The Impact of Regulation on Islamic Financial Institutions Toward the Monopolistic Practices in the Banking Industrial in Aceh, Indonesia

Fahmi, Chairul

doi:10.26811/peuradeun.v11i2.923

Cited by 2 publications

(1 citation statement)

References 11 publications

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“…Dalam perkembangan ekonomi dewasa ini kehadiran LKS di Aceh dirasakan sudah sangat mendesak karena hal tersebut merupakan salah satu pilar pelaksanaan syari'at Islam di bidang muamalah. Kondisi tersebut ditambah lagi dengan banyaknya modal pihak ketiga yang masuk ke Aceh dimana dalam operasionalnya tidak dilaksanakan berdasarkan Prinsip Syari'ah (Chairul Fahmi, 2023). Lebih lanjut mereka juga mengatakan bahwa Qanun Aceh Nomor 8 Tahun 2014 tentang pokok-pokok Syari'at Islam, secara tegas telah mewajibkan bahwa lembaga keuangan yang beroperasi di Aceh wajib dilaksanakan berdasarkan Prinsip Syariah.…”

Section: Eksistensi Lembaga Keuangan Syariah (Lks) DI Acehunclassified

Kontribusi Qanun LKS Terhadap Umkm Sebagai Upaya Meningkatkan Kesejahteraan Ekonomi Masyarakat Kota

Yusmalinda

2023

J. Ekon. STIEP

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This study aims to analyze the existence or role of the qanun of Islamic financial institutions (LKS) in increasing the economic level of the people of Langsa City. The economic Sharia policy certainly has an impact on financial management and management, which in turn has an effect on the people's economy. This research is a type of explanatory descriptive research that is looking at the causal relationship that occurs between one factor and another by using qualitative data. Sources of data were obtained from secondary data in the form of journals and official websites of the Aceh government, to enrich the data this paper also uses the results of empirical research by researchers who focus on studying the Islamic economy in Aceh. The study results show that after the implementation of Islamic Financial Institutions in Aceh, all conventional banks do not operate in Aceh. The implementation of the LKS Qanun in Aceh has had an influence on the number of funds channeled to MSMEs. However, it has not been able to improve the welfare of the people of Aceh.

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Section: Eksistensi Lembaga Keuangan Syariah (Lks) DI Acehunclassified

Kontribusi Qanun LKS Terhadap Umkm Sebagai Upaya Meningkatkan Kesejahteraan Ekonomi Masyarakat Kota

Yusmalinda

2023

J. Ekon. STIEP

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Economical rights versus God’s rights: criticising of the implementation Shariah economic in Indonesia

Bin-Armia,

Armia,

Syarif

2024

IMEFM

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Purpose This study aims to evaluate the impact of Law No. 11 of 2018 on Islamic Financial Institutions in Aceh, Indonesia. It also aims to understand the balance between the economic rights of individuals under Shariah law and the broader concept of God’s rights, as interpreted by this legislation. In addition, the research argues that the implementation of Law No. 11 of 2018 is untimely, with a focus on examining its influence on the cumulative abnormal return (CAR) of Shariah banks and its slight contribution to the direct economic impact. Design/methodology/approach This study adopts a mixed-methods approach that integrates qualitative and quantitative analyses. The qualitative aspect uses a black-letter law approach for legislative scrutiny, whereas the quantitative aspect assesses economic indicators and firm performance using an event study analysis. The study also includes a two-tailed assessment to test hypotheses related to the law’s direct impact on institutional performance. Findings The study reveals that Law No. 11 of 2018 had minimal impact on national-scale corporate performance and a notable increase in poverty indices in Aceh, indicating a potential misalignment between the law’s intention and its economic consequences. The results also show the law’s ineffectiveness in significantly influencing the CAR of Islamic banks, highlighting a clash of norms and a lack of substantial economic substance in the implementation of Shariah compliance. Research limitations/implications This research is geographically and legally focused on Aceh, Indonesia, with a short-term analysis that may not fully capture the long-term impacts. It primarily considers the stock price performance of specific institutions for quantitative analysis and identifies potential clashes and disharmony-in-law implementation from a qualitative perspective. Practical implications The findings suggest the need for legal frameworks that better comply Shariah principles with economic realities. Regional governments should consider modifying policies to balance religious values and economic objectives. Social implications This research highlights the importance of balancing religious obligations with economic rights, indicating that strict interpretations of religious law can lead to adverse socioeconomic effects. Originality/value This study is unique in its comprehensive analysis of the convergence between religious law and economic rights, offering insights into the challenges faced in implementing Shariah-based economic policies in diverse economies, such as Indonesia.

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The Impact of Regulation on Islamic Financial Institutions Toward the Monopolistic Practices in the Banking Industrial in Aceh, Indonesia

Cited by 2 publications

References 11 publications

Kontribusi Qanun LKS Terhadap Umkm Sebagai Upaya Meningkatkan Kesejahteraan Ekonomi Masyarakat Kota

Kontribusi Qanun LKS Terhadap Umkm Sebagai Upaya Meningkatkan Kesejahteraan Ekonomi Masyarakat Kota

Economical rights versus God’s rights: criticising of the implementation Shariah economic in Indonesia

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