<![CDATA[China’s real estate debt crisis has emerged as one of the most significant global economic challenges, driven by excessive leverage, speculative property expansion, and tightening financial regulations. As China is deeply integrated into the global economy, the crisis also poses potential risks for emerging economies, including Indonesia. This study aims to analyze the causes of China’s real estate debt crisis from the perspective of Islamic economics and to examine its implications for Indonesia’s economic stability. The research employs a qualitative method with a descriptive-analytical approach based on library research. Data were collected from academic journals, reports from international institutions, and relevant literature on Islamic economics and global financial crises. The analysis uses Islamic economic principles, particularly the concepts of riba, gharar, maysir, justice (al-‘adl), and balance (tawazun), to evaluate the crisis phenomenon. The findings show that the crisis was caused by excessive dependence on debt-based financing, speculative activities in the property market, and structural weaknesses in the pre-sale system. From the perspective of Islamic economics, these practices contradict Sharia principles because they contain elements of riba, gharar, and maysir, which contribute to economic instability and injustice. The crisis also affects Indonesia through trade, investment, and financial channels, highlighting the vulnerability of economies that rely heavily on debt-driven growth. This study concludes that Sharia-based financial principles emphasizing risk-sharing and productive economic activities may provide a more sustainable framework for economic stability.]]>
