al-Uqud: Journal of Islamic Economics

DOI: 10.26740/al-uqud.v3n1.p70-84
Volume 3 Nomor 1, Januari 2019
E-ISSN 2548-3544, P-ISSN 2549-0850
Halaman 70-84

STRATEGIES OF PT. PEGADAIAN TO ENHANCE MIKRO FIDUSIA

SYARIAH CREDIT PERFORMANCE

Ning Karnawijaya*
Institut Agama Islam Negeri Surakarta

Abstract

This paper aims to find out the strategies of PT. Pegadaian as well as its effectiveness to
enhance mikro fidusia syariah credit performance. It uses qualitative descriptive method
through secondary data analysis of annual report PT. Pegadaian 2016-2017. Strategy is
analyzed by qualitative data while its effectiveness is measured by quantitative data
through comparison of Mikro Fidusia Syariah performance target and realization. The
result shows that PT. Pegadaian strategies, such as product service channel reinforcement
(collection), establishment sales force inorganic team, idle asset optimization, and
establishment of Appraisal Officer Profession Certification Institution, have been
implemented effectively to reach mikro fidusia syariah credit performance target 2016-
2017. It is shown by customer number growth, number of transaction, sales turnover,
outstanding loan, and mu’nah that exceed 100% in average. However, that strategy is less
effective to maintain the achievement in 2017, its effectiveness is lower than 2016.

Keywords: Strategy; Pegadaian; Mikro Fidusia Syariah Credit.

Abstrak

Artikel ini bertujuan untuk mengetahui strategi PT. Pegadaian serta efektivitasnya untuk
meningkatkan kinerja kredit mikro fidusia syariah. Menggunakan metode deskriptif
kualitatif melalui analisis data sekunder laporan tahunan PT. Pegadaian 2016-2017.
Strategi dianalisis dengan data kualitatif sementara efektivitasnya diukur dengan data
kuantitatif melalui perbandingan target dan realisasi kinerja Mikro Fidusia Syariah. Hasil
penelitian menunjukkan bahwa PT. Strategi Pegadaian, seperti penguatan saluran layanan
produk (penagihan), pembentukan tim anorganik tenaga penjualan, optimisasi aset
menganggur, dan pembentukan Lembaga Sertifikasi Profesi Pejabat Penilai, telah
diterapkan secara efektif untuk mencapai target kinerja kredit mikro fidusia syariah 2016-
2017. Ini ditunjukkan oleh pertumbuhan jumlah pelanggan, jumlah transaksi, omset
penjualan, pinjaman luar biasa, dan mu'nah yang melebihi rata-rata 100%. Namun,
strategi itu kurang efektif untuk mempertahankan pencapaian di 2017, efektivitasnya lebih
rendah dari 2016.

Kata kunci: Strategi; Pegadaian; Kredit Mikro Fidusia Syariah.

Received: 29 Oktober 2018; Accepted: 16 Januari 2019; Published: 31 Januari 2019

*Korespondensi: Program Studi Manajemen Zakat dan Wakaf, Fakultas Syariah, Institut Agama
Islam Negeri Surakarta. Jl. Pandawa, Dusun IV, Pucangan, Kartasura, Kabupaten Sukoharjo, Jawa
Tengah 57168. Email: [email protected]
 Ning Karnawijaya: Strategies of PT. Pegadaian to Enhance.... 71

INTRODUCTION
Fiduciary industry is very potential to grow. Its product excellence, compare to bank
and other financial service, is the main attraction for middle-low people as well as
micro, small, medium enterprises (MSME). Implementation of OJK Regulation
31/POJK.05/2016 about fiduciary business provides an opportunity for private
sector to do fiduciary business. In general, it arranges about legal entity, capital
requirement, business requirement and business license procedures. It also sets
about sharia business activities held by fiduciary or pawnshop. It sure drives the
competition within fiduciary business.
Annual Report of PT. Pegadaian 2016 revealed that the issuance of POJK
31/POJK.05/2016 is a new stage for fiduciary industry in Indonesia. It is expected
to support the escalation of financial inclusion for middle-low people and Micro,
Small, and Medium Enterprise (MSME). Existence of well managed and good
performance pawn business is believed to ease credit access outside banking
industry.
Close competition, particularly in syariah fiduciary that has been flourished
in the community, either conducted by Islamic bank or individual could decrease
market share of PT. Pegadaian. PT. Pegadaian as a developing company has to face
the competition; therefore it has to implement appropriate and effective strategy.
PT. Pegadaian must provide the best service toward its customer in order to
maintain its market share within the industry.
PT. Pegadaian needs strategies to enhance its business performance.
Existence of Pegadaian Syariah as a strategic business unit (SBU) PT. Pegadaian
becomes an integral part to face various business threats. Strategy is a process to
determine company goals to accomplish its mission and as a stimulus for the
company to determine its product, service, and market in the future (Morrisey,
1995). Its strategy is also imposed for the main service of Pegadaian Syariah, mikro
fidusia syariah credit. Mikro fidusia credit syariah is a financing service for small
micro business as a support to business expansion. A collateral use in this financing
product is a Proof of Motorized Vehicle Ownership (BPKB) with fiduciary scheme

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Volume 3 Nomor 1, Januari 2019

guarantee agreement (rahn tasjily). There are two main products, Arrum and
Amanah.
Strategy to improve performance is an important part to reach business
success of Pegadaian Syariah. However, the strategy must be measured to know its
effectiveness in reaching the goal. Effectiveness is an important concept to illustrate
the organization success (Robbin, 2002). Measurement of strategy effectiveness is
substantial in further policy and strategy determination.
Abubakar and Handayani (2017) said that development of fiduciary
regulation aims to provide financing access to create financial inclusion with regard
to community legal protection. Extension of pawn object can be done through sharia
principle. Roikhan (2017) showed that during 2008-2014 Pegadaian Syariah
reached 100% efficiency. It such an optimism that Pegadaian Syariah asset will be
increases along with inorganic action, such as merger, acquisition, spin off, or
establishment of new company, which is stimuli variable in model structure
combination. Policy scenario, that involving intervention variable in stimulated
model structure variable, is the most ideal policy. The simulation result showed that
the highest inorganic action the more optimal the increasing of Pegadaian Syariah
asset within 10 years.
Ulbab (2016) found that marketing strategy used by Pegadaian Syariah
Majapahit Branch Semarang is 4P strategy (product, price, place and promotion).
Product strategy is showed by extension of ar-rahn product into Arrum (Ar-rahn for
micro and small business) and appraisal optimization. Price strategy is showed by
cutting down ijarah tariff. Place strategy implemented through opening UPC
(Branch Services Unit). Promotion implemented by advertisement such as leaflet,
brochure, souvenir, and publicity. Those strategies are effective to escalate
customer numbers.
Ummah (2018) found that Arrum BPKP financiang in Pegadaian Syariah
Sidoarjo branch goes well in accordance to Fatwa DSN-MUI 25/DSN-
MUI/III/2002. It could improve its customer micro business. However,
determination of ujrah is not based on maintenance and safekeeping cost but on
financing amount. Ula (2016) showed that customer satisfaction level toward

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 Ning Karnawijaya: Strategies of PT. Pegadaian to Enhance.... 73

services of Pegadaian Syariah is quite high (with score 77.26), while toward
financing product is very high (with score 83.25). Besides, there is escalation of
customer income after getting micro financing from Pegadaian Syariah.
Performance of micro fidusia syariah credit is also supported by the spirit to
implement PT. Pegadaian mission, particularly to support economy condition of
middle range people and MSME. Strategies implement by PT. Pegadaian in Mikro
Fidusia Syariah credit are important to face tight business competition as well as to
carry out that role. Therefore, this paper aims to do strategy analysis of PT.
Pegadaian as well as measure its effectiveness in order to increase the performance
of Mikro Fidusia Syariah credit.

RESEARCH METHODS
This research is qualitative descriptive research to analyze PT. Pegadaian strategy
and its effectiveness to increase Mikro Fidusia Syariah credit performance during
2016-2017. This period is chosen due to the issuance of OJK Regulation No.
31/POJK.05/2016. Data used in this research is secondary data in the form of PT.
Pegadaian Annual Report 2016-2017.
Data analysis used in this paper is descriptive qualitative analysis.
Descriptive method is problem solving procedure through description of research
subject/object based on the fact (Nawawi, 2001). Qualitative analysis is analysis
using qualitative data, though there is quantitative data involved it states the fact.
In other words, data used are quantitative but the analysis used is qualitative (Amir,
Junaidi, Yulmardi, 2009). Therefore, analysis about strategy PT. Pegadaian is using
qualitative data from PT. Pegadaian Annual Report. Furthermore, strategy
effectiveness analysis is using quantitative data of target achievement of PT.
Pegadaian in Mikro Fidusia Syariah credit sector. Robbin (2002) defined
effectiveness as the as the level of objective achievement of the activities that have
been carried out compared to the targets previously set. Effectiveness criteria used
in this study is by comparing the targets previously set by PT. Pegadaian towards
the realization of Mikro Syariah Fiduciary credit. Effectiveness measurement is the

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growth in the number of customers, the number of transactions, turnover,

outstanding loans and mu'nah (capital rental income).

RESULTS AND DISCUSSION

Pegadaian Strategy
Strategy basically is planning and management to reach an objective. Strategy
appears not only as map to show the direction but also show the operational tactics
(Effendi, 2003). Strategy is a formulation of comprehensive planning on how the
company will achieve its mission. Strategies will maximize competitive advantage
and minimize competing limitations (Hunger and Wheelen, 2003). Strategy is the
implementation of a method so that the company continues to grow, increase its
profits, and compete within industry (Porter, 2002).
Based on PT. Pegadaian Annual Report 2016-2017, it showed that in 2016
company strategy in business development to enhance business performance was
done carried out through improvement of customer service; create product variants,
and service that caters customer needs, and increase fee-based business through
optimizing technology and assets ownership. The main challenge in 2016 was the
issuance of POJK No. 31 / POJK.05 / 2016 concerning fiduciary business. On the
other side, the issuance of POJK further strengthened PT. Pegadaian commitment
to continue supporting the government's efforts in developing a national economy
based on populist economy in order to realize the nation's economic independence.
But on the other hand, the business competition will be increasingly tight.
Therefore, the focus of the Company's business development in 2016 is directed at
improving customer based through services improvement.
In line with this strategy, the company continues to conduct business
development in a focused and sustainable manner to increase and maintain market
share. Pegadaian implements business diversification by developing three core
services that support the company's vision, namely financing business, gold
business and various services, including optimization of company assets. This is in
line with the explanation of Abubakar (2012) that pawnshops in Indonesia were
transformed from the beginning as public finance institutions, especially MSMEs,

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extending into institutions that also serve fiduciary, investment, shipping and
receiving goods, safekeeping and buying and selling of precious metals. By
implementing business diversification coupled with improved services, it is
expected to increase sustainable business development and revenue.
Even though the sharia spin-off program had not been implemented in 2016,
the development and expansion of sharia businesses was enhanced through
channeling office programs. The office channeling program is intended as an
expansion of the operational network of services for Islamic products that use
conventional branch offices / outlets. The company also seeks to increase the
market share of the sharia business through increasing sales activities, service
improvements, and extracting competitive sharia funding sources.
In line with continuous efforts to improve performance, PT. Pegadaian must
also enhance its strategic role to support the micro, small and medium enterprises
(MSMEs) sector, which is the backbone of economic independence, through
fiduciary-based microfinance services. In addition to develop Mikro Fidusia
Syariah credit business, the company made improvements and development of
Arrum's product features and expanded its market with the target of Arrum Haji.
Furthermore, the company also refined its sales strategy by calculating the cost
structure per product.
In 2017, competition level in fiduciary business was become tighter. The
upcoming of new company, both which registered in OJK and still ran the business
illegally. Each player collide strategy to win the customer's heart. Annual report of
PT. Pegadaian in 2017 describes the strategic initiative that was performed. First,
is strengthening product e-channel services (collection). Pegadaian develops
information technology-based business processes to provide value added for service
to customers. Through this strategic initiative, it is expected that it will be easier for
customers to make payment and repayment transactions without having to transact
at outlets, so they can reach more customers. Second, the formation of an inorganic
sales force team. To face competition in the increasingly tight fiduciary industry,
Pegadaian optimizes sales through the use of the Business Outsourcing process in
the form of a sales force. With the sales force expected, the sales of Pegadaian

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products can be more targeted and reach all levels of society. Third, the
optimization of idle assets to be more productive. Pegadaian counted its
unproductive assets and optimized it. Fourth, is the establishment of an Appraisal
Professional Certification Institute. Based on POJK No. 31 / POJK.05 / 2016, the
fiduciary business has been open to the private sector so that professional estimators
are needed. Hence, Pegadaian, as the largest and oldest fiduciary financial services
institution in Indonesia, certainly has human resources who are experts in the field
of collateral. Therefore, Pegadaian took the initiative to form an Appraisal
Professional Certification Institute.
One of the main challenges in 2017 is services that have not been able to reach
all of the existing market potential. The range and services provided by pawnshops
are still limited. In the era of increasingly advanced technology, information
technology-based services are needed. Therefore, Pegadaian launched a digital
service called "Pegadaian Digital Service". In order to extend its services, PT.
Pegadaian is involving the community to support its product marketing that called
Pegadaian Agents. Pegadaian Agents will be an extension of Pegadaian in reaching
untapped market potential so that more people will recognize Pegadaian services.
Pegadaian Agent will get benefit in the form of fee based on the transaction obtained
by the agent, so that there is a mutually beneficial relationship between Pegadaian
and Pegadaian Agents.
Pegadaian continues to maintain and improves the reliability of information
systems and technology, so that in terms of security, the quality and speed of service
toward information management is getting better and more accurate. The
application of a good Information Technology System is expected to provide direct
support to the Company's operations in producing competitive products and
excellent service to all stakeholders. The Development of Information Technology
Systems at Pegadaian also pays attention to the development of technology and
business where the direction of business has changed towards digital with the
emergence of startup, fintech and the rapid development of the e-commerce market.
For this reason, the Information Technology System at Pegadaian has also prepared
the construction of a digital technology platform for application systems, security

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and infrastructure. This is carried so Pegadaian can penetrate the market to

millennial customers by utilizing Pegadaian services through a digital system. The
main strategy undertaken by Pegadaian is to implement the development of a
distribution channel through Pegadaian Agents (agents of marketers and sales
agents), to carry out transformation of digital-based products and services, to
optimize Business Process Outsourcing (BPO) personnel to signify sales, conduct
sustainable outlet arrangements in order to maximize utilization of the region's
potential, optimize the supply of collateral warehouses in order to increase
distribution channel capacity, and build information technology infrastructure to
support the development of distribution channels and digital services.
Along with the company's main strategy, the business development strategy
in order to improve the performance of the sharia fiduciary microcredit business is
carried out by improving and developing the features of Arrum Products, expanding
markets with Arrum Hajj targets, developing online features and Channeling, and
expanding dealer cooperation for Amanah products. The company also refined its
sales strategy by directly calculating cost structure and promotion.

Effectiveness of PT. Pegadaian Strategy

Handoko (2001) argues that effectiveness is the ability to choose the right
destination to achieve the stated goals. Effectiveness shows the ability of a company
to achieve precisely defined targets. Achievement of predetermined targets and
applicable standards and standards reflect a company that has considered its
effectiveness (Amirullah and Hanafi, 2002). Effectiveness is a very important
concept in providing an overview of the success of an organization in achieving its
goals. Effectiveness is carrying out activities that directly help the organization
achieve several goals (Robbin, 2002). Effectiveness is a continuum that extends
from effective, less effective, moderate, very less to ineffective. Effectiveness
measures the extent to which organizational goals can be achieved to hit the goals
to be achieved in an organization (Sigit, 2003). In this study, the effectiveness of
PT. Pegadaian in improving the performance of sharia fiduciary microcredit is
measured by comparing the target growth in the number of customers, the number

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of transactions, turnover, and outstanding loans against the realization of sharia

fiduciary microcredit.
Pegadaian believes, the potential market is still quite large. Strategic
initiatives will determine performance achievements. The performance targets in
the sharia fiduciary microcredit business in this study include the number of
customers, the number of transactions, turnover, outstanding loans, and mu'nah.
The effectiveness of this study will be seen from the company's ability to achieve
the set targets for sharia fiduciary microcredit which consists of Arrum and Amanah
products.
Arrum Financing is Islamic finance for micro, small and medium
entrepreneurs to get business capital with guaranteed BPKB and Gold. The vehicle
remains with the owner so that it can be used to support the business. The financing
period is 12, 18, 24 and 36 months and can be repaid at any time. Arrum products
in the sharia business include Gold Arrum (collateral in the form of Lantern Gold
or jewelery), Arrum BPKB (vehicle BPKB guarantee for business people) and
Arrum Haji (gold guarantee for registration of pilgrimage portions).
Amanah Financing is a financing intended for the purchase / ownership of
new or used motorized vehicles in accordance with sharia principles for MSME
employees and entrepreneurs. The basis for lending is by calculating repayment
capacity determined on the basis of the amount of income / salary for permanent
employees or based on business feasibility for small micro entrepreneurs. The
pattern of collateral engagement is carried out with the rahn tasjily contract.
Installment Period 12, 18, 24, 36, 48 and 60 months. The following table 1, table 2,
and table 3 are data on the realization of the performance of sharia fiduciary micro
credit PT. Pegadaian in 2016-2017.

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Table 1. Performance Growth 2016-2017

Realization
Product Explanation 2016 2017 Growth
Arrum Number of Customer 24.304 27.859 14,63%
Number of Transaction 26 39 50%
Omzet 536.107 784.131 46,26%
Outstanding Loans 386.416 627.46 62,38%
Mu'nah 62.830 113.176 80,13%

Amanah Number of Customer 4.353 20.151 362,9%

Number of Transaction 4 20 400%
Omzet 103.240 461.580 347,09%
Outstanding Loans 99.519 443.686 345,83%
Mu'nah 10.009 43.174 331,35%
Source: Annual Report PT. Pegadaian tahun 2016-2017

Table 2. Performance Achievement 2016

2016
Product Explanation Target Realization Realization Achievement
Arrum Number of Customer 18.164 24.304 133,80%
Number of Transaction 20 26 130,00%
Omzet 401.245 536.107 133.61%
Outstanding Loans 303.973 386.416 127,12%
Mu'nah 55.802 62.830 112,59%

Amanah Number of Customer 3.382 4.353 128,71%

Number of Transaction 4 4 100,00%
Omzet 48.403 103.240 213.29%
Outstanding Loans 46.993 99.519 211,78%
Mu'nah 6.333 10.009 158,05%
Source: Annual Report PT. Pegadaian tahun 2016

Table 3. Performance Achievement 2017

2017
Realization
Produk Uraian Target Realization Achievement
Arrum Number of Customer 49.547 27.859 56,23%
Number of Transaction 53 39 73,90%
Omzet 1.313.055 784.131 59,72%
Outstanding Loans 832.352 627.46 75,38%
Mu'nah 111.553 113.176 101,46%

Amanah Number of Customer 13.047 20.151 154,45%

Number of Transaction 13 20 154,58%
Omzet 472.639 461.580 97,66%
Outstanding Loans 350.505 443.686 126,59%
Mu'nah 31.936 43.174 135,19%
Source: Annual Report PT. Pegadaian tahun 2017

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Overall, table 1 shows sharia fiduciary micro-credit experiencing very

significant growth. Table 2 and table 3 show the target achievements in 2016-2017
effective with the average achievement of the target number of customers, the
number of transactions, turnover, outstanding loans and mu'nah (capital rental
income) above 100%. These results indicate that the strategy implemented by the
company is quite effective in achieving the targets set. Taking into account the
performance of sharia fiduciary microcredit which shows the achievement of
targets in almost all indicators as described above, the company is optimistic that
the sharia fiduciary micro credit segment still has promising prospects.
Based on annual targets achievement data in tables 2, shows that in 2016 the
effectiveness of Ar-Rum products is effective with the average target number of
customers, the number of transactions, turnover, outstanding loans and mu'nah
above 100%. While for 2017 (table 3) shows a decline in performance, even though
the achievement has reached the target of 101.46% but the achievement level of the
target number of customers, number of transactions, turnover and outstanding loans
is only around 50% -75%. This shows that the strategy for Ar-Rum products is less
effective in 2017.
Performance achievements based on the achievement of the targets set for
Amanah products show consistency in maintaining performance achievements.
However, based on existing data despite the tremendous growth occurring in
Amanah products, there was a slight decline in performance based on the target
achievement in 2017 compared to 2016. Achievement of the 2016 target reached
128.71% of total customers, 100% of transactions, 213.29% turnover, 211.78%
outstanding loans, and 158.05% returns. In 2017, there was a slight decrease with
154.45% of total customers, 154.58% of total transactions, 97.66% of turnover,
126.59% of outstanding loans, and 135.19% for mu'nah's.
Decrease in the performance of PT. Pegadaian in 2017 as indicated by the
decline in target achievement compared to 2016 indicated that the strategy
implemented by PT. Pegadaian has not been effective enough in maintaining the
performance of sharia fiduciary microcredit. This is inseparable from the increasing
competition in the Pegadaian industry. The increasing number of players in this

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industry is increasingly narrowing the market share of Pegadaian. The sharia

business acceleration strategy is expected to be faster and more efficient by
optimizing conventional outlets as office channeling to be reconsidered. Even
though this strategy does not require additional overhead costs. However, based on
previous research by Roikhan (2017) the need for inorganic action by PT.
Pegadaian such as mergers, acquisitions and spin offs as well as the establishment
of new companies can be stimulus and policy scenarios that include intervention
variables in a combination of simulated model structures. The description of the
strategy of PT. Pegadaian in 2016-2017 has not yet shown such inorganic action.
However, Roikhan (2017), stated that the achievement of the most optimal
escalation in Pegadaian Syariah asset value of Pegadaian Syariah as a Strategic
Business Unit of PT. Pegadaian within 10 years still has an opportunity to be
achieved.
The positive side of PT. Pegadaian strategy in maintaining market share and
strength in maintaining a position as a market leader in the mortgage business needs
to be supported by the ability to implement effective strategies. Targets that have
been set for each product that are issued specifically for Arrum and Amanah
products should be a concern. PT. Pegadaian should consider setting realistic targets
amid increasingly fierce competition conditions. Hence, it does not create heavy
burden but still realistic to continue to grow.
The right strategy in every development in the competition of the financial
industry is a positive response from pawnshops to remain attractive to the market.
Especially the strategy in dealing with the digital era that Pegadaian must inevitably
follow as financial institutions. This will be a force for pawnshops to increase the
market share of pawnshops. However, innovation and creativity in the use of digital
media still need attention. Not only to improve service quality but also to expand
market share.
Significant growth in 2017 on Amanah products is an important concern. One
of the development strategies implemented is cooperation with dealers. As with
Amanah's product features, this strategy certainly plays an important role in
improving the performance of Amanah's products. Strategies like this can be

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considered to be applied to other pawnshops, but of course by taking into account

the characteristics of each product. Therefore the established partnership structure
can be more precise and effective.
Strategy effectiveness of PT. Pegadaian, especially in the sharia fiduciary
microcredit segment with Arrum and Amanah products as indicated by the growth
from year to year, is a positive indicator of the role of pawnshops in improving the
economy of the community. With the easier access of the public to pawnshops
products, it is expected to be able to build community interest in utilizing the
products offered as an alternative economic solution for the community.

CONCLUSION
The faster the fiduciary industry development and the tighter the competition forces
PT. Pegadaian to implement appropriate and effective strategy. Mikro Fidusia
Syariah credit is a segment that becomes integral part of PT. Pegadaian to grow and
thrive. Pegadaian attempts to establish strategies to enhance its performance in
accordance to extension of customer need and economy condition. Those strategies
are enrichment features of its main product (Ar Rum and Amanah), reinforcement
of e-channel product service (collection), establishment sales force inorganic team,
idle asset optimization, and establishment of Appraisal Officer Profession
Certification Institution.
Based on 2017-2017 data, it showed that strategies applied by PT. Pegadaian
were effective enough to achieve Mikro Fidusia Syariah credit target. It shown
through average of realization over target performance is above 100%. However,
those strategies were less effective to maintain working performance in 2017,
whereby the effectiveness was decreased. Those might be caused by the tighter the
competition within industry as well as the higher target set by PT. Pegadaian in
2017.

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