Opportunities and Challanges Indonesian Islamic Finance Institution in Asean Economic Community 2015

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OPPORTUNITIES AND CHALLENGES OF INDONESIAN ISLAMIC
FINANCE INSTITUTION IN ASEAN ECONOMIC COMMUNITY 2015
Sunarsih
Email: asihpf@gmail.com
Phone numbers:081234573825
Abstract
Facing the ASEAN Economic Community by 2015, Indonesia could become a huge
potential global Islamic financial. The large number of Muslim population as
potential clients Islamic finance industry, and abundant natural resources as the basis
of the Islamic financial industry transactions. Indonesia is ranked as the fourth
potential and conducive to the development of the Islamic finance industry after Iran,
Malaysia and Saudi Arabia (Global Islamic Financial Report in Alamsyah Halim,
2012). Opportunities are: intermediation like Financial to Deposit Ratio (FDR) is
high, prudential banking regulations, shariah compliance, and accounting standard is
complete. Freedom of movement for skilled and talented labour, which is one of the
agreements of ASEAN Economic Community in 2015 is a challenges because
Indonesian Islamic Human Resources experience is still minimal, in terms of hard
skill and soft skill. Research objectives: to analyze the opportunities and challenges,
to formulate strategies Indonesian Islamic financial institutions face the ASEAN
Economic Community. Analysis using the SWOT (Strengths-Weaknesses-
Opportunities-Treath). Data collection, observation, library research, journals. The
conclusion: Only the State of Indonesia have shariah accounting standards for
Islamic banks, that means the quality is better than other countries. Strategies that
should be done is:: to offer competitive returns for the results, to attract customers
rationalist who want to score higher than the return rate on a conventional bank. Hard
efforts of all the stakeholders of Islamic Banking as: Government, sheikh and Islamic
Banking. Increased public education about the financial system, banking according
to Islamic principles in the school environment.
Keywords: Indonesia, Islamic financial institutions, AEC, Opportunities, accounting
standard

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INTRODUCTION
Research background
The establishment of Islamic financial institutions should be based on the values of
Islam, so that accountability can be accountable to Allah. This means accounting
purposes in its decision-making is hablum minannas and hablum minallah, namely
accountability fellow human beings and the human world with God.
According to Muhammad (2005: 29), that social capital reflects the ability of
Muslims as majority community to create and develop an organization, for example,
Islamic financial institutions to meet the various needs of appropriate and relevant to
their world view. Islamic financial institutions currently growing and growing
rapidly to become a part of life in the Islamic world. Islamic financial institutions are
not only in Islamic countries, but also found in countries that no Muslim society such
as the State Indonesia.
Facing the entry into force of the ASEAN Economic Community in 2015, Indonesia
could become a huge potential global Islamic financial players. For example, a large
number of Muslim population as potential clients Islamic finance industry, and
abundant natural resources as the basis of the Islamic financial industry transactions.
Indonesia ranks fourth potential and conducive to the development of the Islamic
finance industry after Iran, Malaysia and Saudi Arabia (Global Islamic Financial
Report in Alam Halim (2012).
Opportunities of Islamic banking in Indonesia is: Financial intermediation like to
Deposit Ratio (FDR) is high, prudential banking regulations, shariah compliance, and
accounting standard is complete and good. Freedom of movement for skilled and
talented labor, which is one of the agreements of ASEAN Economic Community in
2015 is a challenge for the State Indonesia because Indonesia Islamic Human
Resources experience is still minimal, in terms of hard skills and soft skills.
Islamic economic system in brotherhood priority for human beings who
accompanied economic justice, social and equitable income distribution. The balance
between growth and equity is necessary a body to control and regulate economic
dynamics that manage the velocity of money and goods (Triyanti, 2008). The
function is now known by the name of the bank.
Development and growth of Islamic banking in Indonesia each year is relatively
high. This is reflected by asset growth, increased financing, expansion of services,
(office network expanding to reach all 33 provinces in Indonesia). In 2013 the
growth and development of shariah banking institutions in Indonesia run organic.
Growth of Islamic banking data not only shows endurance in the midst of the global
financial crisis that is still ongoing, but it also shows the fantastic growth and the
achievement of a good performance. According to data from Bank Indonesia (OCT
2013) subject, now there are 11 Islamic Banks (BUS), 23 Islamic Bank in the form of
Sharia Business Unit (UUS), and 160 Sharia Rural Bank (BPRS), with a network of

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offices increased by 264 Office 2262 office in the previous year to 2,526 in 2013,
thus the number of Islamic banking services office network increased by 25.31%.
According to the World Bank survey (2010), only 49 percent of Indonesia's
population has access to formal financial institutions. Thus people who do not have a
good savings in the bank or in the non-bank financial institutions is still relatively
high, 52%. As a result, the existence of Islamic banks is expected to be closer to the
people to formal financial institutions, such as Islamic banking.
Formulation of the problem
Based on the background already described above then, the problem is:
1. What factors are its opportunities and challenges in the development of
Indonesian Islamic financial institutions face the Asean Economic
Community.
2. How to formulate development strategies Indonesian Islamic financial
institutions face the Asean Economic Community.
Research purposes
1. Analyze the opportunities and challenges of the development of Indonesian
Islamic financial institutions face the ASEAN Economic Community.
2. Formulate Development Strategy Indonesian Islamic financial institutions
face the ASEAN Economic Community.
LITERATURE REVIEW
Islamic economics is based on the concept of honesty, justice, virtue, and adherence
to the values and ethics of Islamic business. Akibanya Islamic community in
applying Islamic economic practices in socio-economic life requires accounting
sharia. The emergence of sharia accounting is driven by issues of harmonization of
international accounting standards in Islamic countries, the proposed formatting of
business reports Islamic entity. Similarly, a review of the philosophy of ethics
construction in the development of accounting theory to the problem of assessment
(asset) in accounting. An important issue that needs to be solved is the need for
sharia accounting can guarantee the creation of economic justice through the
formalization of procedures, activities, objectives measurement, control and
reporting in accordance with Islamic principles (Muhammad, 2003: 77). Enactment
of Law No. 21 of 2008 concerning Islamic banking can give legal force of Islamic
banking. This provides opportunities and open up huge potential for the development
of Islamic banks in efforts to improve the welfare of the Indonesian people.
According to Muhammad Shafi Antonio (2001: 85), that Islamic banking is the main
business of financial institutions that provide financing and other services in payment
traffic and circulation of money that operation is adapted to the principles of Islamic
law and the basic operations using the principle of sharing. The principle of sharing
is giving the image of justice which is a common characteristic and the basis for the
overall operations of Islamic banks.

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According to Muhammad and Dwi (2009), that product development of Islamic
banks are grouped into three, namely:
1. Product Fund Raising
a. Principle Wadi'ah
Wadi'ah principle the same as the legal implications qardh, which acts as
the customer and the bank lends money to act as the borrower.
b. The principle of Mudharabah
Application of this principle is that the depositor or depositary acting as
shahibul maal and banks as mudharib. These funds are used by banks to
finance purchase contract or shirkah. If there is a loss the bank
responsible for losses incurred.
2. Product Disbursement
Product distribution of funds in Islamic banks can be developed with three models,
namely:
a. Principle Purchase
The mechanism of buying and selling is the effort made for the transfer of
property and the profit rate is determined at the bank and into the selling
price of goods. The principle of buying and selling was developed into
forms: Murabahah, Salam, Istishna’, Murabahah financing which Islamic
banks as sellers and customers as a buyer. Goods are delivered
immediately and payment is made in tough. Salam is a contract of sale
and purchase of goods with delivery at a later date by the seller and
repayment made by the buyer at the time the contract was agreed in
accordance with certain conditions. Glance salammirip transaction with
transaction debt bondage. But overall the greeting is not the same as the
transaction debt bondage, and therefore allowed by sharia because no
gharar (speculative). Although the new goods delivered at a later date,
price, specifications, characteristics, quality, quantity and delivery time
specified and agreed upon when the contract occurs. Istishna contract 'is a
contract of sale and purchase in the form of ordering the manufacture of
certain goods to certain criteria and conditions agreed between the buyer
(buyer) and seller (the manufacturer).
b. The principle of Ijarah (lease) Ijara transactions based on the transfer of
benefits. So, basically the same as the principle of Ijarah principle of
buying and selling, but the difference lies in the object of the transaction.
If the object of the transaction of sale and purchase of goods services or
benefits.
c. Shirkah principle, include: Musharaka and Mudaraba
Musharaka contract is a cooperation agreement between two or more
parties to a particular business, in which each party contributes funds
provided that the profits are shared by agreement while losses based on
the portion of the contribution funds. Musharaka is a partnership contract
between the owners of capital are mixing them with tujuanmencari capital
gains. In Musharaka, the partners are equally provide capital to finance a

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certain business and work together to manage the business. Existing
capital should be used in order to achieve the goals set together so that
should not be used for personal gain or lent to others without the
permission of the other partners.
Mudharabah agreement is a contract of business cooperation between the
owner of the funds and fund managers to conduct business, the profit is
divided on the basis of revenue sharing by agreement of both parties,
while in case of the loss will be borne by the owner of the funds unless
caused by misconduct, Negligence or violation by the fund manager.
3. Product services include: Al-Hiwalah (over debts), Rahn (pawn), Al-Qardh
(loan goodness), Wakalah (empowering), Kafalah (bank guarantee).
Al-Hiwalah (over debts) is used to help suppliers get the cash capital in order
to continue production. Bank gets dressing expenses for the transfer of
receivables. Rahn (pawn) is used to provide financial guarantees to the bank
to provide financing.
Pawned goods must fulfill criteria, including customers' own; obviously the
size, nature and nilainyaditentukan based on the real value of the market; and
can be controlled, but should not be used by the bank. Al-Qardh loan
goodness, used to help finance customers rapidly and short term. These
products are used to help small businesses and social purposes. Qardh funds
(loans goodness), which is given to the customer obtained from zakat,
donations and charity.
Wakalah (empowered), meaning that the customer authorizes the Islamic
banks to represent himself doing the work of certain services, such as transfer
services. Kafalah (bank guarantee), is used to ensure payment of a payment
obligation. Islamic banks may require the customer to put some funds for this
facility as Rahn. Islamic banks can also receive funds to wadi'ah. Bank
obtaining a fee for services rendered
Hunger and Wheelen (2003: 203) growth strategy (Growth strategy), the growth
strategy is the strategy most commonly sought, companies doing business in a
dynamic environment should continue to grow in order to survive. Growth is very
tempting strategy for two reasons principles: Companies that are growing can cover
up mistakes and inefficiency easily than a stable company. Revenue stream continues
to grow into large companies can create unused resources, which can be used to
solve problems and conflicts between departments and divisions quickly. Growth
also gives barrier, who knows the management made a strategic mistake.
Likewise companies have more power than smaller companies, and are more likely
to gain support from unions and local communities, when bankrupt. Instead the
Company is expanding to offer many opportunities for advancement, promotion, and
interesting jobs. Growth itself is something exciting for CEOs. Companies tend to be
regarded as a 'winner' by the market and potential investors. Executive compensation
tends to rise along with the increasing size of the organization. Large companies
more difficult acquisition than the smaller companies. So that the jobs of the
executives will be more secure.

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Two basic strategies of growth are: concentration on one industry and diversification
into other industries. While the strategy of stability is stability category on the
company's strategy may be the most suitable for a company that is successfully
operating in the industry with an attraction that mediocrity. Some of the more
popular strategies that stability is a strategy pause, continue to be vigilant,
unchanged, and profit.
RESEARCH METHOD
Data were analyzed using SWOT analysis (Strengths-Weaknesses-Opportunities-
Treath). SWOT analysis is to identify the various factors systematically to formulate
a strategy of of shariah financial institutions
This analysis is based on the logic that maximizes the strengths and opportunities,
but simultaneously to minimize weaknesses and threats (Rangkuti, 2006). SWOT
analysis in the view of Philip Kotler (2000: 8) is defined as the overall evaluation of
the strengths, weaknesses, opportunities and threats. SWOT analysis is usually used
by the managers of the company, particularly operational managers and marketing
managers to identify and consider the decision to be taken in the company's strategy.
The data analysis is done to maximize the strengths and minimize the weaknesses or
opportunities and threats, so that it can be seen an alternative strategy that can be
used for the development of Indonesian Islamic financial institutions face the Asean
Economic Community. Data collection method is done by, field research,
observation, and library research journals. The study was conducted in the State
Indonesia.
RESULTS AND DISCUSSION
Table 1: Internal and External Factors
Internal Faktors External Faktors
Streghths Opportunities
1. Have Law 21 of 2008 concerning
Islamic banking
2. Foreign nationals and / or foreign
legal entities can join a partnership in
Indonesia to set up a legal entity and /
or an Shariah Bank
3. Islamic financial authority to issue
fatwas are centralized by the National
Sharia Board (DSN) - Indonesian
Ulema Council (MUI) which is an
independent institution. While in
other countries, the fatwa can be
issued by individual scholars so that
the chances of a very big difference.
4. The development of Islamic finance
in Indonesia which is more market
driven and bottom-up impetus in
meeting the needs of the community
1. Business activities of Islamic
banks more numerous and diverse
than conventional banks.
2. Shariah bank can perform a social
function in the form: Non treasury,
which receives funds from the
charity, donation, charity, grants,
or other social funds to the
organization and distribute zakat
3. A large number of Muslim
population into potential customers
4. The Islamic finance industry has
abundant natural resources that can
be used as a potential Islamic
financial industry transactions
5. There are no products that
speculative (gharar) so as to have a
strong durability and proven

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so it rests on the real sector.
5. Implementation intermediation of
Financial Deposit Ratio (FDR) is
high, the full set of rules related to
prudential banking, shariah
compliance, and accounting
standards.
robustness of the global financial
crisis. Third, the system for the
results (profit-loss sharing) which
becomes the spirit of Islamic
banking which will bring benefits
fairer for all parties.
Weaknesses Threats
1. Requires adjustments and training for
new employees
2. Difficult to obtain competent human
resources in the field of institutional
shariah.
3. Image shariah bank in the community
is a bank that is destined only for the
people of Islam
4. Not yet achieved the economies of
scale that make the operations sharia
bank in Indonesia defeated efficient,
especially the majority of sharia bank
in Indonesia is still in the expansion
phase which requires infrastructure
investment costs significantly.
5. Differentiation of Islamic financial
products in Indonesia, which is
insufficient. It is caused by factors of
the business model of Islamic finance
industry in Indonesia, particularly
Islamic banking, which is more
focused.
1. Provisions concerning restrictions
on the use of foreign labor.
2. A product / service to do Islamic
banking Islamic banking in the
international community may not
be done in Indonesia.
3. Not yet achieved the economies of
scale that make the operations
sharia bank in Indonesia defeated
efficient.
4. Islamic financial product
differentiation in Indonesia, which
is insufficient nice
5. GDP as a benchmark for the
quality of Indonesian skilled labors
in the control of goods, services
and capital.
Tabel 2: Internal Factor Analysis Summary (IFAS)
Internal faktors Bobot Rating Score
Streghths
1. Have Law 21 of 2008 concerning Islamic
banking
0,1 3 0,3
2. Foreign nationals and/or foreign legal entities
can join a partnership in Indonesia to set up a
legal entity and/or an Shariah Bank
0,1 3 0,3
3. Islamic financial authority to issue fatwas are
centralized by the National Sharia Board
(DSN) - Indonesian Ulema Council (MUI)
which is an independent institution. While in
other countries, the fatwa can be issued by
individual scholars so that the chances of a
very big difference.
0,1 4 0,4
4. The development of Islamic finance in
Indonesia which is more market driven and
0,1 4 0,4

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bottom-up impetus in meeting the needs of the
community so it rests on the real sector.
5. Implementation intermediation of Financial
Deposit Ratio (FDR) is high, the full set of
rules related to prudential banking, shariah
compliance, and accounting standards.
0,1 4 0,4
Sub Total 0,50 1,8
Weaknesses (W)
1. Requires adjustments and training for new
employees
0,15 1 0,15
2. Difficult to obtain competent human resources
in the field of institutional shariah
0,15 2 0,30
3. Image shariah bank in the community is a
bank that is destined only for the people of
Islam
0,10 1 0,10
4. Not yet achieved the economies of scale that
make the operations sharia bank in Indonesia
defeated efficient, especially the majority of
sharia bank in Indonesia is still in the
expansion phase which requires infrastructure
investment costs significantly.
0,05 1 0,05
5. Differentiation of Islamic financial products
in Indonesia, which is insufficient. It is caused
by factors of the business model of Islamic
finance industry in Indonesia, particularly
Islamic banking, which is more focused
0,05 1 0,05
Sub Total 0,50 0,65
Total 1,00 2,45
Table 3: EFAS calculation results
External faktors Bobot Rating Score
Opportunities (O)
Business activities of Islamic banks more
numerous and diverse than conventional banks
0,1 4 0,4
Shariah bank can perform a social function in the
form: Non treasury, which receives funds from the
charity, donation, charity, grants, or other social
funds to the organization and distribute zakat
0,1 3 0,3
A large number of Muslim population into
potential customers
0,1 4 0,4
The Islamic finance industry has abundant natural
resources that can be used as a potential Islamic
financial industry transactions
0,1 4 0,4
There are no products that speculative (gharar) so
as to have a strong durability and proven
robustness of the global financial crisis. Third, the
system for the results (profit-loss sharing) which
0,1 4 0,4

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becomes the spirit of Islamic banking which will
bring benefits fairer for all parties.
Sub Total 0,50 1,9
Threats (T)
Provisions concerning restrictions on the use of
foreign labor.
0,10 1 0,10
A product / service to do Islamic banking Islamic
banking in the international community may not
be done in Indonesia
0,10 2 0,20
Not yet achieved the economies of scale that make
the operations sharia bank in Indonesia defeated
efficient
0,10 1 0,10
Islamic financial product differentiation in
Indonesia, which is insufficient. nice
0,05 1 0,05
GDP as a benchmark for the quality of Indonesian
skilled labors in the control of goods, services and
capital.
0,15 1 0,15
Sub Total 0,50 0,60
Total 1,00 2,5
Internal dan external-faktors, as:
1. Strenghts/S = 1,80
2. Weaknesses/W = 0,65
3. Opportunities/O = 1,90
4. Threats/T = 0,60
Scores recapitulation IFAS and EFAS follows as:
Table 4: Summary of scores IFAS and EFAS
Internal Score Externals Score Strategy
S > W (+)
1,80 > 0,65 (+)
O > T (+)
1,90 > 0,60 (+)
GROWTH
S < W (-) O < T (-) SURVIVAL
S > W (+) O < T (-) DIVERSIFICATION
S > W (-) O > T (+) STABILITY
SWOT Analysis Strategies in 4 (four) the possibility that:
1.Strategy S-O (strength-opportunities),
2.Strategy W-O (weaknesses-opportunities),
3.Strategy S-T (strength-treath),
4. Strategy W-T (weaknesses-treath).
Table 5: Option Strategy
Technical Strategic Scors Quadrant Strategy
Growth S > O I a Rapid Growth

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S < O I b Stable Growth
Suvival W > T III a Turn Arround
W < T III b Guerilla
Diversification S > T IV b Conglomerate
S < T IV a Concentric
Stability O > W IIa Aggressive Maintenance
O < W IIb Selective Maintenance
CONCLUSION
Internal factors in determining the competitive strategy consists of strength include:
Has the Law No. 21 of 2008 concerning Islamic banking, Islamic financial authority
to issue fatwas are centralized by the National Shariah Board (DSN) - Dewan
Syariah Nasional (DSN) – Majelis Ulama Indonesia (MUI).
Internal factors in determining the strategy consists of weaknesses include: Requires
adjustments and training for new employees, It is difficult to get competent human
resources in the field of institutional sharia. Image sharia bank in the community is a
bank that is destined only for the people of Islam, and not achieving the economies
of scale allows for operation sharia bank in Indonesia defeated efficient, especially
the majority of sharia bank in Indonesia is still in the stage of expansion will cost
infrastructure investments are quite significant, product differentiation of Islamic
finance in Indonesia that is still lacking
External factors in determining the competitive strategy consists of the opportunities
include: the business activities sharia bank more numerous and diverse than
conventional banks, Islamic banks can perform a social function in the form: Non
treasury, the population of a large Muslim become potential clients Islamic finance
industry, having source abundant natural resources that can be used as a potential
transaction Islamic finance industry, there are products that are speculative (gharar).
External factors consist of threat include: Conditions of use of foreign labor. A
product / service to do Islamic banking Islamic banking internationally, yet the
achievement of economies of scale, product differentiation of Islamic finance in
Indonesia that is still lacking, GDP as a benchmark for the quality of Indonesian
skilled labors in the control of goods, services, and capital
Strategies that can be used is the stable growth strategy, which means that the
competition in Islamic banking using growth strategy role, but done in stages in
accordance with the scale of priorities.
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