Analysis of the Relationship between Sharia Investment and Macroeconomic Growth: An Empirical Study in Indonesia
DOI:
https://doi.org/10.62872/t9ea5397Keywords:
Sharia Investment , Economic Growth , Sharia Finance, Indonesian EconomyAbstract
This study aims to analyze the relationship between Islamic investment and macroeconomic growth in Indonesia using a qualitative approach through an exploratory descriptive design. Data were collected through in-depth interviews with academics, Islamic finance practitioners, regulators, and economic observers, supplemented by documentation studies from various official sources such as the Financial Services Authority (OJK), Statistics Indonesia (BPS), and Bank Indonesia. The results indicate that Islamic investment contributes positively to driving macroeconomic growth, particularly through financing the real sector and infrastructure development supported by sovereign sukuk instruments. The application of Islamic principles based on ethics, fairness, and the prohibition of usury contributes to creating a sustainable and inclusive investment ecosystem. Islamic investment also has a multiplier effect on the economy by strengthening MSMEs, creating jobs, and improving public welfare. However, the development of Islamic investment still faces several challenges, such as low levels of public literacy regarding Islamic finance, limited investment product variety, and the need for regulations that are more adaptive to global market dynamics. Therefore, closer synergy is needed between the government, regulators, industry players, and academics to strengthen the sharia investment ecosystem and optimize its role in inclusive and sustainable national economic development.
Downloads
References
Aisyah, S. N. (2024). Synergizing the Sustainable Islamic Finance Ecosystem in Indonesia The Management Collaboration Line. Jurnal Bisnisman : Riset Bisnis Dan Manajemen, 6(1), 28–44. https://doi.org/10.52005/bisnisman.v6i1.208
Al Fathan, R., & Arundina, T. (2019). Finance-growth nexus: Islamic finance development in Indonesia. International Journal of Islamic and Middle Eastern Finance and Management, 12(5), 698–711. https://doi.org/10.1108/imefm-09-2018-0285
Aladağ, Ö. F. (2023). International Strategies of Islamic Financial Institutions: Current Challenges and Future Trends. Kocatepe İslami İlimler Dergisi, 6(Özel Sayı), 202–216. https://doi.org/10.52637/kiid.1352334
Alhammadi, S. (2024). Islamic finance as a driver for enhancing economic sustainability and innovation in the GCC. Journal of Science and Technology Policy Management. https://doi.org/10.1108/jstpm-11-2023-0206
Aluko, O. A., Odewale, A. T., Taiwo, K., & Adefeso, H. (2024). Unlocking Inclusive Growth and Sustainable Development in Nigeria: A Roadmap Through Challenges and Opportunities. AFRICAN JOURNAL OF APPLIED RESEARCH, 10(1), 201–223. https://doi.org/10.26437/ajar.v10i1.683
Amany, A., Janwari, Y., Hasanuddin, M., Sofiawati, E., & Meinanti, D. R. (2025). The Role of Islamic Economic Law in Strengthening Global Partnerships for Sustainable Development Goals. Multidiscience : Journal of Multidisciplinary Science, 2(1), 194–205. https://doi.org/10.59631/multidiscience.v2i1.323
Arshed, N., Yasmin, S., & Gulzar, M. (2020). Islamic Financing Portfolio and its Comparative Growth Potential. Islamic Banking and Finance Review, 7. https://doi.org/10.32350/ibfr/2020/0700/440
Barata, A. (2019). STRENGTHENING NATIONAL ECONOMIC GROWTH AND EQUITABLE INCOME THROUGH SHARIA DIGITAL ECONOMY IN INDONESIA. Journal of Islamic Monetary Economics and Finance, 5(1), 145–168. https://doi.org/10.21098/jimf.v5i1.1053
Dayu, W., Harahap, I., & M. Nawawi, Z. (2024). Economic Transformation: Navigating Challenges And Embracing Opportunities In Islamic Economics And Finance Across Southeast Asia. International Journal of Science, Technology & Management, 5(1), 176–183. https://doi.org/10.46729/ijstm.v5i1.1039
Efendi Sugianto. (2024). Strategy for Accelerating Development of the National Sharia Economic and Financial Committee (KNEKS) Efforts to Improve Sharia Financial Institutions in Indonesia. Syarikat: Jurnal Rumpun Ekonomi Syariah, 7(1), 1–13. https://doi.org/10.25299/syarikat.2024.vol7(1).16963
Fadli Daud Abdullah, Doli Witro, Misbahul Munir Makka, Muhamad Sadi Is, & Syahid Mujahid Wiwaha. (2024). Contemporary Challenges for Sharia Financial Institutions to Increase Competitiveness and Product Innovation Perspective of Sharia Economic Law: Evidence in Indonesia. MILRev : Metro Islamic Law Review, 3(2), 141–173. https://doi.org/10.32332/milrev.v3i2.9202
Haanurat, A. I. (2024). Problems of Investment Literacy and Utilization of Security Crowdfunding in Digital Age Through the Islamic Capital Market. Assyfa Journal of Multidisciplinary Education, 1(2), 104–115. https://doi.org/10.61650/ajme.v1i2.498
Hidayah, N. N., Lowe, A., & De Loo, I. (2021). Identity Drift: The Multivocality of Ethical Identity in Islamic Financial Institution. Journal of Business Ethics, 171(3), 475–494. https://doi.org/10.1007/s10551-020-04448-x
Kalkavan, H., Dinçer, H., & Yüksel, S. (2021). Analysis of Islamic moral principles for sustainable economic development in developing society. International Journal of Islamic and Middle Eastern Finance and Management, 14(5), 982–999. https://doi.org/10.1108/imefm-07-2019-0271
Kenneh, M. (2024). Sharia investment Challenges and Growth for Sustainable and Inclusive Financial Equality in Digital Innovation. Bulletin of Islamic Economics, 3(1), 1–11. https://doi.org/10.14421/bie.2024.031-01
Khan, F., & Haneef, M. A. (2022). RELIGIOUS RESPONSES TO SUSTAINABLE DEVELOPMENT GOALS: AN ISLAMIC PERSPECTIVE. Journal of Islamic Monetary Economics and Finance, 8(2), 161–180. https://doi.org/10.21098/jimf.v8i2.1453
Kurniati Yunus, Erwan Setyanoor, & Mansyur, A. (2024). Sustainbility in Sharia Invesment. Jurnal Ilmu Ekonomi Dan Bisnis Islam, 6(1), 37–53. https://doi.org/10.24239/jiebi.v6i1.279.37-53
Masrizal, Sukmana, R., & Trianto, B. (2025). The effect of Islamic financial literacy on business performance with emphasis on the role of Islamic financial inclusion: Case study in Indonesia. Journal of Islamic Marketing, 16(1), 166–192. https://doi.org/10.1108/jima-07-2022-0197
Miftahul Huda, Ahmad Suminto, Syaidatul Sa’diah, & M. Kurnia Rahman Abadi. (2023). Analysis The Influence of Sharia Capital Market and Sharia Macroeconomic Variables on Indonesia’s Economic Growth. Jurnal Ilmu Ekonomi Dan Bisnis Islam, 5(2), 113–133. https://doi.org/10.24239/jiebi.v5i2.191.113-133
Nurdiana, N., Muin, R., & Wahab, A. (2025). Fundamental Principles of Islamic Economic System: Justice, Equity, and Moral Conduct. Formosa Journal of Multidisciplinary Research, 4(6), 2627–2646. https://doi.org/10.55927/fjmr.v4i6.271
Ramli, R., Salikhov, I., Saad, R. A. J., Zulpahmi, & Abu Bakar, A. (2024). Shariah Contracts in Private Equity and Its Prospect for Small and Medium Enterprises (SME). PaperASIA, 40(5b), 165–179. https://doi.org/10.59953/paperasia.v40i5b.217
Setiawan, R. A., & Suwandaru, A. (2024). Risk of Islamic securities (SUKUK) and a proposed reforms for development: The Indonesian experience. Journal of Sustainable Finance & Investment, 1–20. https://doi.org/10.1080/20430795.2024.2337359
Sudirman, S., Darwis, R., Rahman, A., Yusuf, S. D., Gunawan, E., Marwing, A., & Obie, M. (2023). Sharia Stocks and Muslim Millennials Investors in Indonesia: Between Religious and Economic Motives. International Journal of Professional Business Review, 8(5), e01829. https://doi.org/10.26668/businessreview/2023.v8i5.1826
Valiyevna, X. I., & Hamidhanovich, X. M. (2019). Investment processes as the driving force of economic development of the region. ACADEMICIA: An International Multidisciplinary Research Journal, 9(3), 34. https://doi.org/10.5958/2249-7137.2019.00032.6
Zaini, F., & Bin Shuib, M. S. (2021). Fatwa on Sharia Products and Its Role in The Development of Islamic Finance Industry. Islamadina : Jurnal Pemikiran Islam, 22(2), 189. https://doi.org/10.30595/islamadina.v22i2.11859
Downloads
Published
Issue
Section
License
Copyright (c) 2025 Ahmad Muqorrobin, Adi Putra, Yunie Rahayu (Author)
This work is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.
