JISIB-vol-12_Nr-1(2022) (3).pdf Journal of Intelligence Studies in Business Vol. 12 No. 1 (2022) Open Access: Freely available at: https://ojs.hh.se/ pp. 34–43 Sharia Compliance, Islamic Corporate Governance, and Fraud: A study of Sharia Banks in Indonesia Dedik Triyanto Received 29 June 2022 Accepted 17 November 2022 ABSTRACT This study aims to examine the effect of Islamic Corporate Governance and Sharia Compliance on indications of fraud occurring in Indonesia’s Islamic Banks from 2016 to 2020. The independent variables are Islamic Corporate Governance and Sharia Compliance with Islamic Commercial Banks. The population in this study were all Islamic Banks registered in the purposive sampling method. In this study, there were 11 Islamic Banks with a 5 years research period so that the total sample used in this study amounted to 55. The analytical method used in this study was logistic regression which was processed using SPSS version 25. The results of this study indicate that the Islamic Corporate Governance variable has a positive in Islamic Commercial Banks while Sharia Compliance with the proxy of Islamic Income Ratio does not affect the indications of the occurrence of frauds in Islamic Commercial Banks. KEYWORDS: 1. INTRODUCTION The existence of a type of bank clinging to the Islamic principle shall promise the pub- lic trust towards the security upon things that against Islamic sharia. On the contrary, the Indonesian public trust on the Sharia Bank is far less compared with conventional that implements its activities based on Islamic sharia principles stated in the Al-Quran and Banks must adhere to the rules and regula- tions that apply to the contracts in the Islamic commercial transaction jurisprudence or . With its nature of existence which inherently following the Islamic principle, there should entail the people’s trust guaran- tee in security to avoid things that are not fol- in the practice of Indonesian public trust, the trust in Islamic banks is still very less than that of conventional banks. Based on data the Islamic Bank market share in March 2019 occupies only 5.94% of the total banking market share in Indonesia (Otoritas Jasa Keuangan, 2019). This shows that public interest in Islamic banks is still relatively very low. The performance evaluation applied to the Islamic Banks tends to prioritize solely on its performance obliges the same ratio as found Banks should not neglect the Islamic princi- ple that needs to be applied to Islamic Banks - ria elements themselves cannot promise the guarantee that an institution is free from fraud. Recall that as of now, there are still 35 fraud cases that occur in Islamic Banks. One of the fraud cases at Bank Syariah Mandiri for IDR 1,100,000,000,000 where the sub- mission of debtor funds did not used accord- ing to the proposal when the money was dis- bursed referring the indications that the funds Although fraud-prone to occur anywhere, fraud in Islamic Banks is very contrary to Islamic principles adhered closely to Islamic Banks. The corporate governance weaknesses found related to governance weaknesses in Islamic banking companies, namely (Marheni, 2017) The banks are required to carry out regular self-assessments on the implementation of Good Corporate Governance based on rankings of 11 factors that are concluded as complete values, then the results of the assessment will be ranked (1 to 5) with the smaller indicates the better (Nelson, 2014). Ironically, real-world imple- mentation of Bank Mandiri Syariah which is cases) compared to ranked-2 (good) BTPN Syariah with no fraud committed in 2017. According to (Abdi, 2017), the implementation of Good Corporate Governance can be used in efforts to prevent fraud in the Islamic Banks. Islamic Corporate Governance is an import- ant issue related to governance weaknesses in the Islamic banking and is also dominated by the Sharia Bank compliance with the sharia principles since Sharia Bank management is deemed unable to guarantee sharia compli- ance in the banking services provided (Ansori, 2014). The low compliance with sharia princi- ples provides an opportunity for fraud commit- ted in the Islamic Banks. According to Marheni (2017), the Islamic Disclosure Index can be uti- lized to measure Sharia compliance indicators and the indicators employed in this study is Islamic Income Ratio is the income derived from Islamic activities and investments in compliance with the principles of Islamic law. The Islamic Income Ratio is the ratio between the halal income obtained compared to the total income consisting of total Islamic income and non-halal income. With the implementation of Islamic principles and corporate governance in Islam, the practice of fraud will be reduced. The higher level of compliant Bank Syariah to Islamic principles in its governance is, the Muamalat Bank whose Islamic income of 87% of its total income, there were still 35 cases of fraud in 2017. While in Mega Syariah Bank with 75% Islamic Income Ratio, there were only 3 cases of fraud occurred in 2017. It suggests that despite the good adherence to Islamic principles, it does not necessarily indi- cate the lean possibility of fraud. According - sharing ( and partnership shar- ing ( a Sharia Bank has implemented a strong sha- based on sharia principles, the possibility of fraud will even be smaller. - reduces the possibility of fraud at the Islamic Banks. Panin Syariah Bank, with a prof- it-sharing ratio of 84% higher than that of BNI Syariah Bank with 23%, has fraud occurrence was spotted. This study refers to research con- ducted by Rahmayani & Rahmawaty (2017), the difference in research lies in the inde- pendent variable used is Sharia Compliance. They further noticed that Islamic Corporate of fraud at Islamic Commercial Banks. According to Mohamed I, Cholins G, Opong, & Avison (2017) found that Dynamic Corporate - - according to In’airat (2016), Corporate fraud. This is in line with the study conducted by Sitti (2016) where Dynamic Corporate Governance has a positive effect on fraud. prevention. It means that the implementation of the Corporate Governance mechanism in Islamic Banks by observing and implementing all Islamic principles could decrease the occur- rence of fraud Abdi (2017). In addition, accord- governance prone corporate management to commit fraud. 36 According to Marheni (2017), the Islamic effect on fraud. The research aligns with Ratio has a negative effect on fraud, but Sharia Compliance which is proxied by Islamic Income (2013) suggest that Sharia Compliance does not affect sharia banking compliance with sha- ria principles. Based on the phenomenon upon the afore- mentioned cases and the inconsistencies in the previous research, the research related to fraud in Islamic Banks becomes interesting to be revisited. This study aims to determine the partial effect between Islamic Income Ratio Governance. Also, it is to understand partially Ratio and Islamic Corporate Governance to the indication of fraud. The last, it is to observe Sharing Ratio on indications of fraud through Islamic Corporate Governance. 2. THEORY 2.1 The Effect of Islamic Income Ration on Islamic Corporate Governance The performance of Sharia Bank could be mea- sured with the following indicators: Islamic 2020). To obtain good performance, decent company management is required. Prior stud- ies indicated that Islamic Income Ration has a positive correlation on Islamic Corporate Governance (Meilani, 2016). This reveals that the higher the level of Islamic Income Ration or performance 2.2 The Effect of Islamic Income Ration on Islamic Corporate Governance The performance of Sharia Bank could be mea- sured with the following indicators: Islamic 2020). To obtain good performance, decent company management is required. Prior stud- ies indicated that Islamic Income Ration has a positive correlation on Islamic Corporate Governance (Meilani, 2016). This reveals that performance of Sharia Bank is in correspon- dence with the implementation level of Islamic Corporate Governance on Sharia Bank. 1: Islamic Income Ratio has positive effects on Islamic Corporate Governance in Sharia Bank Islamic Corporate Governance One of many reasons that sharia bank has of management ability to monitor operational activities, or in other words, it has a low imple- mentation of Islamic Corporate Governance (Sapuan, Sanusi, Ismail, & Wibowo, 2016). Prior study found the positive correlation between Ratio, the higher the management implementa- tion based on Sharia laws (Alhammadi, Archer, Padgett, & Abdel Karim, 2020). 2: has positive effects on Islamic Corporate Governance in Sharia Banks. 2.4 The Effects of Islamic Income Ratio on Fraud The sharia principle forbids usury, and - actions. Therefore, Sharia Bank only procure the income from halal source as A study found that Islamic Income Ratio has a negative effect on fraud (Marheni, 2017) When a Sharia Bank adheres and conducts its business according to sharia principles by reducing non-halal income or usury, minimize fraud is expected because the management of funds is based on Islamic principles and prudence. Thus, if Islamic income increases, the possibility of fraud will decrease because Islamic income that is following sharia princi- ples is an indication of Islamic Bank compli- ance with sharia principles. So, the hypothesis proposed in this study is: effect on fraud on Sharia Bank. on Fraud on sharia principles. Per UU No. 21 of 2008 con- - ing in sharia banking is carried out through and contracts 37 - pliance with sharia principles is low, it will potentially initiated fraud. Therefore, a guar- antee is needed for the application of sha- ria principles in all customer fund manage- ment. Studies conducted by Marheni (2017) fraud indications in Sharia Bank. Thus, when - nant in Islamic banks, the fraud gets lesser. So, the hypothesis proposed in this study is: 4 effect on fraud in Sharia Banks 2.6 The Effects of Islamic Corporate Governance on Fraud - cial institution based on Islamic principles becomes a demand for Sharia Banks in imple- menting good corporate governance and fol- lowing Islamic corporate governance. Islamic banks have a higher management risk if com- pared to Conventional Banks. Thus, a man- agement that is per Islamic principles requires Wulandari, 2016). By implementing Islamic Corporate Governance, it should be an added value to Sharia banks in giving indications and impressions to the public that Islamic institutions, especially Sharia banks, are safer and more eager to avoid cheating prac- tices, even though fraud can occur anywhere (Mahmood & Islam, 2016). This is supported fraud can occur due to a lack of proper man- agement. Sharia banks are obliged to adhere to sharia principles in carrying out their busi- ness and are expected to minimize fraud. According to Abdi (2017) and Ansori (2014), good corporate management negatively affects internal fraud. The Islamic Corporate Governance Model, if implemented properly, will have an impact on reducing the level of Razimi, 2016). So, the hypothesis proposed in this study is: 5: Islamic Corporate Governance nega- 3. DATA AND METHODS 3.1 Study Characteristics According to Sugiyono (2016), research is a sci- - poses. This study uses a quantitative method, a method that uses data in the form of numbers (statistics) or can be in the form of qualitative data that is converted into numbers (scoring). regression equation are Islamic Income Corporate Governance as the dependent vari- able. The independent variables in the second regression equation are Islamic Income Ratio, Governance with an indication of the fraud occurrence as the dependent variable. 3.3 Population and Sample In this study, the population is all Islamic Commercial Banks registered with Keuangan) in the 2016-2020 period. Moreover, the sample is Sharia Bank registered with 2020 period which was selected by meeting the sample requirements using a purposive H3 H1 H5 H2 H4 Islamic Income Ratio (X1) Profit Sharing Ratio (X2) Islamic Corporate Governance (Y) Fraud (Z) 38 sampling technique. Purposive sampling or judgment sampling is a sampling technique that is based on certain criteria (Sugiyono, 2016). The criteria for sampling in this study are as follows: 3.4 Data Analysis Technique and Hypothesis Testing According to Sugiyono (2016) data analysis techniques act as quantitative data process- ing. In quantitative research, the character- istics of the sample in proportion, percent, or mean and standard deviation are described by the authors. Estimation of the strength of variable relationships and statistical hypoth- esis testing is also conducted by authors. In this study, panel data regression analysis and logistic regression analysis were used. 3.5 Panel Data Regression Analysis According to Basuki & Prawoto (2016) panel data regression is a combination of cross-sec- - tion model in this study has 2 independent Sharing Ratio, and a dependent variable: Islamic Corporate Governance. The panel data regression formula is as follows: Information: : a : Constants : : 3.7 Logistic Regression Analysis According to Sekaran & Bougie (2017), logistic regression as a mathematical model approach that can be used as a description of the relationship between several independent variables and a bound variable consists of two categories. Because the dependent variable is of two categories (fraud and not fraud) leaves the logistic regression analysis as the most appropriate to be used in the second research model. Essentially, the logistic regression anal- ysis holds the same principle as discriminant analysis, but the difference lies in the type of data from the dependent variable (Siyoto & Ali, 2016). Besides, the purpose of using logistic regression is to predict the size of the depen- dent variable in the form of a binary or dummy variable. The equation form of logistic regres- sion according to Ghozali (2013) is as follows: Ln = FD1 – P Where : Ln = FD 1 – P : fraud committed in the Sharia Banks a : Constant : Islamic Corporate Governance : Islamic Income Ratio 4. RESULTS The Sharia compliance variables characterized Ratio hold a ratio scale data that can go through Sampling Criteria, No. Criteria Quantity 1 13 2 Sharia Banks with consistent GCG report and annual report (2016–2020) (0) 3 Sharia Banks with unpublished GCG and annual report but have complete required data (2016–2020) (2) 4 Sample quantity of Sharia Bank 11 5 Study ample quantity (11 x 5) 55 Descriptive Statistic Analysis of the Data Ratio. Variable N Minimum Maximum Mean Std. Deviation 55 .561 .997 .91880 .09385 55 .007 1.00 .45307 .28063 39 mean, standard deviation, minimum point, and maximum point. Based on table 2, the results of descriptive statistical analysis show that the Islamic Income Ratio variable has the low- est and the highest value of 0.561 and 0.997, respectively. Besides, it has the mean or aver- age and the standard deviation of 0.91880 and 0.09385, respectively. The average value which is greater than the standard deviation indicates that the Islamic Income Ratio data is grouped and does not vary or does not spread far from the average. The results of descriptive statistical analy- the lowest and the highest values of 0.007 and 1.00, respectively. Whereas the average value and a standard deviation are 0.45307 and 0.28063, respectively. The greater average value compared with its standard deviation does not vary or group. Islamic Income Ratio Percentage of Sharia Bank within the period of 2016-2020. Islamic Income Ratio Sample Percentage Mean (0.91880) 55 100% 36 66% 19 34% Based on table 3, 2016 to 2020 data for 55 samples of Sharia Commercial Banks consists of 29 Sharia Banks (66% of Sharia Commercial Banks) showed an above-average value. This means that 36 out of 55 samples have per- formed their Islamic income ratios well or have complied with Sharia Bank principles by mak- ing more income based on sharia principles. The remaining 19 Sharia Commercial Banks, i.e. 34% Sharia Banks, are below the average. This means that there are 19 out of 55 samples shave not complied with sharia principles and there are still large amounts of non-halal income the above and below average samples of Islamic Income Ratio, it suggests that the above-average is superior. It can be concluded that the Private Sharia Banks’ adherence to the principle is cat- egorized as averagely good. Sample Percentage Mean (0.45307) 55 100% 27 49% 28 51% Based on the Table 4, 2016 to 2020 data for 55 samples of Sharia Commercial Banks consists of 27 Sharia Banks, i.e. 50% of Sharia Commercial Banks, showed an above-average value. It means that 27 out of 55 samples of Sharia Commercial Banks have complied with - the remaining 28 Sharia Commercial Banks or 50% Sharia Banks are below the average. This means that there are 28 Sharia Commercial Banks out of 55 samples remains lack com- the above and below an average sample of - tributed. Thus, some private Sharia Banks have complied with sharia principles by - it-sharing principles, namely and contracts. On the other hand, some private Sharia Banks have not complied - neling more funding with other contracts other Analysis of Descriptive Statistic of Islamic Corporate Governance Descriptive Statistic of Islamic Corporate Governance. Criteria Frequency Percentage Excellent 18 33% Good 31 56% Acceptable 6 11% Jumlah 55 100% Based on Table 5, Sharia Banks holds a excellent predicate with a total value of less than 1.5 for Islamic Corporate Governance from 2016 to 2020. It means that 18 of 55 sam- ples or 33% of Sharia Banks have implemented Good Corporate Governance very well. Islamic Banks possessing excellent predicate includes Bank BCA Syariah, Bank Syariah Mandiri, and Bank Panin Syariah. Islamic Banks with good predicate with a complete value of 1.5 to 2.5 are 31. It means that 31 out of 55 samples or 56% of Islamic Banks have implemented Good Corporate Governance well. Sharia Banks with good titles include BNI Syariah Bank, BRI Syariah Bank, Mega Syariah Bank, BTPN Syariah Bank, and Bukopin Syariah Bank. Then the Sharia Banks with acceptable predicate with a value of 2.5 to 3.5 are as many as 6. It means that 6 out 40 of 55 samples or 11% of Sharia Banks are acceptable in implementing Good Corporate Governance. Sharia banks with acceptable titles include Bank Muamalat, Maybank there are no Sharia Banks with the predicate of bad or having a value of more than 3.5. It means that in this study, there is no Sharia the implementation of Islamic Corporate Governance. In this study, from 55 samples of Sharia Banks in the 5 years of the study period, the average Sharia Banks had a value of 1.5 55 samples or 56%, meaning that more Sharia Banks with Islamic Corporate Governance were categorized as “Good”. 4.1 Descriptive Statistic Analysis on the Fraud Occurrence Indications Occurrence Indications. Criteria Frequency Percentage Non-Fraud 21 38 Fraud 34 62 Total 55 100 Table 6 shows that in the variable indica- tion of fraud from 55 samples of Islamic Banks, as many as 21 samples or 38% did not indi- cate fraud. During the 5 year study period of Sharia Banks, a fraud was not spotted includ- ing BCA Syariah Bank (2016 to 2020), BTPN Syariah Bank, Bukopin Syariah Bank, and Maybank Syariah (2016 to 2017), and BNI Syariah Banks (in 2020). Whereas 34 samples or 62% were indicated as committed a cheat or indicated fraud. The number of companies indi- cated by fraud indicates that the internal con- trol in the Islamic Banks is not robust enough. Also, it means that more Sharia Banks have ever indicated fraud. Based on data for 5 years of the study period, fraud cases at Islamic Banks occurred more prevalently at Bank Muamalat. In the last two years, there have been 83 and 35 cases of fraud committed by permanent employees in 2019 and 2020, respectively. 4.2 Regression Analysis of the Data Panel Model R R Square Std. Error of the Estimate 1 .122a .15 .59613 Table 7 shows that the R Square value of 0.15 is obtained. This can be interpreted that the combination of Sharia Compliance which is indicated by the Islamic Income Ratio and on the Islamic Corporate Governance variable by the amount of 15%. While 85% of Islamic by other factors. B S.E. Sig. ICG 1.324 ,836 ,051 Step 1a IIR -20.385 3,269 ,059 PSR -1,324 1,662 ,368 Constant 1,404 3,436 ,683 As shown in Table 8, the Islamic Corporate - effect on fraud indication in Sharia Bank. 4.3 The Effect of Islamic Corporate Governance on Fraud Indication Logistic regression testing on Islamic Corporate 1 hypoth- esis. Thus, could be said that Islamic Corporate Governance partially has no effect on fraud indication. Description Fraud Indicated Not Fraud Indicated Total n Per- cent- age n Per- cent- age higher than the average (>1,89) 22 73% 8 27% 30 lower than the average (<1,89) 6 43% 8 57% 14 Total 28 16 55 the Sharia Bank has a complicit value of 1.5- 2.5 with 1.89 as the average. All of 55 sam- ples, 30 of them have higher than the average 41 value while the rest of them have lower than - tioned, 22 samples (73%) have fraud indi- cation, and the other 8 (27%) have no fraud indication. In line with the theory, the higher the complicit value, the more fraud will be indicated. Whereas from 14 samples with lower than the average value (<1.89), 6 of them have fraud indication and the other 8 have no fraud indication. Complicit value of <2.5 shows the excellency of management in or very good management systems are still having fraud indication, both from higher or lower than the average category. The Effects of Islamic Indocme Ration on Logistic regression result of the Islamic 2 hypothesis is rejected. Thus, the Islamic Income Ratio par- tially does not affect fraud Indication. Description Fraud Indicated No Fraud Indicated Total n Per- cent- age n Per- cent- age higher than the average 16 56% 13 44% 29 lower than the average 12 80% 3 20% 15 Total 28 16 55 Based on research (Marheni, 2017), when Islamic Income Ration is high and the fraud indication is low, it means that the Sharia Bank already executed the Sharia principle. Bank with fraud indications mainly comes from the group with IIR higher than the aver- the average, as many as 16 samples (56%) have fraud indication and the other 15 samples (44%) have no fraud indication. Thus, although the Islamic Income Ratio is well implemented, there is no indication that Sharia Bank is clear from fraud. This also shows that income activ- ity with the Sharia principle has no effects on fraud. This study is aligned with another study that there is no effect of Islamic Income Ration on fraud. 3 hypothesis is rejected. Sharia Banks. Description Fraud Indicated No Fraud Indicated Total n Per- cent- age n Per- cent- age higher than the average 11 50% 11 50% 22 lower than the average 17 77% 5 23% 22 Total 28 16 55 both of the groups with PSR higher and lower than the average. But, from 22 samples with IIR lower than the average, as many as 17 sam- ples (77%) have fraud indication. Therefore, Sharia Banks with PSR lower than the aver- age is more likely to have fraud indication. indication, as many as 11 samples came from from 16 samples with no fraud indication, 11 of those data, could be concluded that the level of PSR of Sharia Bank does not affect its fraud indication, with the proof from Table 11 that both groups with PSR higher and lower than the average have fraud indication. Path Analysis of Direct and Indirect Effect. Variable Direct Indirect Total 0.480 0.136 -20.385 0.636 -19.749 -1.324 0.180 -1.155 1.324 attained that the direct effect of Islamic Income Ration on fraud is -20.385 that is greater than - cient of 0.180. These data reveal that Islamic Corporate Governance is not an intervening variable which correlate Islamic Income Ration 42 5. CONCLUSIONS AND IMPLICATION Corporate Governance from Common Sharia Banks from 2016-2020 has the complicit aver- age value within the “Good” category. Thus, there were more Sharia Bank with good Islamic Corporate Governance implementation. The Sharia Banks that possess the highest Bank from 2016-2020 and Mandiri Sharia Bank from 2016-2020. The other Sharia Bank with the “Rather Good” category is Muamalat Bank from 2016-2020. Moreover, Sharia Compliance with Islamic Income Ratio proxy in Sharia Banks from the 2016-2020 period, there was 29 out of 55 banks have higher than the aver- age. Thus, more Sharia Bank has implemented its Islamic Income Ration or already follow- ing the sharia principle by focusing on Islamic income and reducing usury. The average Islamic Income Ratio is lower than its deviation standard, which means that the data are clus- tered and not far-placed from the average. On Sharing Ration proxy on Sharia Banks from 2016-2020; there were equally 22 banks with lower and higher than the average value out of 55 samples. These data depict that Sharia Banks is not stern on sharia principles in terms - deviation, which means that the data is not varied and not scattered away from its average. On fraud indication on Sharia Banks from 2016-2020, there were 28 out of 55 samples have fraud indication. The other 16 have no fraud indication, and they are BCA Sharia Bank from 2016-2020, BTPN Sharia Bank from 2016- 2020, Bukopin Sharia Bank from 2016-2017, Maybank Sharia from 2016-2017, BNI Sharia Sharia Bank on 2016. Simultaneously, Islamic Corporate Governance and Sharia Compliance with Islamic Income Ratio proxy are affecting fraud indication. Islamic Corporate Gover- nance is partially affecting fraud indication on common Sharia Bank with positive direction. Sharia compliance with Islamic Income Ratio proxy is partially not affecting fraud indication Sharing Ratio is partially affecting fraud indi- cation on Sharia Bank in a negative direction. Based on dan testing, the value of is 0.35, which means that the combination of Islamic Corporate Governance and Sharia Compliance with Ratio proxy are capable to explain the detec- tion of variable on fraud indication as much as 35%. The other 65% is explained by other factors than in this study. Thus, future stud- ies expected to add other independent vari- ables, for instance, the sharia compliance with Moreover, more samples also expected since this study is focused on Sharia Banks thus of this study, the complicit value could be used as consideration for customers to decide where whose goals are improving market share and garnering customers, it is integral to pay atten- tion to factors than affect fraud, since Sharia Bank has a strength that should be potential if managed properly. Not to mention in the coun- try with a predominantly Muslim country such as Indonesia. 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