Analysis of Strategies of Sharia Financial Institutions in Dealing with Asean Economic Community Competition

Abstract

Indonesia has enormous potential to develop Islamic financial institutions. Indonesia has a large Muslim population and abundant natural resources that can be used as underlying transactions. This study uses qualitative research methods with descriptive analysis techniques. The type of data used is secondary data, data in the form of articles, books and research reports as well as other sources or information relevant to this study. Then the data collection technique used is the study of literature or library research. Literature study is an activity related to library data collection, reading, recording, and processing research materials. The results of this study indicate that the constraints faced by Indonesia are the lack of Islamic economic human resources both in quantity and quality, lack of knowledge and awareness in Islamic economics, lack of innovation and product differentiation, and lack of government support either regulation or issuance of capital. Efforts and strategies needed to increase the competitiveness of the Islamic economy in the ASEAN Economic Community (AEC) are increasing human resources both in quality and quantity, socialization and education in the community, service improvement and product differentiation, and support from all stakeholders.