Comparative Analysis of Sharia Capital Market Development in Indonesia: 2023 vs. 2024

Abstract

The development of the Islamic capital market plays a crucial role in supporting equitable and sustainable national economic growth. Unlike conventional capital markets, the Islamic capital market is based on Islamic principles such as justice, benefit, transparency, and the prohibition of usury (riba), gharar (gharar), and maysir (gambling). This study aims to compare the development of the Islamic capital market in Indonesia between 2023 and 2024. The research employed a qualitative methodology with a literature study approach through analysis of various official data sources, such as reports from the Financial Services Authority (OJK), the Indonesia Stock Exchange (IDX), and related academic studies. The results indicate that in 2024, the Indonesian Islamic capital market experienced significant growth compared to 2023, both in terms of the number of Islamic issuers, market capitalization, and transaction volume of Islamic securities. This increase was driven by increased public awareness of halal investment, strengthened regulations by the OJK, and the development of digital-based Islamic financial products. The results of this study are expected to serve as a basis for further researchers in examining the factors influencing the growth of the Islamic capital market in Indonesia and its implications for the national economy.