An Analysis of Islamic Microfinance Institution IMFS in Indonesia - Regulation and Supervision Perspective

Transcription

1. Dr  Yulizar  D.  Sanrego,  M.Ec    &  Team     Ins9tute  for  Research  &  Community  Enpowerment  (LPPM)   www.tazkia.ac.id    
2. 1 )  2)  3)  4)  PRESENTATION  AGENDA   Overview  Bank  &  Non-­‐Bank  Ins4tu4on   Research  Objec4ve   Research  Methodology   Problem  Decomposi4on  /Model   Construc4on   5)  Finding  &  Discussion     6)  Recommenda4on  
3. SHARIA  BANKING  &  MICRO   COVERAGE   VS BANK   MFI/IMFI   Uncompleted     Prerequisite   The  Most  Regulated   Ins9tu9on     DIFFERENT:  Standard/Regula9on,     GCG,  HR  Standard     DIVERGENCE   (Purwandono,  2011  –  modified)   3  
4. THE  COVERAGE  OF  SHARIA  FINANCIAL  INDUSTRY   Fatwa   DSN  -­‐  MUI   Act  No.    17  -­‐  2012   Coopera4ve   &  Baitul  Maal   wa  Tamwil   (BMT)   Ministry  of   Coopera9ve   &  SMEs   Sovereign  Sukuk   Negara  &  Tax   Sharia   Financial   Industry   3.  Sharia  Mul9finace;   4.  Sharia  Pawnshop.   5.  Islamic  Microfinance   Act  No.    1  -­‐  2013     Ministry  of   Finance   Cental  Bank  of   Indonesia     4 Direktorat Pasar Modal Syariah Finance   Service   Authority   1.  Islamic  Capital  Market;   2.  Sharia  Insurance;   Macro  Policy  
5. RESEARCH  OBJECTIVES    
6. RESEARCH  METHODOLOGY   } This  research  is  using  Analy9c  Network  Process   (ANP).     } ANP  is  a  new    qualita4ve  method  approach,   which  is  non-­‐parametric  and  non-­‐Bayesian,  to  a   decision-­‐making  process  that  provides  a  general   framework  in  trea4ng  decisions  without  making   assump4ons  about  the  independence  of  the   elements  at  a  higher  level  than  the  elements  on   the  lower  level  and  on  the  independence  of  the   elements  in  a  level.      
7. Priority  Scale  and  Rater  Agreement   1.  Priority  Scale  (PS)    PS  is  a  scale  that  shows  how  important  an   issue  compared  to  other  issues.  The  higher   the  priority  number,  the  higher  important   problem  needs  to  be  solved.   2.  Rater  Agreement  (RA)    RA  is  the  level  of  agreement  value  among   respondents  in  assessing  the  problem.        
8. RESEARCH  PHASE   (1)  Model   Construc4on   (2)  Model   Quan4fica4on   (3)  Result  Analysis  
9. Decomposi9on  Problem  Figure   DEVELOPMENT POLICY OF IMFS Problem PROBLEM Supporting Entity Regulation Regulation of Competition Restriction Financing Ceiling Deposit Guarantee Customers’ Turnover Credit Guarantee Service Coverage IMFS Healthy Rating Operational Assistance Operational Standard Financing Analisys and Risk Management Risk Financial Assistance Customer Companion and Capacity Building IT Development Assistance Sharia Compliance Standard Management Capacity Building & HR Development SOLUTION Establishment of Competition Restriction Regulation Establishment of Supporting Entity Regulation Establishment of Operational Standard Operational Assistance
11. IMFS  Development  Policy   (Prac99oners)   0.5   0.45   0.4   0.35   0.3   bantuanop   rpenunjang   0.25   rpersaingan   0.2   standarop   0.15   0.1   0.05   0   p1   p2   p3   p4   p5   }  Bantuanop  =  Opera9onal  Assistance:   Opera4onal  support  that  alignments  of   government  through  government  programs   that  are  allocated  for  development  IMFS.   }  Rpenunjang  =  Suppor9ng  Regula9on:   Suppor4ng  regula4on  is  a  regula4on  rela4ng   to  the  establishment  and  regula4on  of   suppor4ng  ins4tu4ons  that  are  needed  to   help  IMFS  to  be  more  established,  effec4ve   &  efficient  in  their  ac4vi4es.     }  Rpersaingan  =  Regula9on  of    Compe99on   Restric9on:  It  is  legisla4on  governing   compe44on  between  IMFS  with  other   financial  ins4tu4ons,  especially  commercial   banks  and  other  large  financial  ins4tu4ons.   }  Standarop  =  Opera9onal  Standard:  It  is  a   wide  range  of  technical  and  opera4onal   standards  that  are  being  made  to  maintain   service    quality  of  IMFS.  
12. Regula9on  of  Compe99on  Restric9on   (Prac99oners)   0.8   0.7   0.6   0.5   omset   0.4   plafon   S-­‐coveage   0.3   0.2   0.1   0   p1   p2   p3   p4   p5   }  Omset  =  Customers’  Restric9on  :   means  that  there  should  be  clear   limits  on  compe44on  among   financial  ins4tu4ons  regulated   through  the  turnover  of   customers  who  obtain  financing   from  Financial  Ins4tu4ons.   }  Plafon  =Ceiling  Financing  :  It   means  there  should  be  clear   limits  on  compe44on  among   financial  ins4tu4ons  regulated   through  the  amount  of  ceiling   financing  provided  by  Financial   Ins4tu4ons  to  customers.   }  S-­‐coverage  =It  is  the  extent  of   coverage  and  the  number  of   financial  services  ins4tu4ons.  
13. Suppor9ng  Regula9on     (Prac99oners)   0.7   0.6   0.5   0.4   kesehatan   pkredit   0.3   psimpanan   0.2   0.1   0   p1   p2   p3   p4   p5   }  Kesehatan  =  IMFS  Healthy  :   That  is  the  agency  that   independently  and   con4nuously  assess  the  health   of  IMFS.   }  Pkredit  =  Credit  Guarantee   Ins9tu9on:  Namely  the   existence  of  ins4tu4ons  that   guarantee  loans  granted  by   IMFS  to  customers.   }  Psimpanan  =  Deposit   Guarantee  Ins9tu9on:  namely   the  existence  of  deposit   insurance  agency  that   guarantees  deposits  of  IMFS   customers.  
14. Opera9onal  Standard     (Prac99oners)   0.7   0.6   0.5   0.4   standarapmr   standarks   0.3   standarppn   0.2   0.1   0   p1   p2   p3   p4   p5   }  Standarapmr  =  Financing  Analysis  Standard   &  Risk  Manajement:  required  by  IMFS   because  of  the  general  analysis  of  financing   and  risk  management  among  a  IMFS  with   other  IMFS  are  s4ll  different;  some  are   already  have  the  standards  and  some  are   not.   }  Standarks  =  Sharia  Compliance  Standard:   which  is  a  standard  that  can  measure  and   evaluate  sharia  compliance  of  IMFS  in  its   opera4ons.   }  Standarppn  = Customer Companion and Capacity Building Standard: Mentoring   and  coaching  customers  is  one  of  the   hallmarks  of  IMFS.  The  existence  of   mentoring  and  coaching  clients  become   more  strategic  value.  However,  there  is  no   standard  mentoring  and  coaching  for  the   clients  among  IMFS.  
15. Operasional  Assistance     (Prac99oners)   0.8   0.7   0.6   0.5   IT   0.4   permodalan   Sdm   0.3   0.2   0.1   0   p1   p2   p3   p4   p5   }  IT  =  IT  Development  Assistance:  The   use  of  IT  in  the  majority  of  IMFS  s4ll   limited.  This  leads  to  cost  and   inefficient  management  both  in   terms  of  4me,  effort  and  cost.   }  Permodalan  =  Financial  Assistance:   In  this  case  IMFS  not  have  a  lender  of   last  resort  like  banking  industry.   }  Sdm  =  Management  Capacity   Building  &  HR  Development:  HR  of   LKMS  require  mul4  skills,  in  addi4on   to  skills  in  terms  of  collec4ng  and   distribu4ng  funds.  Sharia  knowledge   and  skills  on  coaching  clients  is  also   required.  If  all  are  covered  by  IMFS,  it   will  be  very  expensive.  For  IMFS   which  do  not  have  sufficient  funds,   automa4cally  it  will  employ  HR  with   modest  quality.  
16. The  Solu9on  of  IMFS  Development   (Prac99oners)   0.6   0.5   0.4   pembentukanrp   pembentukanrpp   0.3   pembentukanso   pemberianbo   0.2   0.1   0   p1   p2   p3   p4   p5   }  Pembentukanrp  =  The   establishment  of   Suppor4ng  Regula4on   }  Pembentukanrpp  =  The   establishment  of  Regula4on   of  Compe44on  Restric4on   inter  financial  ins4tu4ons.   }  Pembentukanso  =  The   establishment  of   Operasional  standard.   }  Pembentukanbo  =  The   establishment  of   Opera4onal  Assistance.    
18. IMFS  Development  Policy     (Academicians)   0.5   0.45   0.4   0.35   0.3   bantuanop   rpenunjang   0.25   rpersaingan   0.2   standarop   0.15   0.1   0.05   0   a1   a2   a3   a4   a5   }  Bantuanop  =  Opera9onal  Assistance  :   Opera4onal  support  that  alignments  of   government  through  government  programs   that  are  allocated  for  development  IMFS.   }  Rpenunjang  =  Suppor9ng  Regula9ons:   Suppor4ng  regula4on  is  a  regula4on  rela4ng   to  the  establishment  and  regula4on  of   suppor4ng  ins4tu4ons  that  are  needed  to   help  IMFS  more  established  in  their   ac4vi4es.  .     }  Rpersaingan  =  Regula9on  of    Compe99on   Restric9on:  It  is  legisla4on  governing   compe44on  between  IMFS  with  other   financial  ins4tu4ons,  especially  commercial   banks  and  other  large  financial  ins4tu4ons.     }  Standarop  =  Opera9onal  Standard:  It  is  a   wide  range  of  technical  and  opera4onal   standards  are  being  made  to  maintain  the   quality  of  service  of  IMFS.    
19. Regula9on  of  Compe99on  Restric9on   (Prac99oners)   0.7   0.6   0.5   0.4   omset   plafon   0.3   S-­‐coveage   0.2   0.1   0   a1   a2   a3   a4   a5   }  Omset  =  Customers’  Turn-­‐over:   means  that  there  should  be  clear   limits  on  compe44on  among   financial  ins4tu4ons  regulated   through  the  turnover  of   customers  who  obtain  financing   from  Financial  Ins4tu4ons.   }  Plafon  =Ceiling  Financing  :  It   means  there  should  be  clear   limits  on  compe44on  among   financial  ins4tu4ons  regulated   through  the  amount  of  ceiling   financing  provided  by  Financial   Ins4tu4ons  to  customers.   }  S-­‐coverage  =It  is  the  extent  of   coverage  and  the  number  of   financial  services  ins4tu4ons.  
20. Suppor9ng  Regula9on     (Academicians)   0.7   0.6   kesehatan   0.5   0.4   pkredit   0.3   0.2   psimpanan   0.1   0   a1   a2   a3   a4   a5   }  Kesehatan  =  IMFS  Healthy  :   That  is  the  agency  that   independently  and   con4nuously  assess  the  health   of  IMFS.   }  Pkredit  =  Credit  Guarantee   Ins9tu9on:  Namely  the   existence  of  ins4tu4ons  that   guarantee  loans  granted  by   IMFS  to  customers.   }  Psimpanan  =  Deposit   Guarantee  Ins9tu9on:  namely   the  existence  of  deposit   insurance  agency  that   guarantees  deposits  of  IMFS   customers.  
21. Operational  Standard     (Academicians)   0.6   0.5   0.4   standarapmr   0.3   standarks   standarppn   0.2   0.1   0   a1   a2   a3   a4   a5   }  Standarapmr  =  Financing  Analysis  Standard   &  Risk  Manajement:  required  by  IMFS   because  of  the  general  analysis  of  financing   and  risk  management  among  a  IMFS  with   other  IMFS  are  s4ll  different;  some  are   already  have  the  standards  and  some  are   not.   }  Standarks  =  Sharia  Compliance  Standard:   which  is  a  standard  that  can  measure  and   evaluate  sharia  compliance  of  IMFS  in  its   opera4ons.   }  Standarppn  = Customer Companion and Capacity Building Standard: Mentoring   and  coaching  customers  is  one  of  the   hallmarks  of  IMFS.  The  existence  of   mentoring  and  coaching  clients  become   more  strategic  value.  However,  there  is  no   standard  mentoring  and  coaching  for  the   clients  among  IMFS.    
22. Operational  Assistance     (Academicians)   0.7   0.6   0.5   0.4   IT   permodalan   0.3   Sdm   0.2   0.1   0   a1   a2   a3   a4   a5   }  IT  =  Bantuan  Pengembangan  IT  :   Penggunaan  IT  pada  mayoritas  LKMS  masih   terbatas.  Hal  ini  menyebabkan  biaya  dan   pengelolaan  yang  4dak  efisien  baik  dari  segi   waktu,  tenaga  dan  biaya.   }  Permodalan  =  Bantuan  Permodalan  :  Dalam   hal  ini  LKMS  4dak  memiliki  lender  of  the  last   resort  layaknya  perbankan  umum.     }  Sdm  =  Pembinaan  Managerial  dan   Pengembangan  SdM  :  SdM  dari  LKMS   memerlukan  mul4  skill,  selain  skill  dalam  hal   menghimpun  dan  menyalurkan  dana,  skill   tentang  pengetahuan  syariah  dan  pmbinaan   nasabah  juga  diperlukan.  Jika  semua  itu   dibebankan  pada  LKMS  maka  akan  memakan   biaya  yang  4dak  sedikit,  sedangkan  bagi   LKMS  yang  4dak  mempunyai  cukup  dana   maka  akan  mempekerjakan  SdM  dengan   kualitas  sekedarnya.  
23. The  Solu9on  of  IMFS  Development   (Academicians)   0.5   0.45   0.4   0.35   0.3   pembentukanrp   pembentukanrpp   0.25   pembentukanso   0.2   pemberianbo   0.15   0.1   0.05   0   a1   a2   a3   a4   a5   }  Pembentukanrp  =  The   establishment  of   Suppor4ng  Regula4on   }  Pembentukanrpp  =  The   establishment  of  Regula4on   of  Compe44on  Restric4on   inter  financial  ins4tu4ons.   }  Pembentukanso  =  The   establishment  of   Operasional  standard.   }  Pembentukanbo  =  The   establishment  of   Opera4onal  Assistance.    
24. Priority  Values  &  Rater   Agreement  Analysis  
25. Priority  &  Rater  Agreement  Value  Analysis     (IMFS  Development  Policy  Problem)  
26. Suppor9ng  Ins9tu9on  Regula9on   (Rater  Agreement)   ITEMS   PRACTITIONERS   ACADEMICIANS   TOTAL   AV   R   AV   R   AV   R   Health  Assessor     0,39   1   0,5   1   0,45   1   Credit  Guarantee   0,29   3   0,23   3   0,26   3   Deposit  Guarantee   0,32   2   0,27   2   0,29   2   Rater  agreement     0,25   ASPECT   0,31   0,12  
27. Regula9on  of  Compe99on  Restric9on  (Rater   Agreement)   ITEMS   PRACTITIONERS   ACADEMICIANS   TOTAL   AV   R   AV   R   AV   R   Customers’  Turn-­‐over   0,28   3   0,47   1   0,37   2   Financing  Ceiling   0,38   1   0,39   2   0,39   1   Service-­‐coverage   0,34   2   0,14   3   0,24   3   Rater  agreement     0,03   ASPECT   0,73   0,053  
28. Opera9onal  Standard     (Rater  Agreement)   ITEMS   PRACTITIONERS   ACADEMICIANS   TOTAL   AV   R   AV   R   AV   R   Financing  Analysis  &  Risk  Management   Standard     0,33   2   0,36   2   0,35   2   Sharia  Compliance  Standard     0,41   1   0,37   1   0,39   1   Mentoring  &  Coaching  Standard     0,26   3   0,27   3   0,26   3   Rater  agreement     0,09   ASPECT   0,60   0,063  
29. Opera9onal  Assistance     (RA)   ITEMS   PRACTITIONERS   ACADEMICIANS   TOTAL   AV   R   AV   R   AV   R   Management  Capacity  Building  &   HR  Development   0,46   1   0,46   1   0,46   1   IT  Development  Assistance   0,32   2   0,22   3   0,27   2   Financial  Assistance   0,22   3   0,32   2   0,27   3   Rater  agreement     0,25   ASPECT   0,60   0,043  
30. Problem  Solu9ons  Analysis….   ITEMS   PRACTITIONERS   ACADEMICIANS   TOTAL   AV   R   AV   R   AV   R   Opera4onal  Assistance     0,23   3   0,21   3   0,22   4   Establishment  of  Suppor4ng  Regula4on   0,22   4   0,24   2   0,23   3   Establishment  of  Compe44on  Restric4on   Regula4on   Establishment  of  Opera4onal  Standard   0,27   2   0,20   4   0,24   2   0,28   1   0,35   1   0,31   1   Rater  agreement     0,14   ASPECT   0,33   0,09  
31. CONCLUDING  REMARKS   }  Problem  decomposi4on  shows  that  the  problem  of  IMFS   Development  from  regula4on  and  ins4tu4on  perspec4ve  are   consist  of  four  main  clusters:  No  Regula9on  of    Compe99on   Restric9on  among  financial  ins4tu4ons,  No  Regula4on  on   Suppor4ng  Ins4tu4on,  No  Operational  standard  &  lack  Operasional   Assistance.   }  The  PROBLEM  of  No  Regula4on  on  Suppor4ng  Ins4tu4on  becomes   the  main  problem  with  its  priority  value  0,31,  followed  by  No   Operational  standard  (0,28),  No  Regula9on  of    Compe99on   Restric9on  among  financial  ins4tu4ons  (0,27)  and  last  but  not  least   lack  Operasional  Assistance(0,14)     }  In  the  cluster  of  No  Regula9on  of    Compe99on  Restric9on  among   financial  ins4tu4ons,  compe44on  restric4on  through  financing   ceiling  is  the  main  priority  with  its  priority  value  0,39,  followed  by   the  restric4on  through  the  turn-­‐over  with  0,37  and  finally  service   coverage  with  0,24.  
32. Con9nue …..   }  In  the  cluster  whereby  suppor4ng  regula4on  is  absence,  Supporting   regula4on  in  the  form  of  health  assessments  become  the  top   priority  with  its  priority  value  0.45.  The  second  one  in  this  cluster   with  considerable  difference  is  deposit  guarantee  regula4ons  with   0.29  and  finally  is  credit  guarantee  regula4on  with  its  priority  value   0.26.   }  In  the  cluster  whereby  opera4on  standard  is  absence,  the  absence   of  sharia  compliance  standard  issue  is  at  the  top  priority  with  its   priority  value  of  0.39.  The  second  priority  with  slightly  difference  is   the  absence  of  financial  analysis  and  risk  management  with  0.35   and  finally  is  credit  guarantee  regula4on  with  0.26.     }  In  the  cluster  whereby  opera4on  assistance  is  minimum,  minimum   assistance  for  human  resources  empowerment  is  at  the  top  priority   with  its  priority  value  0.39.  In  the  second  and  third  priority  level   with  a  slightly  different,  that  is  sequence  minimum  assistance  of  IT   with  its  priority  value  0.27  and  limited  funding  assistance  with  0.27.      
33. THE  SOLUTION….   The  research  results  in  the  solu4on  cluster  suggests   that  the  forma4on  of  opera4onal  standards  become   the  first  priority  with  its  priority  value  0.31,  followed  by   the  establishment  of  compe44on  regula4on  with  0.24,   suppor4ng  regula4on  with  0.23  and  finally  providing   opera4onal  assistance.  In  general,  it  can  be  seen  that   the  average  priority  values  are  slightly  different  which   indicates  that  the  all  men4oned  solu4ons  have   rela4vely  the  similar  priority  value  to  be  further   executed.      
34. RECOMMENDATION … .   ◦  The  government  should  immediately  establish   opera9onal  standards  (par9cularly  sharia   compliance  issue)  since  it  is  urgent  to  be   implemented  as  a  reference  for  IMFS.  Both   respondent  prac99oners  and  academicians  are   agreed  upon  that  the  establishment  of   opera9onal  standards  is  the  first  priority  followed   by  other  solu9ons  that  have  been  men9oned   above.  
35. ‫ﻭوﺍاﻝلﻝلﻩه ﺃأﻉعﻝلﻡم ﺏبﺍاﻝلﺹصﻭوﺍاﺏب‪  ‬‬ ‫ﺝجﺯزﺍاﻙكﻡم ﺍاﻝلﻝلﻩه ﻉعﻝلﻯى ﺡحﺱسﻥن ﺇإﻩهﺕتﻡمﺍاﻡمﻙكﻡم‪  ‬‬