Bisakah Bank Muamalat Indonesia Menghindari Kesulitan Keuangan? Sebuah Investigasi Teori Model Springate
DOI:
https://doi.org/10.26740/jekobi.v8n1.p153-171Keywords:
Financial Distress, ROA, ROE, BOPO, FDR, Springate ModelAbstract
Previous studies on financial distress in Islamic banking have tended to use broad samples. In contrast, this research specifically analyses the potential for financial distress at Bank Muamalat Indonesia, a leading Islamic bank which has recently undergone restructuring. The main objective is to examine how four financial ratios — Return on Assets (ROA), Return on Equity (ROE), Operational Costs to Operating Income (BOPO) and Financing to Deposit Ratio (FDR) influence the bank's financial distress. Additionally, the Springate Model is applied to predict the bank's financial distress during the period from 2016 to 2022, providing dual validation for the findings. A descriptive quantitative methodology was employed, with data sourced from Bank Muamalat Indonesia's quarterly financial statements. Multiple regression analysis indicates that the four financial ratios have no significant effect on financial distress, either partially or simultaneously (p-value > 0.05). Furthermore, analysis using the Springate Model is consistent with these findings. During the observation period, Bank Muamalat Indonesia's S-score consistently remained above 0.862, indicating healthy and stable financial conditions and suggesting that the bank is not predicted to experience financial distress
References
Achmad, A., & Hayet, H. (2024). Predicting Financial Distress in Companies Listed on The Indonesia Sharia Stock Index ( ISSI ): An Examination of The Zmejewski , Springate , and Altman Models. Jurnal Ilmu Ekonomi Islam, 10(02), 1389–1397.
Akkas, E., & Asutay, M. (2025). How Does Economic Uncertainty Affect the Financial Performance and Stability of Islamic and Conventional Bank in Hydrocarbon-Based Rentier Economies? (Erhan Akkas (ed.)). Routledge. https://doi.org/10.4324/9781003500223
Al-tamimi, H. A. H. (2010). Uae Islamic and Conventional National. Global Journal of Business Research, 4(2), 1–9.
Amaniyah, E., Mongid, A., Haryono, N. A., & Hariyati, H. (2025). Financial Distress Prediction Model. Proceedings of the International Joint Conference on Arts and Humanities 2024 (IJCAH 2024), 2024(Ijcah 2024), 1695–1709. https://doi.org/10.2991/978-2-38476-317-7_160
Aminy, M. M., & Sauqi, A. (2020). The Determinants of Islamic Banks’ Stock Prices: Evidence from the GCC Countries. Jurnal Ilmiah Ekonomi Islam, 6(3), 535. https://doi.org/10.29040/jiei.v6i3.1284
Argantara, Z. R., & Choiri, A. (2023). the Effect of Banking Digitalization Through Self-Service Technology on Satisfaction and Loyalty. Iqtishodiyah: Jurnal Ekonomi Dan Bisnis Islam, 9(2), 187–195. https://doi.org/10.55210/iqtishodiyah.v9i2.1052
Asutay, M., & Othman, J. (2020). Alternative measures for predicting financial distress in the case of Malaysian Islamic banks: assessing the impact of global financial crisis. Journal of Islamic Accounting and Business Research, 11(10), 1827–1845. https://doi.org/https://doi.org/10.1108/JIABR-12-2019-0223
Assaji, Jenny Pratiwi, And Zaky Machmuddah. “Rasio Keuangan Dan Prediksi Financial Distress.” Jurnal Penelitan Ekonomi Dan Bisnis 2, No. 2 (2019): 58–67. Https://Doi.Org/10.33633/Jpeb.V2i2.2042.
Astasia, Adina. “Peramalan Tingkat Profitabilitasbank Syariah Dengan Menggunakan Model Fungsi Transfer Single Input” 4 (2020): 12. Https://Journal.Unj.Ac.Id/Unj/Index.Php/Statistika.
Bachri, Saiful, Suhadak, And Muhammad Saifi. “Pengaruh Rasio Keuangan Terhadap Kinerja Keuangan Bank Syariah.” Jurnal Administrasi Bisnis (Jab) 1, No. 2 (2018): 179. Http://Www.Bi.Go.Id.
Ben, Ditiro Alam, Ar Moch. Dzulkirom, And Topowijono. “Studi Pada Perusahaan Property Dan Real Estate Yang Listing Di Bursa Efek Indonesia Pada Tahun 2011-2013.” Jurnal Administrasi Bisnis (Jab) 21, No. 2013 (2015): 1–9. Http://Www.Media.Neliti.Com.
Chester M. Zmijewski, & Fuller, T. C. (2009). HLA and Disease. CRC Critical Reviews in Clinical Laboratory Sciences, 20(4), 285–370. https://doi.org/https://doi.org/10.3109/10408368409165777
Daulay, Muhammad Apis. “Permasalahan-Bank-Muamalat-Pada-Kurun-Waktu-2017-2022.” Kompasiana, 2023.
Diana, H., & Hidayat, D. (2023). Deteksi Kecurangan Laporan Keuangan dan Prediksi Kebangkrutan Perusahaan Sebelum dan Saat Pandemi Covid-19 dengan Menggunakan Perbandingan Pengukuran Model Altman Z –Score, Grover, Springate dan Zmijewski. Al Qalam: Jurnal Ilmiah Keagamaan Dan Kemasyarakatan, 17(1), 255. https://doi.org/10.35931/aq.v17i1.1801
Edward I. Altman. (1968). Financial Ratios, Discriminant Analysis and the Prediction of Corporate Bankruptcy. The Journal of Finance, 23(4), 589–609. https://www.jstor.org/stable/2978933.
Faizy, M. A. N., Nurdin, A. A., & Mayasari, I. (2023). Analisis Perbandingan Prediksi Financial Distress Pada Bank Umum Syariah di Indonesia dan Malaysia Periode 2017-2021 Menggunakan Metode Altman Z-Score Modifikasi. Journal of Applied Islamic Economics and Finance, 3(3), 531–540. https://doi.org/10.35313/jaief.v3i3.5340.
Fatikhul Islam, A., & Yasin, A. (2025). Analysis Of Factors Affecting Interest In Mudharabah Deposits At Bank Syariah Indonesia (BSI) Among The People Of East Java. Jurnal Ekonomika Dan Bisnis Islam, 8(2), 1–19.
Hariono, Andini Febriyanti, And Imam Azizuddin. “Analisis Kinerja Keuangan Terhadap Financial Distress Pada Bank Umum Syariah Di Indonesia Periode 2016-2020.” Jurnal Ekonomi Syariah Teori Dan Terapan 9, No. 2 (2022): 273–85. Https://Doi.Org/10.20473/Vol9iss20222pp273-285.
Hayati, Safaah Restuning, And Mutiah Hanifah Ramadhani. “Analisis Kinerja Keuangan Bank Umum Syariah Melalui Pendekatan Islamicity Performance Index.” Jurnal Ilmiah Ekonomi Islam 7, No. 2 (2021): 970–79. Https://Doi.Org/10.29040/Jiei.V7i2.2253.
Imsar, I., Nurhayati, N., Harahap, I., & Silalahi, P. R. (2024). the Impact of the Halal Industry and Islamic Financial Assets on Indonesia’S Economic Growth Using the Vector Autoregression (Var) Approach. EKUITAS (Jurnal Ekonomi Dan Keuangan), 8(2), 274–287. https://doi.org/10.24034/j25485024.y2024.v8.i2.6299
Ishak, M. S. I., & Asni, F. (2020). The Role of Maqasid Al-Shariʿah in Applying Fiqh Muamalat into Modern Islamic banking in Malaysia. Journal of Islamic Accounting and Business Research, 11(9), 2137–2154. https://doi.org/10.1108/JIABR-12-2019-0224
Marsenne, M., Ismail, T., Taqi, M., & Hanifah, I. A. (2024). Financial distress predictions with Altman, Springate, Zmijewski, Taffler and Grover models. Decision Science Letters, 13(1), 181–190. https://doi.org/10.5267/j.dsl.2023.10.002
Mauluddi, H. A., & Fauziah, S. F. (2022). Analisis Prediksi Kebangkrutan Bank Syariah Dan Bank Konvensional Dengan Metode Altman Z-Score Modifikasi. Jurnal Maps (Manajemen Perbankan Syariah), 6(1), 1–12. https://doi.org/10.32627/maps.v6i1.565.
Mifta Khairiyah, N., Wahyuni, W., & Indriana, I. (2024). Analysis of the Springate Method in Predicting Financial Distress in Banking Companies Listed on the Indonesia Stock Exchange for the 2020-2022 Period. International Journal of Economic Research and Financial Accounting (IJERFA), 2(3), 630–642.
Nakif, Z. A. (2023). Pengaruh Capital Adequacy Ratio dan Financing to Deposit Ratio terhadap Return On Assets : Studi di PT Bank Muamalat Indonesia Tbk Periode 2017-2022 [UIN Sunan Gunung Djati Bandung]. https://digilib.uinsgd.ac.id/70878/
Nor Lailina Ulfa, I. R. (2022). Pengaruh fee based income terhadap return on asset (ROA) di PT. Bank Syariah Mandiri. Al-Ulum, 9(3), 336–347. https://journal.uim.ac.id/index.php/alulum/article/view/1415/900
Nosita, F., & Jusman, J. (2019). Financial Distress Dengan Model Altman Dan Springate. Jurnal Ilmiah Manajemen Dan Bisnis, 20(2), 71–78. https://doi.org/10.30596/jimb.v20i2.3120
Nugraha, S. K., & Rismanty, V. A. (2024). Analisis Prediksi Kebangkrutan dengan Model Altman Z-Score pada Perusahaan Sub-sektor Food and Beverages yang Terdaftar di Bursa Efek Indonesia Periode 2018-2022. Journal of Research and Publication Innovation, 2(4), 1852–1864. https://jurnal.portalpublikasi.id/index.php/JORAPI/index
Nurfadillah, S. P. Y. E. (2024). Accuracy Analysis of the Financial Distress Prediction Model UsingAltman Z-Score, Springate, Zmijewski And Grover in the Oil, Gasand Geothermal Mining Subsectors Listed on theIndonesian Stock Exchange (BEI). Jurnal Ekonomi, 13(01), 2202–2215. https://doi.org/10.54209/ekonomi.v13i01
Oktaviana, U. K., & Miranti, T. (2024). Factors Affecting Financial Stability of Sharia Banks in Indonesia. Shirkah: Journal of Economics and Business, 9(2), 213–228. https://doi.org/10.22515/shirkah.v9i2.563
Prahara, R. S., Sundari, A’yuni, D. S., & Andayani, H. (2023). Maqashid Sharia Index: Reviewing The Financial Performance Of Sharia Banks In Indonesia During The Outbreak. Jurnal Ekonomika Dan Bisnis Islam, 6(3), 11–18. https://journal.unesa.ac.id/index.php/jei
Pulungan, Delyana Rahmawany, Murviana Koto, And Tri Hartini. “Metode Springate Dalam Analisa Potensi Kebangkrutan Perusahaan Properti Di Indonesia.” Prosiding Seminar Nasional Multidisiplin Ilmu Universitas Asahan 2018, No. November (2018): 244.
Rafiqi, I., & Halimah, S. (2024). Analisis Kesehatan Bank Pada Unit Covid-19 Dengan Menggunakan Metode RGEC. Jurnal Masharif Al-Syariah: Jurnal Ekonomi Dan Perbankan Syariah, 9(204), 752–789. https://journal.um-surabaya.ac.id/Mas/article/view/22271
Rafiqi, I., Nuryana, F., Faizah, M., & Jufri, A. (2020). Investigasi Peran Fee Based Income Terhadap Profitabilitas (ROA) di Bank Syariah Indonesia (Studi Kasus Pada PT. Bank Syariah Mandiri Periode 2005-2014). Masyrif: Jurnal Ekonomi, Bisnis Dan Manajemen, 1(2), 123–144. https://doi.org/10.28944/masyrif.v1i2.474
Rafiqi, I., Ulum, M., Hidayat, M. H., & Jufri, A. (2023). Risk Mitigation Strategy in Financing Without Collateral at PT . BPRS Sarana Prima Mandiri Pamekasan. Journal of Islamic Economics Perspectives, 5(2), 94–104.
Rafiqi, I., Yana, S. K. D., Fitriyah, N., Zaitunah, Umairoh, Jamilah, Z., Rohmah, Z., & Cahyaning Catur Utami, M. M. (2021). Pengaruh Participatory Budgeting Dan Informasi Asimetris Terhadap Budgetary Slack Pada Badan Pendapatan, Pengelolaan Keuangan Dan Aset Daerah (BPPKAD) KABUPATEN SUMENEP. Masyrif, 2(1), 37–60. https://www.ejournal.idia.ac.id/index.php/masyrif/article/view/496
Raya Argantara, Mujibno, Eko Priyojadmiko, Z. (2021). Pengaruh Karakteristik Bank Terhadap Profitabilitas Perbankan Syariah Melalui Good Corporate Governance (GCG) Sebagai Variabel Moderasi. LENTERA, 20(2), 276–288.
Saiful, S., Aziza, N., Husaini, H., Nikmah, N., & Fortuna, K. D. (2023). the Impact of New Financial Instrument and Lease Accounting Standard on Financial Performance of Companies. EKUITAS (Jurnal Ekonomi Dan Keuangan), 7(1), 102–127. https://doi.org/10.24034/j25485024.y2023.v7.i1.5565
Sanjaya, Surya. “Analisis Prediksi Kebangkrutan Perusahaan Dengan Menggunakan Metode Altman Z-Score Pada Perusahaan Sektor Perkebunan Yang Terdaftar Di Bursa Efek Indonesia (Bei) Periode 2011-2016.” Jurnal Ilman 6, No. 2 (2018): 54. Http://Journals.Synthesispublication.Org/Index.Php/Ilman.
Santosa, Wijaya Heru. “Peningkatan Kompetensi Analisis Data Kuantitatif Pada Mahasiswa Dengan Model Pembelajaran Kooperatif Jigsaw Ii.” Caraka 4, No. 2 (2018): 1. Https://Doi.Org/10.30738/Caraka.V4i2.2842.
Sari, Mella Katrina, And Sri Eka Sadriatwati. “Analisis Financial Distress Pada Bank Umum Syariah Melalui Metode Regresi Logistik Biner Dan Panel.” Jurnal Akuntansi 5, No. 2 (2020): 187. Https://Doi.Org/10.30736/.V5i2.336.
Septiawan, A., Monoarfa, H., & Cakhyaneu, A. (2024). Analysis Prediction of Financial Distress in Islamic Commercial Banks in Southeast Asia Using the Springate S-Score Method. Journal of Islamic Economic and Business Research, 4(1), 91–107. https://doi.org/10.18196/jiebr.v4i1.232
Simatupang, F. S., Waspada, I., Sari, M., & Yuliawati, T. (2024). Analysis of Financial Distress using the Altman Z-Score Model, Springate Model, Zmijewski Model, and Grover Model. International Journal of Quantitative Research and Modeling, 5(2), 205–214.
Sri Kania Dewi Yana, Nabilatul Fitriyah, Zaitunah, Umairoh, Ziyadatul Jamilah, Zaitur Rohmah, Cahyaning Catur Utami, Mubrikatul Mabruroh, I. R. (2021). Pengaruh Participatory Budgeting Dan Informasi Asimetris Terhadap Budgetary Slack Pada Badan Pendapatan, Pengelolaan Keuangan Dan Aset Daerah (BPPKAD) Kabupaten Sumenep. Masyrif, 2(1), 37–60. https://www.ejournal.idia.ac.id/index.php/masyrif/article/view/496
Suot, Lisa Y., Rosalina A. M. Koleangan, And Indrie D. Palandeng. “Analisis Rasio Keuangan Dalam Memprediksi Kondisi Financial Distress Pada Industri Perbankan Yang Terdaftar Di Bursa Efek Indonesia.” Jurnal Emba : Jurnal Riset Ekonomi, Manajemen, Bisnis Dan Akuntansi 8, No. 1 (2020): 501–10.
Https://Ejournal.Unsrat.Ac.Id/V3/Index.Php/Emba/Article/View/27800.
Supriati, Diana, Icuk Rangga Bawono, And Kusriyadi Choirul Anam. “Analisis Perbandingan Model Springate, Zmijewski, Dan Altman Dalam Memprediksi Financial Distress Pada Perusahaan Manufaktur Yang Terdaftar Di Bursa Efek Indonesia.” Journal Of Applied Business Administration 3, No. 2 (2019): 258–70. Https://Doi.Org/10.30871/Jaba.V3i2.1730.
Suryana Amara, U., & Fadli, F. (2024). Peringkat Akreditasi Sinta 4 Predicting Financial Distress in Indonesia ’ s Hospitality Sector : a 2019-2022 Analysis Journal Management , Business , and Accounting Peringkat Akreditasi Sinta 4. Journal Management, Business, and Accounting, 23(1).
Syarif, M., Majid, J., Asse, A., & Sapa, N. Bin. (2023). Factors Influencing Bank Muamalat ’ s Profitability With Non- Performing Financing as Moderators. Ar-Ribh: Jurnal Ekonomi Islam, 06(01), 22–31.
Ting, T., Mia, M. A., Hossain, M. I., & Wah, K. K. (2025). Predicting the financial performance of microfinance institutions with machine learning techniques. Journal of Modelling in Management, 20(2), 322–347. https://www.emerald.com/jm2/article-abstract/20/2/322/1243022/Predicting-the-financial-performance-of?redirectedFrom=fulltext.
Weo, Adinugrah S. Ully. “Analisis Financial Distress Pada Pt Bank Muamalat Indonesia Tbk Periode 2014 - 2018” 15, No. 1 (2022): 47–70.
Wilujeng, Risma, And Agung Yulianto. “Determinan Financial Distress Dengan Profitabilitas Sebagai Variabel Moderating.” Jurnal Penelitan Ekonomi Dan Bisnis 5, No. 1 (2020): 90–102. Https://Doi.Org/10.33633/Jpeb.V5i1.2746.
Downloads
Published
How to Cite
Issue
Section
License
Copyright (c) 2025 Iqbal Rafiqi, Afifah Nadhirah, Maftuhatul Faizah
This work is licensed under a Creative Commons Attribution 4.0 International License.
This work is licensed under a Creative Commons Attribution 4.0 International License.
Abstract views: 8
,
PDF Downloads: 2
