Sharia Stock Market Under Pressure, While Mutual Funds and Sukuk Rise

The performance of the Indonesia Sharia Stock Index (ISSI) has recorded a decline so far this year, in line with the movement of stock prices on the capital market, according to the Financial Services Authority (OJK).

“The year-to-date performance of the Indonesia Sharia Stock Index has recorded a weakening, in line with the IHSG,” said Hernawan Bekti Sasongko, Vice Chairman of the OJK Board of Commissioners, during a virtual press conference on Tuesday (4/8/2026).

However, Hernawan revealed that assets under management for Sharia mutual funds increased by 11.71% throughout 2026, and corporate sukuk grew by 7.86% up to the present. As of June 2026, Sharia banking financing grew by 11.09% year-on-year, along with Sharia financing receivables which grew by 9.14%. Meanwhile, the contribution of Sharia insurance contracted.

In the context of developing Sharia finance, OJK has carried out several initiatives, including holding a Sharia capital market public lecture at Darussalam Gontor University as part of the integrated capital market socialisation and education programme for 2026 in East Java Province. Furthermore, a Sharia Financial Fair was held in Banjarmasin City from 4 to 5 July 2026 to encourage the expansion of access to account opening and the use of Sharia financial products and services to various levels of society, as well as to increase public understanding of Sharia financial products and services.

The first meeting of the Sharia Financial Literacy and Inclusion Working Group for 2026 was also held on 20 July 2026 to obtain input regarding the implementation of the 2026 Sharia financial literacy and inclusion programme and proposals for its future development. Lastly, the 2026 Indonesia Sharia Financial Olympiad (ISFO) is being held as part of the Gencarkan programme, with participant registration open from 1 July to 14 August 2026 online via the official ISFO website.

To encourage regional economic development, the OJK continues to strengthen the implementation of regional economic development programmes as an effort to build an integrated financing ecosystem for regional advantages through synergy with local governments and strategic partners in the regions.