This study aims to describe and analyze: How the Regional Government of Mahakam Ulu Regency Efforts in Empowering Small and Medium Enterprises and What is the socio-economic impact of the community from the empowerment of SMEs.  Data Collection Techniques include: Interviews, Observations, Documentation. The research informants were Kadin and staff of the Mahakam Ulu Regency Industry, Trade, and Cooperatives Office. The data analysis technique using interactive model analysis was developed by Miles et al., (2014), namely data condensation, data presentation, and conclusion drawn. The results of the study showed. The empowerment program carried out by the Mahakam Ulu Regency Industry, Trade, and Cooperatives Office includes: a. Identify the potential and community empowerment programs in the economic sector. This is done with the development and Human Resources (HR) of the SMEs themselves, b. Coaching for industrial management magazines and improving entrepreneurship and c.  Marketing development in an effort to increase market access through improving product quality and product marketing. Improving the quality of SME products accompanied by improving packaging quality, improving hygiene and product certification, and exhibiting small industries. Impact of SME empowerment carried out by the Mahakam Ulu Regency Industry, Trade, and Cooperatives Office: a. The productivity of MSME entrepreneurs shows optimal results. b. The impact of the empowerment of SMEs not only affects job opportunities in the surrounding community, but also has an impact on the income of the surrounding community.

This study examines and compares the Capital Asset Pricing Model (CAPM) with the Sharia Compliance Asset Pricing Model (SCAPM) in constructing an optimal stock portfolio based on the sharia stock index on the Indonesia Stock Exchange, specifically the Jakarta Islamic Index (JII), during the 2019–2023 period. The primary aim is to evaluate whether the SCAPM, which incorporates mudharabah profit-sharing returns in place of the risk-free rate, offers more relevant insights for Muslim investors compared to the CAPM. Utilizing a quantitative approach and a two-step regression method, the research develops an optimal portfolio by calculating stock betas and analyzing the relationship between systematic risk and expected returns. The findings reveal that neither the CAPM nor the SCAPM models are valid for predicting risk and expected returns for the JII's optimal stock portfolio. This study is intended to guide sharia-compliant investors in making informed decisions and assist investment managers in designing strategies aligned with Islamic financial principles.