Building Sharia Law Banking System in Global Economic Development Under Local Wisdom Basis

Haykal, Hassanain and Ibrahim, Johannes and Kurniawan, Shelly (2024) Building Sharia Law Banking System in Global Economic Development Under Local Wisdom Basis. Revista de Gestao Social E Ambiental, 18 (7). pp. 1-17. ISSN 1981-982X

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Abstract

Purpose: The aim of this research is to find out about building an Islamic legal banking system in global economic development based on local wisdom. Method: The research method used in this research is normative juridical and sociological juridical with this type of research taking field data. In sociological juridical research, this research uses primary data. In addition, this research uses normative juridical methods as an inseparable part in analyzing the development process of the sharia banking system in various regions in Indonesia with existing local wisdom, such as in Bali with Village Credit Institutions and in West Sumatra with Village Credit Institutions. Lumbung Pitih Nagari (LPN). The approach methods used are the conceptual approach and the statutory approach. Meanwhile, the data used is secondary data supported by primary data. Result and Conclusion: The results of the research can be concluded that public trust in the development of the Sharia Banking system plays a very fundamental role, where with public trust and knowledge, Sharia banking which manages the financial system will attract public interest so that it is easier to develop and develop. deeply rooted in people's lives. Apart from that, the development of the sharia financial system in various regions cannot be separated from local culture and wisdom. The role of positive law, which is supported by openness and harmony between religious communities and mutual respect as Indonesians, will make the sharia financial system an alternative in the global economy to support the national economy which is embedded in local wisdom. Implication of the research: This research contributes to the understanding of the integration of sharia principles in the global financial system and its impact on overall global economic development. Originality/value: The novelty of this research is that it explains building a sharia banking system in global economic development based on local wisdom which highlights deeper integration between Islamic economic principles and the current global economic context.

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