OJK Chief: Indonesia's Sharia Capital Market Cap Reaches IDR 5,362 Trillion
Jakarta, CNBC Indonesia – The Financial Services Authority (OJK) considers the development of Indonesia’s sharia capital market to show highly encouraging progress.
Hasan Fawzi, Executive Director of Capital Market, Derivative Finance and Carbon Exchange Supervision and concurrently a member of the Board of Commissioners, said this is reflected in data showing sharia stock capitalisation continues to dominate the majority of market capitalisation, alongside a steadily rising number of investors.
Hasan detailed that sharia stock market capitalisation reached Rp5,362 trillion, with a market share of 49.28% of total capitalisation on the stock exchange. Meanwhile, the number of shares on the sharia securities list stands at 625 shares, or 63.91% of all listed shares.
“The number of sharia investors continues to increase, and sharia stock capitalisation value continues to dominate the majority of market capitalisation, while instruments such as sovereign sukuk, corporate sukuk, sharia mutual funds and sharia asset-backed securities are increasingly broadening financing options and investment alternatives for the public,” he said at the ISEI Jakarta event held virtually on Monday (3/8/2026).
Hasan continued that the capital market as a fundraising avenue for corporations based on sharia principles also shows solid growth. As of July 2026, the number of outstanding corporate sukuk series rose to 329 series, having grown 12.29% so far this year.
By value, outstanding corporate sukuk reached Rp95.14 trillion, up 7.86% year-to-date.
Hasan further noted that the investment management industry, particularly sharia mutual funds, also showed healthy growth in July 2026. The net asset value (NAV) of sharia mutual funds reached Rp93.21 trillion, growing 11.71% year-to-date.
“With that NAV figure, sharia mutual funds’ market share has reached 14.03% of total national mutual fund NAV,” he revealed.
On the demand side, capital market investors using the Sharia Online Trading System (SOTS) reached 238,433 users as of June 2026, growing 9.8% so far this year.
“So overall, we see our sharia capital market still showing very good and stable growth, as recorded up to the end of July 2026,” he said.
According to him, Indonesia has the fundamentals to become a major player in the global sharia economy. Indonesia is the country with the largest Muslim population in the world, has a continually developing halal industry, is supported by an increasingly mature sharia financial sector, and possesses a sharia capital market that is now among the largest and best globally.
Nevertheless, Hasan acknowledged that this great potential will not automatically make Indonesia a global sharia economic leader. This potential will only become an advantage if it is accompanied by policy reform, product and service innovation, and efforts to strengthen governance and enhance trust, particularly among investors.
“If we want to elevate Indonesia to become one of the world’s sharia economic centres, the development of the sharia financial market cannot proceed on its own. The biggest challenge we still face is how to bridge the gap between the financial market and the real economy,” he asserted.
“So that sharia financing genuinely flows to productive sectors, which in turn can create greater added value for the national economy,” he concluded.