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Jakarta Post

MUI’s new edict to lure more sharia-compliant stock investors

  • Ardila Syakriah

    The Jakarta Post

JAKARTA   /   Wed, April 10, 2019   /  04:09 pm
The Jakarta Post Image
A worker passes an electronic price display at the Indonesia Stock Exchange (IDX) (Antara/Sigid Kurniawan)

  The capital market may be seeing more Muslim investors after the Indonesian Central Securities Depository (KSEI) received an edict from the Indonesia Ulema Council's (MUI) sharia division on its sharia-based services. The newly issued edict on sharia-based securities transaction settlements and custodial functions complements the council's existing list of edicts on sharia-compliant investments, which have been flourishing in the Muslim-majority country. One of them is an edict issued in 2011 on the Indonesian Stock Exchange's (IDX) sharia-compliant equity trading. KSEI president director Friderica Widyasari Dewi expressed hope that the edicts received by her company and the IDX, along with the Financial Services Authority's (OJK) Islamic securities list, could lure potential investors who were previously worried about whether the nature of the stock ex...