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Pasar Modal Syariah dan Obligasi Syariah: Pilar Investasi Halal di Era Modern Hamidah, Hamidah; Rosyidah, Umu; Bonang, Dahlia
Empiricism Journal Vol. 7 No. 1: March 2026
Publisher : Lembaga Penelitian dan Pemberdayaan Masyarakat (LITPAM)

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.36312/mfa1m055

Abstract

Penelitian ini bertujuan untuk menganalisis secara konseptual perkembangan pasar modal syariah di Indonesia dengan fokus pada peran strategis obligasi syariah (sukuk) sebagai instrumen investasi halal dan pembiayaan pembangunan berkelanjutan. Penelitian ini menggunakan pendekatan literature review dengan metode analisis tematik terhadap jurnal ilmiah, buku akademik, dan laporan institusional yang relevan hingga tahun 2024. Hasil kajian menunjukkan bahwa pasar modal syariah dan sukuk memiliki kontribusi signifikan dalam memperluas inklusi keuangan, mengurangi ketergantungan pada pembiayaan konvensional, serta mendukung pembiayaan proyek infrastruktur dan lingkungan melalui penerbitan green sukuk. Namun demikian, tantangan utama masih terletak pada rendahnya literasi keuangan syariah dan keterbatasan likuiditas pasar sekunder. Artikel ini menegaskan pentingnya penguatan regulasi, digitalisasi layanan, dan edukasi keuangan syariah sebagai strategi pengembangan pasar modal syariah yang berkelanjutan. Hasil kajian menunjukkan bahwa sukuk memiliki peran penting dalam mendukung pembangunan infrastruktur dan penguatan ekonomi hijau melalui penerbitan green sukuk. Selain memberikan keuntungan yang stabil dan sesuai prinsip syariah, sukuk juga memperluas inklusi keuangan dan mengurangi ketergantungan terhadap pembiayaan konvensional. Namun demikian, tantangan utama masih terletak pada literasi keuangan syariah yang rendah dan likuiditas pasar sekunder sukuk yang belum optimal. Penelitian ini menyimpulkan bahwa penguatan regulasi, digitalisasi layanan, serta peningkatan edukasi dan literasi keuangan syariah merupakan langkah strategis untuk memaksimalkan potensi sukuk sebagai instrumen investasi dan pembangunan. Penelitian selanjutnya disarankan untuk mengeksplorasi efektivitas digitalisasi dalam memperluas inklusi keuangan syariah serta dampak konkret green sukuk terhadap proyek-proyek pembangunan berkelanjutan. Islamic Capital Market and Islamic Bonds: Pillars of Halal Investment in the Modern Era Abstract This study aims to examine the growth of the Islamic capital market in Indonesia, with a particular focus on the strategic role of Islamic bonds (sukuk) as an alternative halal investment and a financing instrument for sustainable development. The background of this study is driven by the increasing awareness of the Muslim community regarding the importance of investments that comply with Sharia principles, along with the development of Sharia-based financial instruments such as the Islamic capital market and sukuk. Using a literature review method, this study analyzes various theories of Islamic finance, market regulations, statistics on the growth of Sharia-compliant investors, and digital innovations in Islamic investment services. The findings indicate that sukuk play an important role in supporting infrastructure development and strengthening the green economy through the issuance of green sukuk. In addition to providing stable returns that comply with Sharia principles, sukuk also expand financial inclusion and reduce dependence on conventional financing. However, the main challenges remain the low level of Islamic financial literacy and the suboptimal liquidity of the secondary sukuk market. This study concludes that strengthening regulations, digitalizing services, and enhancing education and literacy in Islamic finance are strategic steps to maximize the potential of sukuk as instruments for investment and development. Future research is recommended to explore the effectiveness of digitalization in expanding Islamic financial inclusion and the tangible impacts of green sukuk on sustainable development projects.
The role of behavioral bias on financial decision making: a systematic literature review and future research agenda Umu Rosyidah; Heri Pratikto
Journal of Enterprise and Development (JED) Vol. 4 No. 1 (2022): Journal of Enterprise and Development (JED)
Publisher : Faculty of Islamic Economics and Business of Universitas Islam Negeri Mataram

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20414/jed.v4i1.5102

Abstract

Purpose — This paper aims to analyze current research trends, identify theoretical perspectives, and identify research topics of behavioral bias in financial decision-making in the future.Research method — To perform bibliometric analysis, this article uses a systematic literature review, as well as content analysis. This article uses a total of 51 publications between 2018 and 2022 as the sample for the literature review, directed by PRISMA. The tool used in analyzing bibliometrics is VOSviewer. Meanwhile, content analysis is conducted to build theoretical perspectives and proposed future research agendas.Result — This systematic review explains the number of articles per year, most influential articles, leading journals, leading countries, leading authors, important keywords, and research cluster networks. Besides, this article also discovers seven behavioral biases that can be analyzed to gain a theoretical perspective on behavioral bias. The seven behavioral biases are Heuristic Bias, Self-Attribution Bias, Framing Bias, Herding Bias, Aversion Bias, Disposition Effect, and Overconfidence Bias,. In the scientific mapping analysis, important keywords are obtained, and the author's research cluster network is to discover topics that rarely researched to be offered in future research.Recommendation/significance/contribution — In contrast to previous studies of behavioral bias, which were dominated by survey-based research, this paper provides a different reference by using a systematic literature review method that provides coverage of the main research issues and theoretical arguments about behavioral bias in financial decisions. In addition, this paper offers new ideas about potential research fields by identifying studies in developing countries that are still rarely carried out compared to developed countries.