sjafruddin sjafruddin

Banking plays a very important role in the economy along with its function to channel funds from parties who have excess funds (surplus of funds) to those who need funds (lack of funds). If the banking industry does not work well, the economy will become inefficient and the expected economic growth will not be achieved. The risks that are always inherent in the financial and banking sectors, can trigger a crisis at any time and result in a collapse of the country's economy. To overcome the impact of the crisis, the government must pay quite large public costs. This article analyzes several important concepts, namely bank risk and the contagion effect, the operation of a deposit guarantee system that has been implemented in various countries after a financial crisis and how the deposit guarantee program is implemented in Indonesia. The results show that the Deposit Insurance System (DIS) can be implemented through law enforcement system, market discipline, political and economic ...

Signaling theory explains that dividend policy is information that has value. The market will react positively if there is a dividend increase. Increasing dividend payments will be followed by an increase in stock prices, because the company has value. Announcement of dividends is responded by the market quickly when there is an abnormal return at the time of the announcement (informationally efficient market). If investors react to the information content of dividend announcements that have economic value and have a positive impact on the company, then the reaction is the right reaction (decisionally efficient market).   Keyword: Dividend Policy, Signaling Theory, Efficient Market.

The ratification of Law Number 24 of 2004 concerning the Deposit Insurance Corporation (LPS) marks the formal process of institutionalizing the deposit insurance system in Indonesian banking. After the banking systemic crisis in 1997 that hit various countries including Indonesia, the government made various stabilization and reform policies in the financial sector to improve the banking system. The blanket guarantee policy for bank customer deposits in 1998 with no limits (blanket guarantee) restored public confidence in banks, but on the other hand this guarantee also created a moral hazard risk for banks. The existence of the LPS ended the unlimited deposit insurance system by limiting the guarantee in the form of a deposit insurance limit and a guaranteed interest rate known as the LPS interest rate. This article attempts to describe and analyze the institutionalization process and governance process in the deposit insurance system in Indonesia. The results show that the process...

Artikel ini mengkaji tentang keberadaan Lembaga Wali Nanggroe dalam relasinya dengan masa depan perdamaian Aceh. Teknik pengumpulan data dalam studi ini adalah observasi, wawancara mendalam serta kajian dokumen yang relevan dengan topik. Hasil kajian menyatakan bahwa Wali Nanggroe adalah institusi khusus yang memang sudah berakar dalam kultur politik keacehan. Lembaga tersebut menjadi “media” penghubung dalam berbagai sistem tatanan sosial, budaya dan politik di Aceh serta memiliki otoritas dan legitimasi yang terbentuk dari basis formal maupun non-formal. Paska Helsinki, Lembaga Wali Nanggroe berperan penting dalam memproduksi stabilitas dan kohesivitas perdamaian Aceh. Posisi Lembaga Wali Nanggroe bukan saja aktor utama perdamaian, tetapi juga aktor penentu dalam merawat perdamaian Aceh. Oleh karena itu, posisinya dalam tatanan kepemerintahan Aceh harus lebih dipertegas sehingga kuat dan otonom untuk penguatan perdamaian serta penjaga kekhususan dan keistimewaan Aceh. 

To invest in the stock market, people are often constrained in value of investments and high risk. The existence of mutual funds in the investment world is expected to provide an opportunity for investors who have the money and limited investment information in the financial markets. For investors who have a value judgment ethic, Islamic mutual funds can be an option while considering investment risk and return. Mutual fund industry in Indonesia has improved steadily increasing both in number of mutual funds, investment units, and net asset value. Islamic mutual funds also experienced an increase in the number of issued investment products based on Islamic values by investmentmanager. However, the total investment or contribution to economic activity is still lower investment in the mutual fund industry as a whole.

Abstrac
Commodities markets have had an existance which is as old as human history itself. These markets have influenced not only the dynamics of production and resource utilisation in the primary sector but also served as the mechanism through which the term of trade played out and surplus was extracted. Creation of Derivatives market in commodities was a significant human innovation. Futures contracts are the oldest way of investing in commodities. Futures are secured by physical assets. Commodity markets can include physical trading and derivatives trading using spot prices, forwards, futures, and options on futures. Futures markets perform two main economic functions: price discovery and hedging. Price discovery has been defined asrevealing information about future cash market prices through the futures market. There is a relationship between the futures price of a commodity and the price that market participants expect to prevail at the time of delivery of the futures contrac. Conventional fiqh doctrine considers a sale valid only if goods are present at the time of contract, its based on direct translation the well known hadith: Do Not Sell What Is Not With You. the item must exist and be owned by the seller at the time of the contract.But some contemporary scholar argue the hadith only prohibited the sale of items that were not availabel at the time of sale.This is indicated in modern market which means that the sller can find the goods at almost any time and make delivery whenever required.Indonesia one of the top producers of a large number of commodities has no long time of trading in commodities and related derivatives. The institution of a formal commodity futures market in Indonesia which was formed in 1971. The government originally only meant to set up rubber exchanges. The regulation of a new Indonesian Commodity Exchange implemented in 1982 with the issuance of Government Regulation No. 35 of 1982 on the Commodity Exchange. A number of regulatory measures were also imposed on existing Commodity exchanges in line with international best practices. At present adjusted on both The  derivatives as well as the spot markets in commodities were Imposed by way of the Commodity Exchange (Regulation) Act,2011 that islamic derivatives market are permitted to engage in derivatives transactions regional and country-wide.