<![CDATA[The Islamic Capital Market (ICM) is a Sharia-compliant capital market where transactions are conducted fairly and without involving elements of usury, speculation, or gharar. This market has been rapidly growing in various countries, including Indonesia. However, it still needs challenges, such as the limited understanding of Islamic investment products among the public and restricted regulations. This research aims to provide a deeper understanding of the concept and development of the Islamic capital market in Indonesia and other countries and the challenges in its development. It also seeks to identify the benefits of Islamic investment for the economy, thereby helping to improve literacy and participation in the Islamic capital market. The research methodology used is a literature review with descriptive-qualitative data analysis techniques. Scientific literature related to the ICM concept, the development of Islamic capital markets in Indonesia and other countries, and the challenges in ICM development were used as data sources. The findings indicate that the Islamic capital market has significant potential for growth and serves as an alternative for investors seeking Sharia-compliant investments. However, efforts are needed to enhance education and literacy about the Islamic capital market among the public and improve and refine regulations.]]>
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