<![CDATA[Indonesia's sharia capital market has developed from an alternative investment channel into a regulated ecosystem that combines market infrastructure, legal certainty, and sharia compliance. This article examines the evolution of the Indonesian sharia capital market, its legal architecture, major instruments, and the emerging role of the Sharia Gold Exchange Traded Fund (ETF). The study uses a qualitative library-research design. Regulatory documents issued by the Financial Services Authority, the National Sharia Council of the Indonesian Ulama Council, the Indonesia Stock Exchange, statutes, and relevant scholarly publications were analysed thematically. The synthesis shows that sharia compliance is maintained through the screening of issuers and underlying assets, the use of permissible contracts, transaction restrictions, and institutional oversight. Sharia shares, sukuk, sharia mutual funds, asset-backed securities, and sharia ETFs apply these controls in different ways. The Sharia Gold ETF adds a distinctive layer of protection by requiring physically available gold, segregated custody, equivalence between gold weight and creation units, and specified contracts for primary and secondary-market transactions. The article argues that innovation in Sharia products should be matched by transparent disclosure, effective custody control, investor literacy, and risk communication. These elements are essential to preserve market integrity while widening access to value-based investment.]]>
