Musytari : Jurnal Manajemen, Akuntansi, dan Ekonomi

Vol. 25 No. 8 (2026): Musytari: Neraca Manajemen, Akuntansi, dan Ekonomi, ISSN 3025-9495
Articles

MENGUKUR ECONOMIC MOAT PERBANKAN SYARIAH : ANALISIS RESILIENSI FUNDA MENTAL DAN INOVASI PRODUK BERBASIS MARGIN OF SAFETY DI TENGAH VOLATILITAS GLOBAL

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  • Muhammad Lucky Ash-Shiddieqy,
  • Muhammad Rafiiel Anshori,
  • Muhammad Fadhil Hasbulloh,
  • Atina Hidayati
Muhammad Lucky Ash-Shiddieqy
Universitas Islam Tribakti
Muhammad Rafiiel Anshori
Universitas Islam Tribakti
Muhammad Fadhil Hasbulloh
Universitas Islam Tribakti
Atina Hidayati
Universitas Islam Tribakti
DOI: https://doi.org/10.2238/jbbkw656

Published 2026-07-03

Keywords

  • Economic Moat; Margin Of Safety; Islamic Banking Resilience; Digital Product Innovation; ZISWAF; Global Volatility.

How to Cite

MENGUKUR ECONOMIC MOAT PERBANKAN SYARIAH : ANALISIS RESILIENSI FUNDA MENTAL DAN INOVASI PRODUK BERBASIS MARGIN OF SAFETY DI TENGAH VOLATILITAS GLOBAL. (2026). Musytari : Jurnal Manajemen, Akuntansi, Dan Ekonomi, 25(8). https://doi.org/10.2238/jbbkw656

Abstract

Global economic uncertainty driven by aggressive monetary tightening, inflationary pressures, and geopolitical disruptions has required Islamic banks to strengthen their fundamental resilience. This study aims to assess the economic moat of Indonesia's Islamic banking industry and examine how product innovation based on the margin of safety concept enhances banks' fundamental resilience amid global volatility during the 2021–2023 period. The study employs a descriptive-analytical qualitative approach supported by secondary quantitative data (descriptive quantitative support) through a library research method, using PT Bank Syariah Indonesia Tbk (BSI) as a representative industry case study. Data were analyzed using content analysis and descriptive comparative ratio analysis based on deductive and inductive reasoning without applying inferential statistical tests. The findings indicate that the resilience of Islamic banks is shaped by the interaction of four mutually reinforcing pillars: (1) structural cost advantages, reflected in the increase of the Current Account and Savings Account (CASA) ratio to 61.94% and the improvement of the Operating Expenses to Operating Income (BOPO) ratio to 70.98% in 2023; (2) digital network effects, evidenced by the growth of BSI Mobile users to more than 6.30 million customers; (3) spiritual switching costs through the optimization of Islamic social funds (ZISWAF), which more than doubled to IDR 222.4 billion; and (4) a capital safety buffer, demonstrated by a consistently strong Capital Adequacy Ratio (CAR) exceeding 21%. This study proposes the conceptual model of the Sharia-Compliant Moat, which integrates secular business strategy theories—namely Buffett and Dorsey's economic moat and Graham and Klarman's margin of safety—with Islamic social finance instruments, thereby offering a novel theoretical contribution to the literature on Islamic financial intermediation. From a practical perspective, the findings recommend that regulators consider incorporating additional qualitative indicators, such as the strength of digital network effects and customers' spiritual loyalty, into the macroprudential risk supervision framework for Islamic banking.
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