This study aims to identify potential causes of financial distress by combining Grey Relation Analysis (GRA) with internal and external variables of Islamic banking companies in Indonesia. The data utilized is panel data for the period 2015-2019, with an Indonesian sample of five established Islamic banking institutions. The findings of this study indicate that, in general, the factors that allow financial distress to occur in Islamic Commercial Banks are distinct. However, banks must keep an eye out for a few unique factors that may be the primary cause of financial distress in banking institutions. This research also contributes to cautioning Islamic banking institutions regarding the internal management of Islamic banking's sustainability and the anticipation of future financial distress.