Bank syariah idealnya menerapkan prinsip bagi hasil melalui akad mudharabah, di mana imbal hasil bergantung pada kinerja investasi. Namun, dalam sistem dual banking, tekanan kompetitif mendorong bank syariah melakukan income smoothing untuk menjaga daya saing terhadap bunga tetap bank konvensional. Praktik ini memunculkan displaced commercial risk (DCR), yaitu risiko ketika bank menanggung sebagian kerugian yang seharusnya ditanggung nasabah demi menjaga loyalitas mereka. DCR dipandang sebagai risiko yang dapat melemahkan kinerja dan stabilitas bank. Meskipun demikian, penelitian empiris yang secara simultan mengkaji dampak DCR terhadap kedua aspek tersebut masih terbatas, khususnya dalam konteks Indonesia. Penelitian ini bertujuan menganalisis faktor-faktor yang memengaruhi DCR serta dampaknya terhadap kinerja (ROA) dan stabilitas (z-score) bank umum syariah di Indonesia selama periode 2018–2024. Dengan menggunakan regresi panel, hasil menunjukkan bahwa DCR berpengaruh negatif signifikan terhadap stabilitas, tetapi tidak signifikan terhadap kinerja. Temuan ini menunjukkan bahwa pengelolaan DCR yang tidak optimal dapat mengancam ketahanan jangka panjang bank syariah. Oleh karena itu, studi ini dapat menjadi rujukan penting bagi regulator di negara dengan sistem dual banking dalam merumuskan kebijakan pengelolaan dana mudharabah dan penguatan stabilitas perbankan syariah.

---

Islamic banks are ideally based on profit-sharing principles through mudharabah contracts, where returns depend on  invesment performance. However, within a dual banking system, competitive pressure drives Islamic banks to engage in income smoothing to maintain competitiveness against the fixed interest rates offered by conventional banks. This practice gives rise to displaced commercial risk (DCR), a risk that occurs when the bank absorbs part of the investment losses that should be borne by depositors in order to retain their loyalty. DCR is considered a threat to both the performance and stability of Islamic banks. However, empirical research that simultaneously examines the impact of DCR on both performance and stability remains limited, particularly in the Indonesian context. This study aims to analyze the determinants of DCR and its impact on the performance (ROA) and stability (z-score) of Islamic commercial banks in Indonesia over the 2018-2024 period. Using panel regression analysis, the findings shows that DCR has a significant negative effect on stability, but no significant effect on performance. These results highlight that poor DCR management may undermine the long-term resilience of Islamic banks. This study may serve as a useful reference for regulators in dual banking countries in formulating mudharabah fund policies and strengthening the stability of the Islamic banking system.