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Titi Dewi Warninda: Mapping and Correlation Analysis  1

MAPPING AND CORRELATION ANALYSIS OF EFFICIENCY 
AND PROFITABILITY: THE CASE OF ISLAMIC RURAL BANK 

IN INDONESIA

Titi Dewi Warninda & M. Nadratuzzaman Hosen1

Abstract. Mapping and Correlation Analysis of Efficiency and Profitability: 
The Case of Islamic Rural Bank in Indonesia. This research aims to analyze 
efficiency and profitability of Islamic Rural Banks in Indonesia using Variable 
Returns to Scale model of Data Envelopment Analysis and efficiency-profitability 
matrix. The results of this research show that most of Islamic Rural Banks are 
included in the Dog quadrant (high efficiency but low profitability) and Sleeper 
quadrant (low efficiency but high profitability). Meanwhile, the result of correlation 
analysis between efficiency and profitability indicates that efficiency has a negative 
correlation with profitability. Negative correlation of efficiency and profitability is 
in accordance with the result of efficiency-profitability matrix.  The results of this 
research show that not all of Islamic Rural Bank which have high efficiency are also 
having  high profitability.

Keywords: Efficiency, Profitability, Data Envelopment Analysis, Islamic Rural 
Bank

Abstrak. Pemetaan dan Analisis Hubungan Antara Efisiensi dan 
Profitabilitas: Studi BPRS di Indonesia. Tujuan dari penelitian ini ialah 
untuk menganalisis efisiensi dan profitabilitas pada BPRS di Indonesia dengan 
menggunakan model Variable Returns to Scale pada Data Envelopment Analysis 
(DEA) dan matriks efisiensi-profitabilitas, hasil penelitian menunjukkan bahwa 
sebagian besar Bank Pembiayaan Rakyat Syariah (BPRS) termasuk dalam 
kuadran Dog (efisiensi tinggi dan profitabilitas rendah) dan kuadran Sleeper 
(efisiensi rendah dan profitabilitas tinggi). Sementara itu, hasil analisis korelasi 
antara efisiensi dan profitabilitas mengindikasikan bahwa efisiensi memiliki 
hubungan negatif dengan profitabilitas. Hubungan negatif ini sesuai dengan 
hasil matriks efisiensi-profitabilitas. Hasil penelitian menunjukkan bahwa untuk 
sebagian besar Bank Pembiayaan Rakyat Syariah (BPRS) di Indonesia, efisiensi 
tinggi tidak berhubungan positif dengan profitabilitas tinggi.

Kata kunci: Efisiensi, Profitabilitas, Data Envelopment Analysis, BPRS  

First draft: September, 10th 2014, Revision: November, 25th 2014, Accepted: December, 10th  
2014

1 Syarif Hidayatullah State Islamic University. Jl. Ir. H. Juanda No. 95, Ciputat, South 
Tangerang, Banten, Indonesia.

Email: warninda@yahoo.com; mnhosen@yahoo.com



Al-Iqtishad: Vol. VII No. 1, Januari 2015 2

Introduction

Islamic Rural Bank is a rural bank that operates based on the principles of 
Islamic law. Islamic Rural Bank is founded to serve Micro and Small Enterprises that 
need fast, easy, and simple approval process. Because of its role in giving services to 
Micro and Small Enterprises, Islamic Rural Bank has an important role in improving 
financial inclusion. Islamic Rural Banks  has a rapid growth experience in Indonesia. 
In 2005, there were only 92 Islamic Rural Banks and  158 in 2012. By 2012,  they 
have 91 branch offices and 152 cash offices. In 2005, total net assets reached 585 
billion rupiah, and increased up to 4.7 trillion rupiahs in 2012.  They also have 
disbursed 417 billion rupiah total financing in 2005 and became 3 trillion rupiah 
in 2012. 

Although according to Islamic Banking Statistic published by Indonesian 
Central Bank; the amount of asset and financing has increased, however, the 
profitability of Islamic Rural Banks demonstrated by Return on Assets (ROA) showed 
a  reduction. Profitability of Islamic Rural Banks reached 4.05% in 2005, and became 
2.67% in 2011. In 2012, the profitability decreased again to 2.64%. The decrease 
of Indonesian Islamic Rural Banks profitability becomes the background of this 
efficiency-profitability mapping research. Based on the study of Noor and Ahmad 
(2012) about Islamic bank in the world, there is a positive correlation between 
efficiency and profitability. It means that Decision Making Unit (DMU) which 
has high level of efficiency will have high profitability.  Meanwhile, according to 
Abu-Alkheil, Burghof, and Khan (2012), not all of Decision Making Units (DMUs) 
which have high efficiency are also having high profitability. Research on efficiency 
and profitability of Indonesian Islamic Rural Banks will determine whether there 
are a lot of inefficient Islamic Rural Banks and whether the inefficient Islamic Rural 
Banks  are also having lower profitability than the more efficient Islamic Rural 
Banks.  So, there will be a map about efficiency-profitability of Indonesian Islamic 
Rural Banks. 

In this research, Return on Assets (ROA) is used to mesure the profitability 
Data Envelopment Analysis in non parametric approach is used to measure the 
efficiency. DEA is a linear programming method that is used to measure the 
efficiency of a Decision Making Unit (DMU). DEA formed a standard  of DMU 
that is efficient compared to other inefficient DMU (Said, 2013). DEA model in 
this research uses Variable Returns to Scale (VRS) assumption. This assumption is 
used to determine the technical efficiency without scale efficiency (pure technical 
efficiency). This study uses intermediation approach to determine the inputs and 
outputs that are used in the DEA model. Intermediation approach is used because 
the main function of Islamic Rural Banks is as intermediary between the depositors 



Titi Dewi Warninda: Mapping and Correlation Analysis  3

and those who need funds. 
Previous research on the efficiency of Islamic Rural Banks is still rare. Most 

of previous researches are about efficiency of Islamic banks, microfinance, and rural 
banks. Some previous researches about efficiency of microfinance using DEA are as 
follow. Kipesha (2013) studied on technical efficiency of Microfinance Institutions 
(MFIs) in Tanzania,  another in 2012 was about efficiency of MFIs in East Africa. 
The research of Hassan and Sanchez (2009) was about technical efficiency and scale 
efficiency of the MFIs in Latin American, Middle East and North African, and 
South Asian countries. Haq, Skully, and Pathan (2010) conducted a study on the 
efficiency of 39 Microfinance Institutions (MFIs) in Africa, Asia, and Latin America.  
The research of Babu, Kasilingam, and Kasilingam (2011) was about the efficiency 
of MFIs in India.

This research aims to analyze profitability and efficiency of Islamic Rural 
Banks in Indonesia. In using the efficiency-profitability matrix, this research will 
show whether Islamic Rural Banks that have high efficiency will also have high 
profitability. The result of this research will  enhance the literature about efficiency 
and profitability of Islamic Rural Banks. This research also analyzes the correlation 
between efficiency and profitability and the correlation among other variables. The 
finding of this research will contribute in the development of Islamic Rural Banks 
and support the sustainability of financial inclusion in Indonesia.

There are some differentiations over previous researches. First, this research 
uses the data of Islamic Rural Banks in Indonesia. Second, this research gives analysis 
of efficiency-profitability mapping using efficiency-profitability matrix. Third, this 
research analyzes the correlations between efficiency and profitability and among 
other variables to find the consistency with the result of efficiency-profitability 
matrix.

Literature Review

Most of previous researches are about efficiency of conventional microfinance 
institutions (MFIs) and rural banks. Previous research on the efficiency of Islamic 
Rural Bank is still rare. Some previous researches about efficiency of microfinance 
using DEA are as follows.

Kipesha (2013) has done research about technical efficiency of Microfinance 
Institutions in Tanzania for the period of 2009-2011. The result of the research 
indicated a high level of production efficiency and low level of intermediation 
efficiency. The research of Kipesha (2013) has recommended that MFIs in Tanzania 
should reduce their operation costs, increase revenues, and increase resource 
allocation to get higher intermediation efficiency. The research of Mohindra and 



Al-Iqtishad: Vol. VII No. 1, Januari 2015 4

Kaur (2011) was about regional rural banks efficiency in India after reformation 
period.  The result of the research using DEA showed a decrease of rural banks 
technical efficiency after deregulation policy. The research of Khankoje and Sathye 
aimed (2008)  analyzed the impact of regional rural banks restructuring in India 
on production efficiency, using DEA. The result of the research indicated that 
restructuring program on Indian rural banks showed a positive impact.

The study of Hassan dan Sanchez (2009) analysed about technical and 
scale efficiency of MFI in Latin America countries, Middle East and North Africa 
(MENA) countries, and South Asia countries. The result of the study showed that 
formal MFIs (banks and credit unions) have higher technical efficiency level  than 
non formal MFIs (non profit organization and non financial institutions). MFIs 
in South Asian have higher technical efficiency than Latin American and MENA 
MFIs.

Haq, et.al. (2010) had a research about efficiency of MFI in Africa, Asia, and 
Latin America using DEA. The research showed that non government MFIs had 
highest level of production efficiency. Meanwhile, MFIs that are banks have highest 
intermediation efficiency. Babu, Kasilingam, and Kasilingam (2011) studied about 
efficiency of MFI in India. The study found that the average efficiency score was 
very low and more than 65 percent of the MFIs have below mean efficiency level. 
The cost per borrower variable has significant influence in measuring efficiency of 
MFIs. The study also revealed that non-profit microfinance institutions have shown a 
high efficiency compared to profit organization. Jayamaha and Mula (2010) studied 
about efficiency of Cooperative Rural Banks in India using DEA and analyze the 
correlations between efficiency and financial factors. The result of the study indicated 
that asset quality, loan portfolio yield, operational efficiency, and operational self 
sufficiency variables have significant correlations with technical efficiency. 

Methods

The scope of the study is Islamic Rural Banks in Indonesia. It is because the 
DEA software for calculating efficiency only can be used in the positive input and 
output variables. The research only uses Islamic Rural Banks that have a positive net 
income. The data is taken from 2012 financial reports of Indonesian Islamic Rural 
Banks.

The proxy of profitability is Return on Assets (ROA). This research uses 
Data Envelopment Analysis (DEA) for efficiency measurement. DEA is a linear 
programming method that is used to measure the efficiency of a Decision Making 
Unit (DMU). DEA form is a standard that a DMU is efficient compared to other 
inefficient DMU (Said, 2013).



Titi Dewi Warninda: Mapping and Correlation Analysis  5

This research will analyze the pure technical efficiency of Islamic Rural 
Banks. Technical efficiency is the ability of a DMU to produce as many outputs as 
possible by using a particular input, or produce a certain amount of outputs using 
a minimum amount of inputs. This study uses the DEA output-orientation. This 
is because Islamic Rural Banks operate in a competitive environment and should 
strive for providing the best products and services to customers. Islamic Rural Banks 
are more likely to have a competitive advantage by increasing the output produced 
rather than reducing the inputs used. 

The measurement of pure technical efficiency uses Variable Returns to Scale 
(VRS) model. VRS models or BCC (Banker, Charnes, and Cooper) model were 
made   by Banker, Charnes, and Cooper in 1984 and were an improvement of CRS 
model by adding variable returns to scale assumptions. VRS model provides a 
measurement of pure technical efficiency, which is technical efficiency without scale 
efficiency. DEA-model in this research consists of two inputs and two outputs. This 
research uses cost of wages and salaries, and total customer deposits (total deposits) 
as inputs, while the outputs using total financing and net income, as used by Onour 
and Abdalla (2011).

Islamic Rural Banks efficiency-profitability mapping uses efficiency-
profitability matrix that has a structure such as the product portfolio matrix (Abu-
Alkheil, et.al, 2012). Efficiency-profitability matrix consists of four quadrants as 
follows: First, Star quadrant: consists of a DMU that has a high level of profitability 
and efficiency.  This is the best DMU. Second, Sleeper quadrant: consists of a DMU 
that has higher profitability but lower efficiency. This is not a good sign from 
long-term perspective.  The high profitability is due to primarily more favorable 
environmental conditions than good management. Third, Question Mark quadrant: 
consist of a DMU that has a low level of profitability and efficiency. This DMU 
has the potential to achieve higher level of profitability and efficiency. Fourth, Dog 
quadrant: consists of a DMU which has a low level of profitability but high efficiency. 
The DMU is efficient but still make less profit. The DMU operates efficiently but 
has low profitability due to unfavorable environment.

Table 1:  Efficiency-Profitability Matrix

Profitability
High Sleeper Star
Low Question Mark Dog
Efefficiency Low High



Al-Iqtishad: Vol. VII No. 1, Januari 2015 6

Star quadrant consists of Islamic Rural Banks that have high efficiency and 
profitability. Dog quadrant consists of Islamic Rural Banks that have high level of 
efficiency but low profitability. Sleeper quadrant consists of Islamic Rural Banks that 
have low level of efficiency but high profitability. While Question Mark quadrant 
consists of Islamic Rural Banks that have low efficiency and profitability.

The criteria for high or low level of profitability and efficiency are based on 
the median value of the overall profitability and efficiency data.  Islamic Rural Bank 
which has a higher profitability or efficiency than the median value or equal with 
the median value is Islamic Rural Banks with high level of profitability or efficiency. 
While Islamic Rural Bank which has a lower profitability or efficiency than the 
median value is Islamic Rural Bank with low level of profitability or efficiency.

Correlations test aims to find the correlations between efficiency and 
profitability, and among other variables. Other variables in the correlations test are 
equity capital to total assets (CAP), natural logarithm of total assets (SZE), financing 
to deposits ratio (FDR), and operating expense to total assets (OXN).

Discussion

After calculating the profitability (ROA) and the efficiency based on pure 
technical efficiency, the profitability and efficiency are grouped into the high and 
low groups of efficiency and profitability. Efficiency-profitability mapping in the 
efficiency-profitability matrix based on the high and low groups of efficiency 
and  profitability will show which Islamic Rural Bank that is included in the Star 
quadrant, Dog quadrant, Sleeper quadrant, or Question Mark quadrant.

Some of Islamic Rural Banks are included in the Star quadrant of efficiency-
profitability matrix, means that they have high profitability and high efficiency. 
Islamic Rural Banks that are included in the Star quadrant are as follows.

Table 2. Islamic Rural Banks in the Star Quadrant

No Islamic Rural Banks Efficiency Profitability (%)
1 Bangka 1 4.350
2 Dana Hidayatullah 1 7.700
3 Situbondo 1 5.990
4 Surya Sejati 1 3.780
5 Harta Insan Karimah 0.977 4.400
6 Baitul Muawanah 0.937 5.100
7 Dinar Ashri 0.926 6.000



Titi Dewi Warninda: Mapping and Correlation Analysis  7

8 Amanah Rabbaniah 0.862 3.240
9 Jabal Tsur 0.848 42.070
10 Barkah Gemadana 0.834 5.070
11 Metro Madani 0.825 4.820
12 Artha Mas Abadi 0.779 5.280
13 Bumi Rinjani Kepanjen 0.771 7.200
14 Artha Pamenang 0.746 7.250
15 Khasanah Ummat 0.739 14.580
16 Bangun Drajat Warga 0.734 4.210

Some of Islamic Rural Banks are included in the Dog quadrant of efficiency-
profitability matrix.  It means that they have high efficiency but low profitability. 
Islamic Rural Banks that are included in the Dog quadrant are as follows:

Table 3. Islamic Rural Banks in the Dog Quadrant

No Islamic Rural Banks Efficiency Profitability (%)
1 Al Hijrah Amanah 1 0.610
2 Al Ihsan 1 2.310
3 Al Salaam Amal Salman 1 2.360
4 Amanah Ummah 1 2.690
5 Dana Mulia 1 1.450
6 Gunung Slamet 1 2.290
7 Bumi Rinjani Probolinggo 1 0.410
8 Hareukat 1 1.440
9 Indo Timur 1 1.820
10 Barakah Nawaitul Ikhlas 1 0.700
11 Carana Kiat Andalas 1 0.180
12 Barokah Dana Sejahtera 0.964 1.670
13 Amanah Sejahtera 0.947 2.880
14 Insan Madani 0.946 1.380
15 Buana Mitra Perwira 0.943 2.910
16 FORMES 0.912 1.020
17 Margirizki Bahagia 0.903 2.850
18 Bhakti Haji 0.902 2.800
19 Hikmah Wakilah 0.885 2.600



Al-Iqtishad: Vol. VII No. 1, Januari 2015 8

20 Danagung Syariah 0.856 1.710

21
PT BPRS Gajah Tongga Kota 
Piliang 0.847 2.260

22 Berkah Ramadhan 0.84 1.890
23 Al Ma’soem Syari’ah 0.821 2.760
24 Bumi Artha Sampang 0.816 2.490
25 Lantabur 0.805 2.910
26 Ikhsanul Amal 0.801 1.930
27 Tanggamus 0.784 2.150
28 Muamalat Harkat 0.776 2.730
29 Amanah Insani 0.752 2.400
30 Arta Leksana 0.748 2.390
31 Karya Mugi Sentosa 0.703 2.940

Some of Islamic Rural Banks are included in the Sleeper quadrant of efficiency-
profitability matrix. It means that they have low efficiency but high profitability. 
Islamic Rural Banks that are included in the Sleeper quadrant are as follows:

Table 4. Islamic Rural Banks in the Sleeper Quadrant

No Islamic Rural Banks Efficiency Profitability (%)
1 Artha Surya Barokah 0.701 9.400
2 Sukowati Sragen 0.653 4.780
3 Mentari 0.632 7.230
4 Al-Yaqin 0.631 4.330
5 Baktimakmur Indah 0.626 3.980
6 Harta Insan Karimah Parahyangan 0.624 3.400
7 Cilegon Mandiri 0.622 6.740
8 Al Hidayah 0.614 3.210
9 Mitra Cahaya Indonesia 0.613 3.280

10 Cempaka Al Amin 0.612 5.430
11 Safir 0.602 4.280
12 Bumi Rinjani 0.599 4.090
13 Madinah 0.598 6.600
14 Tanmiya Artha 0.597 4.960
15 Al Mabrur 0.596 3.480



Titi Dewi Warninda: Mapping and Correlation Analysis  9

16 Daya Artha Mentari 0.589 3.920
17 Artha Madani 0.588 4.660
18 Artha Amanah Ummat 0.571 3.540
19 Jabal Nur 0.561 4.640
20 Patuh Beramal 0.56 7.280
21 Rajasa 0.551 23.390
22 Bumi Rinjani Batu 0.512 34.880
23 Mulia Berkah Abadi 0.501 16.390
24 Way Kanan 0.492 11.850
25 Baiturridha Pusaka 0.479 5.610
26 Al Mabrur Babadan 0.476 4.890
27 Kotabumi 0.446 3.720
28 Artha Fisabilillah 0.414 5.700
29 Bhakti Sumekar 0.362 6.220
30 Harta Insan Karimah Cibitung 0.35 7.210
31 Investama Mega Bakti 0.317 3.480

Some of Islamic Rural Banks are included in the Question Mark quadrant 
of efficiency-profitability matrix. It means that they have low efficiency and 
profitability. Islamic Rural Banks that are included in the Question Mark quadrant 
are as follows:

Table 5. Islamic Rural Banks in the Question Mark Quadrant

No Islamic Rural Banks Efficiency Profitability (%)
1 Bumi Rinjani Malang 0.700 1.390
2 Mitra Amal Mulia 0.693 1.860
3 Bina Amanah Satria 0.665 3.120
4 Asad Alif 0.660 2.300
5 Suriyah 0.657 2.810
6 PNM Binama 0.640 1.760
7 Adeco 0.623 1.360
8 Ampek Angkek Candung 0.621 2.500
9 Puduarta Insani 0.590 1.920
10 Harta Insan Karimah Bekasi 0.561 2.600
11 Mandiri Mitra 0.557 0.400



Al-Iqtishad: Vol. VII No. 1, Januari 2015 10

12 Bina Rahmah 0.529 2.530
13 Bandar Lampung 0.526 2.490
14 Haji Miskin 0.460 0.220
15 Artha Sinar Mentari 0.338 3.130

According to tables above, there are 16 Islamic Rural Banks included in the 
Star quadrant and 31 Islamic Rural Banks in the Dog quadrant. There are 31 

Islamic Rural Banks included in the Sleeper quadrant and 15 Islamic Rural Banks 
in the Question Mark quadrant. Efficiency-profitability matrix is as follows:

Figure 1: Efficiency-Profitability Matrix

Four quadrants in efficiency-profitability matrix above show the most of 
Islamic Rural Banks that included in the Dog quadrant and Sleeper quadrant. 
The quadrants consist of Islamic Rural Banks which have high efficiency but low 
profitability and Islamic Rural Banks which have low efficiency but high profitability, 
respectively. The result shows that most of Islamic Rural Banks that have high 
efficiency do not have high profitability, vice versa.

Based on the result of efficiency-profitability matrix above, it is needed 
to analyze the correlations between efficiency and profitability and among other 
variables, especially to analyze the consistency with the result of efficiency-
profitability matrix.



Titi Dewi Warninda: Mapping and Correlation Analysis  11

Table 6. Correlation Test Result

CAP EFF FDR OXN ROA SZE
CAP  1.000000  
EFF  0.184463  1.000000
FDR -0.007775  0.000796  1.000000
OXN  0.059928  0.000636  0.931688  1.000000
ROA -0.444132 -0.478985 -0.053812 -0.051274  1.000000  
SZE  0.029996  0.098393 -0.045359 -0.060634  0.032244  1.000000

Table 6 shows that efficiency has negative correlation with profitability. It also 
shows the variable that has a positive correlation with profitability. However, we still 
need further reaseach related to other variables that have negative correlations with 
profitability such as equity capital, financing, and operating expenses.

Conclusion

Based on the findings and analysis of the efficiency-profitability mapping 
of Islamic Rural Banks in Indonesia, not all of Islamic Rural Banks that have high 
efficiency are also have high profitability. Most of Islamic Rural Banks are included 
in the Dog and Sleeper quadrants It means that those Islamic Rural Banks have 
high efficiency but low profitability and have low efficiency but high profitability, 
respectively.

The result of correlations analysis shows that Islamic Rural Banks efficiency 
has negative correlation with profitability. This result is in accordance with the 
result of efficiency-profitability mapping that most of  Islamic Rural Banks have 
high efficiency but low profitability (in the Dog quadrant) and have low efficiency 
but high profitability (in the Sleeper quadrant). The result of this research is in 
accordance with the research of Abu-Alkheil, Burghof, and Khan (2012) that not 
all of Decision Making Units (DMUs) which have  high efficiency are also having  
high profitability.

Islamic Rural Banks that are in the Dog quadrant should have more favorable 
environment to increase their profitability. Meanwhile, Islamic Rural Banks that 
are in the Sleeper quadrant should improve their management because they have 
high profitability but low efficiency. Some Islamic Rural Banks are included in the 
Question Mark quadrant, means that they have the potential to achieve higher level 
of profitability and efficiency if they get more favorable environment and additional 
appropriate resources. 



Al-Iqtishad: Vol. VII No. 1, Januari 2015 12

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