Indonesia’s sharia stock index falls 45.10% through October
OJK data showed shrinking sharia equity capitalisation, while corporate sukuk, Islamic mutual funds and banking financing recorded growth.
Indonesia’s sharia stock benchmark lost 45.10% from the start of 2026 through October, according to the Financial Services Authority (OJK), as pressure on equities contrasted with growth elsewhere in Islamic finance.
The Indeks Saham Syariah Indonesia (ISSI) stood at 169.42 in October, compared with 308.61 at the December 2025 close. Speaking at a virtual press conference on 5 November 2026, OJK deputy chairman Hernawan Bekti Sasongko said its weakness was in line with pressure on Indonesia’s broader stock benchmark, the IHSG.
Sharia equity market capitalisation dropped to Rp4,304.17 trillion from Rp8,971.68 trillion in December 2025. These shares accounted for 48.80% of the Indonesia Stock Exchange’s total market capitalisation. The number of sharia-compliant stocks remained unchanged from the previous month at 579.
Corporate sukuk outstanding reached Rp100.07 trillion in October, up 13.44% since December 2025, when it stood at Rp88.21 trillion. OJK put the segment’s market share at 17.62%. Islamic mutual funds managed Rp85.04 trillion in assets, an increase of 1.92% since the start of the year, with a 13.71% market share.
Islamic banking financing rose 12.05% year on year to Rp757.32 trillion as of September 2026. Third-party funds increased 7.48% to Rp853.75 trillion, while total Islamic banking assets reached Rp1,108.45 trillion, representing a 7.53% market share.
Funds raised through sharia securities crowdfunding totalled Rp1,191.17 billion, up 19.27% year on year, with a market share of 57.07%, according to OJK.
