Islamic Capital Market

Book Review: Forward Lease Sukuk in Islamic Capital Markets

Ahmad Nashruddin — 2026-01-15

The expansion of the Islamic capital market has intensified the demand for innovative Shariah-compliant financial instruments capable of supporting large-scale development projects. Sukuk have emerged as a central mechanism for capital mobilization within Islamic finance, offering alternatives to conventional bonds based on asset ownership and risk-sharing principles. Among various sukuk structures, forward lease sukuk (ijārah mawsūfah fī al-dhimmah) represent an innovative yet underutilized instrument that allows financing based on non-existent assets. This article provides a comprehensive conceptual and analytical review of forward lease sukuk by synthesizing the key arguments presented in Forward Lease Sukuk in Islamic Capital Markets: Structure and Governing Rules. The discussion covers theoretical foundations, structural mechanisms, Shariah governance, legal and regulatory issues, market challenges, and future prospects. The article argues that forward lease sukuk constitute a resilient and flexible financial instrument with significant potential to enhance Islamic capital market depth, particularly in infrastructure and project finance.

Antecedents of Corporate Sukuk Ratings in Indonesia: Analysis of Internal and External Factors in Indonesia Sharia Stock Index

M. Nahda Wafian Salam — 2026-01-21

This study examines the factors that affect sukuk ratings, including productivity (Total Asset Turn Over), Quality of financial disclosures (Company Reliability), Corporate governance attributes (Institutional Ownership), Maturity, auditor repitution, and adding control variables namely Leverage (Debt Equity Ratio), Company Size. The Data Panel consisted of 18 company samples over 5 years or 90 observations and applied the Fixed Effect Model (FEM), it was found that auditor productivity and reputation had a positive effect on sukuk ratings, with productivity having a positive effect at a significance level of 1% and auditor reputation having a negative effect on a significance level of 10%. Meanwhile, the quality of financial disclosures, corporate governance attributes, and maturity did not show significant influences. Simultaneously, all variables affected the sukuk rating with an adjusted R2 of 37.67% and the remaining 62.33% (100-37.67%) explained by other factors outside the study. Then in the robusness test, the results were consistent in model 2 and model 3 after adding the control variable, in the variables of productivity and reputation of the auditor each could be consistent with a probability of less than a 10% significance level in influencing the sukuk ranking.

Factors Affecting the Price of ESG-Based Sharia Stocks

Khaeria Mardhatillah — 2025-12-30

After the Indonesian government proclaimed its commitment to reaching the United Nations' 17 Sustainable Development Goals (SDGs) by 2030, Environmental, Social, and Governance (ESG) became an issue of concern in the country. ESG investing is one way to achieve the SDGs. ESG investing is in line with Islamic values to promote social values. The fluctuation of ESG-based sharia stock returns is very large every year. The existence of negative returns on stock investments requires investors to know the factors that influence stock prices. Panel data regression was employed as the analytical method. The panel data regression results demonstrate that the fundamental variables EPS, DER, ROE, and EV/EBIT have a substantial effect, as do the macroeconomic variables world oil prices, Indonesian interest rates, and rupiah exchange rate.