sharia stock

The selection criteria of sharia stocks are based on Bapepam-LK Regulations No II.K.1 concerning Criteria and Issuance of Sharia Securities List, item 1.b.7. The regulation states that Securities in the form of shares, including sharia rights and sharia warrant, issued by Issuer or Public Company who does not declare that its business activities and management are conducted based on Sharia Principles, as long as the Issuer or Public Company fulfills the following criteria :

A.  The Company does not conduct any business activities, as referred in item 1.b of the Regulations of  Bapepam-LK No. IX.A.13, Business that conflict  with Sharia Principles, such as :

  1. Gambling and games considered as gambling.
  2. Trading that is prohibited according to Sharia, such as :

a. Trading that is not followed by delivery/transfer of products and or services;

b. Trading with a fake offer or demand; and

  1. Ribawi financial services, such as:
    a. interest-based bank; and
    b. interest-based finance company
  2. Buying and selling of risks that involve speculation (gharar) and gambling (maisir)
  3. Producing, distributing, trading, and or providing:1. products or services that are forbidden because of its contents (haram li-ghairihi)

    2. products or services that are forbidden not because of its contents but because they are stated forbidden by  DSN-MUI;
    and or

    3. products or services that can deprave one’s morals and are harmful; and or

  4. Transactions that contain elements of bribery (risywah)

B.  The Company fullfils/meets the following financial ratios:

  1. The ratio of interest-based liabilities to total equity is not more than 82% (eighty two percent)
  2. The ratio of interest income and other non-sharia income to total revenue is no more than 10% (ten percent)

 

shared by : http://www.idx.co.id/Home/ProductAndServices/ShariaMarket/ShariaProducts/tabid/157/language/en-US/Default.aspx

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