Airlangga International Journal of Islamic Economics and Finance
Vol. 8 No. 02 (2025): July-December 2025

DO SHARIA MUTUAL FUNDS, SHARIA BONDS (SUKUK), AND SHARIA STOCKS AFFECT INDONESIA'S ECONOMIC GROWTH?

Khoirunisa, Nabilla (Unknown)
Amijaya, Rachmania Nurul Fitri (Unknown)
Santoso, Edy (Unknown)



Article Info

Publish Date
03 Nov 2025

Abstract

The growth of investment instruments is not always in line with national economic growth. This phenomenon raises questions about how much real influence Islamic capital market instruments have on Indonesia's economic growth. This study aims to examine the influence of sharia mutual funds, sharia bonds (sukuk), and sharia stock on Indonesia's economic growth from 2011-2024. This study uses a quantitative approach with Ordinary Least Squares (OLS) methods, multiple linear regression. The data used is quarterly time series data, with the sharia mutual fund indicator represented by the Net Asset Value (NAB), sukuk by the total issuance of corporate sukuk, and sharia stocks by the market capitalization of the Jakarta Islamic Index (JII). The results of the study show that, partially, sharia mutual funds and sharia stocks have a positive and significant effect on economic growth. However, Islamic bonds (sukuk) do not have a significant impact on economic growth. Keywords: Sharia Mutual Funds, Sharia Bonds, Sukuk, Sharia Stocks, Economic Growth

Copyrights © 2025






Journal Info

Abbrev

AIJIEF

Publisher

Subject

Economics, Econometrics & Finance

Description

Airlangga International Journal of Islamic Economic and finance (AIJIEF) publishes quality and in-depth analysis of current issues within Islamic finance and Islamic economics. The journal welcomes robust evidence-based empirical studies and results-focused case studies that share research in ...