The Indonesia Stock Exchange (IDX) has officially launched Indonesia’s first sharia-compliant equities index, with the blessing of the Indonesian Ulema Council (MUI).
The Indonesia Sharia Stock Index (ISSI) was officiated on Thursday by IDX president director Ito Warsito and MUI deputy chairman Ma'ruf Amin. (full story)
The ISSI comprises 214 Indonesian stocks that account for 43.6 percent of the bourse's overall market capitalization. Examples of the stocks include Astra International, Indofood CBP Sukses Makmur and Telekomunikasi Indonesia, and other businesses that do not contradict Islamic values such as profiting from interest payments, selling alcohol and gambling.
"Investors should no longer hesitate […] because the ISSI offers more varied stocks that will compliment the previous 30 stocks of the Jakarta Islamic Index," Ito told guests at the launch.
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