 0 High
103 B C A C B A B A B B 3 3 2 0 0 3 3 2 Medium
104 B C A C B A B A A A 3 3 2 0 0 3 3 2 Medium
105 B C A D A A B A B B 4 2 1 1 0 4 2 2 High
106 B A B B B A C A A A 3 4 1 0 0 3 4 1 Medium
107 A C A C A A A A A A 6 0 2 0 0 6 0 2 High
108 B C A C A A A A A B 5 1 2 0 0 5 1 2 High
Indonesian Islamic Banking – An Overview and Opportunity – Rhesa Yogaswara Page 69 of 81
109 A C A B A A A A B A 6 1 1 0 0 6 1 1 High
110 A D A D D A A A B A 5 0 0 3 0 5 0 3 High
111 B D A C A A B A B A 4 2 1 1 0 4 2 2 High
112 A C A C B A A E A B 4 1 2 0 1 4 1 3 High
113 A D B B B A A E B B 3 3 0 1 1 3 3 2 Medium
114 A D A C A A B A B B 5 1 1 1 0 5 1 2 High
115 A A A B A A A A A B 7 1 0 0 0 7 1 0 High
116 B C A C A A A A A A 5 1 2 0 0 5 1 2 High
117 B C A D B A A A A A 4 2 1 1 0 4 2 2 High
118 A C A C A A B A B B 5 1 2 0 0 5 1 2 High
119 A A A B A A B A A A 6 2 0 0 0 6 2 0 High
120 A A A B A A B A A A 6 2 0 0 0 6 2 0 High
121 A A A B A A A A A A 7 1 0 0 0 7 1 0 High
122 A C A C A A A B B A 5 1 2 0 0 5 1 2 High
123 A C A C B A B A A B 4 2 2 0 0 4 2 2 High
124 B D A C D A A A A B 4 1 1 2 0 4 1 3 High
125 B C B C B B B A A B 1 5 2 0 0 1 5 2 Low
126 A A A C D A A A A B 6 0 1 1 0 6 0 2 High
127 A A B A A A A E A A 6 1 0 0 1 6 1 1 High
128 A C A C B A A A B A 5 1 2 0 0 5 1 2 High
129 B D A D B A B E B B 2 3 0 2 1 2 3 3 Low
130 A C A B B A A A B B 5 2 1 0 0 5 2 1 High
131 A C A C A A A D B B 5 0 2 1 0 5 0 3 High
132 A A A C A A A A A A 7 0 1 0 0 7 0 1 High
133 A A A C A A A A A B 7 0 1 0 0 7 0 1 High
134 A A A C A A A A A A 7 0 1 0 0 7 0 1 High
135 A A A C A A A A A A 7 0 1 0 0 7 0 1 High
136 B B A D D A A A B B 4 2 0 2 0 4 2 2 High
Indonesian Islamic Banking – An Overview and Opportunity – Rhesa Yogaswara Page 70 of 81
137 B A A D C A A A A A 5 1 1 1 0 5 1 2 High
138 A C A C A A A A A A 6 0 2 0 0 6 0 2 High
139 A A A C A A A A A A 7 0 1 0 0 7 0 1 High
140 A B A D D A B A B B 4 2 0 2 0 4 2 2 High
141 A B A C A A A A B B 6 1 1 0 0 6 1 1 High
142 A C A C C A A D A B 4 0 3 1 0 4 0 4 Medium
143 A D A C B A A A A A 5 1 1 1 0 5 1 2 High
144 A A A C A A A A A A 7 0 1 0 0 7 0 1 High
145 B D A D C A A A B B 4 1 1 2 0 4 1 3 High
146 A B A C C A A A A A 5 1 2 0 0 5 1 2 High
147 B C A D B A A B B B 3 3 1 1 0 3 3 2 Medium
148 A C A C B A A A A A 5 1 2 0 0 5 1 2 High
149 B D A D C A A B B B 3 2 1 2 0 3 2 3 Medium
150 B C B C B A B A A A 2 4 2 0 0 2 4 2 Medium
151 A C B C B A A A B B 4 2 2 0 0 4 2 2 High
152 A B A B B A A A A A 5 3 0 0 0 5 3 0 High
153 A C A C A A A A A A 6 0 2 0 0 6 0 2 High
154 B C A C B A A A A B 4 2 2 0 0 4 2 2 High
155 B C B C B B B B A B 0 6 2 0 0 0 6 2 Low
156 B C B C B A B A B B 2 4 2 0 0 2 4 2 Medium
157 A A A B A A A A A A 7 1 0 0 0 7 1 0 High
158 A C A C A A A A A A 6 0 2 0 0 6 0 2 High
159 A C A B A A A A B B 6 1 1 0 0 6 1 1 High
160 A A A C A A A A B B 7 0 1 0 0 7 0 1 High
161 A C A B A A A B B B 5 2 1 0 0 5 2 1 High
162 D B C B A B B B A B 1 5 1 1 0 1 5 2 Low
163 A A A C A A A A A A 7 0 1 0 0 7 0 1 High
164 A B A B A A A A A A 6 2 0 0 0 6 2 0 High
Indonesian Islamic Banking – An Overview and Opportunity – Rhesa Yogaswara Page 71 of 81
165 A B A A B A A A A A 6 2 0 0 0 6 2 0 High
166 A A A C A A A A A A 7 0 1 0 0 7 0 1 High
167 A A A C A A A A A A 7 0 1 0 0 7 0 1 High
168 A A A C A A A A A A 7 0 1 0 0 7 0 1 High
169 B C B C B A B A A B 2 4 2 0 0 2 4 2 Medium
170 B C A C B A A A B B 4 2 2 0 0 4 2 2 High
171 A B A B A A A A A A 6 2 0 0 0 6 2 0 High
172 A A A A A A A A A A 8 0 0 0 0 8 0 0 High
173 C C B C C A B A A B 2 2 4 0 0 2 2 4 Medium
174 B C A C B A B A A A 3 3 2 0 0 3 3 2 Medium
175 B C A C B A B A A B 3 3 2 0 0 3 3 2 Medium
176 B C A C B A A A A A 4 2 2 0 0 4 2 2 High
177 B D A C A A A A A B 5 1 1 1 0 5 1 2 High
178 B C A C A A A A A A 5 1 2 0 0 5 1 2 High
179 A C A C A A A A A A 6 0 2 0 0 6 0 2 High
180 B C A D A A A A A A 5 1 1 1 0 5 1 2 High
181 B C A B B A A A B B 4 3 1 0 0 4 3 1 High
Indonesian Islamic Banking – An Overview and Opportunity – Rhesa Yogaswara Page 72 of 81
IX.5. Data Processing of Section C.2 (B9 = B and B10 = B) Respondents
code B9 B10
Shariah
Knowledge RELIGIOSITY C.2.1 C.2.2 C.2.3 C.2.4 C.2.5 C.2.6 C.2.7 C.2.8 C.2.9 C.2.10 C.2.11 C.2.12 C.2.13 C.2.14 C.2.15
2 B B MEDIUM MEDIUM - - - - - - - - - + - + - - -
8 B B GOOD MEDIUM + + - - - - - - - + - + + + +
11 B B MEDIUM MEDIUM + + + + + + - - + + - - + + +
14 B B GOOD MEDIUM + + + + + + + + + + + + + + +
18 B B MEDIUM HIGH + + + + + + - + - + - + + + +
27 B B GOOD HIGH + + + + + + - - - + - - + + +
28 B B GOOD MEDIUM + + + + + + - - + + + + + + +
29 B B GOOD MEDIUM + + + + + + - - + + + + + + +
30 B B GOOD HIGH + + + + + + + + + + + + + + +
31 B B GOOD MEDIUM + + + + + + - - + + + + + + +
39 B B GOOD MEDIUM - + - + + - - - + - - + + + +
41 B B GOOD MEDIUM - + - + - - - - + + - - + + +
42 B B GOOD MEDIUM + + - + + - - - - - - + + + +
43 B B GOOD MEDIUM + + - + + - - - + + - - + + +
46 B B MEDIUM MEDIUM + + + + + + - - + + + + + + +
47 B B MEDIUM HIGH + + - - - - - - + + - + + + +
48 B B MEDIUM MEDIUM + + + + + + + + + + + + + + +
60 B B GOOD MEDIUM - + - - - - - - - + - + + + +
62 B B GOOD HIGH + + - + - - - + - + - + + + +
65 B B GOOD MEDIUM + + - - - - - - - + - - + + +
66 B B GOOD MEDIUM + + + + + + + + + + + + + + +
69 B B GOOD HIGH + + + + + + + + + + + + + + +
71 B B GOOD MEDIUM + + + + + + + + + + + + + + +
76 B B GOOD HIGH + + + + + + + + - + - - + + +
88 B B GOOD MEDIUM + + + + + + + + + + + + + + +
Indonesian Islamic Banking – An Overview and Opportunity – Rhesa Yogaswara Page 73 of 81
89 B B GOOD MEDIUM + + + + + + + + + + + + + + +
90 B B GOOD HIGH + + - + + - - - + + + + + + +
93 B B GOOD MEDIUM + + - + + - - - + + + + + + +
94 B B GOOD MEDIUM - + - + + - - - + + + - + + +
96 B B GOOD MEDIUM + + - + + - - - + - + + + + +
100 B B MEDIUM MEDIUM + + + + + + - - + + - - + + +
100 B B GOOD MEDIUM + + + + + + + + + + - - + + +
103 B B GOOD MEDIUM - + - + + - - - + - + + + + +
105 B B GOOD HIGH + + + + + + + + + + - - + + +
113 B B GOOD MEDIUM + + + + + - - - + - - - + + +
114 B B MEDIUM HIGH + + + + + + + + + + + + - - -
118 B B GOOD HIGH - + - - - - + + + + - + + + +
130 B B MEDIUM HIGH + - + + + + + - + - + + + + +
136 B B MEDIUM HIGH - + + + + + - - - + + - + - +
140 B B MEDIUM HIGH + + + + + - + - + + - - - - -
149 B B MEDIUM MEDIUM - + + + + + - - + + + + - + +
151 B B MEDIUM HIGH + + - - + - - - - + - - + + -
156 B B MEDIUM MEDIUM + + - - + + + + - + - - + + +
160 B B MEDIUM HIGH + + - + + - - - + + - + - - -
161 B B GOOD HIGH - + + + + + - + + + + + + + +
170 B B GOOD HIGH + + - - - - - - - + - + + + +
181 B B GOOD HIGH + - - + + + + + + - + + + + +
Indonesian Islamic Banking – An Overview and Opportunity – Rhesa Yogaswara Page 74 of 81
IX.6. Data Processing of Section C.3 (B9 = B and B10 = B) Respondents
code B9 B10
Shariah
Knowledge RELIGIOSITY C.3.1 C.3.2 C.3.3 C.3.4 C.3.5 C.3.6 C.3.7 C.3.8 C.3.9 C.3.10 C.3.11 C.3.12 C.3.13 C.3.14 C.3.15
2 B B MEDIUM MEDIUM No No No No No No No No No No No No No No No
8 B B GOOD MEDIUM Yes Yes Yes No No No No No Yes Yes Yes No No No No
11 B B MEDIUM MEDIUM No No No No No No No No No No No No No No No
14 B B GOOD MEDIUM No No No No No No No No No No No No No No No
18 B B MEDIUM HIGH No No No No No No No No No No No No No No No
27 B B GOOD HIGH No No No No No No No No No No No No No No No
28 B B GOOD MEDIUM No No No No No No No No No No No No No No No
29 B B GOOD MEDIUM No No No No No No No No No No No No No No No
30 B B GOOD HIGH No No No No No No No No No No No No No No No
31 B B GOOD MEDIUM No No No No No No No No No No No No No No No
39 B B GOOD MEDIUM No No No No No No No No No No No No No No No
41 B B GOOD MEDIUM No No No No No No No No No No No No No No No
42 B B GOOD MEDIUM No No No No No No No No No No No No No No No
43 B B GOOD MEDIUM No No No No No No No No No No No No No No No
46 B B MEDIUM MEDIUM No No No No No No No No No No No No No No No
47 B B MEDIUM HIGH No No No No No No No No No No No No No No No
48 B B MEDIUM MEDIUM No No No No No No No No No No No No No No No
60 B B GOOD MEDIUM No No No No Yes No No No Yes Yes Yes No No No No
62 B B GOOD HIGH Yes Yes Yes No No No No No Yes Yes Yes No No No No
65 B B GOOD MEDIUM No No No No No No No No No No No No No No No
66 B B GOOD MEDIUM No No No No No No No No No No No No No No No
69 B B GOOD HIGH No No No No No No No No No No No No No No No
71 B B GOOD MEDIUM No No No No No No No No No No No No No No No
76 B B GOOD HIGH No No No No No No No No No No No No No No No
88 B B GOOD MEDIUM No No No No No No No No No No No No No No No
Indonesian Islamic Banking – An Overview and Opportunity – Rhesa Yogaswara Page 75 of 81
89 B B GOOD MEDIUM No No No No No No No No No No No No No No No
90 B B GOOD HIGH No No No No No No No No No No No No No No No
93 B B GOOD MEDIUM No No No No No No No No No No No No No No No
94 B B GOOD MEDIUM No No No No No No No No No No No No No No No
96 B B GOOD MEDIUM No No No No No No No No No No No No No No No
100 B B MEDIUM MEDIUM No No No No No No No No No No No No No No No
100 B B GOOD MEDIUM No No No No No No No No No No No No No No No
103 B B GOOD MEDIUM No No No No No No No No No No No No No No No
105 B B GOOD HIGH No No No No No No No No No No No No No No No
113 B B GOOD MEDIUM No No No No No No No No No No No No No No No
114 B B MEDIUM HIGH No No No No No No No No No No No No No No No
118 B B GOOD HIGH No No No No No No No No No No No No No No No
130 B B MEDIUM HIGH No Yes No No Yes No Yes No Yes Yes Yes Yes Yes Yes No
136 B B MEDIUM HIGH No Yes No No No No No No Yes Yes No No No No No
140 B B MEDIUM HIGH No No No No No No No No No Yes No No No No No
149 B B MEDIUM MEDIUM No No No No No No No No No No No No No No No
151 B B MEDIUM HIGH Yes Yes No No No No No No Yes Yes No No No No No
156 B B MEDIUM MEDIUM No No No No No No No No Yes Yes No No No No No
160 B B MEDIUM HIGH No No No Yes Yes Yes Yes Yes No Yes Yes No No No No
161 B B GOOD HIGH No No No No No No No No No No No No No No No
170 B B GOOD HIGH No No No No No No No No No No No No No No No
181 B B GOOD HIGH No No No No No No No No No No No No No No No
Indonesian Islamic Banking – An Overview and Opportunity – Rhesa Yogaswara Page 76 of 81
IX.7. Data Processing of Section C.5 (B9 = A andB10 = A)
Respondents code B9 A2 A3 A4 C.5.1 C.5.2 C.5.3 C.5.4 C.5.5 C.5.6 C.5.7 C.5.8 C.5.9 C.5.10 C.5.11 C.5.12 C.5.13 C.5.14 C.5.15
1 A A GOOD HIGH - - - - - - - + -
5 A A MEDIUM HIGH + - + + + - - + + - - +
6 A A MEDIUM HIGH + - - + + - + + - + + - + +
7 A A MEDIUM HIGH + - - + + - + + - + - + - + +
10 A A MEDIUM HIGH + - - + + - + + - + - + - + +
13 A A MEDIUM HIGH + - - + + - + + - + - + - + +
15 A A GOOD MEDIUM + - - + + - + + - + - + - + +
16 A A GOOD MEDIUM + - - + + - + + - + - + - + +
20 A A MEDIUM HIGH + - - + + - + + - + - + - + +
23 A A GOOD MEDIUM + - - + + - + + - + - + - + +
24 A A GOOD MEDIUM + - - + + - + + - + - + - + +
26 A A GOOD MEDIUM + - - + + - + + - + - + - + +
33 A A GOOD MEDIUM + - - + + - + + - + - + - + +
34 A A GOOD MEDIUM + - - + + - + + - + - + - + +
35 A A GOOD MEDIUM + - - + + - + + - + - + - +
38 A A GOOD MEDIUM + - - + + - + + - + - + - + +
40 A A GOOD MEDIUM + - - + + - + + - + - + - + +
44 A A GOOD MEDIUM + - - + + - + + - + - + - + +
45 A A GOOD MEDIUM + - - + + - + + - + - + - + +
50 A A GOOD MEDIUM + - - + + - + + - + - + - + +
53 A A GOOD MEDIUM + - - + + - + + - + - + - + +
54 A A GOOD HIGH + - - - - - + + - - + - - + +
56 A A GOOD HIGH + - - + + - + + - + - + - + +
58 A A GOOD MEDIUM + - - + + - + + - + - + - + +
59 A A GOOD HIGH + - - + + - + + - - + + - + +
Indonesian Islamic Banking – An Overview and Opportunity – Rhesa Yogaswara Page 77 of 81
61 A A GOOD MEDIUM + + - + + + + + - + + + - + +
63 A A GOOD MEDIUM + - - + + - + + - + - + - + +
67 A A GOOD MEDIUM + - - + + - + + - + - + - + +
68 A A GOOD HIGH + - - + + - + + - - + + - + +
70 A A GOOD HIGH + - - + + - + + - - + + - + +
75 A A GOOD MEDIUM + - - + + - + + - + - + - + +
77 A A GOOD MEDIUM + - - + + - + + - + - + - + +
78 A A MEDIUM MEDIUM - - + + - - - - - - - + - + +
79 A A GOOD MEDIUM - - + + - - + + - + - + - + +
80 A A GOOD MEDIUM + - - + + - + + - + - + - + +
81 A A GOOD MEDIUM + - - + + - + + - + + + - + +
84 A A GOOD MEDIUM + - - + + - + + - + - + - + +
85 A A GOOD MEDIUM + - - + - - + + - + - + - + +
87 A A GOOD MEDIUM + - - + + - + + - + - + - + +
91 A A GOOD MEDIUM + - - + + - + + - + - + - + +
92 A A GOOD HIGH + - - + + - + + - + - + - + +
95 A A MEDIUM HIGH - - - + + - + + - - + - - + +
99 A A GOOD HIGH - - - + + - + + - - + - - + +
102 A A GOOD HIGH - - - + + - + + - - + - - + +
104 A A GOOD MEDIUM + - - + + - + + - + - + - + +
106 A A MEDIUM MEDIUM + + - - - - + + - + + + - - +
107 A A MEDIUM HIGH + + - - - - + + - + + + - + +
119 A A MEDIUM HIGH - - + + + - + + - - + + - + +
120 A A MEDIUM HIGH - - + + + - + + - - + + - + +
121 A A MEDIUM HIGH + + - + + + - + - + + + - - +
132 A A MEDIUM HIGH + + - - - - + + - + + + - + +
134 A A MEDIUM HIGH + + - - - - + + - + + + - + +
137 A A MEDIUM HIGH + + - - - - + + - + + + - + +
Indonesian Islamic Banking – An Overview and Opportunity – Rhesa Yogaswara Page 78 of 81
139 A A MEDIUM HIGH + + - - - - + + - + + + - + +
144 A A MEDIUM HIGH + + - - - - + + - + + + - + +
150 A A MEDIUM MEDIUM - - - + - + - + - + - + - + +
152 A A GOOD HIGH + + - - - - + + - - + + - + +
153 A A GOOD HIGH + - - + + + + + - - - + - + +
157 A A GOOD HIGH + + - + + + + + - + + + - + -
163 A A MEDIUM HIGH + + - - - - + + - + + + - + +
164 A A GOOD HIGH - - + + + + + + - - + + - - -
165 A A MEDIUM HIGH + + + + + + + + - - + + - + +
166 A A MEDIUM HIGH + + - - - - + + - + + + - + +
167 A A MEDIUM HIGH + + - - - - + + - + + + - + +
168 A A MEDIUM HIGH + + - - - - + + - + + + - + +
171 A A MEDIUM HIGH + - - + + + + + - - - + - + +
174 A A GOOD MEDIUM + - - + + + + + - - - + - + +
176 A A MEDIUM HIGH + + + + + + + + - - - + - + +
Indonesian Islamic Banking – An Overview and Opportunity – Rhesa Yogaswara Page 79 of 81
IX.8. Data Processing of Section C.7 (B9 = A andB10 = A)
Respondents code B9 A2 A3 A4 C.7.1 C.7.2 C.7.3 C.7.4 C.7.5 C.7.6 C.7.7 C.7.8 C.7.9 C.7.10 C.7.11 C.7.12 C.7.13 C.7.14 C.7.15
1 A A GOOD HIGH No No No No No Yes No Yes No No No No No No No
5 A A MEDIUM HIGH No Yes No No No Yes No No No No No No No No Yes
6 A A MEDIUM HIGH No No No No No No No No No No No No No No No
7 A A MEDIUM HIGH No No No No No No No No No No No No No No No
10 A A MEDIUM HIGH No No No No No No No No No No No No No No No
13 A A MEDIUM HIGH No No No No No No No No No No No No No No No
15 A A GOOD MEDIUM No No No No No No No No No No No No No No No
16 A A GOOD MEDIUM No No No No No No No No No No No No No No No
20 A A MEDIUM HIGH No No No No No No No No No No No No No No No
23 A A GOOD MEDIUM No No No No No No No No No No No No No No No
24 A A GOOD MEDIUM No No No No No No No No No No No No No No No
26 A A GOOD MEDIUM No No No No No No No No No No No No No No No
33 A A GOOD MEDIUM No No No No No No No No No No No No No No No
34 A A GOOD MEDIUM No No No No No No No No No No No No No No No
35 A A GOOD MEDIUM No No No No No No No No No No No No No No No
38 A A GOOD MEDIUM No No No No No No No No No No No No No No No
40 A A GOOD MEDIUM No No No No No No No No No No No No No No No
44 A A GOOD MEDIUM No No No No No No No No No No No No No No No
45 A A GOOD MEDIUM No No No No No No No No No No No No No No No
50 A A GOOD MEDIUM No No No No No No No No No No No No No No No
53 A A GOOD MEDIUM No No No No No No No No No No No No No No No
54 A A GOOD HIGH No No No No No No No No No No No No No No No
56 A A GOOD HIGH No No No No No No No No No No No No No No No
58 A A GOOD MEDIUM No No No No No No No No No No No No No No No
59 A A GOOD HIGH No No No No No No No No No No No No No No No
Indonesian Islamic Banking – An Overview and Opportunity – Rhesa Yogaswara Page 80 of 81
61 A A GOOD MEDIUM No No No No No No No No No No No No No No No
63 A A GOOD MEDIUM No No No No No No No No No No No No No No No
67 A A GOOD MEDIUM No No No No No No No No No No No No No No No
68 A A GOOD HIGH No No No No No No No No No No No No No No No
70 A A GOOD HIGH No No No No No No No No No No No No No No No
75 A A GOOD MEDIUM No No No No No No No No No No No No No No No
77 A A GOOD MEDIUM No No No No No No No No No No No No No No No
78 A A MEDIUM MEDIUM No No No No No No No No No No No No No No No
79 A A GOOD MEDIUM No No No No No No No No No No No No No No No
80 A A GOOD MEDIUM No No No No No No No No No No No No No No No
81 A A GOOD MEDIUM No No No No No No No No No No No No No No No
84 A A GOOD MEDIUM No No No No No No No No No No No No No No No
85 A A GOOD MEDIUM No No No No No No No No No No No No No No No
87 A A GOOD MEDIUM No No No No No No No No No No No No No No No
91 A A GOOD MEDIUM No No No No No No No No No No No No No No No
92 A A GOOD HIGH No No No No No No No No No No No No No No No
95 A A MEDIUM HIGH No No No No No No No No No No No No No No No
99 A A GOOD HIGH No No No No No No No No No No No No No No No
102 A A GOOD HIGH No No No No No No No No No No No No No No No
104 A A GOOD MEDIUM No No No No No No No No No No No No No No No
106 A A MEDIUM MEDIUM No No No No No No No No No No No No No No No
107 A A MEDIUM HIGH No No No No No No No No No No No No No No No
119 A A MEDIUM HIGH No Yes No No Yes Yes Yes Yes No No Yes No No No No
120 A A MEDIUM HIGH No Yes No No Yes Yes Yes Yes No Yes No No No No No
121 A A MEDIUM HIGH Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes
132 A A MEDIUM HIGH No No No No No No No No No No No No No No No
134 A A MEDIUM HIGH No No No No No No No No No No No No No No No
137 A A MEDIUM HIGH No No No No No No No No No No No No No No No
Indonesian Islamic Banking – An Overview and Opportunity – Rhesa Yogaswara Page 81 of 81
139 A A MEDIUM HIGH No No No No No No No No No No No No No No No
144 A A MEDIUM HIGH No No No No No No No No No No No No No No No
150 A A MEDIUM MEDIUM No No No No No No No No No No No No No No No
152 A A GOOD HIGH No No No No No No No No No No No No No No No
153 A A GOOD HIGH No No No No No No No No No No No No No No No
157 A A GOOD HIGH No No No No No No No No No No No No No No No
163 A A MEDIUM HIGH No No No No No No No No No No No No No No No
164 A A GOOD HIGH No No Yes No No Yes No Yes No No Yes No No No No
165 A A MEDIUM HIGH No No No No No No No No No No No No No No No
166 A A MEDIUM HIGH No No No No No No No No No No No No No No No
167 A A MEDIUM HIGH No No No No No No No No No No No No No No No
168 A A MEDIUM HIGH No No No No No No No No No No No No No No No
171 A A MEDIUM HIGH No No No No No No No No No No No No No No No
174 A A GOOD MEDIUM No No No No No No No No No No No No No No No
176 A A MEDIUM HIGH Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes No No No No