The study aims to investigate whether there is a direct and indirect effect of ownership structure to performance using risk as mediating variable. The research was conducted on 90 sharia banks spread in 22 countries with period 2010-2013. Using unbalanced panel data and concentration ownership using limit above 50%, found that concentrated ownership is 42%. Concentrated ownership has a poor performance. Furthermore, there is no evidence of indirect effect of concentrated ownership on performance through bank risk.

Government ownership has a direct positive effect to performance of Islamic banking. An indirect positive relationship is indicated by institutional ownership and foreign ownership. Institutional ownership is negatively affect to bank risk and foreign ownership is negatively affect to performance. Family ownership is no effect either directly or indirectly to performance. This is possible because the ultimate number of family ownership in Islamic bank is very small or the lowest compared to other types of ownership.