An Overview of Islamic Bank Financing to Infrastructure Contractor in Indonesia
Mohamad Torik Langlang Buana1*, Nuradli Ridzwan Shah Mohd Dali2*
1 Faculty Economics & Business, Universitas Mercu Buana, Jakarta, Indonesia
2 Faculty Economics & Muamalat, Universiti Sains Islam Malaysia, Nilai, Negeri Sembilan, Malaysia
*Corresponding Author: [email protected]; [email protected]
Accepted: 15 September 2021 | Published: 1 October 2021
_________________________________________________________________________________________
Abstract: Financing to the construction segment from Islamic banks in Indonesia for one decade had been always at a low level compared to loans from conventional banks.
Infrastructure construction in Indonesia for one decade from 2010 to 2020 is predisposed by unordinary policies and conditions. In the year 2017, there had been a significant change in the infrastructure budget, by end of the decade in the year 2020, there was a pandemic happened that made some segments of business stopped, but not to the infrastructure construction sector and the banking sector. The number of contractors and the change of budget in the infrastructure construction segment had not yet followed by the opportunity for Islamic banks in financing the sector. The objective of the study is to discuss some aspects that relate to Islamic bank financing to the construction sector. The research using a qualitative method by observation on secondary data that are available publicly which are related to financing and infrastructure construction. The study revealed that it is not much different on the cost of financing from both Islamic and conventional banks, and the study exposed that there were higher on the level of nonperforming financing in construction segment of Islamic banking.
Keywords: Decade 2010 – 2020, Indonesian Construction, Islamic Bank, Islamic Financing ___________________________________________________________________________
1. Introduction
Islamic banks provide financing for the corporate and consumer segment. The corporate customers’ segment, it is classified into some categories, such as construction, wholesale trading, manufacturing, farming, and some other business classifications. Islamic bank could finance the contractors by using Islamic contracts such as profit-sharing, mudharabah and purchase-sale, murabahah, and lease, ijarah (Shamsudin, Salamon, Abu-Hussin, & Muhamad, 2015). Indonesia’s construction market is the largest compared to surrounding countries, the market predicted to continue increasing until 2025 (Kesai et al., 2018), which would become the best opportunity for Islamic banks to be involved with financing the business. This paper will discuss some descriptive aspects in financing the contractors, also describe infrastructure’s state budget, the establishment of Islamic financial boards, number of contractors, financing to contractors from Islamic banks and conventional banks, financing margin and loan interest to contractors, and non-performed financing to construction segment.
Infrastructure construction deemed as a fundamental bound that must exist in a country.
Infrastructure construction is classified into several types such as roads, ports, irrigation, etc.
Infrastructure construction is provided by the government for public needs which are fulfilling the basic needs such as transportations, logistics, and general mobility. Indonesian position
according to Data Global Competitiveness Index in 2018 was at fourth position, below Singapore, Malaysia, and Thailand (Liputan6.com, 2019). In 2017, the government revised the state budget for infrastructure, increased by 41 percent, in preparing the budget, quantitively stated in detail that there was a plan to build up a new public road for 2,650 km, toll road 1,000 km and, road maintenance as much as 46,770 km, the details were also described the plan for building up airports, seaports, railroads, etc (@binamarga, 2020). To make this plan exist, there are some works from contractors to build them.
The existence of infrastructure construction cannot be detached from the financing, since it is because the limitation of budget, hence the existence of infrastructure is in a need of funding from some external sources. Islamic financing is available for infrastructure construction in the forms of sukuk. This fund will be financing all phase of construction projects, which is starting from land procurement, construction works by the contractors, operating the property and maintenance the property.
The contractor is a company that is constructing the construction. Hence, contractor is the subject, constructing is a verb and construction is the object. In some conditions, the contractor’s work is including purchase the materials and provide the equipment, and come with the labours, not only engineering. The contractor does not own the land, does not look after the operation of the property. Contractors have challenges and problems, such as project management, financial management, and obtaining tender, the longer the contractors involved in the project, the more mature they overcoming the problems (Wafa & Singh, 2016).
Common issues that are facing by contractors in working with the infrastructure construction project are their limited resources, since the contractor’s works are unique, which is executing the project with limited time and resources, they would need some more resources in completing the specific scope of project works (Nugroho, 2019). The contractor is facing financial issue with the public procurement model provided by the government as project owner where the contractor must self-financing the works first and claim it for the payment afterward (Holm, 2019).
Some commonly payment terms on public construction works that are set by the authority are lump sum fixed price, which is making the contractors in a condition of pay the work first and claim the payment afterwards. Contactors that are focusing on infrastructure projects commonly are having main operations such searching for opportunity in biding the tender, do the project works and hand over the works after completion. Planning phase of construction and operational phase are performed by government officials such road authority (Holm, 2019).
Financial problems and payment delays have been identified as one of most common issue in some projects (Wafa & Singh, 2016), another financial issue come from poor cash management or resources (Durdyev & Hosseini, 2018).
According to the Indonesian Finance Authority (2020b), the value of Islamic bank’s financing to the construction business segment has been only at the level of 7% as the portion of total financing from the total bank industry in Indonesia (OJK, 2020c). During the pandemic times, the construction segment and bank industry are the segments that are not being stopped like most other businesses. Previous studies discussed that margin of financing and consumer price index were affecting the financing to construction sectors from Islamic banks (Kusumawati, Nuryartono, & Beik, 2017). Another study discussed that financing from Islamic banking to contractors was affected by some variables such as non performing financing, foreign currency conversion rate, and third party funds (Apriyanthi, Purbayati, & Setiawan, 2020).
Research in construction theme is still not found as a research prominent (Gundes, Atakul, &
Buyukyoran, 2018), and also, in particular, the research study of Islamic construction is a rare article (Rashid, Kobayashi, Hasan, & Onishi, 2019). In Indonesia Islamic finance research classification, construction is not a chosen topic of study. A search in Indonesian citation indexed database, called Sinta, at site www.garuda.restekbrin.go.id, search using a word
‘construction’, there are only twelve articles found, and further searching by adding up a word
‘Islamic/syariah/sharia’, it will only come up with six articles, from these six articles, only four articles that are classified in finance segment, and only three articles that are related to this study which is only two articles with year of study within five years. Most Indonesian research articles in Islamic/syariah/sharia financing, are using keywords of ‘Islamic bank’ and ‘Islamic financing’ (Firmansyah & Faisal, 2019).
Research Objective
The aim of the study is to synthesise the data on financing to the construction sector from Islamic banks. This objective would be in line with the present presidential focus in promoting the Islamic economics sector, which is incorporated in Masterplan Islamic Economics 2019- 2024 (Bappenas, 2018) and concurrently placing up the infrastructure sectors, as included in Development Mid-Term Plan (Bappenas, 2019). This study will answer the following questions : 1). What is Islamic banks’ position in financing the construction sector during the last ten year ?, Also how is the comparison between conventional bank’s position in disbursing loans to the construction sector during last ten year? 2) How does the pandemic affect the Islamic financing to contractors in 2020 ? 3). How is the comparison between the margin of Islamic bank financing with conventional bank loan interest for the construction segment?, 4).
How is the comparison between NPF of Islamic bank financing with the NPL of conventional bank loans for the construction segment ?
2. Literature Review
The literature review, the authors refer to some journal databases of academic papers with the keywords and number of data as below, with the year of author from 2010 to 2021 :
Table 1: Number of Articles in view of Research Objectives
Keywords Scopus Ebsco
Bank Financing Construction Sector 71 110
Islamic Bank Financing Construction Sector 1 4
State Construction Budget 130 116
Indonesia State Construction Budget 11 6
Islamic Bank Financing Margin 21 20
Non-Performing Finance 118 38
Due to the database searching mode has limitation in selecting the idea, with using some specific keywords given, the authors found that not all articles found matched with object of the study, as most of the articles found had different objectives and different research problems.
Hence there are only twenty-seven literatures brought into the discussion, including from some articles that are not found from that database.
Literature Review on Islamic Bank’s Financing Construction Sector – Indonesia
In preparing the article, the authors referring to some previous studies with object on Islamic banking in Malaysia (Mohammed, Ismail, Muhammad, Jalil, & Noor, 2015), revolution of Islamic banking in Malaysia (Husseini et al., 2019), competition, diversification and stability in Indonesian banking system (Khattak, Hamid, Islam, & Ali, 2021), study about Islamic banking in Asia (Komijani & Taghizadeh-Hesary, 2018), Islamic and conventional sustainable goal (Adelekan et al., 2013), analysis on Indonesia Islamic and conventional banks (Sukmana
& Febriyati, 2016). Also to NPL analysis (Rosenkranz & Lee, 2019), and its analysis in Malaysia (Zain, Ghazali, & Wan Daud, 2020). This paper is also with reference to a literature review of economics of COVID-19 (Brodeur, Gray, Islam, & Bhuiyan, 2020), and also to some Indonesian regulations in respect to pandemic (Unpad, 2020), Islamic banks act during pandemic (Shaharuddin, 2020), conceptual framework on post pandemic behaviour (Mohd Dali, Hamid, Nawang, & Nazarie, 2020), waqaf as an alternative solution to pandemic (Anwar, Mohd, Shah, Shukor, & Nazri, 2020), social role of Islamic banks in Indonesia during pandemic (Abbas & Frihatni, 2020). In infrastructure sections, this paper is referring to Indonesian comparation to China and India (Abiad & Teipelke, 2017), analyses on causes of Delays on Construction Projects: a comprehensive list (Durdyev & Hosseini, 2018), study about Indonesian budget relationship Islamic bank financing (Terminanto & Rama, 2017), construction finance on housing (Adelekan, Wamuziri, & Binsardi, 2013), construction financial management (Peterson, 2013), tender analysis in Indonesian role (Ricky &
Mardiaman, 2020), infrastructure financing with bond (Yoshino, Azhgaliyeva, & Mishra, 2020), infrastructure finance challenge (Walter, 2016), also to publication from OIC (COMCEC, 2019), Indonesian construction financing factor (Kusumawati, 2013), (Kusumawati, Nuryartono, & Beik, 2017), (Apriyanthi, Purbayati, & Setiawan, 2020), finance risk on engineering works (Liang, 2021).
The Islamic banking industry needs a contestable market environment to enable them to achieve a better position (Mohammed, Ismail, Muhammad, Jalil, & Noor, 2015), as the outlook for Islamic banking in Asia is bright, where it is a home for more than 60% of a world’s Muslim population (Komijani & Taghizadeh-Hesary, 2018). A study focused on the experience Islamic banking industry was performed in a country for eight years operation in their role to finance the economy with finding that the Islamic bank has contributed to the structure of the economy in all segments (Husseini et al., 2019). A study about Indonesian bank found that Islamic bank’s diversification has no impact in the competition in bank industry and Islamic banks are less stable compared to conventional banks (Khattak, Hamid, Islam, & Ali, 2021). In response to the pandemic, government and bank industries rearranged the business operations as a reaction to the crisis in order to give a good impact on the economy (Brodeur, Gray, Islam, & Bhuiyan, 2020), Indonesian authorities re-arranged all aspects of related activities that will lead to economic result (Unpad, 2020), an Islamic bank is offering moratorium to the customers as a subsequent to public policy (Shaharuddin, 2020), this is the same concept as proposed as new normal category (Mohd Dali, Hamid, Nawang, & Nazarie, 2020). In principle, Islamic bank may act as a social institution as the bank may receive and distribute wakaf (Anwar, Mohd, Shah, Shukor, & Nazri, 2020), also, zakat, infaq, sodaqoh, in term of CSR (Abbas & Frihatni, 2020).
During 2010-2020, in macro-economic environments, there were some Islamic economic institutions established with some strategies exposed to the public. In 2011, a Financial Service Authority was established with local name OJK, which stands for Otoritas Jasa Keuangan, which separated the conventional and Islamic financial business services industry, one of the purposes is to control the operation of Islamic banks. is In 2015, the authority published a ‘Roadmap of Bank Syariah 2015-2019, and recently the authority issued a strategy named ‘Roadmap of Bank
Syariah 2020-2025’ (OJK, 2020a). Besides, there was another strategy was published in 2015, named ‘Masterplan Architecture of Syariah Economics’ then established a new institution named KNKS (Committee of National Syariah Finance), later on, there was a latest published strategy named Masterplan Syariah Economic 2019-2024. In 2020, the institution has changed its name to become KNEKS, Committee of National Syariah Economics and Finance, one of the purposes of the entity is to promote Islamic banks, as part of their purpose which is to promote Islamic Economics (Bappenas, 2018). For the years, the establishment of these two institutions had not yet increased the portion of Islamic banks in financing the banking industry and also do not increase the portion on Islamic financing to the construction sector.
Figure 1: Infrastructure Budget
Infrastructure issues had been an interest of some researchers, the study is including from socio- political aspect, the issue of comparison in the region was a topic of study that Indonesia is the object (Abiad & Teipelke, 2017). Another subject is the project management that studied causes delays in project completion, which the researchers studied in some developing countries which one of the finding is financial problems (Durdyev & Hosseini, 2018). In 2014, election of president appointed the seventh president of Indonesia, with his authority, together with the cabinets, he changed the focus of public works, from previously focused with the public housing and suburb development, he was directing the focus on infrastructure works, which included national road, toll road, airports, seaports, railroads. Then, next president election in 2019, the seventh president continued for second period. In 2017, there was a big change in infrastructure budget allocation for infrastructure. There is a significant impact on financing from sharia banks from the government budget in Indonesia (Terminanto & Rama, 2017). Attached to the budget value, the information is completely exposed to public about the quantity, in 2017 the plan was to build 836 km road, in 2018 the plan was to build 832 km road, continue in 2019 and 2020. As the realisation report, the road length increased from 476,337 km in 2014 to became 539,935 km in 2020, excluding toll road (@info_binamarga, 2020). This condition brought Indonesia to be upper 10 position in the Global Competitiveness Index at 2018 (Liputan6.com, 2019). During the pandemic in 2020, the road authority reported that the road construction projects stay continued, no stop, as a business segment that could continue the operation along the year of pandemic. The value of infrastructure budget is exposed at figure 1, which is originally in IDR and converted using Bank Indonesia’s each year end forex rate.
9.5
12.5 15.0 15.0 14.2
20.9 23.2
28.5 28.1 27.4 29.6
- 5.0 10.0 15.0 20.0 25.0 30.0 35.0
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
USD MILLION
YEAR
Infrastructure Budget
Contractors, as the company have their own expertise of works, building contractor, has expertise such as housing, high rise building, school, mosque, stadium; whereas infrastructure contractors have expertise in build the road, bridge, railroad, dam, etc (Peterson, 2013).
Infrastructure contractors get the job from tender bidding, the work that builds the roads that are purposely for the benefit of the public. Public property such as roads are not for sale. One factor that becomes a consideration of bid tender winning is the financial availability of the contractor (Ricky & Mardiaman, 2020). The data from www.bps.go.id, indicating the number of contractors or construction companies in Indonesia for the past ten years so far changes in the number, in the early 2010s, it was 140,000 companies, and in the recent reports on 2018, the numbers were 160,500 contractors, while 2020’s report indicating a number of 159,308 unit. These numbers are not increased constantly, the total of the companies was once decreasing in 2014 to 129,800 companies (BPS Indonesia, 2020). The big contractor is the smallest cluster that is 1,541 unit in 2020 which are decreasing from 2,500 companies in 2010.
These big construction companies, about ten of them are belong to the government which some of them have existed for the past 50 years of operation, however, not all of these contractors are focus on infrastructure. Thus, construction companies are dominated by small size entities, it was 120,384 units in 2020 which was 130,000 companies in 2018 that was decreasing from 166,900 companies in 2010. Small-medium size companies are not easy to get finance access from the banks as they are reluctant to lend to them (Yoshino, Azhgaliyeva, & Mishra, 2020).
Infrastructure project financing defined as a generic basic fundamental challenge, interest in financing is one topic of discussion in financing infrastructure (Walter, 2016), discussion in Islamic financing for construction is also discussed in regional countries such as publication by COMCEC, which comparing the service between Islamic banking and conventional (COMCEC, 2019). Margin or interest is the investment’s objective that is expected from commercial banks’ short-term financing, it is seen as a similar method of recovering the cost of financing (Adelekan, Wamuziri, & Binsardi, 2013). Islamic banks policies in Indonesia are still following the format of the central Bank of Indonesia that is having orientation on the interest rate (Ghoniyah & Hartono, 2020). Both margin of financing and loan interest are the same cost accounting wise, however, in sharia principle, these two words are big different in the definition, interest is promised, will not consider any situation after the fund being transferred to the borrower, whereas margin of financing is based on something real, profit sharing being agreed before the contract, following to contract that is chosen for financing (Sukmana & Febriyati, 2016). Interest and margin of financing found as one factor that affect financing to construction segment (Kusumawati et al., 2017).
ADB published a working paper in 2019, in which the paper described data about NPL in some regions in Asia, the paper indicating that Indonesia and other countries in Southeast Asia have NPL below 5%, the countries including Cambodia, Malaysia, Philippines, and Thailand.
However, the paper is not clarifying which business segment that is having high and low portions and not describing whether the bank is a conventional or Islamic bank. The paper revealing that NPL affecting debt servicing capacity as it explaining the credit risk (Rosenkranz
& Lee, 2019). Non performing Financing or Non-performing Loan simply defined a sum that cannot be payback from the borrower, if NPL is significantly higher between two bank industries, is not affected the same ROA, some factor would become due to the long experience of the entities (Sukmana & Febriyati, 2016). NPF is one factor that affecting the financing the construction segment (Kusumawati et al., 2017) and NPF is a significant variable to finance for construction segment (Apriyanthi et al., 2020). NPF or NPL in construction segment financing is an effect from analysis on preventing the financial risk that is attached to engineering projects (Liang, 2021). NPL and loan interest has a relation, when the NPL is high,
the bank will burden the cost and might compensate with the interest for possible default risk in the conventional bank (Zain, Ghazali, & Wan Daud, 2020).
3. Research Methods
The method of the research is through observations on data and information available in public, authorities’ websites in Indonesian banking, construction reports to infrastructure sections with a specific topic of road works during the period of 2010 to 2020. Since the focus of this research mainly on the construction financing from Islamic banks, the researchers also seek for a comprehensive survey of previous studies that examined construction financing i.e., to identify the main dimensions studied through the studied variables and focused specifically on studies that used key indicators and financed object. According to Merriam & Tisdell, 2016, using documentary material as data is not much different from interviews or observations. Whether in fieldwork, library work, or online work, data collection is guided by questions and emerging findings. Although the search is systematic, the setting is allowed for accidental valuable data.
A literature review means locating and summarizing the studies about a topic (Creswell, 2014).
A literature review is a narrative essay that integrates, synthesizes, and critiques important thinking and research on a particular topic. By doing the collecting and reviewing the relevant sources, the researchers then do the task on writing up the review into a coherent narrative essay. There are probably as many organizing possibilities as there are authors that had performed research in their own style of writing. Most literature reviews are organized according to particular themes found in the literature reviewed (Merriam & Tisdell, 2016).
4. Discussions
Figure 2: Construction Segment Financing
Discussing the first aim of the study, financing value to the construction sector as shown in figure 2, which is IDR original and converted by each end year of Bank Indonesia’s foreign exchange rate, reveals that the financing is increased constantly, this is not in line with the graph of trend on infrastructure budget that is startled moved upward in 2017. During the decade, 2010-2020, the financing to construction segment is steadily going upward, an average of 20%. And the increment of Islamic banks’ financing is also hardly steady at the average of 25%, which in 2018 was a modest increment, however, the portion of Islamic banks is staying at a small portion, never better than 8%. Thus, the move of government budget in infrastructure did not affect the financing value from Islamic banks as a finding in the research by Terminanto & Rama (2017).
0.5 0.6 0.7 0.7 0.9 0.8 1.1 1.6 1.7 2.1 2.6
7.0 8.3 9.9 9.5 11.8 12.5 15.9 19.0 21.7 24.9 26.4 -
10.0 20.0 30.0 40.0
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
USD MILLION
YEAR
Financing to Construction
Syariah Conventional
This condition has not met the plan that is indicated in the establishment of Islamic financial institutions, which still lags the position of Islamic banking financing in the construction sector.
Further discussing the second objective of the study, in 2020 the pandemic year, which were the banks and constructions were some of the businesses that were allowed to proceed the business.
During the year of pandemic, Islamic bank reported that the financing disbursement to the contractor was slightly 19% higher compared to 2019, while the conventional bank only increasing 3% (in IDR original value). It is a better condition started from an early pandemic (Buana, Dali, & Anwar, 2020). However, the portion is still consistent, still relatively small compared to the loan to construction segment from conventional banks. Thus, the pandemic moment is nearly at the same time with the authorities reinforced the Islamic financial institutions, such as Masterplan Ekonomi Syariah (2018), and also when the government put more efforts in completing the infrastructure project for an economic plan that changes the social aspect as discussed by Abiad & Teipelke (2017), that may change the issue discussed in construction companies as revealed by Durdiyev & Hosaini (2018).
Discussing the third objective of the study, which is analysing the cost of financing which is one factor that considers the borrower in determining the decision for taking out the financing, the trend has been decreasing since early 2010, Islamic banks had the level of 14% margin of financing and decreasing to be 9% at late 2020, while from conventional banking was at the rate of 12% in early 2010 and decreasing to be 9% in 2020. The margin was continued higher until 2017 where conventional banking interest on loans was higher until the end of 2020. Early 2010, did not match the challenge as per Walter, (2016) cost of financing, which Islamic banks decreased the investment objectives as discussed by Adelekan et.al (2013), as the customer would follow the market trend as assumed by Ghoniyah & Hartono (2020).
Figure 3: Interest and Margin
Discussing last objective of the study, non-performing financing or nonperforming loan is a condition that is attached to the fund disbursement, so far, for ten years of operation 2010-2020, Islamic banks’ non-performing loans are worse compared to conventional banks. Early in 2011, the position was 7,8 % and happened again in 2014, while the conventional banks maintained the NFL at the level of below 4%. In almost some periods, Islamic banks’ NPF position exceeding ADB’s working papers of neighbour countries, which is below 5% as indicated by
14.32 14.3 14.0 12.3
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10.1 9.7
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0 2 4 6 8 10 12 14 16
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
Interest / Margin
Year
Cost of Financing
Margin Interest
Rosecranz and Lee (2019), which is a burden the Islamic bank for financing the engineering work’s risk as discussed by Liang (2021). However, it is not in line with finding from Zain et. al (2020), that high NPL in conventional bank will higher the interest, in the trend, Islamic bank’s NPF is high but the margin of financing is downward.
Figure 4: Non-Performing Financing
.
5. Conclusions
In concluding the discussions on the above topics to answer the research objectives, there is not yet discovered absolute actor which is absolutely affecting the condition of Islamic banks in financing to construction segment. The establishment of Islamic finance bodies with remarkable strategies does not yet bring up the portion of Islamic bank’s financing to contractors. An increase in the infrastructure budget also did not make an increase in financing, also the number of contractors also did not follow the value of financing specifically to Islamic bank’s financing. Decrease in the cost of capital also did not make up the portion. The only level of NPF that makes the position at the same disrepute. Hence there are some more aspects that are needed for research investigation to conceive the factors that make the cause of present portion on Islamic financing to construction segment from Islamic banks.
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4.4%
7.8%
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5.0%
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