POTENTIAL DEVELOPMENT OF SHARIA CAPITAL MARKET IN ACEH FROM IMPLEMENTATION OF QANUN ACEH NO 11 OF 2018 CONCERNING SHARIA FINANCIAL INSTITUTIONS

Abstract

Aceh as a province that implements Islamic law has a great opportunity to develop investment concepts in the Islamic Capital Market because the Islamic capital market is one of the investment facilities favored by investors by providing optimal returns. The implementation of Aceh Qanun No. 11 of 2018 concerning Islamic Financial Institutions is also a form of government-driven government in the development of the Islamic finance industry in Aceh. This study aims to see the magnitude of the potential of the implementation of Qanun Aceh No. 11 of 2018 on the development of the Islamic capital market in Aceh. This research included the type of qualitative research, with data obtained from the literature review. The results showed that the implementation of Aceh Qanun No. 11 of 2018 concerning Islamic Financial Institutions makes a positive contribution to the development of the Islamic economy and finance, including the Islamic capital market nationally and in the province of Aceh in particular. With massive literacy and socialization in the community, it will continue to build public awareness and understanding of the Islamic capital market, thereby increasing the number of investors in Aceh. The implementation of Aceh Qanun No 11 of 2018 also encourages regional Sukuk as an alternative capital market instrument for sharia-based regional development financing whose benefits can be felt by all levels of society.