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INDONESIA
Journal of Economicate Studies
Published by Islamicate Institute
ISSN : -     EISSN : 25984799     DOI : -
Core Subject : Economy, Education,
Journal of Economicate Studies (JoES) is a publication dedicated to and focused on the scholarly study of all aspects of Economicate studies. This journal receives articles from lecturers and researchers who have the new and progressive issues on scholarly study of all aspects of Economicate related, but not limited to, microeconomics, macroeconomics, managerial economics, monetary economics, fiscal policy, public sector economics, development economics, economics of education, economics of health, labor economics, economics of philanthropy, and religion based economics, as well as ethical questions related to the economics available in the societies all around the world.
Arjuna Subject : -
Articles 94 Documents
Evaluating the Contribution of Sukuk to Sustainable Infrastructure Financing in Indonesia Ambarwati, Wulan Sulistya
Journal of Economicate Studies Vol. 9 No. 2 (2025): Journal of Economicate Studies
Publisher : Islamicate Institute

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.32506/joes.v9i2.551

Abstract

Infrastructure development plays a vital role in a country’s overall progress and competitiveness. According to the 2019 Global Competitiveness Report, Indonesia ranks 50th out of 141 countries, with infrastructure remaining one of its weakest indicators. This highlights the urgent need to accelerate infrastructure improvements. However, such development requires substantial financial resources that exceed the capacity of the state budget. To address this challenge, the Indonesian government has adopted sukuk (State Sharia Securities) as an alternative financing instrument. Since their initial issuance in 2008 through January 2020, sukuk issuances have reached IDR 1,230.44 trillion, with an outstanding value of IDR 738.37 trillion, financing 2,939 infrastructure projects across 34 provinces. These achievements demonstrate the significant and growing role of sukuk as a strategic instrument in supporting sustainable infrastructure development in Indonesia.
Legal Challenges in the Trading of Sharia-Compliant Stocks in Indonesia: A Juridical and Sharia Perspective Sarah Syakira
Journal of Economicate Studies Vol. 9 No. 2 (2025): Journal of Economicate Studies
Publisher : Islamicate Institute

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.32506/joes.v9i2.558

Abstract

This article examines the legal challenges associated with the trading of Sharia-compliant stocks in Indonesia from both juridical and Sharia perspectives. The study highlights the complexities arising from the intersection of Islamic law principles and national capital market regulations. Using a qualitative descriptive approach, the research analyzes regulatory frameworks, fatwas issued by the National Sharia Council–Majelis Ulama Indonesia (DSN-MUI), and provisions from the Financial Services Authority (OJK). The findings reveal that despite the existence of a Sharia capital market framework, several legal ambiguities remain—particularly regarding compliance verification, investor protection, and dispute resolution mechanisms. The study emphasizes the need for harmonization between positive law and Sharia principles to strengthen legal certainty and investor confidence in Indonesia’s Islamic capital market. The paper contributes to the ongoing discourse on aligning financial innovation with Sharia compliance within the national regulatory structure.
Sharia Capital Market as an Investment Instrument for Indonesia’s Economic Development Herawati, Popi
Journal of Economicate Studies Vol. 3 No. 2 (2019): Journal of Economicate Studies
Publisher : Islamicate Institute

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.32506/joes.v3i2.562

Abstract

This study investigates the Sharia capital market’s function as a tool for ethical investment and its macroeconomic impact in Indonesia. Drawing upon Islamic economic theory and qualitative document analysis, the research explores how instruments such as Sukuk and Sharia mutual funds facilitate religiously compliant investments and promote economic growth. Findings indicate that these instruments align with national development objectives by enhancing financial inclusion, capital formation, and infrastructure financing. The study also reveals that while the market offers stability and ethical transparency, structural challenges remain, including limited product diversity and secondary market depth. Policy recommendations include aligning Islamic finance with development planning, enhancing investor literacy, and diversifying financial instruments. The research contributes theoretically by integrating Islamic finance principles with endogenous growth and stakeholder theory. Practically, it provides guidance for optimizing the Sharia capital market’s role in sustainable economic development. The study positions Islamic finance as a viable mainstream strategy for inclusive growth in Indonesia.
Sharia Financial Services Products Based on Muḍārabah Contract as a Form of Investment Sofwan, Camelia
Journal of Economicate Studies Vol. 9 No. 2 (2025): Journal of Economicate Studies
Publisher : Islamicate Institute

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.32506/joes.v9i2.668

Abstract

This study explores sharia-based investment options, focusing on customer preferences for financial service products that utilize the muḍārabah contract as a form of investment. Employing a qualitative research approach, the data were sourced from scholarly publications related to muḍārabah-based investments. The data, presented in theoretical narratives, were analyzed using a descriptive-interpretive method to identify patterns and implications in Islamic financial practice. The findings reveal that muḍārabah-based investment products primarily operate through Sharia financial institutions, particularly in the form of muḍārabah savings and muḍārabah deposits. These instruments facilitate capital flow between surplus and deficit units in a profit-and-loss sharing framework, offering an ethical and Sharia-compliant investment alternative. This study underscores the importance of muḍārabah in promoting equitable, risk-sharing financial growth within the Islamic financial system.

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