The present study investigates the differences between Islamic Economic System and Conventional
Economic System that supposedly lead to the differences between sharia market and conventional
market. Through bivariate and multivariate analysis, regression, correlation, and determination
tests were carried out to identify the effect of conventional market on sharia market. Analysis was
done based on the data of Indonesia Stock Exchange from December 2006 to May 2017, The data
consisted of Jakarta Stock Exchange (JSX) Composite Index (Indeks Harga Saham Gabungan,
IHSG), Jakarta Stock Exchange Liquid Index (LQ45), Jakarta Islamic Index (JII), and Indonesia
Sharia Stock Index (ISSI). The results show that IHSG and LQ45 have a significant positive
correlation with JII or ISSI. While IHSG and LQ45 are classified as the elements of conventional
market, JII and ISSI are the representation of Sharia market. It indicates that sharia market and
conventional market are both present with the same character. In other words, sharia market is still
influenced by banking interest rate and speculation. To confirm this finding, the list of issuers on
IDX, LQ45, JII, and ISSI was examined and the specific sharia issuers were compared with nonsharia issuers, therefore the classification of IHSG and LQ45 as conventional market is corrected.
Based on the results of the analysis of regression, correlation, determination, and investigation of
the collected data, a model of sharia market stability is formulated.

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