Jakarta, 25 Muharram 1437/ 6 November 2015 (MINA) – Indonesia Stock Exchange (IDX) expected Islamic capital market industry is growing so it can be used as one of the alternative sources of financing for the issuer and to be a place for investment.
“Islamic capital market is expected to be a source of financing and investment,” said the Director of IDX, Budi Sulistyo on Friday. Antaranews quoted by Mi’raj Islamic News Agency (MINA) as reporting.
He noted that in 2015 this number of shares which entered in the List of Islamic Securities (DES) are 318 shares. The number of shares increases from year to year. Based on data from the Stock Exchange, in 2011, there were 237 Islamic stock shares. Then in 2012, there were 300 shares, 312 shares recorded in 2013, and 2014 as many as 316 stocks.
He added that the Islamic capital market which apply Islamic principles do not stand alone but is a part of the existing structure.
“So, the trading platform is still same as conventional shares, but the shares has specialized systems that is sharia online trading system (sots),” he said.
He said that the Islamic capital market has also been getting license (fatwa) from the National Sharia Council of the Indonesian Ulema Council (DSN-MUI). So, it can actually be used as a guide for market participants to transact in sharia capital market trading.
Some fatwa that have been issued by DSN-MUI, are Fatwa No. 40 / DSN-MUI / X / 2003 on Capital Markets and General Guidelines for the Application of Sharia in the Capital Market. Fatwa No. 80 / DSN-MUI / III / 2011 on the Application of Sharia in the Trading Mechanism Securities Equity in Regular Stock Exchange, Fatwa No. 20 / DSN-MUI / IV / 2011 on the Implementation of Mutual Fund Investing Sharia and fatwa No. 32 / DSN -MUI / IX / 2002 on Islamic Bonds.
The Chief Executive of the Capital Market Supervisory Nurhaida said she is now doing the process of revision of Regulation No. IX.A.13 on Issuance of Islamic securities. The regulation will be divided into five regulations, which governing the application of sharia principles in the capital markets, the issuance of Islamic stocks, the issuance of Islamic bonds, issuance of Islamic mutual funds, and sharia asset-backed securities (ABS). (T/R03/R04)
Mi’raj Islamic News Agency (MINA)