Exploring Sharia Screening Review in Islamic Capital Market in Indonesia (Jakarta Islamic Index)
Abstract
Several previous studies on Islamic capital market screening have not conducted an in-depth exploration of Sharia screening on a country's index over different periods. This study aims to examine sharia screening performed on entities registered in the Jakarta Islamic (JII) Index 2015–2019. The study uses a descriptive quantitative approach by analyzing and describing Sharia screening in entities registered in JII. The research results show that the Financial Services Authority has properly screened Sharia law in registered entities according to the established criteria, as evidenced by looking at the qualitative aspects of entities that do not carry out activities that contain elements of usury, gharar, and maysir. Meanwhile, in the quantitative aspect, the entity has tracked the appropriateness between the percentage of interest-based debt of no more than 45 percent and non-halal income of no more than 10 percent. However, the OJK and MUI criteria still show some weaknesses compared to the screening criteria that apply in other countries
References
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Ramdani, L. A., & Ahmad Amir Aziz. (2018). Telaah Perbandingan Model Business Screening Dan Financial Screening Indeks Saham Syariah Global. Iqtishaduna: Jurnal Ekonomi & Keuangan Islam, 9(1).
Syariah, D. N. (2003). Pasar Modal dan Pedoman Umum Penerapan Prinsip Syariah di Bidang Pasar Modal.
Wilson, R. (1997). Islamic finance and ethical investment. International Journal of Social Economics, 24(11), 1325–1342. https://doi.org/10.1108/03068299710193624
Ardiansyah, M., Qizam, I., & Qoyum, A. (2017). Telaah kritis model screening saham syariah menuju pasar tunggal ASEAN. IJTIHAD Jurnal Wacana Hukum Islam Dan Kemanusiaan, 16(2), 197. https://doi.org/10.18326/ijtihad.v16i2.197-216
Ayedh, A. M. A., Shaharuddin, A., & Kamaruddin, M. I. H. (2019). Shariah Screening Methodology: Does It ‘Really’ Shariah Compliance? Iqtishadia, 12(2), 144. https://doi.org/10.21043/iqtishadia.v12i2.5573
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Derigs, U., & Marzban, S. (2008). Review and analysis of current Shariah-compliant equity screening practices. International Journal of Islamic and Middle Eastern Finance and Management, 1(4), 285–303. https://doi.org/10.1108/17538390810919600
Fielnanda, R. (2017). Konsep Screening Saham Syariah di Indonesia. AL-FALAH : Journal of Islamic Economics, 2(2). https://doi.org/10.29240/jie.v2i2.255
Firmansyah, E. A. (2017). Seleksi Saham Syariah : Perbandingan Antara Bursa Efek Indonesia Dan Malaysia. Jurnal Inspirasi Bisnis Dan Manajemen, 1(1), 1. https://doi.org/10.33603/jibm.v1i1.480
Mifrahi, M. N. (2013). Perbandingan Kinerja Saham Syariah Berbasis Syariah Stock Screening Yang Berlaku Di Indonesia , Malaysia Dan Gabungan. Ekonomi Dan Bisnis Islam, VII(2), 214–232.
Mohd-Sanusi, Z., Ismail, R., Hudayati, A., & Harjito, D. A. (2015). Screening process of Shariah-compliant companies: The relevance of financial risk management. International Journal of Economics and Management, 9(1), 177–195.
Otoritas Jasa Keuangan, R. (2015). Otoritas jasa keuangan republik indonesia.
Pok, W. C. (2012). Analysis of Syariah quantitative screening norms among Malaysia Syariah-compliant stocks. Investment Management and Financial Innovations, 9(2), 69–80.
Ramdani, L. A., & Ahmad Amir Aziz. (2018). Telaah Perbandingan Model Business Screening Dan Financial Screening Indeks Saham Syariah Global. Iqtishaduna: Jurnal Ekonomi & Keuangan Islam, 9(1).
Syariah, D. N. (2003). Pasar Modal dan Pedoman Umum Penerapan Prinsip Syariah di Bidang Pasar Modal.
Wilson, R. (1997). Islamic finance and ethical investment. International Journal of Social Economics, 24(11), 1325–1342. https://doi.org/10.1108/03068299710193624
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