Islamic Banking and Finance/Islamic Economics

Islamic finance presents itself as based on the uniqueness of Islamic ethics, originating in divine revelation (the Quran) and the actions and sayings of the Prophet (Sunna). It is argued, first, that there is nothing unique in this ethics and second, that on the contrary some parts of the Quran and the Sunna can in the 21st century only be found reprehensible. A radically different way of looking at the Quran and the Sunna is called for. A number of Muslim intellectuals has been leading the way. A brief review of their ideas is given.

Technological developments in electronics have led to the introduction of technology based self-service systems resulting in the reorganization of several industries offering their services in electronic format known as “e-service”- Internet Banking is also a part of it. With increasingly easier access to the internet, even in developing countries like Pakistan a big portion of banking customers are already using Internet / Mobile Banking actively. Customers usually perceive risks in conducting transactions electronically, and particularly if the transactions involve money. Risk perception can be of six different types: time risk, financial risk, performance risk, psychological risk, security & privacy risk. It is generally considered that risk perception could be higher for electronic banking services. This study aims to understand the extent to which this consideration is valid as well as to determine the levels of risk perception of potential internet banking users of Karachi city. A survey was conducted among 276 bank customers and their responses were analyzed statistically. This study showed that while customers used Internet Banking for a variety of different purposes such as to determine account balance, transfer money, or to pay invoices, etc. and the concerns regarding security of privacy & finance is relatively low even after the major incidents of cybercrimes have taken place last 2-3 years, this may be because the large portion of the sample consist of young professionals that are already playing their in a technological environment. Their exist risk factor but that don’t much hinder the usage of Internet & mobile banking among young adults and some more improvements in service could be helpful in bringing the graph more downwards.

ضمان المضاربة المشتركة قياساً على الإجارة المشتركة
"دراسة نقدية"

د. آلاء عــــــادل العبيــــد
عضو هيئة التدريس بقسم الفقه المقارن، بكلية الشريعة، جامعة الكويت

ملخص البحث. يهدف هذا البحث إلى دراسة إمكانية قياس المضارب المشترك على الأجير المشترك في مسألة الضمان في الفقه الإسلامي، يبدأ البحث بعرض التعريفات والتكييفات الفقهية لكل من الأجير المشترك والمضارب المشترك والخصائص المتعلقة بكل منهما، ثم يناقش حجج وأدلة كل فريق في مسألة ضمان المضارب المشترك، واستخدم البحث لتحقيق هذا الهدف المنهج الاستقرائي في استقراء وتتبع آراء العلماء والمختصين في موضوع البحث، ثم تقييمه وفق المنهج الاستدلالي الاستنباطي للوصول للرأي الراجح، والمنهج المقارن في بحث المسائل الفقهية، وتوصلت الدراسة إلى مجموعة من النتائج منها :
- عدم قابلية قياس المضارب المشترك على الأجير المشترك؛ لتنافي ذلك ومقتضى عقد المضاربة، بما يؤول إليه من ضمان رأس مال المضاربة، ثم يؤول الأمر إلى القرض الربوي المحرم اتفاقاً.
-المخرج الشرعي لذلك هو دخول هيئة معينة أو جهة ثالثة بضمان رأس مال المضاربة على أساس التبرع المحض عند حصول الخطر، مما يمنع من تحولها بشكل أو بآخر إلى القرض الربوي المحرّم، وقد تكون الدولة هي ذاك الطرف الثالث وتنوب عن الأمة في بذل المال رجاء تحقيق المصلحة.
الكلمات المفتاحية: المضاربة المشتركة، الإجارة، الضمان، القياس، المصارف الإسلامية، اقتصاد إسلامي.

The purpose of this study is to determine the underlying dimensions of green supply chain management (GSCM) practices and to empirically test a framework identifying the relationships among GSCM practices, operational performance and GSCM-related organizational performance with special emphasis on small and medium size enterprises (SMEs) in Banyumas Central Java Indonesia . The instrument used in this study is a questionnaire encompassing three major parts. The research framework was tested using multiple regressions. The results indicate that all factors of GSCM have positive impact on operational performance. Moreover, all GSCM practices, except outsourcing, significantly influence SCM-related organizational performance. Also, six sigma practice was found significant and it appears to be the most influential factor on SCM-related organizational practices. Perhaps, this paper is among the first to bring into surface the issue of green supply chain management practices in the context of small and Medium Enterprises construction sector in Indonesia.

Financial inclusion currently becomes the important priority policies for many countries, including the developed and developing nations. Financial inclusion realisation is promoted by the easy and convenient access to financial services, quality of financial services, and efficient and effective utilisation by all segment of society, and delivered with fairness with zero discrimination. The achievement of financial inclusion is supported by essential pillars that interconnected each other and forming a composite economy ecosystem to ensure stability and sustainable development. One of these critical pillars is Micro, Small, and Medium-Sized Enterprises (MSMEs), the development of MSMEs pillar is deemed crucial due to its capability in absorbing more considerable workforce compared to larger enterprises and contributes significantly to the Gross Domestic Product (GDP). Therefore, the growth of MSMEs pillar will surely reduce poverty, lessen the unemployment, and lower the income disparity. In this respect, since Islamic banking represents the core of Islamic financial system that encourages entrepreneurship; the institution is expected to take the lead in serving the needs of MSMEs sector and assisting them from all types of financial constraints. The primary objective of this paper is to explore and investigate the critical issues and challenges of MSMEs financial inclusion achievement trough the role of Islamic banking institutions, particularly in Indonesia. The paper suggests several problems that hamper the role of the Indonesian Islamic banking institution in serving the needs of MSMEs and numerous issues and challenges in achieving MSMEs financial inclusion.

The use of investment risk reserve (IRR) is key to covering potential losses on assets invested with investment account holders (IAH) funds, and profit equalization reserve (PER) is needed to smooth the returns , so that a desired return to IAH can be provided in the face of volatility in asset returns, and thereby help manage the level of displaced commercial risk (DCR); but the relationship between PER/IRR and DCR is complex. Certain minimum amounts are needed to ensure that a targeted risk return combination can be provided to the IAH with a high probability, even if on some rare occasions asset return may turn negative, requiring the use of IRR to offsetthe losses, and some PER to ensure a market related return to IAH. Since a variety of combinations of PER and IRR can yield a specific targeted return, the appropriate combination will have to be decided by IIFS management based on the expectations of the likely usage of these reserves in the future.

‫التوريق‬ Securitization : ‫هو‬ ‫المتجانسة‬ ‫الديون‬ ‫من‬ ‫مجموعة‬ ‫بحشد‬ ‫مالية‬ ‫مؤسسة‬ ‫قيام‬ ‫تفيد‬ ‫مستحدثة‬ ‫مالية‬ ‫أداة‬ ‫في‬ ‫ووضعها‬ ، ‫كأصول‬ ‫والمضمونة‬ ‫من‬ % ‫الجمهور‬ ‫على‬ ‫عرضه‬ ‫ثم‬ ، % ‫ائتمانيا‬ % ‫معزز‬ ‫واحد‬ ‫دين‬ ‫صورة‬ ، ‫مالية‬ ‫أوراق‬ ‫شكل‬ ‫في‬ ‫لالكتتاب‬ ‫متخصصة‬ ‫منشأة‬ ‫خالل‬ . ‫للبنك‬ ‫النقدية‬ ‫للسيولة‬ ‫المستمر‬ % ‫للتدفق‬ ‫وضمانا‬ ، ‫للمخاطر‬ ‫تقليال‬ ‫التس‬ ‫أو‬ % ‫التوريق‬ ‫مصطلح‬ ‫يتمثل‬ ‫لذلك‬ % ‫تحويل‬ ‫في‬ ‫نيد‬ ‫للتداول‬ ‫قابلة‬ ‫مالي%ة‬ % ‫أوراق‬ ‫إلى‬ ‫القروض‬ ‫من‬ ‫الدي%ون‬ ‫تحويل‬ ‫أي‬ ‫آخرين‬ ‫مقرضين‬ ‫إلى‬ ‫األساسي‬ ‫المقرض‬ .

Bagaimana menjadi pemimpin yang baik dengan Islamic Leadership and Your Leadership Style disampakai pada Seminar Nasional yang diselenggarakan oleh Kelompok Studi Ekonomi Islam-Kassi-Febi IAIN Bukittinggi pada tanggal 12 April 2018. Semoga bermanfaat dan ilmunya berkah....Amien

There has been a lot of media attention devoted to the Islamic prohibition of interest and how this affects financial transactions such as mortgages. Other key Islamic principles that could have a bearing on business include social justice and inclusion, honesty, protection of the weak, and a strong sense of fair play. What are the key influences on marketing ethics and what distinguishes "Islamic" marketing?

Pembiayaan Rakyat Syariah (BPRS) di Indonesia Periode Tahun 2011-2013 adalah benar karya saya dengan arahan dari komisi pembimbing dan belum diajukan dalam bentuk apa pun kepada perguruan tinggi mana pun. Sumber informasi yang berasal atau dikutip dari karya yang diterbitkan maupun tidak diterbitkan dari penulis lain telah disebutkan dalam teks dan dicantumkan dalam Daftar Pustaka di bagian akhir skripsi ini.

Islam is a practical way of life for humanity with its own systems in every aspect of life whether cultural, social, political or economic. In the economic sphere, Muslim societies around the globe have inherited mostly interest-based feudal, capitalist or socialist economic systems. As there was no working model, Muslim economists and scholars made considerable efforts to develop their own Shari’ah-compliant economic model and financial institutions. Since 1960’s, the Islamic finance industry has grown exponentially to surpass the USD 2.1 tln mark end 2014. The Islamic banking and Sukuk sectors dominate the Islamic finance industry (approximately 80% and 15% respectively) while Islamic microfinance has less than 1% market share. Islamic financial institutions are often criticized of operating or mimicking the capitalist mode and offering nothing more than a modified conventional loan. It is also questioned whether Islamic financial institutions have indeed contributed to achieve the objectives of Islamic economics alongside a healthy and growth-oriented economy where the necessities of life and spiritual peace are available to society at large. The purpose of this paper is to propose an inclusive financial institution model (Islamic Credit Union), based on cooperative and Islamic financial principles, which is a community-based institution. Such a model has so far received only sporadic attention in the market. The paper also presents the status of Islamic Credit Unions worldwide and discusses the legal and operational framework and opportunities of the Islamic Credit Union model.

Keywords: Islamic Credit Union, inclusive model, financial needs, legal and operational framework, opportunities

Comparatively a little attention has been paid to the factors that obstruct the acceptance of Internet banking in Sri Lanka. This research assimilates constructs such as security and privacy, perceived trust, perceived risk, and website usability. To test the conceptual model, we collected 186 valid responses from customers who use Internet banking in Sri Lanka. The structural equation modelling technique is applied and hypotheses are validated. The findings show perceived trust and website usability are the possible obstructing factors that highly concerned by Internet banking customers. While security and privacy, and perceived risk are not significant and these are not highly concerned by customers in Internet banking acceptance. The age and gender reveal the moderating effect in each exogenous latent constructs relationship. The practical and managerial implications of the findings are also discussed. This country specific study contributes to the advancement of Internet banking acceptance, and offers some useful insights to researchers, practitioners and policy makers on how to enhance Internet banking acceptance for country similar in context.

The short-selling of stocks has long been considered impossible in Islamic finance. This chapter begins by reviewing why. It then moves on to the search to develop Islamic alternatives to conventional short-selling. Several systems have recently come on the market that aim to replicate short-selling in Shariah-compliant ways. This includes one being developed by Bursa Malaysia and the Malaysia Securities Commission that replicates stock borrowing and lending using Waʿd (unilateral promise). Other industry players have endorsed shortsale replication systems that use the Salam contract, the Arbun contract, or Waʿd in a different way. Hedge funds and other institutional investors seeking to be Shariah-compliant are keen to adopt an Islamic alternative to short-selling, but each method has advantages and disadvantages, with its proponents and detractors. This chapter guides the reader through different structures Islamic institutions are using to replicate short-selling, the state of the nascent market for short-sale replication, and the outlook for the future.

ISBN: 978-602-498-134-1
Buku ini ditulis dalam 17 bab yang diharapkan bisa digunakan para pembelajar sebagai bahan perkuliahan pada jenjang Sarjana dan Pascasarjana pada bidang manajemen keuangan syariah, ekonomi syariah, perbankan dan jurusan lain yang berkenaan.

Having a decent education is one of rights that ever single citizen of Indonesia has as stated in paragraph four of the Introduction of Act 1945 of Republik Indonesia. However, what actually happened in Indonesia does not reflect the Act. Many of citizens cannot pursue the right of decent education, particularly for college education. The college tuition that comparatively higher than income of most parent becomes the factor of why high school-graduated students must be willing not to continue their education for college. On other hand, number of college-graduated students who fails to get proper job is increasing. It is hard to imagine how the high school-graduated students would get job, and knowing that MEA is coming resulted instricter competition in getting proper jobs. It is the time for government to take action in giving solution for high-school graduated people to get their right to pursue higher education. One of tuition solutions that high school-graduated students may have is personal loan or known by other term, which is student loan. Student loan has been implemented in many developed and developing countries. But, terminology word of personal loans is rather uncommon for college students, and even it is still rare to found in government areas or any Public Banks. This study uses method of literature review which is taken from literature source, in the form of books, journals, and websites related to student loan issues in Indonesia. This study has significance to give a description for government in giving tuition solution for college students in Indonesia.

Zakat is the major source of Islamic revenue mobilization aiming at redistribution of wealth from the rich among the societies to the less privileged ones. In the Islamic traditions, zakat is collected upon acquiring certain amount of wealth and passing the five stipulated conditions for zakatabilty, and is given to certain category of people. In the early Islamic communities, zakat has played important roles in reducing poverty and establishing social welfare. Unfortunately, successive Muslim communities fail to administer zakat in a central body as it was the practice in the ancient Islamic era.  Recently, Many Muslim states and communities consider the institutionalization of zakat system under the auspices of law and constitution. This study aims to examine the practices of zakat distribution in Malaysia, Sudan and Kuwait the three countries are assumed the leading countries in cooperate zakat management. The study finds that both countries adopt zakat distribution system suitable for their environment and level of poverty. This study will help other Muslim states and communities in developing or improving the already existing zakat system.

Islamic banks will always be dealing with different types of risk with diverse complexity and inherent in its business activities. Thus, the implementation of risk management in Islamic banking is very urgent to be implemented in order to identify, measure, and control various risks to be faced. The discussion paper will discuss more in depth related risk management in Islamic banking in Indonesia theoretically and implementation. The discussion on worldview importance of risk management of Islamic banks, the identification of the risk characteristics of Islamic banks, the classification of the types of risks in Islamic banks, as well as the implementation of risk management deals in Islamic banks.

Abstract: The purpose of this study was to analyze the causes of the decline in financing and increased revenue at PT. Bank Mega Syariah, then analyze the relationship between income and finance at PT. Bank Mega Syariah, and analyze the most dominant factor affecting the financing of PT. Bank Mega Syariah. This study used a descriptive quantitative approach using secondary data to analyze the relationship between the provisions or regulations and ordinances relating to the implementation of the Financing at PT. Bank Mega Syariah as well as information from financial statements and looked at some of the factors that affect the financing. Quantitative analysis used to calculate the magnitude of the factors that affect the financing of the PT. Bank Mega Syariah using multiple regression analysis approach and hypothesis testing used Least Square Method. Based on the discussion of the results obtained by some of the conclusions was that revenue at PT. Bank Mega Syariah during the period 2005 to 2011 the average increased 83% per year or RP. 544.765.000 per year. Decreased financing up to Rp. 152.673.00 per year. Some of the factors that affect the financing include deposits, equity, income, and ratios with the results NPF.

Key words: Syariah economy, mudharabah, musyarakah or syirkah, murabahah

Kendala utama yang sering dihadapi dalam penilaian prestasi kerja adalah kurang baiknya job analysis (analisis pekerjaan) yang diterapkan pada suatu organisasi maupun perusahaan. Job analysis merupakan proses pengumpulan dan pemeriksaan atas aktivitas kerja pokok serta kualifikasi pekerjaan seperti keahlian, pengetahuan, kemampuan, pengalaman, serta sifat individu lainnya yang diperlukan dalam melakukan tugas atau pekerjaan. Job analysis memegang peran yang sangat vital dalam rangka perbaikan prestasi kerja yang berujung pada peningkatan prestasi kerja karyawan yang bersangkutan.

This study is motivated primarily by the need to enhance capital accumulation from the stock market, being the long term end of the financial system. This study is an investigation of the impact of Nigeria stock exchange performance on the economic growth of Nigeria

This paper aims to see how the concept and mechanism of sharing of risk on Takaful Insurance. Secondary data has been used such as books and journals of Takaful, daily news, and insurance policies. As an alternative form of conventional insurance-based insurance, Takaful is able to neutralize the contradictions of existing concepts in conventional insurance, so it is acceptable and not contrary to existing sharia principles. This study explains uncertainty that occurs in the future towards the soul as well as the asset requires people to be more alert about the risks that may arise. The need for it makes insurance a financial necessity in the context of minimizing possible risks. The risk that befell the participants of the insurance, not only borne by the company alone, but by all participants Takaful Insurance, this becomes one of the differentiators between Takaful with the conventional insurance.

Penulisan paper ini bertujuan untuk mengetahui tingkat produksi ikan  pada level nasional di Indonesia. Data yang berhasil dihimpun berasal dari Badan Pusat Statistik(BPS) mengenai produksi ikan dari tahun 2006 hingga  tahun 2011. Metode yang digunakan dalam penulisan ini ialah dengan Deret Aritmatika untuk mengetahui jumlah produksi ikan pada tahun 2015. Adapun hasil yang didapat ialah menunjukkan bahwa produksi  mengalami peningkatan pada tahun 2012  dan kemudian meningkat sampai tahun 2015.

As an alternative to conventional interest-based leasing structure, Islamic finance has come with Musharakah Mutanaqisah (MMQ) modes of contract that is currently in existence. The MMQ is a form of Musharakah (partnership) in which one partner promises to buy the equity share of the other partner gradually until the title to the equity is completely transferred to him. Upon the purchase of property, the Bank will lease the usufruct of its undivided share in the property to the customer against rental payments (ijarah) through periodic installment. Each installment will contain purchase of Bank's equity and lease rental. In the middle of financing if the customer default, he has some percentage of ownership over the asset, while in the conventional leasing, the customer will not own any percentage of ownership over asset unless and until the customer made full payment until maturity period. The contemporary Muslim Scholars have consensus on the permissibility of the MMQ contract. This paper compares the MMQ model with conventional leasing structure and seeks as to which one is better. The paper concludes that the MMQ is better than conventional leasing structure for the customer and the Bank giving both several advantages.

Likuiditas adalah kemampuan Manajemen bank dalam menyediakan dana yang cukup untuk memenuhi kewajibannya setiap saat. Dalam kewajiban diatas termasuk penarikan yang tidak dapat diduga seperti Commitment Loan maupun penarikan-penarikan tidak terduga lainnya. 1 Tetapi pengertian likuiditas dalam dunia perbankan lebih kompleks dibanding dengan dunia bisnis secara umum. Dari sudut aktiva, likuiditas adalah kemampuan untuk mengubah seluruh asset menjadi bentuk tunai (cash), sedangkan dari sudut passive, likuiditas adalah kemampuan bank memenuhi kebutuhan dana melalui peningkatan portofolio liabilitas. 2 Secara garis besar manajememen likuiditas terdiri dari dua bagian, yaitu:

ABSTRAK Penelitian ini memiliki tujuan untuk mengetahui pengaruh pelayanan digital Bank Syariah Mandiri terhadap kepuasan nasabah baik secara parsial, maupun secara simultan yang dilihat menggunakan dimensi E-Servqual yaitu Efficiency, reliability, fulfillment, privacy, responsiveness, compensation, contact). Namun, pada dimensi compensation tidak dapat digunakan karena belum ada pelaksanaannya pada perbankan di Indonesia. Data yang digunakan pada penelitian ini merupakan data primer yang didapat langsung dari jawaban 100 responden yang merupakan nasabah Bank Syariah Mandiri yang menggunakan fasilital layanan Elektronik Bank seperti ATM, BSM Net Banking, SMS Banking, dan Mobile Banking. Metode analisis yang digunakan adalah metode analisis regresi linier berganda. Berdasarkan hasil penelitian diketahui bahwa variabel Efficiency, fulfillment, dan contact memiliki pengaruh terhadap kepuasan nasabah. Variabel yang mendominasi terhadap pengaruh kepuasan nasabah adalah variabel Contact. Adapun Variabel privacy, dan responsiveness tidak memiliki pengaruh karna. Sedangkan pada hasil uji simultan, keenam variabel secara bersama-sama memiliki pengaruh yang signikan terhadap kepuasan nasabah dengan Fhitung sebesar 29,139. Pada uji koefisien determinasi (R²), variasi variabel independen yang digunakan dalam model mampu menjelaskan sebesar 65,3% variasi variabel dependen. Sedangkan sisanya sebesar 34,7% dipengaruhi atau dijelaskan oleh variabel lain yang tidak dimasukkan dalam model penelitian ini. ABSTRACT This study aims to determine the effect of Bank Syariah Mandiri digital services on customer satisfaction both partially and simultaneously viewed using the E-Servqual dimension, namely Efficiency, reliability, fulfillment, privacy, responsiveness, compensation, contact). However, the compensation dimension cannot be used because there is no implementation in banking in Indonesia. The data used in this study are primary data obtained directly from the answers of 100 respondents who are customers of Bank Syariah Mandiri who use electronic bank service facilities such as ATMs, BSM Net Banking, SMS Banking, and Mobile Banking. The analytical method used is multiple linear regression analysis methods. Based on the results of the study note that the variables Efficiency, fulfillment, and contact influence customer satisfaction from the calculated value Tcount greater than the value of Ttable 1.661. The variable that dominates the influence of customer satisfaction is the Contact variable. The privacy variables and responsiveness do not affect because Tcount is smaller than Ttable. While the simultaneous test results, the six variables together have a significant effect on customer satisfaction with Fcount of 29,139. In the coefficient of determination (R²) test, the variation of the independent variables used in the model can explain at 65.3% the variation of the dependent variable.

Undang-Undang Aparatur Sipil Negara mengamanahkan bahwa untuk menjalankan
tugas dan fungsinya, seorang pegawai ASN harus memiliki kompetensi baik
kompetensi teknis, manajerial juga sosial kultural. Kompetensi sosial kultural
merupakan kompetensi baru dalam Undang-Undang ASN yang dapat diukur dari
pengalaman kerja berkaitan dengan masyarakat majemuk dalam hal agama, suku dan
budaya sehingga memiliki wawasan kebangsaan. Pada prakteknya sudah ada
beberapa kebijakan yang mengakomodir pelaksanaan kompetensi sosial kultural.
Salah satunya kebijakan yang dibuat oleh Pemerintah Daerah Provinsi DKI Jakarta
dengan nama kompetensinya yaitu kompetensi kepekaan sosial. Meski memiliki
perbedaan nama, namun secara substansi kompetensi sosial kultural dan kompetensi
kepekaan sosial memiliki arti yang hampir sama. Penelitian ini telah mengidentifikasi
potensi nilai-nilai sosial kultural yang ada di Provinsi Aceh dan Sumatera Utara untuk
dijadikan kompetensi sosial kultural serta menganalisis strategi pengembangan
kompetensi sosial kultural di daerah. Menggunakan metode kualitatif dengan teknik
pengumpulan data melalui diskusi terbatas dan wawancara, diperoleh hasil analisis
bahwa aspek historis, pluralis dan tantangan pembangunan daerah sangat
mempengaruhi pembentukan nilai-nilai sosial kultural. Ada banyak nilai yang
teridentifikasi, nilai-nilai tersebut kemudian diklasifikasikan secara spesifik dan
general. Tujuannya agar dapat dibuat skala prioritas nilai-nilai apa saja yang dapat
dijadikan kompetensi sosial kultural dan berlaku pada skala daerah/spesifik, mana
pula nilai-nilai sosial kultural di daerah yang dapat diaplikasikan secara
general/nasional. Terkait kebutuhan pengembangan, pada kedua lokus didapati
bahwa tingkat kebutuhannya sangat tinggi akibat heterogenitas yang ada di kedua
daerah tersebut. Untuk strategi pengembangannya, daerah berharap ada standar
baku pelaksanaan sebagai parameter yang dapat diukur dalam rangka meningkatkan
kompetensi aparatur negara


The Law of State Civil Apparatus mandates Civilian Personel to possess the competencies of
technical, managerial, and socio-cultural in carrying out their duties and functions. Sociocultural
is a new competence introduced in the Law of State Civil Apparatus that could be
measured from work experience related to the society in terms of religion, ethnicity and culture
in improving national vision. In practice, there were already policies to accommodate the
implementation of socio-cultural competence. One of these policies was made by the Provincial
Government of Jakarta, namely competence of social sensitivity. Although it has a different
name, the competence of socio-cultural and the competence of social sensitivity have the same
meaning in substance. This research has identified the potential for socio-cultural values that
exist in the region of Aceh and North Sumatra to be indicated as socio-cultural competence, and
then to do an analysistoward the development strategy of socio-cultural competence in the
region. By using qualitative methodand data collection through focus group discussions and
interviews, the results of analysis showed that the historical aspects, pluralist and challenges of
regional development had greatly influenced the formation of socio-cultural values. There was a
lot of value identified which then classified specifically and in general. The purpose was to made
a priority scale of values that can be used as a socio-cultural competence in a scale of
local/specific, which then can be applied generally or nationally. In relation to the needs of
development, both locus show that the level of needs was very high due to the heterogeneity
exists in both regions. For its development strategy, the regions expect standard
implementation as a parameter to be measured in order to improve the competence of the civil
apparatus.

Dalam perbankan terutama perbankan syariah, modal punya peran vital. Setidaknya menurut hemat penulis ada dua arti penting modal, yaitu sebagai indikator kepercayaan masyarakat terhadap bank dan sebagai alat perlindungan nasabah. Berawal dari pertanyaan, apa yang sebenarnya yang dijual bank. Bisnis bank sebenarnya adalah bisnis kepercayaan (trust). Dalam paper ini akan dibahas mengenai aspek modal dalam perbankan syariah.