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Unlocking Real Sector Growth through Sukuk: Regulatory Challenges and Developmental Impacts in Indonesia Desiana, Desiana; Salsabila, Raddine; Sarmigi, Elex
Al-Iqtishad: Jurnal Ilmu Ekonomi Syariah Vol. 17 No. 1 (2025)
Publisher : UNIVERSITAS ISLAM NEGERI SYARIF HIDAYATULLAH JAKARTA

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15408/aiq.v17i1.44906

Abstract

This study explores how sukuk regulations boost investor participation and impact productive sectors in Indonesia. Using a normative juridical approach, it examines relevant laws and literature. Findings show that regulations from OJK, DSN-MUI, and the Ministry of Finance have supported sukuk market growth. However, complex issuance procedures and limited secondary market liquidity remain key challenges. Despite this, sukuk has contributed to infrastructure, green energy projects, and MSME development. The study recommends simplifying regulations, enhancing market liquidity, and innovating sukuk products to strengthen their role in driving sustainable economic growth. Keywords: sukuk; regulatory effectiveness; Islamic capital markets; infrastructure finance; MSMEs; green sukuk; productive sector   Abstrak Penelitian ini mengkaji efektivitas regulasi sukuk dalam mendorong partisipasi investor dan dampak ekonominya pada sektor produktif di Indonesia. Dengan pendekatan yuridis normatif, penelitian ini menelaah peraturan dan literatur terkait. Studi ini menunjukkan bahwa regulasi dari OJK, DSN-MUI, dan Kementerian Keuangan mendukung pertumbuhan pasar sukuk. Namun, prosedur penerbitan yang kompleks dan terbatasnya likuiditas pasar sekunder masih menjadi tantangan utama. Meski demikian, sukuk telah berkontribusi pada pembangunan infrastruktur, proyek energi hijau, dan pengembangan UMKM. Studi ini merekomendasikan penyederhanaan regulasi, peningkatan likuiditas pasar, dan inovasi produk sukuk untuk memperkuat perannya dalam mendorong pertumbuhan ekonomi berkelanjutan. Kata kunci: sukuk; efektivitas regulasi; pasar modal syariah; pembiayaan infrastruktur; UMKM; green sukuk; sektor produktif
Co-Authors Adi Pranoto, Adi Adinda, Charisma Agus Jatmiko Alek Wissalam Bustami Andriani, Rd. Neneng Rina Angga, Prayogi Dwina Apriza Apriza, Apriza Asbath, Asbath Azhar Azhar Aziz, Nur Jannah Abdi Badruzaman, Jajang Bintari, Vivi Indah Bustami Bustami Bustami, Yuserizal Dafiar Syarif Dede Sri Rahayu Dermawan, Wildan Dwi Desiana Merawati Dimas, Dimas Eka Putra Endah Sri Wahyuni Erjati Abas Erlinawati Erlinawati, Erlinawati Fiqri, Aidil Fitriani agustina Gazali, Syahrul Hafifatul Mukarohmah, Ayun Hanis, Nonong Harahap, Samsul Bahry Helfenta, Helfenta Hendi Hendra Lardiman Ichwan, Khairunnisa Imran Imran Irianti , Evi Jiao, Deng Koderi Kusnandar, Deasy Lestary Latifah Hanum Layana, Ratti Lolita Sary Mappadang, Adelaide Auwike Mardhiah , Ainal Mar’atun Jannah, Imrawati, Muzakkir Baitz, Mega Fatimah Rosana Melani, Zahaqi Mi Iswari, Dela Mochammad Imron Awalludin Mu’arrif, Zul Ihsan Mustofa, Ihsan Mu’arrif, Zul Ihsan Nanda, Ulfa Luthfia Nilda, Elvi Nora Usrina Novianto, Wawan Nurhayati Nurhayati Nurliani Nurliani Nurwijayanti Olivia Andiana Patimah, Hj. Siti Patrisia, Nelly Putri, Nopela Rahmadani, Mirna Rahman, Rani Ramadani, Dinda Fitria Ramadhani, Indi Ritawati Ritawati Rizki Wan Okta Bina Rosidah, Euis Rufi'i Rumadani Sagala Rustendi, Tedi S. Sugiharto Salsabila, Raddine Sefdina, Lesa Dara Silamma, Angel Zwita Della Sofiati, Irwani Sugiarti, Rubi'ah Suherman, Suherman Sukriani Kursia, Sukriani Sumanti, Eva Sumantri Sumantri Supriyanti Supriyanti Syamsarina, Syamsarina syukrawati, syukrawati Tajudin, Nilawati Taufiq, Said Tiara, Tiara Utami, Vida Wira Wahid, Nisa Noor Wantia, Natasya Werdyaningsih , Endang Wildan Dwi Dermawan Wiyan Mailindra, Wiyan