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Ahyak
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Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Environmental Science Social Sciences Other

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Journal : JEIZA: Jurnal Ekonomi Islam Az-Zain

 1 
Growth and Performance Analysis of Corporate Sukuk in Indonesia: A Case Study of the 2019-2024 Period: Analisis Pertumbuhan dan Performa Sukuk Korporasi di Indonesia: Studi Kasus Periode 2019-2024 Ahyak
JEIZA : Jurnal Ekonomi Islam Az-Zain Vol. 1 No. 1 (2024): JEIZA : Jurnal Ekonomi Islam Az-Zain
Publisher : Program Studi Ekonomi Syariah & LP2M STAI Az-Zain Sampang

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Abstract

The increasing interest in corporate sukuk in Indonesia shows great potential as an Islamic financial instrument, but in-depth research on the factors that influence its growth is still limited. This study aims to analyze the growth and performance of corporate sukuk in Indonesia during the 2019-2024 period, as well as identify the factors that influence it. This research method uses a descriptive-analytical quantitative approach with trend analysis and linear regression on secondary data from OJK reports, Bank Indonesia, and national statistical agencies. The results showed a significant increase in total sukuk issuance from IDR 25 trillion in 2019 to IDR 40 trillion in 2024, with a low default rate of below 1%. Factors such as government policies, macroeconomic conditions, and increased public awareness of Islamic finance play an important role in this growth. The implications of this study emphasize the importance of policy support and public education to encourage more sustainable development of the corporate sukuk market in Indonesia
The Dynamics of Sharia Mutual Fund Market Share in Indonesia: The Role of the Sharia Stock Market and the Influence of Conventional Competition: Dinamika Pangsa Pasar Reksa Dana Syariah di Indonesia: Peran Pasar Saham Syariah dan Pengaruh Kompetisi Konvensional Ahyak; Sulhan
JEIZA : Jurnal Ekonomi Islam Az-Zain Vol. 1 No. 2 (2025): JEIZA: Jurnal Ekonomi Islam Az-Zain
Publisher : Program Studi Ekonomi Syariah & LP2M STAI Az-Zain Sampang

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This study examines the dynamics of the sharia mutual fund market share in Indonesia from 2010 to 2025. Amid the rapid growth of Islamic finance, the research addresses the empirical gap concerning factors influencing the competitiveness of sharia mutual funds against conventional funds and the sharia stock market. Using annual data from the Financial Services Authority (OJK), a multiple linear regression with time series data is employed. The dependent variable is the sharia mutual fund market share, while independent variables include sharia stock market capitalization (ISSI), net asset value (NAB) of conventional mutual funds, and the number of sharia mutual funds. The analysis reveals that all variables are non-stationary at level but stationary at first difference, with a high explanatory power (R² = 0.970). Results indicate that the number of sharia mutual funds significantly and positively affects market share, whereas sharia stock market capitalization and conventional fund competition show no significant impact. This study’s novelty lies in focusing on internal capital market competition as determinants of market share. The findings offer strategic implications for regulators and industry stakeholders to develop adaptive, sustainable policies fostering an inclusive Islamic finance ecosystem
The Impact of Islamic Stock Market Capitalization on the Growth of Islamic Mutual Funds in Indonesia: A Time Series Analysis (2011–2025): Pengaruh Kapitalisasi Pasar Saham Syariah terhadap Pertumbuhan Reksa Dana Syariah di Indonesia: Analisis Deret Waktu (2011–2025) Ahyak; Sulhan
JEIZA : Jurnal Ekonomi Islam Az-Zain Vol. 1 No. 2 (2025): JEIZA: Jurnal Ekonomi Islam Az-Zain
Publisher : Program Studi Ekonomi Syariah & LP2M STAI Az-Zain Sampang

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This study investigates the causal relationship between Islamic stock market capitalization and the growth of Islamic mutual funds in Indonesia during the 2011–2025 period. Despite the rapid expansion of Islamic finance, empirical insights into the interdependence between its key pillars—Islamic equity markets and Islamic mutual funds—remain limited. Using annual data from the Financial Services Authority (OJK), this study applies a time series analysis using the Vector Autoregression (VAR) model on first-differenced data. The analysis is preceded by stationarity tests (Augmented Dickey-Fuller and KPSS) and optimal lag selection.The variables analyzed include the logarithm of the Net Asset Value (NAV) of Islamic mutual funds and the logarithm of the Jakarta Islamic Index (JII) as a proxy for Islamic stock market capitalization. Findings reveal that both variables are non-stationary at level but become stationary after first differencing. Granger Causality tests, Impulse Response Functions (IRFs), and Variance Decomposition (VDC) consistently indicate no significant bidirectional causal relationship between the two variables.These results suggest that the two segments tend to move relatively independently within the observed period. The study contributes by providing recent empirical evidence and offers practical implications for regulators, fund managers, and investors in formulating more integrated and sustainable Islamic capital market development strategies.
Co-Authors Sulhan