Pasar Modal Syariah

Abstract

Islamic capital market is an important component of the Islamic financial system that has developed as an alternative investment platform based on sharia principles. The growth of the Islamic capital market in Indonesia has increased significantly along with public awareness of ethical and halal investment opportunities. This study aims to analyze the concept, instruments, transaction mechanisms, regulations, performance, as well as the potential and challenges of Islamic capital market development in Indonesia. This research employs a library research method with a descriptive qualitative approach. The data were obtained from secondary sources, including books, academic journals, DSN-MUI fatwas, Financial Services Authority (OJK) regulations, and official publications from the Indonesia Stock Exchange (IDX) related to the Islamic capital market. Data analysis was conducted using content analysis to identify various aspects related to the development of the Islamic capital market. The results indicate that the Islamic capital market is characterized by the implementation of justice, transparency, and partnership principles while avoiding elements of ribā (interest), gharar (uncertainty), and maysir (speculation). The main instruments developed include Islamic stocks, ṣukūk, and Islamic mutual funds based on sharia-compliant contracts. Although the Islamic capital market has significant potential supported by regulatory frameworks and increasing investor participation, several challenges remain, including limited Islamic financial literacy, restricted investment product variations, and the need to strengthen digital infrastructure. Therefore, continuous improvement in education, product innovation, and collaboration among stakeholders is required to enhance the development of the Islamic capital market in Indonesia.