COST OF FUND AS A MODERATOR IN THE FINANCIAL INTERMEDIATION-PROFITABILITY NEXUS : EVIDENCE FROM ISLAMIC BANKS
Abstract
Profitabilitas bank yaitu kemampuan bank dalam menghasilkan laba melalui pengelolaan aset dan penyaluran dana kepada masyarakat. Profitabilitas menjadi indikator utama dalam menilai kinerja bank syariah karena mencerminkan efektivitas pengelolaan dana, stabilitas operasional, serta kemampuan menghadapi risiko pembiayaan yang muncul dari aktivitas intermediasi keuangan. Perubahan kondisi internal seperti kecukupan modal, penghimpunan dana pihak ketiga, serta tingkat pembiayaan bermasalah dapat memengaruhi tingkat keuntungan yang diperoleh bank. Tujuan penelitian ini adalah untuk menganalisis pengaruh Capital Adequacy Ratio (CAR), Dana Pihak Ketiga (DPK), dan Non-Performing Financing (NPF) terhadap Return on Assets (ROA), serta menguji peran Cost of Fund sebagai variabel moderasi. Metode yang digunakan berupa pendekatan kuantitatif dengan data panel yang bersumber dari laporan keuangan triwulanan bank syariah periode 2021-2024. Analisis dilakukan menggunakan regresi data panel dengan model Fixed Effect Model (FEM). Hasil penelitian menunjukkan bahwa CAR berpengaruh negatif signifikan terhadap ROA, DPK tidak berpengaruh signifikan, dan NPF berpengaruh negatif signifikan terhadap ROA. Cost of Fund tidak memoderasi hubungan CAR dan DPK terhadap ROA, namun mampu memoderasi hubungan NPF terhadap ROA. Kesimpulan menunjukkan bahwa efisiensi biaya dana berkaitan dengan penguatan pengaruh risiko pembiayaan terhadap profitabilitas bank syariah.
References
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Case, B. (2023). The Determinants of Profitability in the City Commercial Banks: Case of China.
Duquerroy, A., France, B. De, Duquerroy, A., & Matray, A. (2022). Tracing Banks ’ Credit Allocation to their Funding Costs ∗. 309.
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Vithalbhai, V. S. (2020). Financial Performance of Banks in India: A Study of Selected Private Sector Banks. Journal of Advanced Research in Economics and Administrative Sciences, 1(1), 45–52. https://doi.org/10.47631/jareas.v1i1.18
Andersen, H., & Enger, R. (2024). Latin American Journal of Central Banking Optimal capital adequacy ratios for banks. Latin American Journal of Central Banking, 5(2), 100107. https://doi.org/10.1016/j.latcb.2023.100107
Asutay, M., & Yilmaz, I. (2025). Financialisation of Islamic finance : a Polanyian approach on the hegemony of market logic over Islamic Logic Financialisation of Islamic finance : a Polanyian approach on the hegemony of market logic over Islamic Logic. New Political Economy, 30(2), 267–286. https://doi.org/10.1080/13563467.2024.2424170
Baltagi, B. H. (2021). Econometric Analysis of Panel Data (6th Editio). Springer Nature. https://doi.org/10.1007/978-3-030-53713-5
Butt, U. (2025). Performance of Islamic Banks During the COVID-19 Pandemic : An Empirical Analysis and Comparison with Conventional Banking. 1–25.
Case, B. (2023). The Determinants of Profitability in the City Commercial Banks: Case of China.
Duquerroy, A., France, B. De, Duquerroy, A., & Matray, A. (2022). Tracing Banks ’ Credit Allocation to their Funding Costs ∗. 309.
Green, F., & Innov, S. (2025). Isl mic Fin nce nd Clim te A end. November.
Gurley, J. G., & Shaw, E. S. (1960). Money in a Theory of Finance. Brookings Institution.
Haddou, S., & Boughrara, A. (2025). How diversification shapes full-fledged Islamic bank Stability ? A causal inference approach. International Review of Economics and Finance, 102(July), 104367. https://doi.org/10.1016/j.iref.2025.104367
Hanif, M. (2025). Achievement of Islamic Finance Objectives : Evidence from the UAE Islamic Banking Industry. Atikullah 2017, 275–281.
Mujiatun, S., Trianto, B., & Cahyono, E. F. (2023). The Impact of Marketing Communication and Islamic Financial Literacy on Islamic Financial Inclusion and MSMEs Performance : Evidence from Halal Tourism in Indonesia.
Munteanu, I., & Ilie, C. A. (2022). The Use of ROA and ROE in Study of a Bank’s Profitability. Ovidius University Annals. Economic Sciences Series, 21(2), 1078–1083. https://doi.org/10.61801/ouaess.2021.2.145
Niche, F. (2024). FINANCE DEVELOPMENT From Niche to Norm Made For You.
Otoritas Jasa Keuangan. (2025). Daftar Alamat Kantor Pusat Bank Umum dan Syariah. Otoritas Jasa Keuangan.
Pratomo, W. A., Warokka, A., & Yudaruddin, R. (2025). Economic Freedom and Banking Performance : Capital Buffers as the Key to Profitability and Stability in Liberalized Markets. 2012.
Roziq, A., & Ahmad, Z. I. (2024). Enhancing performance : minimizing risk in Islamic banks in Indonesia. Cogent Business & Management, 11(1). https://doi.org/10.1080/23311975.2023.2294519
Sitnicka, S. (2025). Determinants Affecting Bank Profitability : A Broad and Comparative Analysis Across Regions and Income Groups. 9(3), 120–158.
Solihin, S., & Pramelia, S. (2026). SCOPING REVIEW: NEXUS ANTARA KINERJA ESG, COSTOFCAPITAL DAN INVESTMENTHURDLE RATES. JIMEA | Jurnal Ilmiah MEA (Manajemen, Ekonomi, dan Akuntansi), 10(1), 444–461.
Subhaktiyasa, P. G. (n.d.). Evaluasi Validitas dan Reliabilitas Instrumen Penelitian Kuantitatif : Sebuah Studi Pustaka. 5(4), 5599–5609.
Sugiyono. (2019). Metode Penelitian Kuantitatif, Kualitatif, dan R&D (2 ed.). Alfabeta.
Viet, D., & Nguyen, C. (2023). Research in International Business and Finance Policy uncertainty and bank ’ s funding costs : The effects of the financial crisis , Covid-19 pandemic , and market discipline. 65(May).
Vithalbhai, V. S. (2020). Financial Performance of Banks in India: A Study of Selected Private Sector Banks. Journal of Advanced Research in Economics and Administrative Sciences, 1(1), 45–52. https://doi.org/10.47631/jareas.v1i1.18
Asutay, M., & Yilmaz, I. (2025). Financialisation of Islamic finance : a Polanyian approach on the hegemony of market logic over Islamic Logic Financialisation of Islamic finance : a Polanyian approach on the hegemony of market logic over Islamic Logic. New Political Economy, 30(2), 267–286. https://doi.org/10.1080/13563467.2024.2424170
Baltagi, B. H. (2021). Econometric Analysis of Panel Data (6th Editio). Springer Nature. https://doi.org/10.1007/978-3-030-53713-5
Butt, U. (2025). Performance of Islamic Banks During the COVID-19 Pandemic : An Empirical Analysis and Comparison with Conventional Banking. 1–25.
Case, B. (2023). The Determinants of Profitability in the City Commercial Banks: Case of China.
Duquerroy, A., France, B. De, Duquerroy, A., & Matray, A. (2022). Tracing Banks ’ Credit Allocation to their Funding Costs ∗. 309.
Green, F., & Innov, S. (2025). Isl mic Fin nce nd Clim te A end. November.
Gurley, J. G., & Shaw, E. S. (1960). Money in a Theory of Finance. Brookings Institution.
Haddou, S., & Boughrara, A. (2025). How diversification shapes full-fledged Islamic bank Stability ? A causal inference approach. International Review of Economics and Finance, 102(July), 104367. https://doi.org/10.1016/j.iref.2025.104367
Hanif, M. (2025). Achievement of Islamic Finance Objectives : Evidence from the UAE Islamic Banking Industry. Atikullah 2017, 275–281.
Mujiatun, S., Trianto, B., & Cahyono, E. F. (2023). The Impact of Marketing Communication and Islamic Financial Literacy on Islamic Financial Inclusion and MSMEs Performance : Evidence from Halal Tourism in Indonesia.
Munteanu, I., & Ilie, C. A. (2022). The Use of ROA and ROE in Study of a Bank’s Profitability. Ovidius University Annals. Economic Sciences Series, 21(2), 1078–1083. https://doi.org/10.61801/ouaess.2021.2.145
Niche, F. (2024). FINANCE DEVELOPMENT From Niche to Norm Made For You.
Otoritas Jasa Keuangan. (2025). Daftar Alamat Kantor Pusat Bank Umum dan Syariah. Otoritas Jasa Keuangan.
Pratomo, W. A., Warokka, A., & Yudaruddin, R. (2025). Economic Freedom and Banking Performance : Capital Buffers as the Key to Profitability and Stability in Liberalized Markets. 2012.
Roziq, A., & Ahmad, Z. I. (2024). Enhancing performance : minimizing risk in Islamic banks in Indonesia. Cogent Business & Management, 11(1). https://doi.org/10.1080/23311975.2023.2294519
Sitnicka, S. (2025). Determinants Affecting Bank Profitability : A Broad and Comparative Analysis Across Regions and Income Groups. 9(3), 120–158.
Solihin, S., & Pramelia, S. (2026). SCOPING REVIEW: NEXUS ANTARA KINERJA ESG, COSTOFCAPITAL DAN INVESTMENTHURDLE RATES. JIMEA | Jurnal Ilmiah MEA (Manajemen, Ekonomi, dan Akuntansi), 10(1), 444–461.
Subhaktiyasa, P. G. (n.d.). Evaluasi Validitas dan Reliabilitas Instrumen Penelitian Kuantitatif : Sebuah Studi Pustaka. 5(4), 5599–5609.
Sugiyono. (2019). Metode Penelitian Kuantitatif, Kualitatif, dan R&D (2 ed.). Alfabeta.
Viet, D., & Nguyen, C. (2023). Research in International Business and Finance Policy uncertainty and bank ’ s funding costs : The effects of the financial crisis , Covid-19 pandemic , and market discipline. 65(May).
Vithalbhai, V. S. (2020). Financial Performance of Banks in India: A Study of Selected Private Sector Banks. Journal of Advanced Research in Economics and Administrative Sciences, 1(1), 45–52. https://doi.org/10.47631/jareas.v1i1.18
Andersen, H., & Enger, R. (2024). Latin American Journal of Central Banking Optimal capital adequacy ratios for banks. Latin American Journal of Central Banking, 5(2), 100107. https://doi.org/10.1016/j.latcb.2023.100107
Asutay, M., & Yilmaz, I. (2025). Financialisation of Islamic finance : a Polanyian approach on the hegemony of market logic over Islamic Logic Financialisation of Islamic finance : a Polanyian approach on the hegemony of market logic over Islamic Logic. New Political Economy, 30(2), 267–286. https://doi.org/10.1080/13563467.2024.2424170
Baltagi, B. H. (2021). Econometric Analysis of Panel Data (6th Editio). Springer Nature. https://doi.org/10.1007/978-3-030-53713-5
Butt, U. (2025). Performance of Islamic Banks During the COVID-19 Pandemic : An Empirical Analysis and Comparison with Conventional Banking. 1–25.
Case, B. (2023). The Determinants of Profitability in the City Commercial Banks: Case of China.
Duquerroy, A., France, B. De, Duquerroy, A., & Matray, A. (2022). Tracing Banks ’ Credit Allocation to their Funding Costs ∗. 309.
Green, F., & Innov, S. (2025). Isl mic Fin nce nd Clim te A end. November.
Gurley, J. G., & Shaw, E. S. (1960). Money in a Theory of Finance. Brookings Institution.
Haddou, S., & Boughrara, A. (2025). How diversification shapes full-fledged Islamic bank Stability ? A causal inference approach. International Review of Economics and Finance, 102(July), 104367. https://doi.org/10.1016/j.iref.2025.104367
Hanif, M. (2025). Achievement of Islamic Finance Objectives : Evidence from the UAE Islamic Banking Industry. Atikullah 2017, 275–281.
Mujiatun, S., Trianto, B., & Cahyono, E. F. (2023). The Impact of Marketing Communication and Islamic Financial Literacy on Islamic Financial Inclusion and MSMEs Performance : Evidence from Halal Tourism in Indonesia.
Munteanu, I., & Ilie, C. A. (2022). The Use of ROA and ROE in Study of a Bank’s Profitability. Ovidius University Annals. Economic Sciences Series, 21(2), 1078–1083. https://doi.org/10.61801/ouaess.2021.2.145
Niche, F. (2024). FINANCE DEVELOPMENT From Niche to Norm Made For You.
Otoritas Jasa Keuangan. (2025). Daftar Alamat Kantor Pusat Bank Umum dan Syariah. Otoritas Jasa Keuangan.
Pratomo, W. A., Warokka, A., & Yudaruddin, R. (2025). Economic Freedom and Banking Performance : Capital Buffers as the Key to Profitability and Stability in Liberalized Markets. 2012.
Roziq, A., & Ahmad, Z. I. (2024). Enhancing performance : minimizing risk in Islamic banks in Indonesia. Cogent Business & Management, 11(1). https://doi.org/10.1080/23311975.2023.2294519
Sitnicka, S. (2025). Determinants Affecting Bank Profitability : A Broad and Comparative Analysis Across Regions and Income Groups. 9(3), 120–158.
Solihin, S., & Pramelia, S. (2026). SCOPING REVIEW: NEXUS ANTARA KINERJA ESG, COSTOFCAPITAL DAN INVESTMENTHURDLE RATES. JIMEA | Jurnal Ilmiah MEA (Manajemen, Ekonomi, dan Akuntansi), 10(1), 444–461.
Subhaktiyasa, P. G. (n.d.). Evaluasi Validitas dan Reliabilitas Instrumen Penelitian Kuantitatif : Sebuah Studi Pustaka. 5(4), 5599–5609.
Sugiyono. (2019). Metode Penelitian Kuantitatif, Kualitatif, dan R&D (2 ed.). Alfabeta.
Viet, D., & Nguyen, C. (2023). Research in International Business and Finance Policy uncertainty and bank ’ s funding costs : The effects of the financial crisis , Covid-19 pandemic , and market discipline. 65(May).
Vithalbhai, V. S. (2020). Financial Performance of Banks in India: A Study of Selected Private Sector Banks. Journal of Advanced Research in Economics and Administrative Sciences, 1(1), 45–52. https://doi.org/10.47631/jareas.v1i1.18
Published
2026-06-19
How to Cite
Dewi, C., & Adnan, I. G. (2026). COST OF FUND AS A MODERATOR IN THE FINANCIAL INTERMEDIATION-PROFITABILITY NEXUS : EVIDENCE FROM ISLAMIC BANKS. Jurnal Ilmiah Manajemen, Ekonomi, & Akuntansi (MEA), 10(2), 548-564. https://doi.org/10.31955/mea.v10i2.7527
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