Increasing Fund Sources of Indonesia Sharia Commercial Banks through Public Stock Insurance

The research problem is Islamic Commercial Banks (ICB) market share in Indonesia still low (5.74% of national banks) in Dec 2017. This is due to the lack of capital and industrial scale. For this reason, the ICB needs to increase external funding sources through the issuance of public shares. From the 13 ICB in Indonesia at the middle of 2018, 3 ICB issuing public shares (Bank Dubai Panin Syariah, Bank Rakyat Indonesia Syariah, Bank Tabungan Pensiunan Nasional Syariah). This study aims to formulate the Benefit, Opportunities, Cost, Risk (BOCR) aspects faced by Islamic Commercial Banks in increasing funding sources through the issuance of public stock securities. This study uses qualitative and quantative methods using primary data sourced from indepth interviews to explore the knowledge and experience of the emiten from Treassury Division and Corporate Planing expert practitioners. Secondary data was from emission prospectus, several research journals and related books. Based on Analysis Network Process (ANP) of BOCR aspects, the dominant aspect being the consideration of ICB in issuing public shares is the Benefit and Opportunity. The dominant sub-aspects of each aspect are increasing capital (Benefit aspects), broad investor base (Opportunity aspects), underwriting costs (Cost aspects), demands for information disclosure (Risk aspects).