Perkembangan dan Prospek Pasar Modal Syariah dalam Mendukung Pertumbuhan Ekonomi Indonesia

Abstract

The sharia capital market serves as an alternative invesment platfrom that contributes to economic develovement by providing financing and invesment opportunities based on islamic principles. This research explores the growth of the sharia capital market in indonesia, evaluates its role in supporting economic expansion, and discuses the opportunitiesand challenges associatied with its advancement. A qualitative descriptive method was appilied by utilizing secondary data collected from academic literature, official reports, and relevant documentation from various sources, including the Financial Services Authority (OJK), the Indonesia Stock Exchange (IDX), and the National Sharia Council–Indonesian Ulema Council (DSN-MUI).The findings reveal that indonesia’s sharia capital market has shown subtantial progress over receant years, as evidenced by the increasing number of Sharia investors, the expansion of Islamic investment instruments, and the utilization of digital technology in capital market activities. The existence of the Islamic capital market has also contributed to development financing through sukuk issuance, supported the growth of the halal industry, and promoted a more equitable economic system. Despite its positive develovement, several issues still need attention, particulary limited public understanding of sharia finance, restricted prodct divesification, and regulatory alignment, the limited variety of Islamic investment products, and the need to align regulations more closely with Sharia principles. Accordingly, stronger collaboration among stakeholders, broader financial education programs,and continuous innovation are necessary to strengthen the future growth of the sharia capital market, fostering product innovation, and strengthening cooperation among stakeholders to optimize the role of the Islamic capital market in promoting inclusive and sustainable economic growth in Indonesia.