Sharia Stock Exchange and Its Contribution To National Economic Growth Comparative Analysis Of Indonesia And Malaysia

Abstrak

This study examines the role of Sharia-compliant stock exchanges in advancing national economic growth, focusing on the comparative experiences of Indonesia and Malaysia. Using a library-based research method, the paper synthesizes findings from scholarly works, official reports, and statistical analyses to explore market performance, macroeconomic linkages, and institutional frameworks. The results reveal that while Indonesia’s Sharia stock market is characterized by higher volatility and sensitivity to domestic macroeconomic factors, Malaysia’s more mature and globally integrated market exhibits greater stability and deeper international linkages. In both countries, Islamic capital markets through instruments such as sukuk, Sharia equities, and mutual funds contribute positively to long-term GDP growth by promoting financial inclusion, mobilizing savings, and supporting productive sectors. The study concludes that strong governance, regulatory harmonization, and financial literacy are essential to enhance the economic impact of Islamic capital markets and sustain their growth in an increasingly globalized environment.

Keyword: Sharia stock exchange, Islamic finance, economic growth, regulatory framework, financial inclusion