Journal of Accounting and Investment Vol. 24 No. 2, May 2023 Article Type: Research Paper Islamic bank spin-off: a systematic literature review Mahmud Yusuf1*, Muhamad Rahmani Abduh2, and Hafiez Sofyani3 Abstract Research aims: This study aims to explore the extent of studies related to Islamic bank spin-offs in reputable journals indexed by Sinta and Scopus to map important findings regarding Islamic bank spin-offs. Design/Methodology/Approach: This study employed a systematic literature review method consisting of three stages: collection, assessment, and presentation. The collection stage was conducted using the Publish or Perish search engine with the Google Scholar and Scopus databases. The assessment stage was performed using the websites https://sinta.kemdikbud.go.id and https://www.scimagojr.com/. The presentation stage was carried out to find three objectives: research background, methods, and findings related to the Islamic bank spin-off. Research findings: Since 2010, at least 24 papers indexed by Sinta and ten papers indexed by Scopus have discussed the issue of the Islamic bank spin-off. These studies were oriented toward two disciplines: law and economics. The most widely used method was quantitative. Broadly speaking, the findings from the spin-off study of Islamic banks can be generalized into four discourses: policy, the market for Islamic banks, performance/efficiency of Islamic banks, and several other matters. Lastly, from the four discourses above, the authors suggest eight future studies that are still interesting to study. Theoretical contribution/Originality: By mapping important findings related to the Islamic bank spin-off along with eight suggested future studies, this research’s results are expected to be a reference and inspiration for scholars in conducting further research related to the Islamic bank spin-off. Keywords: Islamic Bank; Spin-Off; Sinta; Scopus Introduction Islamic banking is still an interesting topic to discuss (Biancone et al., 2020; Zuhroh, 2022) since Islamic banks are one of the fastest-growing financial institutions in the world. Today, more than 70% of the Islamic finance industry is dominated by the banking sector (Alshater et al., 2021; Anwar et al., 2020, p. 519). The banking sector also plays an essential role in a country's economic development (Tasnia et al., 2021; Zafar & Sulaiman, 2019). Thus, without the role of intermediary institutions played by the banking sector, sustainable economic growth will be difficult to achieve (Imam & Kpodar, 2016; Rizvi et al., 2020). As such, most countries involved in studies related to Islamic banks have a majority Muslim population (Trinugroho et al., 2018). Indonesia, as a AFFILIATION: 1 Department of Sharia Economics, Faculty of Islamic Economics and Business, Universitas Islam Negeri Antasari Banjarmasin, South Kalimantan, Indonesia 2 Department of Islamic Guidance and Counseling, Faculty of Tarbiyah and Teacher Training, Universitas Islam Negeri Antasari Banjarmasin, South Kalimantan, Indonesia 3 Department of Accounting, Faculty of Economics and Business, Universitas Muhammadiyah Yogyakarta, Special Region of Yogyakarta, Indonesia *CORRESPONDENCE: mahmudyusuf@uin-antasari.ac.id DOI: 10.18196/jai.v24i2.17736 CITATION: Yusuf, M., Abduh, M. R., & Sofyani, H. (2023). Islamic bank spin-off: a systematic literature review. Journal of Accounting and Investment, 24(2), 355- 384. ARTICLE HISTORY Received: 26 Jan 2023 Revised: 11 Feb 2023 Accepted: 11 Feb 2023 This work is licensed under a Creative Commons Attribution-Non-Commercial- No Derivatives 4.0 International License JAI Website: https://scholar.google.co.id/citations?user=MKbRtnoAAAAJ&hl=en&oi=ao https://scholar.google.co.id/citations?hl=en&user=nSFY9g0AAAAJ https://www.scopus.com/authid/detail.uri?authorId=57203309417 https://febi.uin-antasari.ac.id/ekonomi-syariah/ https://febi.uin-antasari.ac.id/ekonomi-syariah/ https://febi.uin-antasari.ac.id/ekonomi-syariah/ https://febi.uin-antasari.ac.id/ekonomi-syariah/ https://febi.uin-antasari.ac.id/ekonomi-syariah/ https://ftk.uin-antasari.ac.id/profile-bkpi/ https://ftk.uin-antasari.ac.id/profile-bkpi/ https://ftk.uin-antasari.ac.id/profile-bkpi/ https://ftk.uin-antasari.ac.id/profile-bkpi/ https://ftk.uin-antasari.ac.id/profile-bkpi/ https://accounting-feb.umy.ac.id/ https://accounting-feb.umy.ac.id/ https://accounting-feb.umy.ac.id/ https://accounting-feb.umy.ac.id/ mailto:mahmudyusuf@uin-antasari.ac.id http://dx.doi.org/10.18196/jai.v24i2.17736 https://crossmark.crossref.org/dialog/?doi=10.18196/jai.v24i2.17736&domain=pdf https://journal.umy.ac.id/index.php/ai/article/view/17736 Yusuf, Abduh, & Sofyani Islamic bank spin-off: a systematic literature review Journal of Accounting and Investment, 2023 | 356 country with the largest Muslim population in the world, certainly has its charm for researchers (Rizvi et al., 2020). Until 2021, scientific publications related to Islamic banks in Indonesia have reached 500 papers (Marlina et al., 2021). It is inseparable from the condition of Indonesia as a country with the largest Muslim population in the world, which is certainly very potential for Islamic banking. Additionally, Islamic banking in Indonesia is unique compared to other countries, which lies in its institutional form (Widarjono et al., 2020). In specific, Islamic banks operating in Indonesia can be divided into Sharia Commercial Banks (SCB) and Sharia Business Units (SBU) (Mutia et al., 2019; Yuspin & Wardiono, 2017). SCBs are Islamic banks that stand alone and have their company, while SBUs are only divisions of conventional commercial banks that provide sharia services to their customers (Yuspin & Wardiono, 2017). Then, based on Law No. 21 of 2008 concerning Islamic Banking, it is stated that Islamic Business Units must carry out a separation or spin-off from the conventional bank, which is the parent, on condition that the total assets owned have reached 50% of the parent bank's assets or reached a period of 15 years after the law established (Al Arif et al., 2017). An Islamic bank spin-off can be interpreted as an attempt to separate the SBUs from conventional banks in Indonesia so they can stand independently and make a new Islamic commercial bank. From this, it is clear that the Islamic bank spin-off concept contrasts the bank merger concept, combining two or more banks to increase capital and advance business (Yuspin & Fauzie, 2018). Therefore, it is not wrong if the Islamic bank spin-off is said to be something unique and only happens in Indonesia (Al Arif et al., 2018). The uniqueness of the spin-off issue of Islamic banks in Indonesia is unfortunately not supported by extensive academic studies (Al Arif, 2015b; Al Arif et al., 2018). Hence, this study aims to meet this gap by exploring the extent of studies related to Islamic bank spin- offs to date using the systematic literature review analysis method. In this case, the systematic literature review analysis focused on three objectivities: research objectives/backgrounds, methods, and findings related to Islamic bank spin-offs. It was performed to map important findings related to the Islamic bank spin-off, eventually generating future research suggestions. Moreover, the journals used in this research were reputable national journals indexed by Sinta and those indexed by Scopus. Sinta (Science and Technology Index) is a journal indexer managed by the Ministry of Education, Culture, Research and Technology of the Republic of Indonesia, containing all journals in Indonesia (Ahmadi, 2019; Rahardja et al., 2019). On the other hand, Scopus is an indexer of reputable international journals, which has been the main source for citations to date. Besides, the interdisciplinary review of Scopus journals has significant power for studying and comparing different scientific fields (Mongeon & Paul-Hus, 2016). Through this research, this paper can provide a comprehensive overview of the findings produced in Islamic bank spin-off studies, which eventually contribute to mapping future research potential. Yusuf, Abduh, & Sofyani Islamic bank spin-off: a systematic literature review Journal of Accounting and Investment, 2023 | 357 Literature Review Spin-off Simply put, a spin-off can be interpreted as separating the company's asset management into separate entities that ultimately create new subsidiaries or companies (Chemmanur et al., 2014; Feldman, 2016). Applying this scheme, the new company develops business ideas already existing in the old company (parent). In this case, the development of a new company can be in the form of transferring technology and resources and restructuring or improving previous business ideas (Fryges & Wright, 2014). By employing the spin-off, it is expected that subsidiaries can focus more on innovating in developing their products. As such, the company’s growth will be more progressive (Pearce & Patel, 2022). Nonetheless, alliances and support from other larger companies are important for new spin-off companies to improve their performance and innovation (Hagedoorn et al., 2018). Spin-off of Islamic Bank in Indonesia Historically, the development of Islamic banks in Indonesia began with Bank Muamalat as the first Islamic bank (Ridwan & Mayapada, 2022). It was supported by Law No. 7 of 1992, which later inspired the creation of a dual banking system (conventional and sharia/Islamic). Islamic banks are defined in this law as those with a profit-sharing system (Al Arif, 2017; Setyowati, 2019). However, Indonesia then officially adopted the dual banking system with Law No. 10 of 1998, which regulates in detail the legal basis and types of business that Islamic banks can run (Al Arif, 2017; Masse & Rusli, 2018). Then, in 2008, Law No. 21 of 2008 was issued, one of Indonesia's most important juridical elements for developing the Islamic banking industry (Yasin, 2016). With this law in place, the Islamic banking industry in Indonesia has become more stable and stronger (Ghofur & Sulistiyono, 2017). One of the crucial points contained in Law No. 21 of 2008 is a regulation regarding Islamic bank spin-off (Al Arif, 2017), where in article 68 paragraph (1), it is stated that for conventional banks that have Sharia Business Units with an asset value of at least 50% of its parent bank’s total asset value or have been established 15 years after the enactment of the law, it is obligatory to spin-off an Islamic Business Unit to become an Islamic Commercial Bank (Al Arif et al., 2017). The objectives of holding this Islamic bank spin-off at least include 1) increasing the Islamic banking industry to contribute more to the economy, 2) enhancing the independence of Islamic banks, 3) proving that Islamic banks have better performance, and 4) improving sharia compliance (Al Arif et al., 2017). Nevertheless, studies on Islamic bank spin-offs are still very limited today (Al Arif, 2015b; Al Arif et al., 2018). It is unfortunate, considering that spin-off Islamic banks only exist in Indonesia, which certainly has its charm for researchers (Rizvi et al., 2020, p. 1). Therefore, studies related to Islamic bank spin-offs should be further improved. As far as the authors’ investigation went, no one has conducted a systematic literature review of spin-off studies of Islamic banks found in Sinta and Scopus-indexed journals. For this reason, this Yusuf, Abduh, & Sofyani Islamic bank spin-off: a systematic literature review Journal of Accounting and Investment, 2023 | 358 research is expected to provide a comprehensive overview of important findings related to the Islamic bank spin-off so that, in the end, it can become a reference and inspiration for other scholars in conducting further research related to the Islamic bank spin-off. Research Method This library research used a systematic literature review method. In doing so, collecting, evaluating, integrating, and presenting findings from various studies related to certain topics were conducted (Pati & Lorusso, 2018). Specifically, this research comprised three stages: collection, assessment, and presentation. The collection stage was carried out using the Publish or Perish search engine. In this case, the collection was performed two times. The first collection was conducted using the Google Scholar database to find studies on Islamic bank spin-offs in Sinta-indexed journals. The results of this collection were selected through the website https://sinta.kemdikbud.go.id/ to ensure that the collected journals were indexed by Sinta. The Sinta index was chosen as it could present findings related to Islamic bank spin- offs from reputable national journals. The keywords used were “Islamic Bank Spin-Off” and “Sharia Bank Spin-Off,” with all-time spans. The second collection was conducted using the Scopus database. Scopus is a database as the main source for citations to date. In addition, the interdisciplinary review of this database has significant power for the study and comparison of different scientific fields (Mongeon & Paul-Hus, 2016). In this study, Scopus was selected since it is deemed capable of presenting the latest and significant findings regarding Islamic bank spin-offs from reputable international journals. The keywords used were “Islamic Bank Spin-Off,” with all timeframes. The assessment stage was carried out by employing the website https://sinta.kemdikbud.go.id/ to ensure that the journals from the first submission were actually indexed by Sinta. In this case, the authors only included national journals accredited in Sinta 1 and Sinta 2 to ensure the prestige of these journals. As for Scopus- indexed international journals, the second submission results were assessed using the SCImago Journal & Country Rank via the website https://www.scimagojr.com/. SCImago Journal & Country Rank is a free metrics journal website that provides bibliometric indicators of the most widely used journals from various countries and fields of knowledge (Mañana-Rodríguez, 2015). In this study, the SCImago Journal & Country Rank was employed to ensure that the journals collected from the second submission were indeed Scopus indexed at the time the paper was published (not at this time to avoid bias). It was also conducted to find out the Quartile of the journals collected to know the "prestige" of the journal concerned at the time of publishing the paper (not the current Quartile to avoid bias). https://sinta.kemdikbud.go.id/ https://www.scimagojr.com/ Yusuf, Abduh, & Sofyani Islamic bank spin-off: a systematic literature review Journal of Accounting and Investment, 2023 | 359 Furthermore, the presentation stage was performed to explore three objectivities of this study, including research objectives/backgrounds, methods, and findings related to the Islamic bank spin-off. It aimed to map important findings related to the Islamic bank spin- off, eventually generating future research suggestions for other researchers. The process of this study can be illustrated in Figure 1. Figure 1 Systematic Literature Review Process Flow Results and Discussion Islamic Bank Spin-Off Study on Sinta Indexed Journals Based on data collection using the Publish or Perish search engine, various papers related to Islamic bank spin-offs were found. However, these papers were still mixed between theses, dissertations, and journals indexed by Sinta and not indexed at all. Therefore, the authors conducted an assessment using the website https://sinta.kemdikbud.go.id/ to ensure. It should be underlined here that the authors only used Sinta 1 and Sinta 2 as journal criteria, given that they have high credibility and prestige compared to other Sinta rankings. Based on selections and assessments, 24 papers related to Islamic bank spin-offs in national journals indexed in Sinta 1 and Sinta 2 were identified, as presented in Table 1. First collection of the Google Scholar Database Second Collection of the Scopus Database Assessment Using https://sinta.ke mdikbud.go.id/ Assessment Using https://www.s cimagojr.com/ Presentation of Synthesis: Objectives, Methods, and Findings Islamic Bank Spin-off Study Mapping and Future Research Identification https://sinta.kemdikbud.go.id/ Yusuf, Abduh, & Sofyani Islamic bank spin-off: a systematic literature review Journal of Accounting and Investment, 2023 | 360 Table 1 Islamic Bank Spin-off Study on Sinta Indexed Journals Author Title Publication Content Journal/ Sinta Purposes Data Analysis/ Method Main Result Umam (2010) Peningkatan ketaatan syariah melalui pemisahan (spin-off) unit usaha syariah bank umum konvensional [Increasing sharia compliance through the spin-off of conventional commercial bank sharia business units] Mimbar Hukum [Legal Platform] Faculty of Law, Universitas Gadjah Mada (Sinta 2) Knowing the mechanism of SBU spin- off into SCB and its implications for sharia compliance Law, PBI, and other relevant literature Literature study (Qualitative) Spin-off can be achieved by 1) establishing a new SCB and 2) transferring the rights and obligations of SBU to the existing SCB. A spin-off is also considered to increase sharia compliance. Nasuha (2012) Dampak Kebijakan Spin-Off Terhadap Kinerja Bank Syariah [Impact of Spin-Off Policy on Sharia Bank Performance] Al-Iqtishad: Jurnal Ilmu Ekonomi Syariah [Al- Iqtishad: Journal of Islamic Economics] (Sinta 2) Knowing the performance of Islamic banks before and after conducting spin-offs BNI Syariah, BRI Syariah, BJB Syariah, BSB, and Bank Victoria Syariah. Wilcoxon Signed Ranks Test (Quantitative) There is a difference in the performance of Islamic banks before and after the spin-off. Al Arif (2014) Spin-off and its impact on the third- party funds of Indonesian Islamic banking industry Economic Journal of Emerging Markets (Sinta 1) Examining the impact of spin-offs on Third- Party Funds of Islamic banking Statistics on Islamic Banking in Indonesia Ordinary Least Square Regression (Quantitative) Spin-offs have an impact on Third-Party Funds of Islamic banking in Indonesia. Yusuf, Abduh, & Sofyani Islamic bank spin-off: a systematic literature review Journal of Accounting and Investment, 2023 | 361 Table 1 Islamic Bank Spin-off Study on Sinta Indexed Journals (Cont’) Author Title Publication Content Journal/ Sinta Purposes Data Analysis/ Method Main Result Al Arif (2015c) The effect of spin-off policy on financing growth in Indonesian Islamic banking industry Al-Ulum (Sinta 2) Examining the impact of spin-offs on the growth of Islamic banking financing BNI Syariah, BRI Syariah, Bukopin Syariah, and BJB Syariah (2005- 2014). Panel analysis regression with fixed effect (Quantitative) Spin-offs have no impact on the growth of Islamic banking financing. Al Arif (2015a) Keterkaitan kebijakan pemisahan terhadap tingkat efisiensi pada industry perbankan syariah di Indonesia [The relationship of separation policy to the level of efficiency in the Islamic banking industry in Indonesia] Jurnal Keuangan dan Perbankan [Journal of Finance and Banking] (Sinta 2) Examining the relationship between spin-off policy and operational efficiency of Islamic banking Statistics on Islamic banking in Indonesia (2006- 2014) Multiple regression with a dummy variable (Quantitative) There is a relationship between the spin-off policy and the operational efficiency of Islamic banking. Hamid (2015) The Impact of Spin-Off Policy to the Profitability on Indonesian Islamic Banking Industry Al-Iqtishad: Jurnal Ilmu Ekonomi Syariah [Al- Iqtishad: Journal of Islamic Economics] (Sinta 2) Examining the impact of spin-offs on Islamic banking profitability Statistics on Islamic Banking in Indonesia Ordinary Least Square Regression with Dummy Variable (Quantitative) Spin-offs have an impact on Islamic banking profitability. Yusuf, Abduh, & Sofyani Islamic bank spin-off: a systematic literature review Journal of Accounting and Investment, 2023 | 362 Table 1 Islamic Bank Spin-off Study on Sinta Indexed Journals (Cont’) Author Title Publication Content Journal/ Sinta Purposes Data Analysis/ Method Main Result Ramdani (2015) Pengaruh Kebijakan Pemisahan Terhadap Laba Pada Bank BNI Syariah [The Effect of Separation Policy on Profits at Bank BNI Syariah] Jurnal Etikonomi [Journal of Ethics- economics] (Sinta 1) Testing the impact of the spin-off on BNI Syariah's profit BNI Syariah (2007- 2015) Multiple Regression with Dummy Variable (Quantitative) Spin-off has a significant positive impact on BNI Syariah's profit. Rifin et al. (2015) Pemilihan Metode Spin Off Unit Bisnis Syariah Dengan Pendekatan Analisis Faktor (Studi Kasus PT. BNI Syariah dan PT. Bank Syariah BRI) [The Selection of Sharia Business Unit Spin-Off Method with Factor Analysis Approach (Case Study of PT. BNI Syariah and PT. Bank Syariah BRI)] Al- Muzara'ah (Sinta 2) Identifying factors that are taken into consideration in the implementatio n of SBU spin- off Interviews and question naires at BRI Syariah and BNI Syariah Factor Analysis + Pairwise Comparison Matrix (Quantitative) There are six factors considered in the implementatio n of spin-offs: 1) strategic planning, 2) convenience, 3) stakeholder interests, 4) internal orientation, 5) IT management, and 6) infrastructure. The spin-off with the new business entity method considers ease, infrastructure, and strategic planning factors, while the spin-off with the existing business entity method considers IT Yusuf, Abduh, & Sofyani Islamic bank spin-off: a systematic literature review Journal of Accounting and Investment, 2023 | 363 Table 1 Islamic Bank Spin-off Study on Sinta Indexed Journals (Cont’) Author Title Publication Content Journal/ Sinta Purposes Data Analysis/ Method Main Result management factors, stakeholder interests, and internal orientation. Al Arif and Haribowo (2016) Tipe Pemisahan Dan Pengaruhnya Terhadap Laba Pada Bank Umum Syariah Hasil Pemisahan [Types of Separation and Its Effect on Profits at Separation Result Islamic Commercial Banks] Jurnal Keuangan dan Perbankan [Journal of Finance and Banking] (Sinta 2) Examining the impact of spin-off type on the profitability of the spin- off BUS BNI syariah, BRI syariah, Bank Bukopin syariah, and BJB Syariah (2010- 2015) Panel Regression with Random Effect (Quantitative) The spin-off method has no impact on the profit of the spin-off of SCB. Rongiyati (2016) Pengembanga n Perbankan Syariah Melalui Pelaksanaan Kewajiban Pemisahan Unit Usaha Syariah [Development of Sharia Banking through the Liability of Spin-Off of Islamic Business Units] Negara Hukum: Membangun Hukum untuk Keadilan dan Kesejahteraa n [State of Law: Building Law for Justice and Prosperity] (Sinta 2) Knowing the provisions governing the spin-off of Islamic banks and knowing the spin-off efforts made by SBU Bank Aceh Relevant literature Literature study (Qualitative) The 2023 mandatory spin-off provision could be a boost to Islamic banking development. However, some problems exist, such as Bank Aceh being constrained by capital requirements. Sumyati et al. (2016) Office Channeling Pasca Spin Off Bank Bni Diponegoro Law Review (Sinta 2) Knowing the juridical consequence s of the BNI Interviews and some other Empirical juridical with Miles & Huberman The juridical consequences include a) transfer of Yusuf, Abduh, & Sofyani Islamic bank spin-off: a systematic literature review Journal of Accounting and Investment, 2023 | 364 Table 1 Islamic Bank Spin-off Study on Sinta Indexed Journals (Cont’) Author Title Publication Content Journal/ Sinta Purposes Data Analysis/ Method Main Result Syariah Dari Unit Usaha Syariah Syariah spin- off and the office empirical sources analysis (Qualitative) assets and liabilities, b) business Menjadi Bank Umum Syariah [Office Channeling after Bank BNI Syariah Spin-Off from Sharia Business Unit to Become Sharia Commercial Bank] channeling mechanism after the BNI Syariah spin- off activities that were originally based on Article 19 Paragraph (2) of UUPS, switching to being based on Article 19 Paragraph (1) of UUPS, c) transfer of employee status, and d) transfer of customer status. The office channeling mechanism remains the same. Al Arif and Dewanti (2017) Metode spin- off dan tingkat profitabilitas: studi pada bank umum syariah hasil spin-off [Spin-off method and profitability: studies on spin-off Islamic commercial banks] IQTISHADIA: Jurnal Kajian Ekonomi dan Bisnis Islam [IQTISHADIA : Journal of Islamic Economics and Business Studies] (Sinta 2) Examining the impact of the spin- off method on the profitability of the spin- off BUS BNI Syariah, BRI Syariah, Bukopin Syariah, and BJB Syariah (2011- 2016) Data panel regression (Quantitative ) The spin-off method has no impact on the profitability of the spin-off BUS. Haribowo (2017) The Indonesian Islamic Bank's Spin-off: A Study in Regional Development Banks Al-Iqtishad: Jurnal Ilmu Ekonomi Syariah [Al-Iqtishad: Journal of Predicting the ability of SBU at BPD to reach the proportion of 50% of the assets of its parent 13 BPD + Interviews Autoregressiv e Integrated Moving Average (ARIMA) + Simulation (Quantitative ) No SBU of BPD can reach 50% of its parent bank's assets by 2023. Yusuf, Abduh, & Sofyani Islamic bank spin-off: a systematic literature review Journal of Accounting and Investment, 2023 | 365 Table 1 Islamic Bank Spin-off Study on Sinta Indexed Journals (Cont’) Author Title Publication Content Journal/ Sinta Purposes Data Analysis/ Method Main Result Islamic Economics] (Sinta 2) bank to spin- off Descriptive (Qualitative) Poerwokoes oemo (2016) Kinerja Bank Konvensional Pasca Spin Off Unit Usaha Syariah [Performance of Conventional Banks after Sharia Business Unit Spin Off] Jurnal Keuangan dan Perbankan [Journal of Finance and Banking] (Sinta 2) Knowing the performance of conventional banks after the spin-off Bank Bukopin, Bank BRI, Bank Jabar and Banten, Bank BNI Difference test (Quantitative) There is a difference in the performanc e of conventiona l banks before and after the spin-off. Al Arif (2018b) Spin-off, market structure, and deposit funds: case in the Indonesian Islamic banking industry Economic Journal of Emerging Markets (Sinta 1) Testing the relationship between spin- offs, market structure, and deposit funds 11 Islamic Commercia l Banks (2011- 2017) Panel data regression (Quantitative) There is a relationship between spin-offs, market structure, and deposit funds. Al Arif et al., (2018) Evaluation of the Spin-offs Criteria: A Lesson from The Indonesian Islamic Banking Industry IQTISHADIA: Jurnal Kajian Ekonomi dan Bisnis Islam [Journal of Finance and Banking] (Sinta 2) Predicting the ability of SBU to reach the proportion of 50% of the assets of its parent bank to spin-off Four SCB spin-offs, five SBUs, two SCBs Autoregressive Integrated Moving Average (ARIMA) + Simulation (Quantitative) No SBU or SCB can achieve a 50% of assets by 2023. Kuncoro and Yulianto (2018) Kinerja Keuangan Sesudah dan Sebelum Spin Off Unit Usaha Syariah ke Bank Umum Syariah Equilibrium: Jurnal Ekonomi Syariah [Equilibrium : Journal of Knowing the difference in financial performance after and before the Spin-Off of SBU into SCB Bank BCA Syariah, Bank Mandiri Syariah,BRI Syariah, BNI Syariah Paired T-test (Quantitative) There is a difference in financial performanc e after and before the spin-off of Yusuf, Abduh, & Sofyani Islamic bank spin-off: a systematic literature review Journal of Accounting and Investment, 2023 | 366 Table 1 Islamic Bank Spin-off Study on Sinta Indexed Journals (Cont’) Author Title Publication Content Journal/ Sinta Purposes Data Analysis/ Method Main Result [Financial Performance after and before Sharia Business Unit Spin-Off to Islamic Commercial Banks] Islamic Economics] (Sinta 2) and BTPN Syariah (2011- 2013+201 3-2016) SBU into SCB. Setiawan and Sari (2018) Rentabilitas Bank Umum Syariah Sesudah Spin-Off Berdasarkan Tipe Pemisahannya di Indonesia [Rentability of Islamic Commercial Banks after Spin-Off Based on the Type of Separation in Indonesia] Amwaluna: Jurnal Ekonomi dan Keuangan Syariah [Amwaluna: Journal of Islamic Economics and Finance] (Sinta 2) Examining the impact of separation type on profitability BNI Syariah, BJB Syariah, BRI Syariah, dan Bukopin Syariah Mann Whitney u-test (Quantitative) Both pure and impure separation have the same quality in terms of profitability. Prasetyo et al. (2019) The Role of Capital on Islamic Bank Spin-Offs in Indonesia The Southeast Asian Journal of Manage ment (Sinta 2) Determining the minimum capital an Islamic bank should have after the spin- off to compete in the market and achieve excellent performance Five small banks with capital under 5 trillion Regression of Ordinary Least Square (Quantitative) The amount of bank capital (IDR 800 billion, IDR 1 trillion, IDR 1.2 trillion, and IDR 1.5 trillion) is proven to have a significant impact. The higher the capital, the better the bank's performance. Rusydiana et al. (2019) Spin Off Policy of Sharia Bank: Is It Profitable? Al-Iqtishad: Jurnal Ilmu Knowing the efficiency of SBU that have BRI Syariah, BNI Data Envelopment There is a decrease in efficiency in Yusuf, Abduh, & Sofyani Islamic bank spin-off: a systematic literature review Journal of Accounting and Investment, 2023 | 367 Table 1 Islamic Bank Spin-off Study on Sinta Indexed Journals (Cont’) Author Title Publication Content Journal/ Sinta Purposes Data Analysis/ Method Main Result Ekonomi Syariah Syariah, BJB Analysis + Paired Sample SBU that conducts [Al-Iqtishad: Journal of Islamic Economics] (Sinta 2) conducted spin-offs Syariah, Bukopin Syariah (2008- 2010) T-test (Quantitative) spin-offs, although it is not significant. Al Arif et al. (2020) The Alternative Strategies for Accelerating Islamic Banking Growth: Mergers, Spin- Offs, Acquisitions and Conversions Al-Ulum (Sinta 2) Predicting and determining alternative strategies that SBU can carry out to accelerate its business growth Interviews + 20 SBU SWOT (Qualitative) + ARIMA (Quantitative) No SBU can reach 50% of the assets of its parent bank. Alternative strategies that can be used include conversion, merger, or acquisition. Hadziq et al. (2022) Reanalysis Of Spin-Off Islamic Banks in Indonesia: Efficient or Not? Amwaluna: Jurnal Ekonomi dan Keuangan Syariah [Amwaluna: Journal of Islamic Economics and Finance] (Sinta 2) Testing the impact of spin- offs on the efficiency of Islamic banks in Indonesia Five SCBs and five SBU (2011- 2019) Data Envelopment Analysis (Quantitative) Spin-offs reduce the efficiency of Islamic banks in Indonesia. Nabilah and Al Arif (2022) Spin-off and efficiency in Islamic banks: DEA approach Jurnal Ekonomi & Keuangan Islam Examining the impact of spin- offs on the efficiency of Islamic BRI Syariah, Bukopin Syariah, Data Envelopment Analysis (Quantitative) Spin-offs do not have a significant impact on the efficiency Yusuf, Abduh, & Sofyani Islamic bank spin-off: a systematic literature review Journal of Accounting and Investment, 2023 | 368 Table 1 Islamic Bank Spin-off Study on Sinta Indexed Journals (Cont’) Author Title Publication Content Journal/ Sinta Purposes Data Analysis/ Method Main Result [Journal of Islamic Economics & Finance] (Sinta 2) banks and comparing the efficiency of the spin-off and non-spin- off Islamic banks BJB Syariah, BNI Syariah + Bank Mandiri Syariah and Bank Mega Syariah (2008- 2020) of Islamic banks.In addition, the efficiency of spin-off Islamic banks is much lower than non-spin- off Islamic banks. Rayyani et al., (2022) The Magnitude of Market Power between SCBs and SBUs: the Root Cause of Stagnancy of the Growth in Islamic Banking Industry and Spin-off Policy as its Solution Ikonomika: Jurnal Ekonomi dan Bisnis Islam [Ikonomika: Journal of Islamic Economics and Business] (Sinta 2) Knowing the effect of market power on SCB and SBU, as well as its relation to spin-off policy SCB dan SBU (2015- 2020) Lerner Index, t- test, correlation test (Quantitative) SBU has a higher market power than SCB, but unfortunately, the market power is absorbed by the conventional bank as its parent. With the spin-off, Islamic banking will gain greater market power. Table 1 shows that three papers from Sinta 1 and 21 from Sinta 2 were found. These studies were conducted in 2010, 2012, and 2014 with one paper for each. This figure then fluctuated with the number of studies of five papers in 2015, three in 2016 and 2017, four in 2018, two in 2019, only one in 2020, and then three in 2022. One quite interesting thing is that Al Arif was a very dominating scholar for this research topic; as the first author, he had eight papers related to the Islamic bank spin-off in the Sinta-indexed journal. For details, the development of Islamic bank spin-off studies in national journals indexed by Sinta 1 and Sinta 2 can be seen in Figure 2. Studies related to Islamic bank spin-offs in Sinta-indexed journals focused on two issues: law and economics. Although the study related to the Islamic bank spin-off initially came from the discipline of law conducted by Umam (2010), in subsequent developments, the discipline of economics dominated much more, with a total of 21 papers beating the legal discipline, which only had three papers. Yusuf, Abduh, & Sofyani Islamic bank spin-off: a systematic literature review Journal of Accounting and Investment, 2023 | 369 From a legal standpoint, Islamic bank spin-off regulations indicate that spin-off can be pursued with two types of separation: 1) establishing a new SCB and 2) transferring SBU rights and obligations to the existing SCB. In addition, a spin-off is also considered capable of increasing sharia compliance and encouraging the development of Islamic banks in Indonesia (Rongiyati, 2016; Umam, 2010). However, spin-off regulations that require capital or assets of at least 50% from the parent bank are difficult to fulfill (Rongiyati, 2016). Then, the implementation of Islamic bank spin-off regulations will also lead to several legal consequences, such as 1) transfer of assets and liabilities, 2) transfer of terms of business activities, 3) transfer of employee status and 4) transfer of customer status (Sumyati et al., 2016). Figure 2 Development of Islamic Bank Spin-off Studies in the Sinta Indexed Journals From an economic perspective, most research aimed to examine the impact of the Islamic bank spin-off on the banking industry in Indonesia. In general, the findings from these studies showed that Islamic bank spin-offs impacted banking performance in Indonesia, both in new Islamic banks from spin-off policy (Kuncoro & Yulianto, 2018; Nasuha, 2012) and in abandoned conventional banks themselves (Poerwokoesoemo, 2016). Specifically for Islamic banks, the impacts included an increase in third-party funds or deposits (Al Arif, 2014, 2018b; Nasuha, 2012), increasing profitability (Hamid, 2015; Ramdani, 2015), and increasing market structure and power (Al Arif, 2018b; Rayyani et al., 2022), but decrease in efficiency (Al Arif, 2015a; Hadziq et al., 2022; Nabilah & Al Arif, 2022; Rusydiana et al., 2019). As for financing, some studies found that spin-offs impacted the financing provided (Nasuha, 2012). However, some studies also revealed different results, indicating that spin-offs did not impact financing provided by Islamic banks (Al Arif, 2014, 2015b). Furthermore, studies also examined the impact of the spin-off type used on Islamic banks, but all findings uncovered that the spin-off type had absolutely no impact on Islamic banks, both in terms of profitability (Al Arif & Dewanti, 2017; Al Arif & Haribowo, 2016; Setiawan & Sari, 2018). Besides, many studies aimed to predict SBU's ability to meet the requirements for the proportion of 50% of assets from the parent bank. All research showed that the requirement for the proportion of 50% of assets would not be able to be achieved in 2023 (Al Arif et al., 2020; Al Arif et al., 2018; Haribowo, 2017). Therefore, Yusuf, Abduh, & Sofyani Islamic bank spin-off: a systematic literature review Journal of Accounting and Investment, 2023 | 370 alternatives such as mergers, conversions, and acquisitions are more recommended than spin-offs (Al Arif et al., 2020). Even so, if the banks still want to spin off, the capital from the concerned banks should be at least IDR 800 billion, IDR 1 trillion, IDR 1.2 trillion, or even IDR 1.5 trillion. It will later impact spin-off Islamic banks' performance (Prasetyo et al., 2019). Finally, in an Islamic bank spin-off, several factors need to be considered, such as 1) strategic planning, 2) convenience, 3) stakeholder interests, 4) internal orientation, 5) IT management, and 6) infrastructure (Rifin et al., 2015). Regarding the research method, the quantitative approach was the most widely used in Islamic bank spin-off studies, with 19 papers from 24 papers. Meanwhile, qualitative and mixed methods were found in three and two papers, respectively. Quantitative and mixed methods were used in economics, while qualitative methods were employed in law. Islamic Bank Spin-Off Study on Scopus Indexed Journals Ten papers related to Islamic bank spin-offs were discovered based on data collection using the Publish or Perish search engine. Then, by using the SCImago Journal & Country Rank via the website https://www.scimagojr.com/, the authors conducted an assessment to ensure the Quartile of the journal in question with details; Q1 with two papers, Q2 with one paper, Q3 with four papers, Q4 with one paper, and the remaining two papers did not have Quartiles status yet. Table 2 details Islamic bank spin-off studies in Scopus- indexed international journals. Table 2 Islamic Bank Spin-off Studies in Scopus Indexed International Journals Author Title Publication Content Journal/ Quartile1 Purposes Data Analysis/ Method Main Result Al Arif (2017) Spin-off and market share in the Indonesian Islamic banking industry: A difference in difference analysis Management & Marketing (Q3) Examining the impact of spin-offs on the market share of Islamic banks BNI Syariah, BRI Syariah, Bukopin Syariah, BJB Syariah, Bank Mandiri Syariah, and Bank Mega Syariah (2005- 2016) The difference in difference analysis (Quantitative) Spin-offs reduce Islamic banks’ market share. 1 Not the current Quartile, but the Quartile when the paper was published. https://www.scimagojr.com/ Yusuf, Abduh, & Sofyani Islamic bank spin-off: a systematic literature review Journal of Accounting and Investment, 2023 | 371 Table 2 Islamic Bank Spin-off Studies in Scopus Indexed International Journals (Cont’) Author Title Publication Content Journal/ Quartile2 Purposes Data Analysis/ Method Main Result Al Arif et al. (2017) The Islamic banking spin- off: Lessons from Indonesian Islamic banking experiences Journal of King Abdulaziz University, Islamic Economics (Q3) Examining the impact of spin- offs on Islamic bank performance BNI Syariah, BRI Syariah, Bukopin Syariah, BJB Syariah, Bank Mandiri Syariah, and Bank Mega Syariah (2005- 2015) + interviews and questionnaire The difference in difference analysis (Quantitative) + Qualitative Spin-offs do not have a significant impact on the performance of Islamic banks. Yuspin and Wardio no (2017) Islamic banking trajectories of Indonesia: Dealing with the present and shaping the future. International Journal of Economic Research (Q2) Conducting legal analysis on Islamic bank spin-off regulations Law No. 21 the Year 2008; Literature study Qualitative Islamic bank spin-off regulations are legally appropriate for the future development of Islamic banks. Al Arif et al. (2018) Spin-off policy and efficiency in the Indonesian Islamic banking industry Banks and Bank Systems (Q3) Examining the impact of spin- offs on the efficiency of Islamic banks BNI Syariah, BRI Syariah, Bukopin Syariah, BJB Syariah, Bank Mandiri Syariah, and Bank Mega Syariah (2005- 2015) The difference in difference analysis (Quantitative) Spin-offs reduce the efficiency of Islamic banks. Yuspin and Fauzie (2018) The effectiveness of Spin-off as a breakthrough in promoting Islamic Banking in Indonesia. Journal of Social Sciences Research (Q3) Knowing the effectiveness of Islamic bank spin-off regulations Literature study; Interviews and observa tions at Bank Bukopin Syariah and BNI Syariah Analysis of Friedman’s legal system theory (Qualitative) In terms of legal effectiveness, implementing Islamic bank spin-offs has not been effective. 2 Not the current Quartile, but the Quartile when the paper was published. Yusuf, Abduh, & Sofyani Islamic bank spin-off: a systematic literature review Journal of Accounting and Investment, 2023 | 372 Table 2 Islamic Bank Spin-off Studies in Scopus Indexed International Journals (Cont’) Author Title Publication Content Journal/ Quartile3 Purposes Data Analysis/ Method Main Result Al Arif (2018a) Can the spin-off policy accelerate the deposit funds in the Indonesian Islamic banking industry? Journal of Business & Retail Management Research (Q4) Examining the impact of spin- off policies on the growth of Islamic bank deposits BNI Syariah, BRI Syariah, Bukopin Syariah, BJB Syariah (2005- 2016) Panel regression with fixed effect (Quantitative) The spin-off policy positively impacts the growth of Islamic bank deposits. Al Arif et al. (2019) Market Structure, Spin-Off, and Efficiency: Evidence from Indonesian Islamic Banking Industry Emerging Markets Finance and Trade (Q1; Q2) Testing the impact of spin- offs on the market structure and efficiency (performance) of Islamic banks Bank Mandiri Syariah, Bank Muamalat, Bank Mega Syariah, BNI Syariah, BRI Syariah, BJB Syariah, Bukopin Syariah, Bank Victoria Syariah, Bank Panin Syariah, BCA Syariah (2011-2017) Panel regression analysis (Quantitative) With spin-offs, the market structure of Islamic banks increases, but the performance of Islamic banks do not. Fahmi and Septiarini (2020) Does the spin-off policy change the shariah bank financial ratio? Opcion (Quartile not found but Scopus indexed on 2008-2020); Examining the impact of spin- offs on the financial ratios of Islamic banks BNI Syariah (2007-2012), BRI Syariah (2006-2011), Bukopin Syariah (2006- 2011), BTPN Syariah (2011- 2016) Different Test (Quantitative) Spin-off does not have a significant effect on the financial ratios of Islamic banks,and spin-off does not affect the decline in the financial performance of Islamic banks in Indonesia. 3 Not the current Quartile, but the Quartile when the paper was published. Yusuf, Abduh, & Sofyani Islamic bank spin-off: a systematic literature review Journal of Accounting and Investment, 2023 | 373 Table 2 Islamic Bank Spin-off Studies in Scopus Indexed International Journals (Cont’) Author Title Publication Content Journal/ Quartile4 Purposes Data Analysis/ Method Main Result Yuspin and Nurwanti (2020) Islamic banking structure post spin-off policy: Indonesian perspective International Journal of Innovation, Creativity, and Change (Quartile not found but Scopus indexed on 2013-2020); Knowing the ideal concept of Islamic banking in Indonesia Literature study + interviews and observations at OJK Solo and BNI Syariah Surakarta Qualitative The ideal concept of Islamic banking in Indonesia is in the form of SCB. Trinugro ho et al. (2021) Is spin-off policy an effective way to improve performanc e of Islamic banks? Evidence from Indonesia. Research in International Business and Finance (Q1) Examining the impact of spin- offs on the performance, efficiency, and risk of Islamic banks All Islamic banks in Indonesia, both SCB and SBU in conventional banks (2008- 2019) The difference in difference analysis (Quantitative) Spin-offs reduce the performance and efficiency of Islamic banks and increase bank risk. Based on Table 2, it was found that there were only ten studies related to the spin-off of Islamic banks in journals indexed by Scopus, where this study began in 2017 with three papers, three papers in 2018, only one paper in 2019, two papers in 2020, and only one paper in 2021. As in Sinta journals, Al Arif’s journals also dominated Scopus as the first author with five papers related to the Islamic bank spin-off. Apart from that, Ms. Yuspin was also quite active with her three papers discussing Islamic bank spin-offs from a legal perspective. For details, the development of Islamic bank spin-off studies in international journals indexed by Scopus can be seen in Figure 3. Figure 3 Development of the Islamic Bank Spin-off Study in the Scopus Indexed Journals 4 Not the current Quartile, but the Quartile when the paper was published. Yusuf, Abduh, & Sofyani Islamic bank spin-off: a systematic literature review Journal of Accounting and Investment, 2023 | 374 Studies related to Islamic bank spin-offs in Scopus-indexed journals also focused on two disciplines: law and economics. From a legal perspective, the studies aimed to legally analyze Islamic bank spin-off regulations regarding legal suitability, idealism, and effectiveness. From an economic perspective, all research aimed to examine the spin-off's impact on market structure, market share, performance, efficiency, growth of deposit funds, and financial ratios to the risk of Islamic banks. In terms of method, quantitative was the most widely used approach in Islamic bank spin- off studies, with a total of six papers. There were three papers and one paper for qualitative and mixed methods, respectively. On average, the quantitative method was used in economics, while the qualitative method was employed in the legal discipline. In terms of research results, findings in the law showed that the spin-off policy is in accordance with the development of Islamic banks and is predicted to positively impact the development of Islamic banks in the future (Yuspin & Wardiono, 2017). In addition, the concept of SBC launched by the spin-off policy is indeed an ideal form of an Islamic bank (Yuspin & Nurwanti, 2020). However, even so, it turns out that the policy implementation is still ineffective (Yuspin & Fauzie, 2018). Research findings in the economics discipline revealed that spin-offs positively impacted the market structure of Islamic banks by increasing the number of SBCs (Al Arif et al., 2019) and raising deposit funds (Al Arif, 2018a). On the other hand, spin-offs also had a negative impact in the form of a decrease in market share, performance, and efficiency and an increase in the risk of Islamic banks (Al Arif, 2017; Al Arif et al., 2017; Al Arif et al., 2018; Trinugroho et al., 2021). However, regarding the performance of Islamic banks, spin-off policy could not be fully blamed for the decline in Islamic bank performance because, in fact, some studies showed that spin-offs did not have a significant impact on the financial ratios and performance of Islamic banks (Al Arif et al., 2019; Fahmi & Septiarini, 2020). Discussion Studies related to the spin-off of Islamic banks in reputable journals indexed by Sinta and Scopus have been started since 2010. During this period, 34 papers were found where from all the studies, the following points could be concluded: In terms of background, so far, research related to Islamic bank spin-offs in the field of law aimed to conduct a legal analysis of Islamic bank spin-off regulations in terms of legal suitability, legal idealism, and legal effectiveness. In the economic field, most research aimed to examine the impact of spin-offs, including on market structure, market share, performance, efficiency, growth of deposit funds, financial ratios, and risk of Islamic banks. In addition, many studies aimed to predict SBU's ability to meet the requirements for the proportion of 50% of assets from the parent bank. Concerning methodology, studies on Islamic bank spin-offs often used qualitative methods in the field of law and quantitative methods in the field of economics. Therefore, future research can use this method selection pattern as a reference. Yusuf, Abduh, & Sofyani Islamic bank spin-off: a systematic literature review Journal of Accounting and Investment, 2023 | 375 Regarding findings, the studies of Islamic bank spin-offs have at least reached four research discourses, as follows: Spin-off Policy in Islamic Banks The spin-off regulation is considered appropriate and is predicted to positively impact the future development of Islamic banks in Indonesia (Yuspin & Wardiono, 2017). It is because the SCB concept proclaimed by the spin-off policy is indeed an ideal form of an Islamic bank (Yuspin & Nurwanti, 2020). In addition, a spin-off is deemed capable of increasing sharia compliance from Islamic banks in Indonesia (Rongiyati, 2016; Umam, 2010). However, implementing the Islamic bank spin-off policy is still ineffective (Yuspin & Fauzie, 2018). One of the highlights is the provision of spin-off regulations that require a minimum of 50% capital or assets from the parent bank, which is relatively difficult to fulfill (Rongiyati, 2016). It is corroborated by findings in the economic field, which predict that no SBU will be able to achieve a proportion of 50% of the assets of its parent bank in 2023 (Al Arif et al., 2020; Al Arif et al., 2018; Haribowo, 2017). From this, several issues can still be studied in further research, including; 1) Is it necessary to revise the minimum asset requirement of 50% from the parent bank? 2) Is it true that the prediction states that no SBU will be able to reach the proportion of 50% of assets from its parent bank in 2023? Spin-Off and Market of Islamic Banks Spin-off can improve the market structure of Islamic banks by increasing the number of SCBs (Al Arif, 2018b; Al Arif et al., 2019). On the other hand, an increase in the number of SCBs will reduce market power due to increased competition between Islamic banks (Al Arif, 2017). Even so, it is actually debatable because today, SSCBs have had higher market power than SCBs, but unfortunately, this market power has been absorbed by the conventional banks that are the parent companies (Rayyani et al., 2022). Through the spin-off method, by changing SBU from conventional banks to SCB, some of the market power in conventional banks will automatically switch to SCB resulting from the spin-off. As such, in the end, SCB will get greater market power (Rayyani et al., 2022). However, to this day, there are still very few studies examining this phenomenon. Thus, it is an interesting research area for the future. Spin-off and Performance/Efficiency of Islamic Banks In general, Islamic bank spin-off impacts banking performance in Indonesia, both in Islamic banks resulting from the spin-off itself (Kuncoro & Yulianto, 2018; Nasuha, 2012) and in conventional banks that were abandoned (Poerwokoesoemo, 2016). Nevertheless, if examined in more detail, there is much debate regarding the impact of the spin-off on the performance and efficiency of Islamic banks in Indonesia. It is actually inseparable from the differences in the variables used. Generally, there are differences in the performance of Islamic banks before and after the spin-off (Nasuha, 2012). In this case, findings indicate that spin-offs reduce the Yusuf, Abduh, & Sofyani Islamic bank spin-off: a systematic literature review Journal of Accounting and Investment, 2023 | 376 performance of Islamic banks, including findings from Kuncoro and Yulianto (2018) and Trinugroho et al. (2021). On the other hand, other findings also denote that spin-off did not significantly impact both positively and negatively on the performance of Islamic banks, including findings from Al Arif et al. (2017) and Fahmi and Septiarini (2020). Therefore, future research can review the impact of the spin-off on the performance of Islamic banks in Indonesia, of course, with more massive variables, samples, and spans of Islamic bank financial reports. Regardless of whether it is significant or not, all existing findings showed that spin-offs reduced the efficiency of Islamic banks (Al Arif, 2015a; Al Arif et al., 2018; Al Arif et al., 2019; Hadziq et al., 2022; Nabilah & Al Arif, 2022; Rusydiana et al., 2019; Trinugroho et al., 2021). However, in terms of assets, the spin-off had no impact on Islamic bank assets (Al Arif et al., 2017). Meanwhile, in terms of profitability, all findings revealed that spin- offs positively impacted the profitability of Islamic banks in Indonesia (Hamid, 2015; Ramdani, 2015). Concerning risk, spin-offs have been proven to increase the risk of Islamic banks (Trinugroho et al., 2021). Regarding the growth of deposit funds, spin-off, according to most studies, has been proven to increase the growth of Islamic bank deposit funds (Al Arif, 2014, 2018b, 2018a). However, one study by Al Arif et al. (2017) uncovered that the spin-off had no impact on Islamic bank deposit funds. Hence, future research can review the impact of spin-offs on the growth of deposit funds of Islamic banks in Indonesia, of course, with a larger sample of Islamic banks and a longer financial reporting period. In terms of financing provided, some findings signify that spin-offs had no impact on the growth of Islamic bank financing (Al Arif, 2015c), but other findings also indicate that spin- offs have been proven to significantly increase Islamic bank financing (Al Arif et al., 2017). For that reason, future research can review the impact of spin-offs on Islamic bank financing in Indonesia, of course, with a larger sample of Islamic banks and a longer financial reporting period. Other Issues Related to Islamic Bank Spin-Off Before executing the spin-off, several factors need to be considered first: 1) strategic planning, 2) convenience, 3) stakeholder interests, 4) internal orientation, 5) IT management, and 6) infrastructure (Rifin et al., 2015). In addition, the capital factor is no less important. The amount of bank capital of IDR 800 billion, IDR 1 trillion, IDR 1.2 trillion, and IDR 1.5 trillion has proven to impact bank performance significantly. In other words, the greater the capital owned, the better the performance of spin-off Islamic banks (Prasetyo et al., 2019). Suppose it is related to spin-off regulatory provisions that require capital or assets of at least 50% from parent banks which are relatively difficult to fulfill. In that case, further research might be able to examine whether the capital requirements in the form of a minimum percentage of 50% from parent banks need to be changed to the minimum capital requirements in nominal terms (e.g., IDR 800 billion, IDR 1 trillion, IDR 1.2 trillion, and IDR 1.5 trillion). Yusuf, Abduh, & Sofyani Islamic bank spin-off: a systematic literature review Journal of Accounting and Investment, 2023 | 377 The implementation of Islamic bank spin-offs can be pursued by two methods: 1) establishing a new SCB and 2) transferring SBU rights and obligations to existing SCB (Umam, 2010). Both spin-off methods also need to consider the six factors previously mentioned. However, the spin-off with the first method needs to focus more on convenience, infrastructure, and strategic planning factors, while the spin-off with the second method should focus more on IT management factors, stakeholder interests, and internal orientation (Rifin et al., 2015). Nonetheless, it is important to note that spin-off is not the only method of developing Islamic banks. Some have suggested alternatives besides spin-offs, including conversions, mergers, and acquisitions (Al Arif et al., 2020). In this case, further research might be able to compare the performance of Islamic banks from spin-offs, conversions, mergers, and acquisitions. Future Research for Spin-off of Islamic Bank The authors offer eight future studies of the four discourses discussed previously, as presented in Table 3. Table 3 Future Research Spin-off Bank Islam Discourse Current findings Future Research Referral Reference Spin-off Policy - Spin-off regulations that require a minimum capital or assets of 50% of the parent bank are difficult to fulfill. - It is predicted that no SBU will be able to reach the 50% asset proportion of its parent bank by 2023. 1) Re-analysis of asset requirement of at least 50% of parent bank + legal solution 2) Proof of the prediction that no SBU will be able to reach 50% of its parent bank’s assets by 2023 Yuspin and Fauzie (2018); Rongiyati (2016); Al Arif et al. (2020); Al Arif et al. (2018); Haribowo (2017) Islamic Bank Spin- offs and Markets - The increase in SCB will reduce market power due to increased competition among Islamic banks. - Through the spin-off method, by changing the SBU at a conventional bank into an SCB, some of the market power in conventional banks will automatically move to the spin-off SCB so that, in the end, Islamic banking will get greater market power. 3) Proving which variable has a more significant influence on the market power of Islamic banks, is it the increasing number of competitors among Islamic banks or the additional market power absorbed from SBU conventional banks? Al Arif (2017) Rayyani et al. (2022) Yusuf, Abduh, & Sofyani Islamic bank spin-off: a systematic literature review Journal of Accounting and Investment, 2023 | 378 Table 3 Future Research Spin-off Bank Islam (Cont’) Discourse Current findings Future Research Referral Reference Spin-offs and Islamic Bank Performance - Spin-offs reduce the performance of Islamic banks. - Spin-offs have no significant impact and do not reduce the performance of Islamic banks. 4) Re-examining the impact of spin-offs on the performance of Islamic banks in Indonesia, of course, with more massive variables, samples, and periods of Islamic bank financial statements Nasuha (2012) Al Arif et al. (2017); Kuncoro and Yulianto (2018); Fahmi and Septiarini (2020); Trinugroho et al. (2021) - Spin-offs are proven to increase the growth of Islamic bank deposit funds - The spin-off has no impact on Islamic bank deposit funds 5) Re-examining the impact of spin-offs on the growth of Islamic bank deposit funds in Indonesia, of course, with a larger sample of Islamic banks and a longer period of financial statements Al Arif (2014, 2018b, 2018a); Al Arif et al. (2017) - Spin-offs have no impact on the growth of Islamic bank financing. - Spin-offs are proven to increase Islamic bank financing significantly. 6) Reviewing the impact of spin- offs on Islamic bank financing in Indonesia, of course, with a sample of Islamic banks with a more massive financial report period Al Arif (2015c); Al Arif et al. (2017) Other spin- off-related matters The amount of bank capital of IDR 800 billion, IDR 1 trillion, IDR 1.2 trillion, and IDR 1.5 trillion impacts bank performance significantly. It denotes that the greater the capital owned, the better the performance of the spin-off Islamic bank. - Spin-off regulations that require a minimum capital or assets of 50% of the parent bank are difficult to fulfill. - It is predicted that no SBU will be able to reach the 50% asset proportion of its parent bank by 2023. 7) Changing the capital requirement in the form of a minimum percentage of 50% from the parent bank to a minimum capital requirement in nominal form (e.g., IDR 800 billion, IDR 1 trillion, IDR 1.2 trillion, and IDR 1.5 trillion) as a legal solution. Prasetyo et al. (2019); Yuspin and Fauzie, (2018); Rongiyati (2016) Al Arif et al. (2020); Al Arif et al, (2018); Haribowo (2017) - Suggestions to consider alternatives to spin-offs include conversion, merger, or acquisition. 8) Proving the comparative performance of Islamic banks resulting from spin-offs, conversions, mergers, and acquisitions Al Arif et al. (2020). Yusuf, Abduh, & Sofyani Islamic bank spin-off: a systematic literature review Journal of Accounting and Investment, 2023 | 379 From a policy perspective, the spin-off regulation is considered appropriate and is predicted to positively impact the development of Islamic banks in Indonesia in the future. However, the parent bank’s minimum asset requirement of 50% is predicted to be difficult to fulfill. Future research that still has gaps in studying consists of two issues: 1) a legal solution to the problem of a minimum asset requirement of 50% and 2) empirical evidence predicting that these requirements are difficult to fulfill in 2023, as many scholars have claimed. In terms of market structure, the spin-off was found to have a positive impact by increasing the number of SCBs in Indonesia. In the future, at least one future research still has gaps in studying, i.e., to examine which variables have a more significant influence on the market power of Islamic banks, for instance, the increasing number of competitors among Islamic banks or additional market power absorbed from SBU conventional banks. Concerning performance/efficiency, the impact of the spin-off includes increased profitability, decreased efficiency, and increased risk from Islamic banks. Thus, the authors propose three areas of future research that still have gaps in the study: the impact of spin-offs on 1) performance, 2) deposit funds, and 3) financing growth from Islamic banks. Finally, two spin-off methods can be used, and both are equally good. In this case, several factors should be considered; the relatively crucial one is the capital factor. In addition, some have suggested alternatives besides spin-offs, including conversions, mergers, and acquisitions. Future research that still has gaps to research consists of two: 1) changes in minimum asset requirements from a minimum percentage to a minimum amount and 2) a comparison of the performance of Islamic banks from spin-offs, conversions, mergers, and acquisitions. Conclusion Studies related to the spin-off of Islamic banks in reputable journals indexed by Sinta and Scopus have been started since 2010. During that period, 34 papers were found that discussed issues related to the spin-off of Islamic banks, of which 24 papers were indexed by Sinta and ten papers indexed by Scopus. Islamic bank spin-off studies on Sinta and Scopus-indexed journals were oriented towards two disciplines: law and economics. The method most widely used was the quantitative method. 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