Monday, April 23, 2012

INDONESIA - CAPITAL MARKETS - Bapepam-LK Supports Islamic Finance Development in Indonesia

www.depkeu.go.id - Jakarta, 16/4/2012 MoF (Fiscal) News - Capital Market and Financial Institution Supervisory Agency (Bapepam-LK) always encourages the growth and development of domestic Islamic financial industry. This was stated by Head Bureau of Accounting Standards and Disclosure of Bapepam-LK Etty Retno Wulandari while attending the Islamic Finance News (IFN) Indonesia Forum 2012, on Monday (16/4) at the Hotel Mulia, Jakarta.
Thus, the government through Bapepam-LK in cooperation with the Indonesia Stock Exchange (BEI) and the Indonesian Ulema Council along with various other stakeholders will always strengthen the cooperation in Islamic finance. Bapepam-LK itself is currently undertaking a revision to the regulation Number II.K.1 concerning the Criteria and Issuance of Islamic securities. The changes cover financial ratio and the date of issuance and validity of the List of Islamic Securities (DES). (source)
In addition, previously, Bapepam-LK has also added 24 stocks to the List of Islamic Securities (DES). This addition of shares will increase the capitalization of Indonesia Islamic Stock Index (ISSI). "The regulations will be issued in May 2012. This is a manifestation of the government’s support in order to encourage the growth of domestic Islamic finance industry," she said.
Retno assesses, this revised regulation number II.K.1 will provide positive impacts to the development of Islamic Index in Indonesia. "We expect that the revision of Bapepam-LK’s regulation will further attract investors, which in turn will increase the number of Islamic shares in the DES," she said. (Ak)

Source:  http://www.depkeu.go.id/Eng/Read/?type=ixNews&id=23215&thn=2012&name=en_16042012_4.htm - April 16, 2012

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