The Contribution of Islamic Stocks and Sukuk to Indonesia’s Economic Growth

Abstract

This study aims to examine the implementation of Islamic stocks and sukuk in relation to Indonesia’s economic growth. Islamic stocks represent capital ownership in companies managed in accordance with sharia principles, thereby avoiding elements of usury, gharar, and practices that contradict Islamic values. Meanwhile, sukuk are long-term sharia-compliant securities issued by corporations or the state to Islamic bondholders as an alternative source of halal financing. This research employs a qualitative approach with a literature study method, involving identification, interpretation, and critical analysis of relevant literature. The data were obtained from books, academic journals, scientific publications, as well as secondary sources from the Indonesia Stock Exchange, the Financial Services Authority, and journalistic publications supporting this study. The findings reveal that Islamic capital market instruments, particularly Islamic stocks and sukuk, have a significant impact on Indonesia’s economic growth. These instruments play an essential role in capital circulation by meeting financing needs, stimulating increased production capacity, and strengthening sustainable economic activities. Thus, the existence of Islamic stocks and sukuk makes a tangible contribution to national economic development while simultaneously reinforcing the sharia-based financial system.