Comparative Financial Position Analysis of Islamic Banking Industries: A Study of Selected Islamic Banks in Bangladesh

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1. Volume : 4, Issue: 11 Page: 119-130 2020 ISSN 2520-4750 (Online) & ISSN 2521-3040 (Print) International Journal of Science and Business Comparative Financial Position Analysis of Islamic Banking Industries: A Study of Selected Islamic Banks in Bangladesh Md. Nur Nobi, Md. Lutfur Rahman Al Azhari, Shahedul Islam, & Md. Arif Billah Abstract: The banking sector plays a predominating role for capital formation and in the growth and development of our economy in every single aspect. The main motive of this research is to show a comparative evaluation of financial conditions of some selected banks by using descriptive analysis, ztest analysis and ratio analysis with graphical presentation. The Secondary data has used for the study has collected from bank’s Annual reports, websites, Bulletins, scholar’s views, journals, and Magazines, etc. The selected banks for analysis are IBBL, SIBL, FSIBL, AIBL, and Exim Bank. The phase of study for the chosen banks is from 2016 to 2019. According to analysis and overall z test ratings this study presumes that, the banks named IBBL, SIBL and AIBL are comparatively the leading banks and in safe position. IJSB Accepted 22 October 2020 Published 28 October 2020 DOI: 10.5281/zenodo.4153795 Keywords: Banking industries, Ratios, Financial Performance, Islamic Banks, Analysis. About Author (s) Md. Nur Nobi (corresponding author), PhD Research Fellow, Faculty of Finance and Administrative Sciences, Al-Madinah International University, Malaysia. Email: mdnurnobihub28@gmail.com Dr. Md. Lutfur Rahman Al Azhari, Assistant Professor, Department of Qur’anic Sciences, International Islamic University Chittagong, Bangladesh. Md. Shahedul Islam, BBA in Finance, International Islamic University Chittagong, Bangladesh. Md. Arif Billah, Assistant Professor of Economics, Department of Qur’anic Sciences, International Islamic University Chittagong, Bangladesh. 119 International Journal of Science and Business Email: editor@ijsab.com Website: ijsab.com Published By
2. IJSB Volume : 4, Issue: 11 Year: 2020 Page: 119-130 Introduction Bank is the momentous financial institution in this modern economy. They are an indispensable part of current economic activities. Banking sector have a significant involvement in the growth and development of our economy in all aspect. Banks grease the entire financial system and ensure smooth functioning in Bangladesh. They expedite the growth by ensuring uninterrupted supply of fund by which people engage in numerous productive and economic activities. The key role of the banks is financial inter-mediation by mobilizing of funds, raising capital and allocating them for investment. In last few decades the world economy has seen an astronomical development by numerous factors e.g. raising institutional loan supply that play the pivotal roles. The role of banking sector is like as the artery system of human body. The commercial banks and other financial institutions both provide long, short and medium-term credits to the entrepreneurs’ and business-persons, usually to whom, who lead the venture for economic development. In this point, the Islamic scholars dealt with reforming the Islamic banking activities in order to find the best alternative. Bangladesh banking system is mixed of public, private and foreign commercial banks. Where some are conducting Islamic banking activities as full-fledged and partially by opening Islamic banking windows by deploying the modern and electronic banking technologies. The statistical overview of recent year’s data shows a steadily growth of Islamic banking day by day. Based on some notable supporting factors it can say that this appear of inclination is likely to continue. Financial positional analysis of the taken banks is the process of examining the financial strengths and weaknesses of the banks by duly establishing the relationship between the elements of balance sheet and the profit and loss account. This process helps in short term and long-term growth and forecasting can be recognized with the comfort of financial performance inspection of the banks. Review of Literature A brief and simple synopsis of previous researches relevant to performance evaluation of Islamic Banking in Bangladesh is summarize below that will support this presumes: Iqbal (2001) examined the performance of conventional and Islamic by comparing with both types and same size (12) banks during 1990-1998. Liquidity, Profitability, capital adequacy and efficiency were also studied. This paper concluded that Islamic banks performed very well compared to conventional banks in almost all years. However, the study reported that Islamic banks are more profitable and cost-efficient than conventional banks. Sarker, (1999) assessed the performance of Islamic banks in Bangladesh for the period of 1988-97. The study used five efficiency test benchmark (mostly financial ratios) to evaluate the performance of selected banks. The paper appeared that, only Islamic Bank Bangladesh maintained optimistic growth trend in deposit and profit within reported period. Investments under Musharaka, perfect partnership mode were below 3% of total investments where no investment had made under Mudaraba, another mode during the reported timeline. Ahmad & Hasan (2007) investigated current regulatory and legal issues of Islamic banks of Bangladesh. The paper reported a clear lack of distinct regulatory and supervisory frame for Islamic banking for effective functioning in line with the tenets of Shariah. Another major issue is, absence of interbank Islamic money market, existence of discriminatory legal reserve requirement for conventional and Islamic banking, ubiquity of restrictive conditions in the capital market, and the insufficiency of legal support and protection of Bangladesh Bank to evade the associated risks of Islamic banks. They suggested that Islamic banking sector should have an Independent banking act that supervise and controls their operations and arrange legal support for concerned parties. Abduh et al. (2013) aimed to examine the 120 International Journal of Science and Business Email: editor@ijsab.com Website: ijsab.com Published By
3. IJSB Volume : 4, Issue: 11 Year: 2020 Page: 119-130 performance and efficiency of five Islamic banks of Bangladesh. The performance and efficiency of Islamic banks data collected from published annual reports (2006-2010). The paper pointed that the trend of all Islamic banks have upgraded their efficiency over the period. The author suggested further research applying stochastic frontier approach with new variables, increasing number of time period and make a comparison between Islamic and conventional banking. Akkas (1996) has compared the relative efficiency of conventional banking with Islamic banking in Bangladesh. He found that, the Islamic banks are more efficient in compare of conventional banks in Bangladesh. Iqbal (2001) evaluated the performance of Islamic banks and conventional banks by comparing of 12 banks of same size from both types during 1990-1998. Profitability, liquidity, risk, capital adequacy and deployment efficiency were also studied. This work concluded that Islamic banks performed very well as compared to conventional banks in almost all years. Moreover, the study explained that Islamic banks are more cost effective and profitable than their Conventional counterparts. Shallah (1989) conducted a study on Islamic Banking within an interest-based economy - A case study of Jordan. The findings of that research showed that, the Jordan Islamic bank has proved as viable compared to interest-based banks on Jordan. Yudistira (2003) observed performance and efficiency of 18 Islamic banks during 1997-2000. The efficiency results indicated that the inefficiency level of 18 Islamic banks was just over 10% and it was appreciably low as compared to the conventional banking sector. The study stated that Islamic banks were well performing banks as compared to the conventional banks. This study has been conducted to examine and find out the Investment scenario, profitability, Liquidity, Capital adequacy, Asset quality, Management efficiency of the selected banks. The second objective is to compare the financial performance of selected banks using trend analysis. The third and fourth objective is to highlight Islamic Banks and its contribution in Bangladesh economy and to evaluate a comparative financial position of selected banks. And the final objective is to show a financial overview, strength and risk of chosen banks by z-test analysis. Methodology of the Study The nature of study and sources of data this project is an analytical study in nature. This research is on secondary data. And, to attempt this study data has been collected from following sources are, annual Report of banks, Journals and scholar’s views, websites and Documentary, etc. The tools & Techniques we use in this study majorly are; Ratio Analysis, Year to year comparative Trend Analysis with graphical presentation, Z test Analysis. The Phase of study this project periodical set of secondary data of selected banks from 2016 to 2019. Selected Banks for the Study: The selected Banks for the Study are: Islami Bank Bangladesh Ltd – IBBL; Social Islami Bank Limited – SIBL; First Security Islami Bank Limited – FSIBL; Al-Arafah Islami Bank Limited – AIBL; and EXIM Bank. Analysis and Discussions Overall Investment Scenario Total Investment scenario are given below in the following table as we can see the overall investment scenario we can see IBBL become the first position in the investment: 121 International Journal of Science and Business Email: editor@ijsab.com Website: ijsab.com Published By
4. IJSB Volume : 4, Issue: 11 Year: 2020 Page: 119-130 Table 1: Overall Investment Scenario YEAR 2016 52510 1341 1625 1098 1872 Banks IBBL SIBL AIBL EXIM FSIBL 2017 61141 1741 1965 1127 2258 (Figure in million) 2018 2019 71072 80575 21004 23865 2359 2618 1521 2248 2733 3114 Source: Bank’s Websites Figure 1: Overall Investment Scenario Profitability Performance The Profitability ratios analysis is a major indicator for measuring the profitability of a company. These Ratios can be assessed by relating the profit to investment, sales, or to the equity shares. These here we show an analysis Gross Profit Ratio Gross profit ratio is a profitability ratio that shows the relationship between gross profit and total net sales revenue. This is very common tool for assessing the operational performance of an organization. This ratio is quantified by riving the gross profit by net sales amount. Table 2: Gross profit ratio Banks IBBL SIBL AIBL EXIM FSIBL 2016 49.18% 36.15% 30.57% 28.24% 34.18% 2017 52.33% 32.71% 28.07% 29.35% 36.22% 2018 53.12% 29.35% 30.36% 27.88% 36.06% 2019 51.03% 25.54% 23.73% 25.03% 30.60% Source: Bank’s Websites Figure 2: Gross Profit Ratio 122 International Journal of Science and Business Email: editor@ijsab.com Website: ijsab.com Published By
5. IJSB Volume : 4, Issue: 11 Year: 2020 Page: 119-130 The table 2 shows the analysis of gross profit ratio, where we can see that, IBBL achieve the highest percentage in 53.12% from the year 2018, here AIBL achieve lowest GPR in Year 2019 the lowest percentage 23.73. If we average & compare the overall GPR, IBBL is in rank 01. Return on Equity (ROE) ROE is a profitability measuring technique for a business in compare to the equity, that known also as assets minus liabilities or net assets. ROE is an indicator of how well an organization utilize their funds for generating earnings growth. Table 3: Return on Equity (ROE) ratio Banks IBBL SIBL AIBL EXIM FSIBL 2016 7.18% 16.00% 12.80% 6.80% 17.80% 2017 9.17% 16.15% 12.82% 7.30% 14.94% 2018 9.32% 10.27% 15.70% 8.21% 11.90% 2019 11.07% 10.44% 14.07% 9.19% 12.02% Source: Bank’s Websites Return on Equity (ROE) 20.00% 15.00% IBBL SIBL 10.00% AIBL 5.00% EXIM FSIBL 0.00% 2016 2017 2018 2019 Figure 3: Return on Equity (ROE) Ratio From this analysis of table:3 for Return on equity ratio (ROE) we can see that, First Securities Islamic Bank (FSIBL) achieve the highest percentage in 17.80% from the year 2016, here EXIM bank achieve lowest Return on Equity ratio (ROE) in Year 2016 the lowest percentage 6.80%. If we average & compare the overall Return on equity (ROE), FSIBL is in rank 01 (one). Return on Assets (ROA) Return on assets is a profitability ratio that provides how much profit a company is able to generate from its assets. ROA is assessed by riving net income by average total asset. Table 4: Return on Assets (ROA) ratio Banks IBBL SIBL AIBL EXIM FSIBL 2016 0.44% 2.08% 1.20% 0.24% 0.35% 2017 0.59% 2.06% 1.08% 0.19% 0.50% 2018 0.55% 1.40% 1.23% 0.21% 0.31% 2019 0.64% 0.50% 0.99% 0.20% 0.51% Source: Bank’s Websites 123 International Journal of Science and Business Email: editor@ijsab.com Website: ijsab.com Published By
6. IJSB Volume : 4, Issue: 11 Year: 2020 Page: 119-130 Return on Assets (ROA) 2.50% 2.00% 2016 1.50% 2017 1.00% 2018 0.50% 2019 0.00% IBBL SIBL AIBL EXIM FSIBL Figure 4: Return on Assets (ROA) ratio Table:4 presents the Return on Asset ratio (ROA). From this analysis of Return on Asset ratio (ROA) we can see that, social Islamic bank limited (SIBL) achieve the highest percentage 2.08% from the year 2016, here Exim Bank achieve lowest GPR in 2017 the lowest percentage 0.19%. If we average & compare the overall Return on asset (ROA), SIBL is in rank 01 (one). Earnings per Share The Earnings per share can be calculated by the formula of profit divided by the number of shares outstanding of a company. EPS shows how much money a company makes for each share of its stock. A higher EPS indicates more value because investors will pay more for a company with higher profits. Table 5: Earnings per Banks IBBL SIBL AIBL EXIM FSIBL 2016 1.88 2.95 1.98 1.48 1.89 2017 2.77 3.10 2.07 2.15 1.02 2018 2.91 1.79 2.95 2.34 1.26 2019 3.77 1.95 2.31 1.65 2.08 Source: Bank’s Websites Earning Per Share (Eps) 4 3 2016 2 2017 2018 1 2019 0 IBBL SIBL AIBL EXIM FSIBL Figure 5: Earnings per Share (EPS) 124 International Journal of Science and Business Email: editor@ijsab.com Website: ijsab.com Published By
7. IJSB Volume : 4, Issue: 11 Year: 2020 Page: 119-130 Table: 5 shows the Earning per share (EPS) we can see that, IBBL achieve the highest value in 3.77 from the year 2019, here FSIBL achieve lowest earning per share (EPS) in Year 2017 the lowest value in 1.02. If we average & compare the overall Earning Per share (EPS), IBBL is in rank 01 (one). Liquidity Performance Current Ratio/ Acid Test: The current ratio is one kind of liquidity ratio which identifies whether an organization has adequate resources to settle its short-term claims. It compares a firm's current assets to its current liabilities, and is calculate by current assets divided by current liabilities. It is probably the best known and most often used of the liquidity ratios, which analysts and investors use to evaluate the firm's liquidity. Table 6: Current Ratio/ Acid Test Banks 2016 2017 2018 2019 IBBL 1.47 1.44 1.35 1.39 SIBL 1.35 1.32 1.30 1.37 AIBL 1.24 1.20 1.22 1.23 EXIM 1.10 1.09 1.13 1,14 FSIBL 1.04 1.03 1.03 1.03 Source: Bank’s Websites Current Ratio/ Acid Test 2.00% 1. 50% 1.00% 0.50% 0. 00% IBBL SIBL 2016 AIBL 2017 2018 EXIM FSIBL 2019 Figure: 6: current Ratio/Acid Test Table:6 present the analysis of current ratio/Acid Test ratio where we can see that, IBBL achieve the highest ratio in 1.47 from the year 2016, here FSIBL achieve lowest ratio 1.03 in Year respectively in 2017, 2018 and 2019. If we average & compare the overall current ratio/Acid Test Ratio, IBBL is in rank 01 (one). Capital Adequacy Ratio The capital adequacy ratio (CAR) is refers to the available capital of a bank for ensuring the absorption of a notable amount of loss and to meet the legitimate Capital obligations. It indicates the percentage of risk-weighted credit exposures of a bank. CAR is known also as Capital to Risk Assets Ratio, which refers to bank's capital to its risk. Table 7: Capital Adequacy Ratio Banks IBBL SIBL AIBL EXIM FSIBL 2016 11.66% 14.27% 12.74% 12.04% 11.90 2017 10.82% 11.90% 13.17% 11.77% 11.66% 2018 11.30% 11.89% 11.92% 12.O9% 13.92% 2019 11.97% 12.03% 10.40% 10.88% 11.42% Source: Bank’s Websites 125 International Journal of Science and Business Email: editor@ijsab.com Website: ijsab.com Published By
8. IJSB Volume : 4, Issue: 11 Year: 2020 Page: 119-130 Capital Adequacy Ratio 16.00% 14.00% 12.00% 10.00% 8.00% 6.00% 4.00% 2.00% 0.00% 2016 2017 2018 2019 IBBL SIBL AIBL EXIM FSIBL Figure 7: Capital Adequacy Ratio From this analysis of capital Adequacy ratio, we can see that, SIBL achieve the highest percentage in 14.27% from the year 2016, here AIBL achieve lowest capital Adequacy ratio in Year 2019 the lowest percentage 10.40%. If we average & compare the overall capital Adequacy ratio, SIBL is in rank 01 (one). Cash Reserve Ratio (CRR) Cash Reserve Ratio (CRR) the reserve requirement of specified minimum fraction of the total deposits that must be held by a commercial bank either in cash or as deposits with central bank. Table 8: Cash Reserve Ratio (CRR) Banks IBBL SIBL AIBL EXIM FSIBL 2016 11.66% 6.68% 8.99% 8.90% 7.16% 2017 10.82% 5.25% 8.83% 8.05% 5.48% 2018 11.30% 4.37% 7.51% 7.05% 4.32% 2019 11.97% 4.02% 6.13% 6.66% 3.64% Source: Bank’s Websites Cash Reserve Ratio (CRR) 14.00% 12.00% 2016 10.00% 8.00% 2017 6.00% 2018 4.00% 2019 2.00% 0.00% IBBL SIBL AIBL EXIM FSIBL Figure 8: Cash Reserve Ratio (CRR) From this analysis of cash reserve ratio, we can see that, IBBL achieve the highest percentage in 11.97% from the year 2019, here SIBL achieve lowest cash reserve ratio in Year 2019 the lowest percentage 4.02%. If we average & compare the overall cash reserve ratio, IBBL is in rank 01 (one). Efficiency Performance Price Earnings Ratio Price-earnings ratio is that the ratio of a company's share price to the company's earnings per share. The ratio is employed for valuing companies and to seek out out whether or not they 126 International Journal of Science and Business Email: editor@ijsab.com Website: ijsab.com Published By
9. IJSB Volume : 4, Issue: 11 Year: 2020 Page: 119-130 are overvalued or undervalued. It can be calculated by dividing the market price per share by earnings per share. Table 9: Price Earnings Ratio Banks IBBL SIBL AIBL EXIM FSIBL 2016 11.54 4.89 6.53 5.54 6.98 2017 10.11 5.93 5.18 5.63 6.68 2018 12.33 12.24 7.64 7.61 8.33 2019 6.87 7.90 8.48 7.27 5.39 Figure 9: Price Earnings Ratio (Times) Price Earnings Ratio (Times) 14 12 12.33 12.24 11.54 10.11 10 7.9 8 6.87 5.93 4.89 6 8.48 7.64 6.53 5.18 7.617.27 5.545.63 8.33 6.986.68 5.39 4 2 0 IBBL SIBL AIBL 2016 2017 2018 EXIM FSIBL 2019 From this analysis of price earnings ratio, we can see that, IBBL achieve the highest ratio in 12.33 from the year 2018, here SIBL achieve lowest price earnings ratio in Year 2016 the lowest ratio is 4.89. If we average & compare the overall price earnings ratio, IBBL is in rank 01 (one). Cost of Fund Cost of funds is the interest rate paid by financial institutions for the funds that they use in their business. The spread between the cost of funds and the interest rate charged to borrowers represents one of the main sources of profit for many financial institutions. Table 10: Cost of Fund Banks 2016 IBBL 7.62% SIBL 8.53% AIBL 9.18% EXIM 8.92% FSIBL 10.81% 2017 7.50% 8.77% 7.92% 7.97% 9.21% 2018 2019 7.42% 8.06% 8.60% 7.97% 7.50% 8.70% 8.42% 8.70% 8.62% 9.66% Source: Bank’s Websites Cost of Fund 12.00% 2016 10.00% 8.00% 2017 6.00% 2018 4.00% 2.00% 2019 0.00% IBBL SIBL AIBL EXIM FSIBL Figure 10: Cost of Fund 127 International Journal of Science and Business Email: editor@ijsab.com Website: ijsab.com Published By
10. IJSB Volume : 4, Issue: 11 Year: 2020 Page: 119-130 The Table:10 presents the analysis of cost of fund where we can see that, FSIBL achieve the highest value in 10.81% from the year 2016, here IBBL achieve lowest cost of fund in Year 2018 the lowest value is 7.42. If we average & compare the overall cost of fund, FSIBL is in rank 01 (one). Z-score Analysis Simply put, a z-score (also called a regular score) gives you a plan of how removed from the mean an information point is. But more technically it’s a measure of how many standard deviations below or above the population mean a raw score is called z score or z test. We use Atman theory to calculate the Z score of selected Islamic Bank in Bangladesh. The scores are given below: Table 11: Z Score Analysis Coefficient IBBL SIBL AIBL Exim FSIBL 1.20 0.89 0.47 0.42 0.18 0.32 Z2 Z3 Z4 1.40 3.30 0.19 1.40 0.85 2.09 0.19 0.19 0.10 1.02 0.41 0.15 0.60 0.19 0.43 0.33 0.12 0.27 Z5 Zscore Zone 1.00 0.06 0.29 0.19 0.02 0.11 6.13 5.23 3.37 1.66 1.8 Safe Safe Safe Grey Grey Z1 Calculation Total Current Asset-Total Current Liabilities/ Total Asset Retained Earnings /Total Asset EBIT /Total Asset Share outstanding * Market price /Total liability Revenue /Total Asset Coefficient * respective calculation IF(Zscore>2.99=Safe" IF(Zscore<1.8 =Distress","Grey")) Source: Software analysis output Figure 11: Z Score Analysis Table: 11 shows the Z Score Analysis. Since the z score 0 – 1.8 indicates the company will declare bankruptcy in the future. When z score 1.8 – 3 indicates the company is likely to declare bankruptcy or Distress. And when z score 3+ indicates the company is not declaring bankruptcy or “safe”. We can analyze the z score of IBBL, AIBL, SIBL, FSIBL and EXIM bank then we see IBBL, SIBL and AIBL will not declare bankruptcy in future as result those three bank are safe. And we can see EXIM and FSIBL will likely to declare bankruptcy or “Distress” “Grey”. Major Findings of the Study IBBL should increase their current ratio in terms of increase the current asset and decrease the current liabilities. Debt to equity ratio is fluctuating that may increase the risk. To decrease the ratio are going to be better for the banks. lucre margin is decreasing so SIBL should attempt to increase the web margin of profit. Net profit margin is decreasing so SIBL should try to increase the net profit margin. Net operating margin is decreasing. Return on equity is decreasing so Islamic banks should increase the ratio because higher ratio will 128 International Journal of Science and Business Email: editor@ijsab.com Website: ijsab.com Published By
11. IJSB Volume : 4, Issue: 11 Year: 2020 Page: 119-130 attract the investor to speculate more. Return on deposit is extremely low. Dividend payout ratio of AIBL is 15% which is higher than other Islamic banks. Return on asset is incredibly low which isn't good for the banks because it indicates the correct utilization of investor asset. The profitability performance is better than past position ROA, ROE, EPS are in increasing trend. AIBL have less focus on its distributional efficiency from all dimensions together with profitability. Cost of fund of FSIBL is too high which around 9.66%. CRR of FSIBL is 3.64% which is poor in consideration of other Islamic selective banks. In Z score, FSIBL & EXIM bank is in grey zone. Which is really unsatisfactory in the consideration of any other Islamic bank in Bangladesh. From total analysis we can say that IBBL is best among five selective Islamic banks. Others bank should follow IBBL business policy. Conclusion The present world of banking is very challenging. The success of bank is now totally depending upon the factors such as decision making, efficient and cordial services, and maximum use of resources and introduction of new financial products. The practice of Islamic Banking is newly established in Bangladesh; that's why the market share of Islamic banking is incredibly little compared to the non-Islamic banks. This might be the rationale to keep up the less profitability, liquidity and solvency than the traditional banking stream. But Islamic banking stream is trying to make the notice about Sharia compliance (interest free banking) idea which is able to give great advantages within the future to boost the financial performance. Financial sector is playing a significant role to uplift the expansion of economy of a rustic. Thus, the efficient and smooth banking system definitely helps to reduce the financial risk. Hence, to judge the economic condition of a country by performance analysis of bank has always been source of interest for researchers, practitioners and academician. Lastly, it is hoped these two banking streams will enhance their financial performance in the future and earn a worldwide reputation by showing a profitable scenario. Though the past research run on Islamic banks tried to cover all aspects. But most of these researches are not with updated date. In this study, we tried to my level best to cover not only the financial ratios analysis but also cover all over investment scenario and the Z-test analysis as well, when the other research focus one of them. Recommendations On basis of this study we want to mention some notable recommendations for selected banks. They should decrease the debt to equity ratio will be better for the banks. Banks should invest their capital in additional profitable sector by reducing the non-expenses and liabilities. Banks should reduce the operating expenses in terms of increase the operating income. Islamic banks should increase the online profit that may help to extend the return on deposit. FSIBL should increase their CRR. Banks should more careful in digital banking through Alternative Delivery channel. AIBL, EXIM banks should increase their branch number. Exim bank should increase of their ATM number. Exim Bank should more careful in their deposit mobilization. On the ending point of this research we want to critically mention that, further researches can be run on key factors that may affect the ratios greatly. The major limitations of this study are: (i)The study based on the secondary data, collected from numerous reports of bank. The phase of this study is limited to only four years (2016 to 2019) only, and (ii)The complications of all secondary data are applied for this study. References Abduh, M., Hasan, S. M., & Pananjung, A. G. (2013). Efficiency and Performance of Islamic Banks in Bangladesh. Journal of Islamic Banking and Finance April–June, 95 129 International Journal of Science and Business Email: editor@ijsab.com Website: ijsab.com Published By
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