Capital Shift to ASEAN 2025: Maslahah and Mudharat of Capital Markets from an Islamic Economic Perspective
DOI:
https://doi.org/10.24252/iqtisaduna.v11i2.62316Keywords:
Capital Shift, Sharia Capital Market, Maqasid al-Shari'ahAbstract
This study aims to analyze the implications of the 2025 capital shift to ASEAN from the perspective of Islamic economics, particularly in assessing the balance between maslahah and mudharat in capital market activities. The research employs a qualitative approach using secondary data from capital market reports, international publications, and relevant Sharia regulations. The findings reveal that capital inflows positively contribute to maslahah through enhanced real productivity, inclusive financing, and increased sukuk issuance. However, the results also indicate potential mudharat in the form of market uncertainty, speculative tendencies, and systemic volatility risks. These findings underscore the importance of a Sharia-based policy framework to sustain long-term stability in the ASEAN capital market.Downloads
References
Ahmad Yusuf, A., Khusnul Maryam, A., Fathi Shiddieqy, D., & Awad, A. (2025). The role of Sukuk financing in economic growth and poverty reduction: Empirical evidence from selected ASEAN countries. Public and Municipal Finance, 14(2), 42–50. https://doi.org/10.21511/pmf.14(2).2025.04
Chatterjee, S. (2023). FDI Inflows and Global Value Chains in the ASEAN in Recent Years. Journal of Management and Training for Industries, 10(2), 59–79. https://doi.org/10.12792/JMTI.10.2.59
Chen, H., Liu, Y., Li, X., Gu, X., & Fan, K. (2024). Oil market regulatory: An ensembled model for prediction. Finance Research Letters, 67, 105789. https://doi.org/10.1016/j.frl.2024.105789
Delechat, C. (2024a). Navigating External Shocks in Southeast Asia’s Emerging Markets. Departmental Papers, 2024(007), 1. https://doi.org/10.5089/9798400285790.087
Delechat, C. (2024b). Navigating External Shocks in Southeast Asia’s Emerging Markets. Departmental Papers, 2024(007), 1. https://doi.org/10.5089/9798400285790.087
Dian Puspitasari, Fitria Ayu Ningtyas, Lilik Fitria Fatmawati, & Agus Eko Sujianto. (2023). Peran Pasar Modal Syariah Dalam Meningkatkan Perekonomian Di Indonesia. Populer: Jurnal Penelitian Mahasiswa, 2(2), 126–134. https://doi.org/10.58192/populer.v2i2.858
Efendi, R. K., & Ulfah, M. (2025). Pengaruh Pasar Modal Syariah Terhadap Pertumbuhan Ekonomi di Indonesia Tahun 2016-2023. 1(1).
Grassa, R., El-Halaby, S., & Khlif, H. (2025). The economic consequences of Shariah governance: A systematic literature review and research agenda. Journal of Islamic Marketing, 16(12), 3457–3484. https://doi.org/10.1108/JIMA-06-2024-0231
Ika, D., & Suryani, Y. (2023). Sukuk Dalam Kajian Perspektif Ekonomi Islam. Warta Dharmawangsa, 17(1), 198–207. https://doi.org/10.46576/wdw.v17i1.2933
Mudrikah, A., & Imsar, I. (2023). Pengaruh Sukuk, Reksadana Syariah dan Total Aset LKNB Syariah terhadap pertumbuhan ekonomi di Indonesia Tahun 2015-2021. Owner, 7(2), 1074–1083. https://doi.org/10.33395/owner.v7i2.1402
Nguyen, Y. H. (2025). Economic growth drivers and foreign direct investment in ASEAN-5 countries: Short-term and long-term impacts. Asian Journal of Economic Modelling, 13(3), 490–499. https://doi.org/10.55493/5009.v13i3.5615
Ooi, R. W. G. (2025). Building ASEAN’s Regenerative Economy Through Strategic Capital and Innovation Ecosystems. Environmental and Earth Sciences. https://doi.org/10.20944/preprints202501.0731.v1
