PASAR MODAL SYARIAH DI INDONESIA: TINJAUAN PRINSIP, MEKANISME, DAN TANTANGANNYA
Keywords:
Islamic Capital Market, Maqāṣid al-Sharīʿah, Communicative Action Theory, Investment Ecosystem, ESGAbstract
This study aims to analyze the development of the Islamic capital market in Indonesia from a holistic perspective by evaluating its foundational principles, operational mechanisms, and structural challenges through 2026. It employs a library research method using juridical-normative and philosophical approaches. The data were analyzed qualitatively through a deductive framework based on the theories of Maqāṣid al-Sharīʿah, Habermas's Theory of Communicative Action, and the Sustainability Ecosystem Theory. The findings reveal a profound "Growth Asymmetry" within the Islamic capital market industry. On the supply side, the Financial Services Authority's (OJK) shariah stock screening mechanism has proven effective, resulting in the dominance of shariah-compliant listed companies, which account for nearly 60 percent of all listed firms, with a total market capitalization of approximately IDR 6,100 trillion. However, on the demand side, the proportion of active Islamic investors remains limited to approximately 7–9 percent due to the low level of Islamic financial literacy in Indonesia. This challenge is further exacerbated by the slow pace of product innovation, with approximately 90 percent of investment products still relying on ijārah and muḍārabah contracts, as well as by one-way, instrumental approaches to public outreach and education. The study concludes that addressing this imbalance requires a reconstruction of the Islamic capital market regulatory framework through the development of a sustainable investment ecosystem that converges formal shariah compliance with the global Environmental, Social, and Governance (ESG) framework in order to achieve substantive economic maṣlaḥah (public welfare).
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