The Islamic capital market (ICM) in Indonesia is not a stand-alone capital market which has its own system. Nor is the ICM separated from the country’s capital market system as a whole. In fact, ICM instruments use the same mechanism as the conventional market for their underwriting and trading. Indonesia, with the world’s largest Muslim population, would seem to have great potential to develop ICM, whether in the form of fatwa, regulations¸ products, or other initiatives.