Determinants of Islamic Banking Stability in ASEAN: The Mediating Role of Good Governance
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This study focuses on the major drivers of Islamic banking resilience in the ASEAN region, with good governance as a mediator. Good governance as a mediator between internal and external factors is understudied in the literature as a driver of stability for Islamic banking. This study addresses this gap by incorporating governance as a mediating variable in the model. This study used secondary data from 2019 to 2023 to analyze two ASEAN countries with functional Islamic banking systems and available data (Indonesia and Malaysia). Data were sourced from banks' financial reports, central banks, and the Worldwide Governance Indicators (WGI) for governance. This study used multiple regression and the Sobel test as its main methods. It was found that credit risk is important and negative for bank stability, while capital risk and the exchange rate are positive and also important. For stability, interest rates are positive but not significant. Good governance is important and positive for Islamic banking stability, but it does not mediate the impact of either credit risk or interest rates. For Islamic banking stability, capital risk and the exchange rate significantly mediate the effect of good governance. Credit risk is negative and not significant for good governance, while capital risk and the exchange rate are positive and significant. For good governance, interest rates are positive and not significant. These results show the need for an extensive governance framework for Islamic banking resilience in ASEAN.
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