THE GO-PUBLIC POLICY AND ITS IMPACT TO THE INDONESIAN ISLAMIC BANKING SOUNDNESS

. The needed of big fund inspired the companies to sell a part of its shares in the capital market. One of methods that used is to be a public company (Go-Public). However, for Islamic banking to be a public company is not main choice. At present, Islamic banking that was listing its shares in Indonesian Stock Exchange is one Islamic banking only. In this research described the comparison financial soundness of Islamic banking pre- Go-Public with post-Go-Public. The used of the analysis was the analysis of financial ratios of components contained in RBBR (Risk-based Bank Rating). Comparing between a financial soundness of Islamic banking pre go-public and post go-public used comparison test Paired-sample t test. The financial soundness condition of Islamic banking pre- and post- Go-Public overall changed to a better level. However, based on the result of further tests, showed that Go-Public policy only influenced to capital factor.


Islamic Banking has become an enthusiast of financial institutions in
Indonesia. It approved from various achievements since it first operated in 1992.
The achievement that is often published is an increase of market share and asset growth as well as numerous other achievements. However, the reality of Islamic banking in 2014 faces the challenges of slowing growth.
In some Indonesia regions, there is information that indicates a weakness of Islamic banking. For instance, it is occurred in Banten. The attractiveness of Islamic banking is unable to compete a conventional banking which increases from 7.52% to 7.93%. This condition affects to asset growth. It is showed by decline of asset becoming 4.15% in 2014-second quarter comparing to 8.21% in the same quarter in last year. Apparently, the majority of the Indonesian population, which is Moslem, does not guarantee the movement of Islamic financial quickly. It is showed by the point of market share (below 5%). Moreover, this figure decreased significantly from 3.70% in 2013 to 4.80% in 2014. namely "to enable Islamic banking which contributes significantly to sustainable economic growth, equitable development and stability of the financial system as well as the highly competitive". Then, the strategies outlined in the roadmap are crucial strategy existence. The strategy is to strengthen its capital and business scale and improve the efficiency of Islamic banking. The essential of it can simply be explained that strengthen of capital and efficiency of business scale becomes a basis for Islamic banking that able to resolve the problems encountered. This argument is quite obvious, because if this strategy is not realized, then it is very likely that a variety of other strategies such as upgrading infrastructure, improving the quality of technology, product innovation, improving the quality of human resources and a variety of other strategies that require huge funds cannot be implemented.
Islamic banking development strategy that focuses on providing freedom of capital increase related to the way in which to increase the capital. Islamic banking can optimize public funds that are so large in number in the capital market by issuing securities. One of the alternatives that can be taken is to become a public company (Go-Public). Islamic Panin Bank management policy to Go-Public is a business decision that was selected after taking into accounts the benefits and consequences. There are so many benefits that can be obtained when it becomes a company Go-Public, but there are some consequences to be considered. The consequences faced by companies who do not Go-Public policy of the benefits that will be achieved. In addition, the policy is expected to Go-Public would be able to improve the quality of financial soundness that Islamic banks have often said to lack the capital to expand more massive. that in the end the banks will be assessed their soundness as well as by other factors. However, the information that the public generally consumed is in the form of financial ratios. As in this study, the financial ratios in this analysis are ROA, NOM and CAR.

METHOD
The data that have been collected and counted associated with the overall objective of this study then the data have tested using two testpaired samples (Paired-sample t test). Paired-sample t test was used to determine whether or not the average difference the two groups of samples are paired (associated). It means a sample with two different treatments. The first sample is prior to Islamic Panin Bank Go-Public and a second sample after Islamic Panin Bank Go-Public so that its output will be seen whether or not the difference in the average of the bank's financial performance Islamic Panin Bank.

The condition of Islamic Panin Bank financial soundness Pre Go-Public
Financial Information on the company financial report/bank can provide the financial soundness condition. It can also assess the performance of the corresponding bank management so that is expected to   Low (1) Low (1) Low to moderately (2) Low to moderately (2 there is a weakness in the implementation of GCG, and then the weakness can be completed with normal action. Then the next two years i.e. 2012 and 2013 an increasing the stages of GCG becomes very good.

Figure 2. The fluctuations in Net Profit Islamic Panin Bank
Source: Annual Report Islamic Panin Bank (data processed)

Earning
On the factor earning, many financial ratios can be measured. However, it is undeniable that the size of the profitability that used is ROA. Before analysing an ROA, there are indicators that also need to be seen on the Islamic Panin Bank, i.e.
net profit and BOPO (Operational Expenses and Operational Income) that has been achieved in the bank.

Figure 6. Total assets of Islamic Panin Bank
Source: Annual Report Islamic Panin Bank (data processed)   The fund results from a public offering was Rp475 billion and reduced costs of securities emission, 80% used as working capital of the company to strengthen the structure of the long-term funding in order to support the expansion of the financing and around 20 percent to the development of the network includes the infrastructure of the company.

Capital
The first thing and definitely changed due to     is geared toward the company to get an additional capital from the societies (public). Furthermore, Go-Public policy has not shown the significant changes toward earning factor that represented by the ratio ROA and NOM. However, Islamic Panin Bank post Go-Public has experienced many changes in many things in order to make the vision of his mission.