THE INFLUENCE OF THIRD PARTY FUNDS AND PROFIT SHARING RATE ON PROFIT SHARING FUNDING

Dian Hakip Nurdiansyah1 Eva Theresna Ruchjana2 Syifa Fahrunnisa3 (Faculty of Economic and Business Singaperbangsa Karawang University) [email protected]

Abstract

Sharia banking or Islamic banking is a financial institution. Activities based on Shariah principles and refers to the Qur’an and . banking not charge or pay interest to customers but in the form of profit sharing. One of the forms of financing in the Sharia banking is the financing of profit sharing which consists of mudharabah and musyarakah financing. The purpose of this research is to know the financing of profit sharing, third party fund, and the level of profit sharing in sharia commercial bank. This research to test and analyze whether there is influence of third party fund and profit sharing result to financing for both partially and simultaneously. The method used is descriptive quantitative sourced from the financial statements of sharia banks and literature study. The results showed that third party funds increased, the profit- sharing rate fluctuated, and the profit sharing financing varied. To simultaneously test the hypothesis of third party funds and the level of profit sharing effect on financing for the results. Partially, third party funds have a significant effect on profit sharing.

Keywords: Third Party Funds, Profit Sharing, Profit Sharing Funding

I. INTRODUCTION The number of banks conducting The concept of muamalat in activities based on sharia principles has a broad meaning, one of which is the until 2016 is increasing in line with concept of sharia banking that emerged the increase of a number of new banks as an economic system that should be operating under sharia principles. done by every Muslim in commercial Financing types that exist in sharia transactions between the parties involved. banking is based on the principle of However, the establishment of Bank profit sharing, such as mudharabah Muamalat Indonesia is not necessarily and musyarakah. The relatively small followed by the establishment of other financing for the results distributed sharia banks so that the development by sharia banks when compared with of sharia banking almost stagnant until financing with the principle of sale and 1998 (Ikatan Bankir Indonesia, 2014:2). purchase is an interesting phenomenon Islamic banking began to develop with because the financing with the principle the establishment of Bank Syariah of profit sharing is expected to move Mandiri in 1999 and the BNI Bank's the real sector because it closes the Syariah Business Unit in 2000. Then the possibility of disbursing funds in the Indonesian Ulema Council (Majelis Ulama interests of consumptive and only on Indonesia, or MUI) issued a fatwa saying productive interests. In addition, with the that bank interest is (forbidden) in profit-sharing system it is expected to be 2003 so that more and more banks that able to move productive businesses, so run the principles of sharia. it does not close the possibility to create The sharia banking system has new jobs. been made as an alternative choice in There are various problems that Indonesia in muamalat/trading, where arise in the company, are as follows First most of the people of Indonesia embrace is the public does not really understand and believe in Islam. Currently sharia and not interested in financing products banking already has its own regulation, which based on profit sharing. Second, which is Law Number 21 Year 2008 about the volume of profit sharing (mudharabah regulation on sharia banking. and musyarakah) distributed is still

VOL.10 NO. 1 MARET 2020 Jurnal Riset Akuntansi JUARA 1 inferior when compared to the sale- banking) based on the Qur'an and hadith -based financing (murabahah). Third is (guidance of the Prophet Muhammad third Party Funds are factors that affect PBUH) which refers to the principle the volume of profit-sharing. The last of muamalat, that is, unless there is a is the level of Profit Sharing becomes prohibition in the Qur'an and the hadith a factor that influences the volume of that governs human-economic relations, profit-sharing. From the problems above, social, and political." the researcher is interested in doing this 2.4 Financing Profit Sharing research Profits sharing financing is one of the financing applied in sharia banking II. LITERATURE transactions that has become the 2.1 Accounting characteristics that distinguish between According to the American sharia banks and conventional banks. Accounting Association in Pura's book This is because, in the implementation (2013:4) that state "The definition of there is no element of interest or usury accounting is a process of identifying, but the enactment of profit sharing measuring, and reporting economic system (Muhammad, 2005; Rivai and information to allow for clear and firm Arifin, 2010:800). assessments and decisions for those who This financing based on profit use the information." sharing is applied in sharia banking Furthermore, accounting is the art products which are mudharabah of recording, classifying, summarizing financing and musyarakah financing. in certain ways in monetary terms, Both products offer the cooperation of two transactions, events that are generally or more people to undertake a business financial, including interpreting the project. These two financing, said to be results (American Institute of Certified a product of profit-sharing financing Public Accountants (AICPA) in Sarip, because in mudharabah financing and 2015: 15). musyarakah financing is not allowed to 2.2 Islamic Accounting levy usury, no matter how small (Nawawi According to Nurhayati and Wasilah et al. 2018). (2013: 2) that, in simple terms, sharia By prohibiting usury, Islam seeks accounting can be explained through to build a society based on honesty and the root of the words 'accounting' and justice. Justice in this context has two 'sharia.' The free definition of 'sharia' is dimensions: the financier is entitled to get a rule that has been established by Allah the reward in the form of profit sharing, to be obeyed by humans in living all but must be equal to the risks and the activities of his life in this world. Thus, required effort, and the reward of profit sharia accounting can be interpreted as sharing is determined by the profit of the an accounting process for transactions project being financed or the amount of in accordance with the rules set by Allah. the profit sharing agreement. Based on the definition of sharia 2.5 Third Party Funds accounting, it can be concluded that sharia According to Law number 21 of accounting is a system that includes the 2008 Article 1 verse 20, deposits are process of recording, classification and funds entrusted by customers to sharia overviewing a transaction that is done banks and / or sharia businesses based according to the rules of sharia or based on wadi'ah contract or other contract on the provisions of Islam that originated that is not contrary to sharia principles in Al-Qur'an and Hadits that produce in the form of current accounts, savings, output of financial statements which can or other forms are likened to it. Here be used by users of financial statements are the products of third party funds in in terms of decision making (Giannini, sharia banking : and Gilang N 2014). a. Current account, that is a form of 2.3 Understanding Sharia Banking deposit withdrawal may be made According to Ikatan Bankir at any time by cheque or transfer Indonesia (2014: 7) and Dita (2011), form or other payment order "Sharia banks is an Islamic Financial facilities in accordance with the Institution and more than banks (beyond terms and conditions of the bank. 2 THE INFLUENCE OF THIRD PARTY FUNDS AND PROFIT SHARING RATE ON PROFIT SHARING FUNDING The management of public funds Ha3 : There is influence of third party collected in the form of demand funds and profit sharing on profit deposits may use the wadiah yadh sharing Funding. dhamanah with the principle of deposit (wadiah) and profit sharing III. RESEARCH METHODOLOGY (mudharabah) (Ikatan Bankir 3.1 Research methods Indonesia, 2014:84). This research uses descriptive b. Savings, which are deposits based on quantitative methods. According to wadi'ah contract or fund investment Sujarweni (2014: 46) that, the descriptive based on mudharabah contract analysis is trying to describe the various or other contract which is not characteristics of data derived from a contradictory to sharia principles sample (Sugiyono, 2014:7). withdrawal only by certain agreed Based on the explanation, it can be terms and conditions but can not concluded that the method of quantitative be withdrawn by cheque, transfer descriptive research is research with form, and / or other tools profit- the type of data derived from a sample sharingto it (Law Number 21 of in the population which then analyzed 2008 concerning Sharia Banking). using statistical methods used in order c. Time deposits are savings of third to test the hypothesis that has been set. parties to be secured to banks Quantitative descriptive research in this where the withdrawals are made research is intended to get information at a specified time as agreed. about how big the influence of third party Time deposits are withdrawn after funds and profit- sharingrate on profit- the expiration period and can be -sharing financing at sharia commercial renewed automatically (Ikatan banks registered in bank Indonesia in Bankir Indonesia, 2014:98). the 2012-2016 period. 2.6 Profit- sharing Rates 3.2 Research variable The profit- sharing rate becomes Research variables according to one of the important factors in financing Sugiyono (2014: 38) is anything in the profit-sharing based on mudharabah form of what is set by the researchers to financing and musyarakah financing. be studied so that obtained information This financing based on Natural about it, then drawn conclusions. Uncertainty Contratcs (NUC) where 3.2.1 Independent variables (x) business contracts that do not provide In this study the independent certainty of income / return both in variable used is: terms of amount and time (Rivai and a. Third Party Funds: are funds Arifin, 2010). There is an effect of Profit entrusted by customers to sharia and Sharing on Financing of Profit Sharing in / or sharia businesses banks based sharia banks in Indonesia on wadi'ah or other contracts that are 2.7 The Influence of Third Party not contrary to sharia principles in the Funds and Profit- sharing Rates form of time deposits, savings, or other on Profit Sharing-Based Funding similar forms. Due to the different data Third party funds are the main units of third party funds (rupiah) with source of bank funds, growth in third the level of profit sharing (%), so the third party funds shows a declining trend, it will party fund data needs to be transformed weaken the bank's operational activities into natural logarithm. the step is also (Destiana 2018). The profit- sharingrate intended to avoid the occurrence of is the average rate of return the sharia problems that often arise in Ordinary bank receives on the financing of profit Least Square (OLS) regression in sharing at a given time (Rivai, 2008). multiple regression analysis. Third party Both are factors affecting revenue sharing funds are calculated using the following funding. Based on the description above, formula: it can be built a hypothesis as follows : Ha1 : There is influence of third party funds on profit sharing funding. b. Profit- sharing Rates: Ha2: There is influence of profit sharing The average rate of return received on profit sharing funding. by a sharia bank for the financing VOL.10 NO. 1 MARET 2020 Jurnal Riset Akuntansi JUARA 3 of profit sharing at a given time, sharingrates to financing based on profit expressed in percentage (Rivai 2008). sharing with equation as follows : Profit - sharingrates is the average rate Ln_Y = α + β1Ln_X1 + β 2x2+ e of return received by sharia banks on (Ghozali, 2016) profit-sharing financing (mudharabah financing and musyarakah financing) at 3.3.3 Correlation Coefficient (Pearson) a certain time, expressed as a percentage According Suharyadi and (Rivai and Veithzal, 2008). Data on the Purwanto (2009: 218), states whether amount of profit sharing is obtained there is a relationship between variables from the published financial statements X with variable Y and to state the amount (profit / loss) of sharia public bank. Profit of contribution of one variable to the Sharing is calculated using the following other expressed in percentage. formula: The correlation coefficient (Pearson) can be formulated as follows :

3.2.2 Dependent Variables (Bound) The dependent variable in this study Source : Sugiyono, 2012:183 is profit-sharing funding. Output-sharing funding is the aggregate amount of 3.3.4 Auto correlation test mudharabah and musyarakah financing The purpose of the autocorrelation distributed by sharia banks, expressed test is to test whether in the in billions of rupiah (Pramono, 2013). linear regression model there is a Revenue Sharing (PBH) is calculated correlation between the confounding using the following formula: variables in the t period and the t-1 period (before). If autocorrelation occurs, it is called an autocorrelation problem and a good regression model is free from Table 1 Research Instruments autocorrelation. Some ways to detect autocorrelation is one of them using the Durbin-Watson test (DW test), where the hypothesis to be tested is HO = no autocorrelation (r = 0).

3.3.5 Coefficient of Determination (R²) The coefficient of determination (R2) has a value between zero and one. This coefficient is used to measure the extent to which the model's ability to explain the variation of the dependent variable. The greater the value means the independent variable is able to explain the dependent variable well and vice versa. The formula 3.3 Data Analysis Method of the coefficient of determination is as 3.3. 1 Heteroscedasticity Test follows: This heteroscedasticity test aims to test whether in the regression 3.3.6 Simultaneous Test (F Test) model there is a difference of residual The purpose of the simultaneous variance of a period of observation to significant test or F statistic test is to show another observation period (Sujarweni, whether all the independent variables in 2016:232). the model have a mutual influence on the dependent variable. 3.3.2 Multiple Linear Regression Analysis IV. RESULT AND DISCUSSION Multiple regression analysis tool This research consists of three in this research is used to test the research variables, third party funds, influence of third party fund and profit- profit- sharingrates , and profit sharing 4 THE INFLUENCE OF THIRD PARTY FUNDS AND PROFIT SHARING RATE ON PROFIT SHARING FUNDING financings for seven sharia commercial X1 in this study are third party funds. banks during the 2012-2016 period. the The following is the details of third party following descriptions for each study funds per year which are found in seven variable : sharia commercial banks which are used 4.1 Third Party Funds at Sharia as research samples during the 2012- Commercial Banks 2016 period : The first independent variables or Table 2 Third Party Funds at seven Sharia Commercial Banks Per Year during the 2012-2016 period

Source: sharia commercial bank website, 2017 During the 2012-2016 period, the 4.2 Profit- sharing Rate at Sharia amount of third party funds in almost all Commercial Bank sharia banks has increased, only in Bank The second independent variable Muamalat Indonesia and Bank Syariah or X2 in this study is the Profit- sharing Mandiri which fluctuated during the Rate. The following is the breakdown of 2012-2016 period. With explanation that the level of profit sharing per annum in is, third party funds at Bank Muamalat seven sharia commercial banks which were used as research samples during Indoneisa year 2012-2014 has increased the 2012-2016 period : but in 2015 and 2016 have decreased in each year. For Bank Syariah Mandiri has Table 3 increased in the year 2012-2014, then Profit- sharingRate at Seven Sharia there was a decline in 2015 and increased Commercial Banks Per Year for the again in 2016. 2012-2016 Period The increase that occurred in almost all sharia commercial banks shows that the increasing number of people who save their funds in sharia banks. In Table 2 also can be seen the average nominal third party funds of the total third party funds contained in the table, amounting to Rp 20,520,657,183,000, then for the minimum amount of Rp 1.263968.967.000 at BCA Syariah in 2012, and the amount maximum amount of Rp 69,943,279,802,000 at Bank Syariah Mandiri in 2016.

VOL.10 NO. 1 MARET 2020 Jurnal Riset Akuntansi JUARA 5 During the period 2012-2016, the profit sharing rate of the overall level of percentage of profit sharing in all sharia profit sharing contained in the table that banks has fluctuated. This fluctuation is equal to 10.17%, then for the mini- condition can occur because the nomi- mum amount of 6.83% at BCA Syariah nal profit-sharing rate is not set at the 2012, maximum of 12.52% in BJB Sya- beginning but is the result of a compari- riah in 2013. son between the revenue-sharing rev- enue received with the revenue-sharing 4.3 Financing of Profit Sharing at financing multiplied by one hundred Sharia Commercial Bank percent (Moriguchi, 2016). Therefore, The dependent or Y variable in this if the revenue share is received high it research is the Financing of Profit Shar- will also affect the level of profit sharing, ing. The following is the breakdown of and vice versa. annual profit sharing financing provided Based on the data in Table 3, it can by seven sharia banks that were sampled also be seen the average percentage of during the 2015-2016 period :

Table 4 Financing of Profit Sharing at seven Sharia Commercial Banks Per Year for the 2012-2016 Period

During the period 2012-2016, the profit sharing rate of the overall level of percentage of profit sharing in all sharia profit sharing contained in the table that banks has fluctuated. This fluctuation is equal to 10.17%, then for the mini- condition can occur because the nomi- mum amount of 6.83% at BCA Syariah nal profit-sharing rate is not set at the 2012, maximum of 12.52% in BJB Sya- beginning but is the result of a compar- riah in 2013. ison between the revenue-sharing reve- nue received with the revenue-sharing 4.3 Financing of Profit Sharing at financing multiplied by one hundred per- Sharia Commercial Bank cent (Moriguchi, 2016). Therefore, if the The dependent or Y variable in this revenue share is received high it will also research is the Financing of Profit Shar- affect the level of profit sharing, and vice ing. The following is the breakdown of versa. annual profit sharing financing provided Based on the data in Table 3, it can by seven sharia banks that were sampled also be seen the average percentage of during the 2015-2016 period : 6 THE INFLUENCE OF THIRD PARTY FUNDS AND PROFIT SHARING RATE ON PROFIT SHARING FUNDING Table 4 Financing of Profit Sharing at seven Sharia Commercial Banks Per Year for the 2012-2016 Period

During the 2012-2016 period, the heavily distributed profit sharing financ- amount of profit sharing financing fare es (Martani 2012; Sholikhah 2017). experiences varies in each bank. There is We can also find in Table 4 that an increase in the amount of profit-shar- the average financing of profit shar- ing financing as happened in BRI Syari- ing from the overall financing is Rp ah, BNI Syariah, BCA Syariah, and Bank 6.143.447.536.000, and for the minimum Syariah Bukopin. And there is a fluctua- amount of Rp 464.380.711.000 in BCA tion of Bank Muamalat Indonesia, Bank Syariah in 2012, and the amount maxi- Syariah Mandiri and BJB Syariah. Nom- mum amount of Rp 21,273,143,673,000 inal financing of profit sharing in each at Bank Muamalat Indonesia in 2014. bank during the 2012-2016 period seen in Table 4 also has not dominated the ex- 4.4 The influence of Third Party isting financing in the sharia bank that Funds on Profit Sharing became the sample. This can happen be- Determination of test results can cause financing for profit sharing is a fi- be done by comparing tcount with tta- nancing that has a considerable risk level ble and can be seen from the significance due to the fact that the profit generated is value. The results of partial testing with determined on the basis of profit sharing the help of SPSS 23 software are as fol- system, so that sharia banks are not too lows: Table 5 Partial Hypothesis Test Results (t Test)

Based on the results of hypoth- 16.483. When compared with the value esis testing that can be seen in Table of ttable that is equal to 2.035 it will get 5, obtained tcount t test on the influ- the result value tcount> value ttabel or ence of third party funds on the financ- 16.483> 2.035. And the significance val- ing for profit sharing with the results of ue of 0.000 is smaller than 0.05. Based

VOL.10 NO. 1 MARET 2020 Jurnal Riset Akuntansi JUARA 7 on these results indicate that Ho is re- to 2.035 it will get the result of the value jected and Ha1 accepted. In addition, it tcount < ttable value or equal to -0.898 has a positive constant value of 0.922 <2.035. And the significance value of which means that if there is an increase 0.376 is greater than 0.05. Based on these in third party funds will be followed by results indicate that Ho is accepted and an increase in financing for the results. Ha2 is rejected. Besides, it has a constel- Thus, it is concluded that there is lation value of -0.045 which means that if a positive influence of third party funds there is an increase in the profit sharing on the financing of profit sharing. This rate it will be followed by a decrease in indicates that the more third party funds profit sharing. Thus, it can be conclud- that can be collected by banks will be ed that there is no effect of profit sharing able to increase financing for the results rates on the profit sharing funding. This distributed by the bank, vice versa. This suggests that the size of the profit shar- is in accordance with those recorded in ing rate does not have a significant effect, Minhas research in 2014 that is opera- but that does not mean it has no effect tional banking, DPK is a source of liquid- at all. This condition can occur due to ity to facilitate the financing contained the amount or value of the unpredictable on the side of bank balance assets. So profit sharing rate from the beginning, but that more and more deposits are collect- must wait for the bank to get the results ed by banks, it will be more and more of the financing. The results of this study financing that can be channeled by the support the research of Pramono (2013) bank (Kurniawanti, A and Zulfikar 2014; stating that “Profit sharing raes does not Nugroho ES et al. 2017). affect the financing of profit sharing”. The results of this study support the study of Lintang and Yaya (2015) stating 4.6 The Effects of Third Party Funds that “Third party funds affect the volume and Profit Sharing Rates on Si- of profit sharing-based fundings”. multaneous Profit Sharing Fund- ing. 4.5 Effect of Profit Sharing on Profit Determination of test results can be Sharing Funding. done by comparing tcount with ttable and Based on the results of hypothesis can be seen from the significance value. testing that can be seen in Table 5, ob- The results of simultaneous testing with tained value tcount of -0.898. When com- the help of SPSS 23 software are as fol- pared with the value ttable that is equal lows:

Table 6 Simultaneous Hypothesis Test Results (Test F)

Based on the results of hypothe- amounting 0.000 smaller than 0.05. So sis testing that can be seen in Table 6, Ho is rejected and Ha3 accepted. Thus, it it can be seem that the Fcount Value is can be concluded that there is influence 136.052. As for Ftable value at 5% signif- simultaneously between Third Party Fund icance level and degrees of freedom df1 = and Profit Sharing Rates of Profit Sharing. 2 and df2 = 32 then Ftable obtained F (2; In addition, the value of R2 or Coeffi- 32) = 3.29. The value of Fcount with Ft- cient of Determination that was generated able is then compared, so that the value is equal to 0.895 or 89.5%, which means of 136,052> 3,29, Fcount value is greater together independent variables consisting than Ftable value. The significance value of Third Party Funds and Profit Sharing

8 THE INFLUENCE OF THIRD PARTY FUNDS AND PROFIT SHARING RATE ON PROFIT SHARING FUNDING Rates gives a strong influence of 89.5% 5. There is no effect of the profit-shar- to the dependent variables, namely Profit ing rate on the profit-sharing financ- Sharing or independent variables are able ing. This can be seen in t test that to explain 89.5% of the independent vari- proves that obtained significance ables. number of 0.376> 0.05 and tcount The results of this study support the (-0.898) < ttable (2.035). Then Ho research of Fatayati Widya Putri (2015) accepted and Ha2 rejected, which which states that “Simultaneously, Third means there is no effect of profit Party Funds and Profit Sharing Rates af- sharing rate on financing for the re- fects Profit Sharing Funds”. sults. 6. There is the influence of third party V. CONCLUSION funds and the level of profit sharing Based on research and discussion on simultaneous sharing of reve- conducted by the author, a number of nue sharing. This can be seen from conclusion has been made, namely : the result of the f test which proves 1. During the 2012-2016 period. third that the significance value is 0.000 party funds in almost all sharia <0,05 and Fcount (136,052)> Ftable banks have increased. Only in Bank (3,29). Hence Ha3 is accepted and Muamalat Indonesia and Bank Sya- Ho is rejected, which means there riah Mandiri that had fluctuated is influence of third party funds and amount of funds. The increase that profit sharing on financing of profit occurred in almost all sharia com- sharing simultaneously (simultane- mercial banks shows that the more ously). people who save their funds in sha- ria banks. REFERENCES 2. The profit-sharing rate of all sharia banks is fluctuating. 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10 THE INFLUENCE OF THIRD PARTY FUNDS AND PROFIT SHARING RATE ON PROFIT SHARING FUNDING