Analyzing Islamic Financial Asset Growth in Indonesia Through Sharia Fund Asset Growth
DOI:
https://doi.org/10.32506/joes.v9i1.896Keywords:
Islamic finance, Sharia fund, Financial asset growth, Ethical investment, Islamic capital marketAbstract
The rapid expansion of Islamic finance in Indonesia has signaled a shift in national economic dynamics, driven in part by the rising role of sharia-compliant financial instruments. Among these instruments, sharia funds have emerged as a critical vehicle for financial inclusion and asset growth, particularly within the framework of Islamic ethical investment. This study aims to analyze the patterns, performance, and strategic development of Islamic financial asset growth in Indonesia through the lens of sharia fund asset expansion. Utilizing qualitative and document-based analysis, the research examines relevant financial policies, market behavior, and investor responses that shape the current trajectory. It addresses key research questions related to the mechanisms of sharia fund contribution, structural advantages, and institutional challenges. The findings highlight the centrality of sharia funds in boosting Islamic financial assets and underscore the policy and management implications for sustainable financial development. The study contributes conceptually to the discourse on Islamic financial markets and offers practical insights for future strategic planning.
Downloads
References
Abderrazak, D. (2008). Efficiency, performance and management of Islamic investment funds. Journal of Islamic Economics, Banking and Finance, 4(2), 1–21.
Antonio, M. S. (2001). Bank Syariah: Dari Teori ke Praktik. Jakarta: Gema Insani.
Ariff, M., & Safari, M. (2012). Islamic Capital Markets: A Comparative Approach. Cheltenham: Edward Elgar.
Ascarya. (2009). Akad dan Produk Bank Syariah. Jakarta: Rajawali Pers.
Ayub, M. (2007). Understanding Islamic Finance. Chichester: John Wiley & Sons.
Bowen, G. A. (2009). Document analysis as a qualitative research method. Qualitative Research Journal, 9(2), 27–40.
Creswell, J. W. (2013). Qualitative Inquiry and Research Design: Choosing Among Five Approaches (3rd ed.). Thousand Oaks: SAGE Publications.
Derigs, U., & Marzban, S. (2008). Review and analysis of current Shariah-compliant equity screening practices. International Journal of Islamic and Middle Eastern Finance and Management, 1(4), 285–303.
Elfakhani, S., Hassan, M. K., & Sidani, Y. M. (2005). Comparative performance of Islamic versus secular mutual funds. The Journal of Investing, 14(3), 67–77.
El-Gamal, M. A. (2006). Islamic Finance: Law, Economics, and Practice. Cambridge: Cambridge University Press.
Fahmi, I. (2015). Manajemen Investasi dan Pasar Modal. Bandung: Alfabeta.
Hassan, M. K., & Lewis, M. K. (Eds.). (2007). Handbook of Islamic Banking. Cheltenham: Edward Elgar.
Hayat, R. A., & Kraeussl, R. (2011). Risk and return characteristics of Islamic equity funds. Emerging Markets Review, 12(2), 189–203.
Hoepner, A. G. F., Rammal, H. G., & Rezec, M. (2011). Islamic mutual funds’ financial performance and international investment style: Evidence from 20 countries. The European Journal of Finance, 17(9–10), 829–850.
Iqbal, Z., & Mirakhor, A. (2007). An Introduction to Islamic Finance: Theory and Practice. Singapore: John Wiley & Sons.
Jobst, A. A., & Sole, J. (2012). Islamic finance and asset securitization: Challenges and opportunities. Journal of Structured Finance, 13(4), 6–14.
Karim, A. A. (2004). Ekonomi Islam: Suatu Kajian Kontemporer. Jakarta: Gema Insani.
Latham & Watkins LLP. (2015). Islamic Asset Management: A Guide to Sharia-Compliant Investment Strategies. London: Euromoney Institutional Investor.
Merdad, H., Hassan, M. K., & Hippler, W. J. (2010). Performance of Islamic versus conventional mutual funds. Global Journal of Finance and Economics, 7(1), 11–30.
Obaidullah, M. (2005). Islamic Financial Services. Jeddah: Islamic Economics Research Center, King Abdulaziz University.
Ridwan, A. (2014). Instrumen Investasi Syariah di Pasar Modal. Jakarta: Mitra Wacana Media.
Siddiqi, M. N. (2006). Islamic Finance in a Nutshell: A Guide for Non-Specialists. London: Euromoney Books.
Taqi Usmani, M. (2002). An Introduction to Islamic Finance. Karachi: Maktaba Ma'ariful Qur'an.
Thomas, A., Cox, S., & Kraty, B. (2005). Structure and Practice of Islamic Finance. London: Euromoney Books.
Wilson, R. (2008). Islamic finance and ethical investment. International Journal of Social Economics, 35(10), 790–803.
Zulfikar, A. (2016). Pasar Modal Syariah di Indonesia. Yogyakarta: Deepublish.
Downloads
Published
How to Cite
Issue
Section
License
Copyright (c) 2025 Marina Andriani, Silvia Isfiyanti , Rima Siti Rahmawati, Syifa Mutiaulfah , Sri Tesa Ruminarasa, Naufal Zaidan Irfanudi
This work is licensed under a Creative Commons Attribution-NonCommercial-ShareAlike 4.0 International License.
