STUDI KOMPARATIF PERKEMBANGAN SUKUK DI INDONESIA DAN MALAYSIA

Authors

  • Wahidah Dian Shafira Universitas Islam Negeri Alauddin Makassar
  • Rizky Abdul Kadir Universitas Islam Negeri Alauddin Makassar
  • Melyana Susanti Universitas Islam Negeri Alauddin Makassar
  • Kamaruddin Universitas Islam Negeri Alauddin Makassar
  • Muh Ahsan Kamil Universitas Islam Negeri Alauddin Makassar

DOI:

https://doi.org/10.24252/iqtishaduna.v7i2.63477

Abstract

Abstrak

Penelitian ini membandingkan perkembangan instrumen sukuk di Indonesia dan Malaysia dalam aspek regulasi, struktur pasar, ukuran (market size), karakteristik penerbitan (jenis akad, tenor, rating), serta dampaknya terhadap pertumbuhan ekonomi. Metode yang digunakan adalah penelitian komparatif dengan pendekatan kuantitatif dan kualitatif, menggunakan data sekunder dari penerbit sukuk, laporan otoritas keuangan, dan literature akademik dari periode 2005‑2024. Hasil penelitian menunjukkan bahwa Malaysia memiliki perkembangan sukuk yang lebih mapan dan besar dalam banyak aspek, terutama dari sisi regulasi yang mendukung inovasi, ukuran penerbitan dan likuiditas pasar. Sementara Indonesia meskipun menunjukkan pertumbuhan positif, masih menghadapi tantangan terkait standardisasi akad, kepastian hukum, dan kapasitas pasar. Penelitian ini merekomendasikan perbaikan regulasi, penguatan lembaga pengawas syariah, serta diversifikasi produk sukuk agar pasar sukuk Indonesia bisa lebih kompetitif.

Kata Kunci : Sukuk; Indonesia; Malaysia; Regulasi Syariah; Pasar Sukuk; Pertumbuhan Ekonomi

 

Abstract

This study compares the development of sukuk instruments in Indonesia and Malaysia in terms of regulation, market structure, market size, issuance characteristics (contract type, tenor, rating), and their impact on economic growth. The method used is a comparative study with quantitative and qualitative approaches, utilizing secondary data from sukuk issuers, financial authority reports, and academic literature from 2005–2024. The results show that Malaysia has a more established and larger sukuk development in many aspects, particularly in terms of regulations that support innovation, issuance size, and market liquidity. Meanwhile, Indonesia, despite showing positive growth, still faces challenges related to contract standardization, legal certainty, and market capacity. This study recommends regulatory improvements, strengthening sharia supervisory institutions, and diversifying sukuk products to make the Indonesian sukuk market more competitive.

Keywords: Sukuk; Indonesia; Malaysia; Sharia Regulation; Sukuk Market; Economic Growth

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Published

2026-01-29

Issue

Vol. 7 No. 2 (2026): Januari

Section

Volume 7 Nomor 2 Januari 2026

License

Copyright (c) 2025 Wahidah Dian Shafira, Rizky Abdul Kadir, Melyana Susanti, Kamaruddin, Muh Ahsan Kamil

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