BLESSINGS OF SHARIA
SHARES
Sharia
shares are securities in the form of shares of companies (issuers) which in
their business activities do not conflict with the principles of sharia law
(Islamic law). Sharia stock types that are recognized in the Indonesian capital
market are those declared to meet sharia stock selection criteria based on
Financial Services Authority (OJK) Regulation Number II.K.1 concerning Issuance
of List of Sharia Securities and shares listed as sharia shares by sharia
public companies based on Regulation OJK Number 17 / POJK.04 / 2015 concerning
Issuance and Requirements of Sharia Securities in the Form of Shares by Sharia
Issuers or Sharia Public Companies.
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All Islamic shares contained in the
Indonesian Islamic capital market are included in the List of Sharia Securities
(DES) issued periodically by the OJK every May and November of the current
year. The criteria for sharia stock selection by OJK refer to the following
matters:
a.
Companies whose shares can be
categorized as sharia if the company in its business activities does not carry
out activities that are contrary to the principles of sharia law. Activities
that are contrary to sharia law include the following:
· gambling and games that are classified as gambling.
· trades that are prohibited under sharia law include: trade
that is not accompanied by the delivery of goods / services and / or trade with
fake offers / requests.
· ribawi financial services, including: interest-based banks
and / or interest-based finance companies.
· buying and selling risks that contain elements of
uncertainty (gharar) and / or gambling (maisir), including conventional
insurance.
· producing, distributing, trading, and / or providing, among
other things: goods or services that are unlawful (haram li-dzatihi) and
illicit goods or services not because of their substance (haram lighairihi)
stipulated by the National Sharia Council of the Indonesian Ulama Council
(DSN-MUI ) and goods or services that are morally damaging and / or harmful.
· conduct transactions that contain elements of bribery
(risywah).
b.
Companies whose shares can be
categorized as sharia in addition to fulfilling the criteria as referred to in
point a above the company must also fulfill the requirements of financial
ratios in capital and business activities income including the following:
·
the total interest-based debt
compared to the total assets of the company is not more than 45% or total debt
compared to the company's equity of not more than 81.82%. This means that the
total equity (net capital) owned by the company is at least 55% of all assets.
Example: PT. BBBB has assets of Rp10 trillion, then the equity (net capital)
that must be owned is at least Rp.5.5 trillion, while the interest-based
liabilities (debt / liabilities) are a maximum of Rp.4.5 trillion. The
interest-based debt includes loans from conventional banks or the issuance of
flat-interest companies' bonds (bonds). For debts in the form of work advances
or debt payment for supply of raw materials from vendors, they are not included
in interest-based debt (ribawi).
·
total interest income and other
non-halal income compared to total business income (revenue) and other income
no more than 10%. This means that the business income obtained by means of
sharia law is at least 90% of the total operating income for the current year.
Example: PT. BBBB earns business income in the current year of Rp500 billion,
then the income derived from interest on deposits (deposits) and other
non-halal income is not more than Rp50 billion.
The provisions above refer to the principles or rules of
sharia law (Islamic law) based on the Fatwa of the National Sharia Council of
the Indonesian Ulema Council (DSN-MUI) Number 80 / DSN-MUI / III / 2011
concerning Application of Sharia Principles in the Securities Trading Mechanism
Equity in the Regular Stock Exchange Market.
At present there are around 400 companies (issuers) whose
shares are categorized as sharia shares and listed on the Indonesia Stock
Exchange (IDX). All of them are incorporated into the Indonesian Syariah Stock
Index (ISSI), which has been launched since 12 May 2011 after it was previously
called the Jakarta Islamic Index (JII) which was launched in 2000. The ISSI
constituents are re-selected twice a year in May and in the month November of
the year follows the schedule of the DES review conducted by the OJK.
Therefore, every selection period there is always an Islamic
stock that goes in or out into an ISSI constituency. The ISSI calculation
follows the other stock index calculation methods available on the IDX, namely
the weighted average of market capitalization using December 2007 as the base
year of the ISSI calculation.
The list of sharia shares stipulated by the OJK and then
stipulated by IDX becomes ISSI constituents for the period January 18, 2019
until the next DES review by the OJK as listed in the following link:
Of all the ISSI
constituents, some of them are members of the Jakarta Islamic Index (JII) which
has long been launched on the IDX since July 3, 2000. JII consists of 30 most
liquid or heavily traded stocks on the IDX with high volume. As with ISSI, a
review of JII's constituent sharia shares is conducted twice a year, in May and
November of the year, following the OJK's DES review schedule.
IDX determines and
conducts sharia stock selection which can become JII constituents with the
criteria used as follows:
a.
The
sharia shares have been listed as ISSI constituents for the past 6 months.
b.
60
stocks were selected based on the highest order of market capitalization in the
past 1 year.
c.
Of
the 60 shares, 30 stocks were selected based on the highest average daily
transaction value on the regular market.
d.
The
remaining 30 shares are selected as JII constituents.
In this group there
are stocks of large companies and have a good and trusted reputation that is
already familiar in the community such as PT. Indofood Sukses Makmur Tbk, PT.
Indofood CBP Sukses Makmur Tbk, PT. Astra International Tbk, PT. Telkom Indonesia,
PT. Jasa Marga Tbk, PT. Unilver Indonesia Tbk, PT. Kalbe Farma Tbk.
The list of sharia
shares stipulated by the IDX is a JII constituent for the period December 2018
to May 2019 as listed in the following link:
In addition to JII
which contains the 30 most liquid ISSI constituent stocks, there is another
ISSI liquid constituent ISSI index, namely the Jakarta Islamic Index 70 (JII70)
which was launched on May 17 2018. The JII70 constituent consists of 70 most
liquid sharia stocks including constituents JII. As with ISSI and JII, the
review of Islamic stocks which are constituents of JII70 are conducted twice in
a year, namely in May and November of the year, following the schedule of OJK's
DES review.
IDX determines and
conducts sharia stock selection which can be a JII70 constituent with the
criteria used as follows:
a.
The
sharia shares have been listed as ISSI constituents for the past 6 months.
b.
Selected
150 shares based on the highest order of market capitalization for the past 1
year.
c.
Of
the 150 shares, 70 shares were selected based on the highest average daily
transaction value on the regular market.
d.
The
remaining 70 shares are selected as JII70 constituents.
The list of sharia
shares stipulated by the IDX is a JII70 constituent for the period December
2018 to May 2019 as listed in the following link:
The procedures for sharia share transactions that are
constituents of ISSI, JII and JII70 are in principle the same as the procedures
for other regular share transactions on the IDX. The difference is that
transactions on sharia shares are carried out through securities companies as
securities brokers who also have sharia transaction applications as well.
Securities companies as securities brokers on the IDX that
have sharia online trading applications that can be used as a means of sharia
share transactions recognized by the DSN-MUI as listed in the following link:
The
growth of market capitalization of sharia shares that are incorporated in the
JII constituents from 2000 to December 2018 increased from only IDR 74.27
trillion to IDR 2,239.51 trillion or an increase of IDR 2,165.24 trillion
equivalent to 2,915.36% for 18 years.
Meanwhile,
the growth of market capitalization of sharia shares incorporated in ISSI
constituents from 2011 to December 2018 increased from the original Rp1,968.09
trillion to Rp3,666.69 trillion, up Rp1,698.60 Trillions are equivalent to
86.31% for 8 years.
Whereas
the growth of market capitalization of sharia shares incorporated in the JII70
constituents as of May 2018 until December 2018 increased from the original
Rp2,575.67 trillion to Rp2,715.85 trillion, up Rp140.18 trillion equivalent
with 5.44% for 8 months.
The
growth of market capitalization of sharia stocks which are incorporated as
ISSI, JII and JII70 constituents can be seen in the list of links below.
The
data above shows that investor interest in Islamic stocks is increasingly high
and the number of investors is increasing. This is evidenced by the continued
increase in Islamic stock-stock market capitalization, meaning that the amount
of capital invested in Islamic stocks continues to increase from time to time.
Finally,
"with investments in sharia shares, there will be abundant and blessed
profits", hopefully Allah, the Almighty God blesses all of them.
Thus,
hopefully useful.
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