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All Journal Journal of Islamic Economic Insights Journal of Language and Literature Inquiry
Dimvy Rusefani Asetya
Privietlab Research Center

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Resilient or merely different? Reading the 2026 correction of Indonesia’s Islamic capital market Dimvy Rusefani Asetya
Journal of Islamic Economic Insights Vol. 2 No. 2 (2026): July 2026
Publisher : PRIVIETLAB

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.55942/jiei.v2i2.2083

Abstract

In the first half of 2026, Indonesia’s Islamic capital market produced a striking divergence. According to the Financial Services Authority (OJK), the Indonesia Sharia Stock Index (ISSI) fell by more than 36% between May and June 2026 and Shariah-compliant market capitalisation contracted sharply, even as outstanding corporate sukuk grew by more than 15% year-to-date and sovereign sukuk held broadly stable (OJK, 2026). This commentary reads that divergence as a natural experiment on a claim frequently made for Islamic finance—that it is inherently more stable and resilient than its conventional counterpart. Drawing on Scopus- and Web of Science–indexed scholarship, the article argues that the resilience of sukuk relative to Shariah-screened equities reflects instrument structure rather than any distinctively “Islamic” immunity to risk; that Shariah screening does not insulate equity investors from systematic shocks; and that the market’s deeper vulnerability lies in a banking market share stalled near 7% and a shallow investor base. It contends that durable resilience must be built through substantive risk-sharing and Maqasid-oriented market depth rather than through compliance labelling, and it offers policy directions for Indonesia’s regulators and market builders.
Digital translanguaging and local-culture pedagogy in Indonesian EFL classrooms: An integrative conceptual review Dimvy Rusefani Asetya
Journal of Language and Literature Inquiry Vol. 1 No. 1 (2026): May 2026
Publisher : Privietlab

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.55942/jlli.v1i1.1851

Abstract

Indonesia's English as a Foreign Language (EFL) classrooms are situated within one of the world's most linguistically diverse ecologies, where English, Bahasa Indonesia, local languages, religious registers, and digital vernaculars intersect in daily communication. However, classroom practices and policy discourses often continue to treat English learning as a movement toward monolingual performance, while local languages and students' digital repertoires are positioned as distractions rather than resources. This conceptual paper develops an integrative review of Scopus- and Web of Science-indexed scholarship on translanguaging, own-language use, digital literacies, and Indonesian EFL education to propose a culturally responsive digital translanguaging framework for Indonesia. This review synthesizes international theoretical work with Indonesia-based studies on translanguaging practices, teacher attitudes, digital literacy in academic writing, social media for English acquisition, and critical media literacy. It argues that pedagogically guided movement across English, Bahasa Indonesia, local languages, and multimodal digital texts can support linguistic awareness, cultural continuity, critical literacy, and learner agency when designed with clear academic purposes. The proposed framework consists of five interrelated principles: repertoire recognition, purposeful language movement, local cultural anchoring, multimodal production, and reflective assessment. This study contributes to JLLI's interdisciplinary scope of the JLLI by connecting language education, cultural studies, digital discourse, and community-oriented pedagogy. The study concludes with implications for curriculum design, teacher education, assessment, and future empirical research in Indonesian multilingual classrooms.
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