AL-ARBAH: Journal of Islamic Finance and Banking Vol.
7 No.
, 83-104.
DOI: 10.
21580/al-arbah.
E-ISSN: 2716-2575.
P-ISSN: 2716-3946
The Relationship Between Interest Rates And Per Capita Income To Third Party Deposits (TPF) In Islamic Commercial Banks And Islamic Business Units In The Period 2010 2023 Talitha Rahma Yuniarti P 1 1Islamic Economics.
Faculty of Economics and Business.
University of Jember.
Indonesia talitharahma59@gmail.
Abstract Purpose - This study was conducted to determine the effect of interest rates and per capita income on the amount of third party fund deposits in Islamic commercial banks and Islamic business units in the period 2010-2023.
Method - There are 3 variables used to analyze the influence between variables in the short and long term using quantitative methods.
Quantitative methods are used to conduct VECM analysis on variables obtained and processed from secondary statistical data found on the official website of the Financial Services Authority (OJK).
Result - The results of the study indicate that the interest rate variable has a significant effect on the amount of Third Party Fund (DPK) deposits in the short term.
Meanwhile, interest rates and per capita income simultaneously affect DPK deposits in BUS and UUS in the long term.
Implication - This is in line with the statement of the Classical Theory regarding the interest rate level can affect the amount of deposits in banks.
Originality - This paper examines the relationship between interest rates and per capita income on third party fund deposits in order to maintain liquidity and stability in BUS and UUS.
Keywords:
Interest Rate.
Per Capita Income.
DPK.
Classical Theory.
VECM.
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Talitha Rahma Yuniarti P Introduction Islamic Bank is a financial institution that operates in accordance with sharia principles.
These principles include the principles of justice, benefit, balance, and universality .
ahmatan lil 'alami.
(Indonesia, 2.
The AL-ARBAH | 84 existence of references in the form of sharia principles makes Islamic Banks have a major difference with Conventional Banks.
In addition, the use of the interest system in Islamic banks is a prohibited activity, because Islam itself does not introduce the interest system to its people.
This is very contrary to Conventional Banks that apply an interest system in financing their customers, so that customers are required to pay a number of fees as a reward for depositing their funds in the bank.
According to its type.
Islamic Banks are divided into two parts, namely Islamic General Banks and Islamic People's Financing Banks.
Islamic General Banks are Islamic Banks that in their activities provide services in payment transactions (Indonesia, 2.
The existence of Islamic Commercial Banks began to be known to the public after many customers used Islamic Commercial Banks as a medium for storing and financing funds.
Until now, the number of Islamic Commercial Banks in 2020 has reached 14 banks (Septiatin.
Meanwhile, the Sharia Business Unit is a work unit of a conventional bank that operationally separates sharia business activities from conventional business activities, but is still under the auspices of the conventional parent UUS carries out fund collection and distribution activities based on sharia principles, using an organizational structure, risk management, and bookkeeping that are separate from its conventional unit (Umam, 2.
Islamic banks collect funds from various sources.
The sources of funds collected can come from the bank itself, companies, and the community (Anggraini et al.
, 2.
Source of funds is the most important part of bank operational activities, because the source of funds is a measure of the bank's success in carrying out financing.
The largest source of funds collected comes from third party funds.
These funds are channeled to the bank to then be allocated by the bank in accordance with the bank's operational management AL-ARBAH: Journal of Islamic Finance and Banking Ae Vol.
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The Relationship Between: A Third Party Funds (TPF) are funds relied on by banks that come from the community (Dendawijaya, 2.
The high or low DPK determines the success of a bank in managing its operational activities.
DPK is the largest source of funds for Islamic banks, even reaching 80-90% of the total funds managed, so AL-ARBAH | 85 it greatly determines the financing capacity and profitability of the bank (Firmansyah & Noor, 2.
DPK is the largest source of funds and is very vital in maintaining liquidity and the continuity of Islamic bank operations.
DPK fluctuations can be influenced by various external factors, such as changes in the benchmark interest rate in the financial market and the level of per capita income of the Although Islamic banks do not use an interest system, in reality the movement of conventional bank interest rates still has an effect on people's preferences in placing their funds, both in conventional and Islamic banks.
This phenomenon is known asdisplacement risk, where customers can move to conventional banks when interest rates increase, in order to seek higher profits (Amalia, 2.
On the other hand, increasing per capita income of the community theoretically has the potential to increase the volume of savings, because the community's ability to save becomes greater.
The urgency of this research is increasing considering the dynamic global and national economic conditions, where fluctuations in benchmark interest rates and economic growth have the potential to influence people's behavior in choosing financial Therefore, a comprehensive empirical analysis based on longterm data is needed to provide a basis for strategic policy making in the Islamic banking sector.
Several previous studies have discussed the influence of interest rates, inflation, and economic growth on DPK and the profitability of Islamic banks.
However, most studies still focus on macroeconomic variables such as inflation and economic growth without specifically testing the influence of per capita income as a representation of people's purchasing power on DPK in Islamic Research conducted by (Aldiansyah & Rahma, 2.
with variables in the form of sukuk, inflation, interest rates, economic growth, and third-party funds and studied using a path analysis model, provides results in the form of AL-ARBAH: Journal of Islamic Finance and Banking Ae Vol.
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Talitha Rahma Yuniarti P all factors studied having an influence and being significant on the collection of third-party funds in Islamic banking.
Meanwhile, research conducted by (Fatikasari, 2.
with variables in the form of inflation and interest rates provided results in the form of inflation having a positive effect on BUS profitability, while interest rates had a negative effect on BUS profitability.
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Furthermore, related studies are often limited to a relatively short period of time, so further studies are needed to determine the effect of interest rates and per capita income on third-party fund deposits in BUS and UUS in order to bridge the existing gap.
Thus, this study provides novelty in the form of presenting a longitudinal analysis of the effect of two macroeconomic variables on DPK in the period 2010-2023.
This approach not only provides a more comprehensive understanding of savings behavior in Islamic banks, but can also be the basis for strategic recommendations in developing a fundraising system that is more adaptive to national macroeconomic conditions.
Literature Review Interest rate Interest rates are the price that must be paid as compensation for services provided by the bank to customers in carrying out financing.
Keynes .
in his book entitledThe General Theory of Employment.
Interest, and Moneydefines interest rates as a monetary phenomenon, where interest rates are determined by the demand and supply of money in the money market.
This is in line with the statement of Kern and Gutmann .
which considers interest rates as a price and like other prices, the interest rate is determined by the forces of supply and demand.
When the demand for money increases, the interest rate will rise.
Conversely, if the supply of money increases, the central bank will lower the interest rate.
This is done to maintain a balance between the demand and supply of money.
The high and low interest rates will adjust to the amount of money desired by the community, so that the amount of money in circulation is balanced.
Thus, balance will be achieved if the amount of money that the community wants to save is comparable to the amount of money available in the market (Maulani et al.
, 2.
AL-ARBAH: Journal of Islamic Finance and Banking Ae Vol.
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The Relationship Between: A Paul A.
Samuelson and William D.
Nordhaus .
simultaneously interpreting interest rates as a reward or price to be paid for the use of money, so that the greater the amount of money borrowed, the greater the interest that must be paid by the borrower.
The size of the interest rate given to customers AL-ARBAH | 87 depends on the operational system run in a bank.
Every bank that was born in Indonesia, be it a conventional bank or a sharia bank, has a different interest This is due to the policy of the Central Bank regarding the reference interest rate which is the benchmark for financial institutions in determining the interest rate offered to customers.
Therefore, it is important for customers to know the level of banking interest rates, because this will have an impact on loan costs, investment profits, and general financial decision-making (Utama et In conventional banks, interest is paid regularly without regard to the debtor's business conditions, so that the bank still makes a profit even if the business being financed experiences losses (Devica et al.
, 2.
On the other hand, in sharia banks, the bank's and customers' income depends on the performance of the financed business.
If the business is profitable, then both parties will make a profit and if there is a loss, then the loss is also shared according to the initial agreement (Fikri et al.
, 2.
The difference between the interest and profit sharing systems has an impact on customer behavior in determining their preferences for the bank chosen to manage funds.
In this case.
Islamic banking needs to play its role by increasing Islamic financial literacy, transparency in determining profit sharing ratios, and building customer trust through business practices that are in accordance with Islamic Income per capita Paul A.
Samuelson and William D.
Nordhaus .
defines per capita income as the total national income .
ross domestic product.
GDP) divided by the population of a country.
In this case, the distribution of income of each resident of a country cannot be described directly, because this concept only describes the average income of individuals in a country in general.
In other AL-ARBAH: Journal of Islamic Finance and Banking Ae Vol.
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Talitha Rahma Yuniarti P words, per capita income only shows the average amount without taking into account inequality.
A country with a high per capita income is likely to have significant income inequality, where a small portion of the population has much greater wealth compared to the remaining small portion of the However, the high and low per capita income can be used as a tool
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to analyze economic policies in a country (Warsito, 2.
Per capita income is the average income earned by each resident in a This calculation is obtained from the results of dividing national income by the number of residents of the country in a certain period.
The amount of per capita income is used to measure the average level of economic welfare of the population in one year.
Countries with high per capita income tend to have a better standard of living, better access to health and education services, and more adequate infrastructure.
Thus, the higher the per capita income, the higher the level of welfare of the people in the country (Sari & Setyowati, 2.
The amount of per capita income also affects people's preferences for collecting their funds in banks.
An increase in per capita income will increase people's purchasing power for goods and services.
However, in general, people tend to prioritize meeting basic needs first, while the rest is used for other activities such as savings, investments, and consumption of other tertiary Thus, if people's per capita income increases, people tend to collect their funds in banks, because people's savings are part of their income that is not used for consumption (Lubis et al.
, 2.
Empirically, data from the Indonesian Financial Services Authority (OJK) shows a positive trend between increasing per capita income and growth in Third Party Funds (DPK) in Islamic banking.
GDP per capita increased from $3,178,704 in 2010 to $4,783,269 in 2022.
This increase indicates economic growth and an increase in income per person in Indonesia.
In 2023, the Indonesian economy grew by 5.
04 percent.
Thus, this increase indicates progress in Indonesia's economic development and increased public welfare (BPS, 2.
Meanwhile.
DPK in BUS and UUS also experienced significant growth, with an average annual increase reaching 12%.
This indicates that the AL-ARBAH: Journal of Islamic Finance and Banking Ae Vol.
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The Relationship Between: A increase per capita contributes to increasing public trust and ability to save funds in Islamic banking, while strengthening the Islamic financial sector in Indonesia as an increasingly popular alternative (Warsito, 2.
Third Party Funds (TPF) Third Party Funds (TPF) are funds collected from the public to then be used as a determinant of a bank's success in managing its operational activities.
The greater the TPF collected, the greater the financing that will be distributed to the public (Adinda, 2.
This provides potential for banks to gain large profits, because the funds collected will continue to be distributed as credit to customers, so that the funds do not settle but continue to circulate to meet various customer needs.
Customers are not only met in terms of fund collection, but also in terms of borrowing funds to then be paid in credit at the Paul A.
Samuelson and William D.
Nordhaus .
in his book entitledEconomics explains that third party funds are the main source of financing for banks that come from public savings in the form of savings, deposits, and current accounts.
In this case, third party funds are not only important for bank operational activities, but also as a measure of the bank's success in managing and distributing credit to its customers.
The greater the third party funds collected, the more credit the bank can distribute.
Thus, customers will obtain loans with additional interest while the bank will use the funds to provide loans to other customers with high yields, so that both customers and banks will jointly obtain commensurate benefits.
Furthermore, overall.
Islamic banking DPK shows positive and sustainable growth, although there are fluctuations and variations in the types of instruments and certain time periods.
During the Covid-19 pandemic, the growth of Islamic banking DPK increased to 11.
98%, indicating that Islamic banking performance has quite good performance (Masruron & Safitri, 2.
Meanwhile, post-pandemic.
Islamic banking continues to show a positive trend with DPK growth reaching 9.
26% .
and an increase in market share which has now reached more than 7% of the total national banking industry.
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Talitha Rahma Yuniarti P performance is driven by a digital transformation strategy and increasingly diverse product innovations, so that it is able to attract public interest in placing their funds in Islamic banking (Laelasari et al.
, 2.
Keynesian Theory AL-ARBAH | 90 According to Keynes' view .
, the amount of savings made by households depends on the level of income.
The greater the amount of income received, the greater the amount of savings that will be made by it and vice versa, the smaller the amount of income received by a household, the smaller the amount of savings.
In this case.
Keynes emphasized that the amount of income is the main determinant of the amount of savings that will be made by the community.
This is in line with research conducted by (Andreanto et al.
, where if per capita income is high, the tendency of people to consume is higher, so that the savings rate is also higher.
However, proportionally the savings rate will also increase due to increased financial capacity.
In other words, people with higher incomes tend to set aside a larger portion of their income as savings compared to people with low incomes (Samuelson & Nordhaus, 2.
In practice, this means that per capita income has a direct effect on the collection of Third Party Funds (DPK) in banking.
The greater the income of individuals or households, the greater their opportunities and abilities to save funds in banks, either in the form of savings, deposits, or other financial Empirical research in Indonesia also shows a positive correlation between increasing per capita income and DPK growth in both Islamic and conventional banks.
Therefore, per capita income is not only an indicator of economic welfare, but also an important factor in driving the growth of the banking sector through increasing public savings funds.
Classical Theory According to the Classical view, the amount of savings is determined by the interest rate.
This theory was later developed by Wicklesell, who stated that the high level of public interest in saving is influenced by the high or low level of interest rates (Bizlan, 2.
If the interest rate increases, people will tend to AL-ARBAH: Journal of Islamic Finance and Banking Ae Vol.
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The Relationship Between: A save and reduce consumption.
Meanwhile, when interest rates are low, people do not like to save so much, because they feel it is better to spend on consumption and investment than to save (Ningsih et al.
, 2.
In the context of banking, changes in interest rates have a significant impact AL-ARBAH | 91 on the collection of Third Party Funds (TPF).
When interest rates rise, banks can offer more attractive returns, thus encouraging people to save more in Conversely, low interest rates can reduce people's interest in saving funds in banks, thus impacting on the decline in TPF growth.
Therefore, interest rates are an important instrument in regulating people's savings and consumption behavior and influencing the liquidity and stability of the banking Methods The data used in this study are secondary data obtained from the official OJK website.
The data obtained is then processed into a certain structure to be further analyzed using quantitative research methods.
Quantitative methods are research methods that use data in the form of numbers thatpresented in the form of tables or graphsto be tested statistically (Waruwu, 2.
The selection of this method was carried out to determine how interest rates and per capita income affect the level of profitability of Islamic Commercial Banks and Islamic Business Units in the 2009-2023 period as measured using DPK The selection of this time period covers the significant development phase of Islamic banking in Indonesia, including the period before, during, and after the global economic crisis and the Covid-19 pandemic.
Thus, data in this time period allows for a comprehensive analysis of the dynamics of the influence of interest rates and per capita income on DPK collection in Islamic banking in various macroeconomic conditions.
In addition, this period also includes the implementation of various regulatory policies from the OJK that have an impact on the Islamic banking sector, thus providing a representative picture for this study.
The analysis method used is VECM (Vector Error Correction Mode.
to determine whether there is a relationship between each variable in the short AL-ARBAH: Journal of Islamic Finance and Banking Ae Vol.
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term or long term.
VECM analysis is carried out after the data is processed and tested using several testing methods.
These tests include Stationarity Test.
Optimal Lag Test.
VAR Stability Test.
Granger Causality Test, and Cointegration Test.
After conducting a series of tests.
VECM Estimation will be carried out to determine the short-term and long-term effects between the variables used.
Results and Discussion This study uses 42 data where the data is data sourced from the official OJK website and has gone through a data processing process.
Data testing using VECM analysis requires several steps that must be passed.
First, the data that has been compiled needs to be tested stationary to determine whether the data is biased or not.
Table 1.
Stationary Test Results Variables Probabili Stationary Test Results On Second Difference Interest Rate (X.
0,0128 p < 0.
tationary data at 1st Per Capita Income (X.
0,0272 p < 0.
tationary data at 1st
DPK (Y)
0,0279
p < 0.
tationary data at 2nd differenc.
Based on the results of the stationary test in Table 1, it is known that the data on interest rates, per capita income, and third party funds are stationary at the levelfirst difference And second difference, with a p value < 0.
Thus, the data is normal data that can be continued by conducting testing to the next stage, namely the TestLag Optimal.
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TestLag Optimal
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TestLag Optimal conducted to determine the effect of the accuracy of the estimation results and predictions of the model used.
Based on the test resultslag optimalIn Table 2 it is known thatlag to 2 selected as lag optimal.
Thus, the data used has an influence on the accuracy of the estimation results, so that testing of the data can be continued to the next stage, namely the Stability Test.
Table 3.
Stability Test Stability test is conducted to determine the stability of the data model used.
The VAR model can be said to be stable if the modulus value is at a radius <1 AL-ARBAH: Journal of Islamic Finance and Banking Ae Vol.
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and unstable if the modulus value is at a radius> 1.
Based on the results of the var stability test in Table 3, it is known that the modulus value is at a radius of less than 1 so that the model can be said to be stable and passes the stability Furthermore, data that has passed the stability test can proceed to the next stage, namely the Granger Causality Test.
Table 4.
Granger Causality Test Granger Causality Test is conducted to determine whether changes in one variable can cause changes in other variables.
Variables can have a causal relationship with other variables if their probability value is <0.
Based on Table 4, it is known that interest rates do not have a significant effect on DPK with a probability value of 0.
7061> 0.
05 and DPK does not have a significant effect on interest rates with a probability value of 0.
7269> 0.
05, so there is no causal relationship between interest rates and DPK.
Based on Table 4, it is also known that income does not significantly affect DPK with a probability of 0.
2895 > 0.
05, but DPK significantly affects income with a probability value of 0.
0274 < 0.
05, so that between the DPK variable and the per capita income variable there is a one-way causal relationship, where only DPK significantly affects income while vice versa does not.
In addition, income does not significantly affect interest rates with a probability value of 3106 > 0.
05, but interest rates significantly affect income with a probability 0127 < 0.
05, so that between the income and interest rate variables there is a one-way causal relationship, where only interest rates significantly affect income while vice versa does not.
The next stage is the Cointegration Test.
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The Relationship Between: A Table 5.
Cointegration Test
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The cointegration test conducted in this study is the Johansen Cointegration Test.
This test aims to determine whether there is a long-term relationship between the variables used.
Based on Table 5, it is known that the probability value in the rowNone And At most 2, respectively 0.
0011 and 0256, which are smaller than 0.
This means that there is a cointegration equation between the variables used, so that it can provide an opportunity to have a long-term relationship.
Furthermore, the data that has gone through 5 types of testing is analyzed using VECM analysis (Vector Error Correction Mode.
Table 6.
VECM Estimation Model (Long Ru.
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Talitha Rahma Yuniarti P After going through various stages of testing, the research data was analyzed using VECM analysis to determine what estimation model was used.
VECM analysis produced two estimation models, namely the long-term VECM estimation model and the short-term VECM estimation model.
Table 6 shows the results of the VECM model estimation in the long term.
Based on the table.
AL-ARBAH | 96 it is known that the T table is 2.
022691 and the T count of the interest rate variable and the T count of the per capita income variable are 7.
45444 and 96018, respectively.
The T count has a greater value than the T table.
This means that the interest rate variable and the per capita income variable have an effect on DPK in the long term.
Table 7.
VECM Estimation Model (Short Ru.
AL-ARBAH: Journal of Islamic Finance and Banking Ae Vol.
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Based on Table 7, it is known that the T table is 2.
022691 while the calculated T variable that has a value > T table is the interest rate variable, which is 2.
The calculated T has a greater value than the T table.
This means that there is an AL-ARBAH | 97 influence between the interest rate variable and the DPK variable in the short In this case, if the interest rate last year increased by 1 rupiah, it will cause a change in the form of an increase in the interest rate this year by 1.
After knowing the VECM estimation model, the next step is to carry out an IRF analysis (Impulse Response Functio.
IRF analysis is used to determine how the impact of shocks to changes in a variable affects the variable itself and other variables in the system.
IRF is depicted through a graph so that it is easier for researchers to read the time span of shocks that occur to a variable with the variable itself and other variables.
Figure 1.
Impulse Response Function (IRF) Interest Rate Response to DPK Based on the IRF graph in Figure 1, it is known that there is a significant response from the interest rate to DPK in the 50-year time span.
At the beginning of the period until the 7th period, the interest rate response was still AL-ARBAH: Journal of Islamic Finance and Banking Ae Vol.
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fluctuating, where there were insignificant increases and decreases since the shock to DPK.
Meanwhile, after the 7th period, precisely in the 8th period, the fluctuation value began to decline.
This means that the interest rate value is no longer very volatile as it was in the previous period or in other words, the graph experiences a stable decline.
Figure 2.
Impulse Response Function (IRF) Per Capita Income Response to DPK Based on the IRF graph in Figure 2, it is known that there is a significant response from per capita income to DPK over a period of 50 years.
At the beginning of the period until the 5th period, per capita income responded to DPK fluctuatingly since the shock to DPK.
Meanwhile, after the 5th period or more precisely the 6th period, the per capita income level began to experience a significant increase.
This means that the per capita income value is no longer very volatile as it was in the previous period or in other words the graph experiences a stable increase.
Next, after knowing the IRF graph (Impulse Response Functio.
of each variable used, then the next step is to carry out a testVariance Decomposition.
Variance Decomposition(VDC) is carried out to determine how much influence AL-ARBAH: Journal of Islamic Finance and Banking Ae Vol.
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Figure 3.
Variance Decomposition AL-ARBAH | 99 Based on Figure 3, it is known that the graph on the left side is a graph of interest rates against DPK, while the graph on the right side is a graph of per capita income against DPK.
In the graph of interest rates against DPK, it can be seen that from the first period to the 5th period.
DPK experienced a sharp increase in influencing interest rates.
Meanwhile, after the 5th period or more precisely the 6th period.
DPK continued to experience an increase in influencing interest rates, but not as strong as at the beginning of the period.
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Talitha Rahma Yuniarti P In the graph of income per capita to DPK, it can be seen that from the first period to the 5th period.
DPK experienced uncertain fluctuations.
Meanwhile, in the 6th period.
DPK began to experience a sharp increase in influencing income per capita until the 15th period.
After the 15th period.
DPK continued to experience a decline in influencing income per capita.
From the two graph
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results, it can be seen that the contribution of the interest rate variable to DPK is more capable than the income per capita variable.
This can be seen from the percentage graphvariance decompositionDPK against interest rates continued to increase until the 50th period, while DPK against per capita income decreased at the end of the 50th period.
Conclusion The amount of interest rates and per capita income experienced insignificant changes every year.
This will certainly affect the amount of savings in Islamic Commercial Banks and Islamic Business Units.
From the results of testing using VECM analysis, it can be concluded that the interest rate has a significant effect on the amount of DPK deposits in BUS and UUS in the short term.
Meanwhile, interest rates and per capita income simultaneously affect DPK deposits in BUS and UUS in the long term.
Thus, the estimation results are in line with the Classical Theory which states that DPK deposits in banks are influenced by interest rates.
Then, when associated with the results of the IRF analysis, the amount of DPK deposits in BUS and UUS is greatly influenced by interest rates and per capita income.
The longer the period, the greater the value of per capita income on DPK, conversely, the longer the period, the smaller the interest rate on DPK in Islamic Commercial Banks and Islamic Business Units.
The results of this study are expected to add to the existing literature, so that they can be a reference for other researchers or readers in conducting research on similar matters.
Further research can discuss further other factors that can affect savings in Islamic Commercial Banks and Islamic Business Units.
This can be done by focusing on the influence of digital banking transformation on DPK savings in Islamic banking.
In addition, other macroeconomic factors such as inflation, unemployment AL-ARBAH: Journal of Islamic Finance and Banking Ae Vol.
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References