The Indonesian Islamic Capital Market and Achievement of Maqasad al-Shari’ah: Success or Failure

Murniati Mukhlisin, Abdulaziz Abdulmohsen al-Falih, Toseef Azid and Nasim Shirazi

Chapter 12 in Islamic Economic Institutions in Indonesia:Are they Successful in Achieving the Maqasad-al-Shari'ah, 2023, pp 209-226 from World Scientific Publishing Co. Pte. Ltd.

Abstract: The Islamic capital market has seen tremendous growth at the global level and especially in Muslim countries. The government of Indonesia and its central bank are trying to develop the Indonesian Islamic capital market. Particularly during the COVID-19 pandemic, the government took a number of steps to improve the state of the Islamic capital market. However, the major focus was on achieving maqasad al-shari’ah. A number of incentives and attractions were created for investors. Consequently, both Muslims and non-Muslims are seeking and investing in shari’ah-compliant products that serve their needs. This chapter discusses the following in detail: the Islamic capital market, different types of sukuk, cash waqf, the efforts of the Indonesian government in the development of halal value chain, Islamic finance, micro, small, and medium enterprises (MSMEs), and digital economic activities under the umbrella of the Islamic capital market. This chapter also examines the achievement of the government toward the development of maqasad al-shari’ah.

Keywords: Islamic Economics; Institutions; Maqasad al-Shari'ah; Islamic Capital Market; Shari'ah Entrepreneurship; Indonesia; Finance; Economics; International Finance; Corporate Finance; Islamic Finance (search for similar items in EconPapers)
JEL-codes: A1 A14 F3 (search for similar items in EconPapers)
Date: 2023
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