Financial Deepening on Sharia Finance Perspective: Analysis in Indonesia and Malaysia
Keywords:
Corporate sukuk, Sharia Stock, Third Party Funds, Total Assets, Financial Deepening
Abstract
This study examines the dynamic relationship between the Islamic financial sector and financial deepening in Indonesia and Malaysia by integrating two key components of the sharia financial system: the sharia capital market and Islamic banking. Using monthly pooled data from 2014-2024 and employing the Autoregressive Distributed Lag approach, the research investigates both short-term and long-term effects of corporate sukuk, sharia stocks, third-party funds, total assets, interest rates, and exchange rates on financial deepening. The findings reveal that corporate sukuk exert a negative influence on financial deepening in the short run, primarily due to their illiquidity and dominance by institutional buy-and-hold investors, while showing no significant long-term effect in either country. Sharia stocks positively affect financial deepening only in the short run, whereas long-term effects remain insignificant because of market volatility, limited liquidity, and structural constraints within the sharia capital market. Third-party funds demonstrate a contrasting pattern, showing negative short-run effects but a strong and positive long-run impact, indicating their growing role in supporting Islamic banking intermediation. Total asset contributes positively to financial deepening in the short term; however, their long-term effect becomes negative, reflecting inefficiency in translating asset growth into real-sector financing. Robustness test using Malaysia support the main model’s conclusion. The study underscores the importance of enhancing liquidity, strengthening intermediation efficiency, and improving cross-sector sharia financial integration to maximize the contribution of Islamic finance toward sustainable financial deepening in dual banking systems.
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Nugraha, M. A., Daulay, A. N., Islam, U., & Sumatera, N. (2024). ANALYSIS OF THE INTERACTION AND CONTRIBUTION OF ISLAMIC HUMAN DEVELOPMENT INDEX ( IHDI ) AND TOTAL ISLAMIC BANKING ASSETS IN INDONESIA ’ S ECONOMIC. 4(12), 11165–11185.
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Sholihah, N. H. (2022). Analisis Pengaruh Sektor Keuangan Syariah Terhadap Financial deepening Di Indonesia.
Subkhan, M. A., & Hutajulu, D. M. (2023). The Analysis of the Effect of Financial Deepening on Indonesia’s Economic Growth: A Longitudinal Analysis. Research Horizon, Vol. 3(No. 1), 19–35.
Tan, Y.-L., Mohamad, S., & Roslina. (2021). Capital market and economic growth in Malaysia: the role of ṣukūk and other sub-components. ISRA International Journal of Islamic Finance, 13(1), 102–117. https://doi.org/10.1108/IJIF-04-2019-0066
Yıldırım, S., Yıldırım, D. C., & Diboglu, P. (2020). Does Sukuk market development promote economic growth? PSU Research Review, 4(3), 209–218. https://doi.org/10.1108/PRR-03-2020-0011
Afgani, K. F., Marzuki, M. M., Majid, W. Z. N. A., Nasser, S. D. T. K., Syukur, M., Wiryono, S. K., Rahadi, R. A., Boediman, A., & Ali, Q. (2024). Risk Management Practices and the Performance of Indonesian and Malaysian Islamic Banks: Does Digitalization Mediate This Nexus? Thunderbird International Business Review, 66(6), 567–581. https://doi.org/10.1002/tie.22402
Ali, J., Faroji, R., & Ali, O. (2021). Pengaruh Profitabilitas Terhadap Nilai Perusahaan (Studi Empiris Pada Perusahaan Sektor Industri Barang Konsumsi Di Bursa Efek Indonesia Tahun 2017-2019). Jurnal Neraca Peradaban, 1(2), 128–135.
Ali, M. A., Shuib, M. S., & Nor, A. M. (2021). Protection of Bank ’ s Wealth : How is Islamic Banks ’ s Financial Performance Affected by Asset Quality and Operational Efficiency. 9(4), 745–756. https://doi.org/10.13189/ujaf.2021.090420
Anwar, M. M. (2024). The Impact of Islamic Financial Deepening on Economic Growth in Indonesia. 05(01), 78–90.
Aryanti, R. T., & Wahyudi, R. (2022). Faktor-Faktor Yang Mempengaruhi Pertumbuhan Total Aset Perbankan Syariah Di Indonesia. Journal of Global Business and Management Review, 4(2). https://doi.org/10.37253/jgbmr.v4i2.6895
Asysyifa, M. A. (2018). Analisis Pengaruh Sektor Keuangan Syariah Terhadap Financial deepening Di Indonesia.
Gani, I. M., & Bahari, Z. (2021). Islamic banking’s contribution to the Malaysian real economy. ISRA International Journal of Islamic Finance, 13(1), 6–25. https://doi.org/10.1108/IJIF-01-2019-0004
Hamsah, H. N. D. M. (2024). Pengaruh Saham Syariah Dan Obligasi Syariah (Sukuk) Terhadap Pertumbuhan Ekonomi Indonesia. Journal of Sharia and Law, 3(2), 430–449.
Hanafi, N., Hamid, A. H. A., & Yunus, J. M. (2018). The Empirical Study on Market Liquidity and Determinants of Sukuk in Malaysia. Indian-Pacific Journal of Accounting and Finance, 2(3), 4–15. https://doi.org/10.52962/ipjaf.2018.2.3.56
Hasibuan, E., Theresya, H., Gaol, L. F. L., & Sitepu, W. R. B. (2021). Pengaruh Dana Pihak Ketiga, Biaya Operasional Pendapatan Operasional, dan Loan to Deposit Ratio Terhadap Profitabilitas Pada Perusahaan Perbankan yang Terdaftar di Bursa Efek Indonesia Periode 2016-2018. Ekonomi, Keuangan, Investasi Dan Syariah (EKUITAS), 2(2), 194–199. https://doi.org/10.47065/ekuitas.v2i2.671
Hassan, M. K. (2022). A note on COVID-19 instigated maximum drawdown in Islamic markets versus conventional counterparts. https://doi.org/10.1016/j.frl.2021.102426
Hilmawati, M. R. N., & Kusumaningtias, R. (2021). Inklusi Keuangan Dan Literasi Keuangan Terhadap Kinerja Dan Keberlangsungan Sektor Usaha Mikro Kecil Menengah. Nominal: Barometer Riset Akuntansi Dan Manajemen, 10(1), 135–152. https://doi.org/10.21831/nominal.v10i1.33881
Ibrahim Musa, G., Bahari, Z., & Aziz, A. H. A. (2020). The Impact of Islamic Capital Market on Malaysian Real Economy. Jurnal Ekonomi Malaysia, 54(2). https://doi.org/10.17576/JEM-2020-5402-8
Jahromi, M. (2025). Resilience of Islamic and Conventional Equity Markets in Turbulent Times Maria Jahromi *. https://doi.org/https://doi.org/10.1108/JAL-09-2024-0233
Kazak, H., & Okka, O. (2022). Islamic Finance-Growth Nexus: Evidence from Malaysia. Economica: Jurnal Ekonomi Islam, 13(1), 1–23. https://doi.org/10.21580/economica.2022.13.1.9517
Kenourgios, D., Naifar, N., & Dimitriou, D. (2016). Islamic fi nancial markets and global crises : Contagion or decoupling ? Economic Modelling, 57, 36–46. https://doi.org/10.1016/j.econmod.2016.04.014
Khairunnisa Nabila. (2020). Pengaruh Sektor Keuangan Syariah Terhadap Financial Deepening Di Indonesia. Universitas Islam Indonesia.
Khalid, M. M., Yaakob, M. A. Z., Bhari, A., & Mohamed Yusof, M. F. (2019). Risk Management in Waqf Institutions: A Preliminary Study. Journal of Fatwa Management and Research, 16(2), 207–219. https://doi.org/10.33102/jfatwa.vol16no2.16
Khan, I., & Zahid, S. N. (2020). The impact of Shari’ah and corporate governance on Islamic banks performance: evidence from Asia. International Journal of Islamic and Middle Eastern Finance and Management, 13(3), 483–501. https://doi.org/10.1108/IMEFM-01-2019-0003
Latifah, A. (2016). Syariah terhadap financial deepening di Indonesia. Jurnal Ekonomi Islam, 7(2), 107–130.
Lismawati, L. (2020). Pengaruh Sektor Perbankan Syariah Terhadap Financial Deepening Di Indonesia. File:///C:/Users/VERA/Downloads/ASKEP_AGREGAT_ANAK_and_REMAJA_PRINT.Docx, 21(1), 1–9.
Mary, M., Mediawati, E., Mediawati, E., Adirestuty, F., & Adirestuty, F. (2019). The Analysis of Third-Party Funds, State Sukuk, and Corporate Sukuk Towards Financial Deepening in Indonesia. Review of Islamic Economics and Finance, 2(2), 53–66. https://doi.org/10.17509/rief.v2i1.22158
Mauluddi, H. A., & Nugraha, D. S. (2022). The Effect of Third Party Funding and Non Performing Financing on The Development of Islamic Banking Finance in Indonesia. 3(1), 186–195.
Mulyadi, S., & Suryanto, A. (2022). Sharia Banking Contribution To Financial Deeping In Supporting Indonesia Economic Recovery. Al-Amwal : Jurnal Ekonomi Dan Perbankan Syari’ah, 14(2), 158. https://doi.org/10.24235/amwal.v14i2.11120
Nugraha, M. A., Daulay, A. N., Islam, U., & Sumatera, N. (2024). ANALYSIS OF THE INTERACTION AND CONTRIBUTION OF ISLAMIC HUMAN DEVELOPMENT INDEX ( IHDI ) AND TOTAL ISLAMIC BANKING ASSETS IN INDONESIA ’ S ECONOMIC. 4(12), 11165–11185.
Nurhanifah, N. V. (2024). Understanding Sukuk Market Development: An Overview of Opportunities and Challenges. Journal of Waqf and Islamic Economic Philanthropy, 1(2), 1–11. https://doi.org/10.47134/wiep.v1i2.155
Osanmaz, M. N., Ekşi, İ. H., & Altemur, N. (2025). The Impact of Sukuk Issuance on Stock Prices: New Insights from the Jakarta Stock Exchange. International Student Conference on Business, Education, Economics, Accounting, and Management (ISC-BEAM), 3(1), 1608–1619. https://doi.org/10.21009/isc-beam.013.123
Pepis, S., & Jong, P. De. (2018). US CR Abstract. Pacific-Basin Finance Journal, #pagerange#. https://doi.org/10.1016/j.pacfin.2018.11.002
Pesaran, M. H., Shin, Y., & Smith, R. J. (2001). Bounds testing approaches to the analysis of level relationships. Journal of Applied Econometrics, 16(3), 289–326. https://doi.org/10.1002/jae.616
Putri, D. A. R., & Rachmawati, L. (2022). Analisis Tingkat Pertumbuhan Bank Syariah di Indonesia. Jurnal Ekonomika Dan Bisnis Islam, 5(1), 1–12. https://doi.org/10.26740/jekobi.v5n1.p1-12
Ridwan, M. M. (2018). Pengaruh Perbankan Syariah Dan Pasar Modal Syariah Terhadap Financial Deepening Di Indonesia Dan Malaysia Tahun 2011- Juni 2017. Jurnal Akuntansi, 1–20.
Rofa, I. T., Batubara, M., & Jannah, N. (2023a). Pengaruh Sektor Perbankan Syariah dan Pasar Modal Syariah terhadap Financial Deepening di Indonesia. Ekonomi, Keuangan, Investasi Dan Syariah (EKUITAS), 5(1), 166–173. https://doi.org/10.47065/ekuitas.v5i1.3901
Rofa, I. T., Batubara, M., & Jannah, N. (2023b). Pengaruh Sektor Perbankan Syariah Dan Pasar Modal Syariah Terhadap Green Finance Di Indonesia. Ekuitas, 5(1), 166–173. https://doi.org/10.47065/ekuitas.v5i1.3901
Romli, M. (2022). Komparasi Market Share Bank Syariah Indonesia Dan Malaysia. 6, 59–74.
Roslen, S. N. M., Chua, M.-S., & Ruslan, R. A. H. M. (2024). Long-run asymmetric effects of financial risks on Sukuk market development: empirical evidence from Malaysia. Journal of Islamic Accounting and Business Research. https://doi.org/10.1108/jiabr-08-2022-0200
Sahabuddin, M., Islam, M. A., Tabash, M. I., Alam, M. K., Daniel, L. N., & Mostafa, I. I. (2023). Dynamic Conditional Correlation and Volatility Spillover between Conventional and Islamic Stock Markets: Evidence from Developed and Emerging Countries. Journal of Risk and Financial Management, 16(2), 111. https://doi.org/10.3390/jrfm16020111
Sahay, R., Čihák, M., Diaye, P. N., Bi, R., Ayala, D., Gao, Y., Kyobe, A., Nguyen, L., Saborowski, C., & Yousefi, S. R. (2015). Rethinking Financial Deepening : Stability and Growth in Emerging Markets.
Saleem, A., Sagi, J., & Setiawan, B. (2021). Islamic Financial Depth, Financial Intermediation, and Sustainable Economic Growth: ARDL Approach. In Economies (Vol. 9, Issue 2, pp. 1–22). https://doi.org/10.3390/economies9020049
Sari, M., Gibran, K., Ramjizah, & Yanti, E. M. (2024). Faktor Yang Mempengaruhi Profitabilitas Perbankan Syariah Di Indonesia : Pasca Covid-19. Musyarakah : Journal of Sharia Economics, 4(2), 101–109.
Sholihah, N. H. (2022). Analisis Pengaruh Sektor Keuangan Syariah Terhadap Financial deepening Di Indonesia.
Subkhan, M. A., & Hutajulu, D. M. (2023). The Analysis of the Effect of Financial Deepening on Indonesia’s Economic Growth: A Longitudinal Analysis. Research Horizon, Vol. 3(No. 1), 19–35.
Tan, Y.-L., Mohamad, S., & Roslina. (2021). Capital market and economic growth in Malaysia: the role of ṣukūk and other sub-components. ISRA International Journal of Islamic Finance, 13(1), 102–117. https://doi.org/10.1108/IJIF-04-2019-0066
Yıldırım, S., Yıldırım, D. C., & Diboglu, P. (2020). Does Sukuk market development promote economic growth? PSU Research Review, 4(3), 209–218. https://doi.org/10.1108/PRR-03-2020-0011
Published
2026-06-10
How to Cite
Meylianingrum, K., Jaya, T. J., Kholilah, K., & Ahmed, M. A. (2026). Financial Deepening on Sharia Finance Perspective: Analysis in Indonesia and Malaysia. Sharia Economic and Management Business Journal (SEMBJ), 7(2), 166-183. https://doi.org/10.62159/sembj.v7i2.2223
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