Limitation of Non-Halal Income (Interest) in The Criteria of Sharia Securities List in Indonesia Stock Exchange

https://doi.org/10.35912/bukhori.v2i1.1708
Published: Jan 24, 2023

Abstract:

The Islamic capital markets in Indonesia have been developing over the last two decades, characterized by an increase in Islamic products and the issuance of regulations related to the Islamic capital markets, and the general public and investors are beginning to understand the list of Islamic securities. Next, there is one of the controversial criteria for the Sharia Securities List. That is, the total yield is less than 10%. It is understandable whether Islamic financial institutions earn income from bank interest before they are fully subject to Sharia law.

Puprose: The purpose of this research is to examine the refinement of several regulations related to criteria and issuance of sharia lists to encourage and increase the Indonesian Sharia Stock Index (ISSI).

Methodology: This study analyzes the dispute using an associative approach by building relationships between social situations or domains based on the interdependencies of the dispute under study. It is a study to do.

Result: The results of this survey and discussion are based on an analysis of non-Halal income (interest) restrictions in the criteria for listing Shariah securities in Indonesia to address the conditions, risks and possibilities of Sharia Securities List (SSL). The Indonesian capital markets industry is beginning to develop the application of the Islamic Shariah Principles as an alternative investment tool in Indonesian capital market activities. With the standard requirements and the issuance of the following list of Shariah securities, total interest income and other non-Halal income for each security will be less than 10%. The decision to change the issuer's financial indicators was analyzed by capital market authorities on the effect that the company continues to use interest-based financial institutions. If the interest limit is kept to a minimum, the capital market will not run and develop properly and will inevitably lead to a drastic decline in the Islamic stock index on IDX. Thus, when Islamic issuers have developed a lot and are finally ready to lower the interest-based non-halal income limit, they will certainly have a perspective in influencing the conditions of inclusion of other Islamic financial institutions.

Keywords:
1. DES
2. Inclusiveness
3. LKS
4. DSN - MUI
5. OJK
Authors:
1 . M Fatchurrohman
2 . Pungky Lela Saputri
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How to Cite
Fatchurrohman, M., & Saputri , P. L. . (2023). Limitation of Non-Halal Income (Interest) in The Criteria of Sharia Securities List in Indonesia Stock Exchange. Bukhori: Kajian Ekonomi Dan Keuangan Islam, 2(1), 29–38. https://doi.org/10.35912/bukhori.v2i1.1708
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Issue & Section
Vol. 2 No. 1 (2022): Juli
Articles
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References

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  1. Adil, M. A. M., Ho, C. S., Isa, M. M., Yaakub, E., & Khalid, M. M. (2013). Shariah-compliant screening practices in Malaysia. Islam and Civilisational Renewal, 274(1706), 1-19.
  2. Astuti, R. J. (2000). Analisis hubungan timbal balik dan faktor-faktor yang mempengaruhi kepuasan kerja dan kepuasan keluarga pada industri kesehatan. Universitas Gadjah Mada.
  3. Baharudin, A. (2015). Utang dan Pendapatan Perusahaan dalam Kriteria dan Penerbitan Efek Syariah Perspektif Hukum Bisnis Syariah. UIN Sunan Kalijaga.
  4. Banani, A., & Hidayatun, N. A. (2017). Performance of Islamic indices: risk adjusted returns of Sharia compliant stocks on Jakarta Islamic index and Dow Jones Islamic Turkey. Journal Economics & Business Atmajaya Indonesia, 1(1), 1-18.
  5. Ekawati, E., & Yanti, I. (2022). Pengaruh ISR, Leverage dan Likuiditas terhadap ERC pada Perusahaan yang Terdaftar di ISSI Tahun 2015-2020. Bukhori: Kajian Ekonomi Dan Keuangan Islam, 1(2), 147-163.
  6. Firmansyah, E. A. (2017). Seleksi Saham Syariah: Perbandingan antara Bursa Efek Indonesia dan Malaysia. Jurnal Inspirasi Bisnis Dan Manajemen, 1(1), 1-10.
  7. Ginanjar, A. (2013). Islamic Financial Engineering: Comparative Study Agreements in Islamic Capital Market in Malaysia and Indonesia. Tazkia Islamic Finance and Business Review, 8(1).
  8. Hadži?, F., Efendi?, V., & Meškovi?, A. (2012). Stock Market Screening in Bosnia and Herzegovina based on Islamic finance principles.
  9. Hamid, A. (2008). Analisis Investabilitas Saham-Saham Syariah Pada Daftar Efek Syariah (DES) Bapepam LK.
  10. Ho, C., Rahman, N., & Hafizha, N. (2011). Comparison of quantitative Sharôñah-compliant screening methods. International Journal of Islamic Finance, 3(2), 91-109.
  11. Mahayni, Z. (2013). An Analysis of Capital Market Regulation in Saudi Arabia. University of Leicester.
  12. Manan, A. (2012). Aspek Hukum Dalam Penyelenggaraan Investasi di Pasar Modal Syariah. Jakarta: Kencana, Cet II.
  13. Prasetyo, Y. (2017). Rasio Keuangan sebagai Kriteria Saham Syariah. EKUBIS, 1(2), 161-171.
  14. Rafki, M., Wiliasih, R., & Irfany, M. I. (2022). Faktor-Faktor yang Memengaruhi Volume Perdagangan Sukuk Ritel SR-008 di Indonesia. Bukhori: Kajian Ekonomi Dan Keuangan Islam, 1(2), 95-117.
  15. Saputra, M. N. A. (2016). Rekonstruksi Keputusan Ketua BAPEPAM Dan Lembaga Keuangan Nomor: KEP-180/BL/2009 Tentang Kriteria Dan Penerbitan Daftar Efek Syariah. Jurnal Masharif Al-Syariah: Jurnal Ekonomi dan Perbankan Syariah, 1(1).
  16. Sugiyono, S. (2012). Metode Penelitian Kuantitaif, Kualitatif, dan R & amp; D. Bandung : Alfabeta.
  17. Syafiq, M. (2013). Bukti Empiris Nilai Ekonomik pada Pengumuman Daftar Efek Syariah (DES) di Indonesia. Jurnal Ilmu Syari’ah dan Hukum “Asy-Syir’ah, 47(2), 676-702.
  18. Trilaksono, I., Komalasari, A., Tubarad, C. P. T., & Yuliansyah, Y. (2021). Pengaruh Islamic Corporate Governance dan Islamic Social Reporting terhadap Kinerja Keuangan Bank Syariah di Indonesia. Bukhori: Kajian Ekonomi Dan Keuangan Islam, 1(1), 11-20.
  19. Wahyudi, H., & Astuti, N. D. (2022). Perbankan Umum Syariah Jangka Panjang Dan Pendek Terhadap Pertumbuhan Ekonomi Di Indonesia (Error Correction Model). Bukhori: Kajian Ekonomi Dan Keuangan Islam, 1(2), 129-145.
  20. Waris, A., Hassan, H. A., Abbas, S. K., Mohsin, M., & Waqar, N. (2018). Sharia screening process: a comparison of Pakistan and Malaysia. Asian Journal of Multidisciplinary Studies, 6(5).