Finance Markets

IDX Receives Global Islamic Finance Award

The Indonesia Stock Exchange (IDX) was awarded the Global Islamic Finance Award (GIFA) for The Best Supporting Institution for Islamic Finance of The Year 2017. This award shows the Indonesian sharia capital market is able to compete internationally.

Tito Sulistio, President Director of IDX, said that currently 62 percent or 342 stocks traded on the IDX are sharia with market capitalization of 55 percent of total capitalization. IDX has two sharia indexes, namely Indeks Saham Syariah Indonesia (ISSI) and Jakarta Islamic Index (JII). IDX has 12 members who have Sharia Online
Trading System (SOTS) and four types of sharia securities in the form of sharia stock, sukuk, sharia mutual fund, and sharia ETF.

The average transactions of sharia-based stocks in the last five years grew higher compared to conventional stocks. The average sharia transaction volume growth reached 167.2 percent compared to non-sharia by 130 percent. The growth of sharia transaction value in the last five years reached 70.7 percent compared to non-sharia
by 25.4 percent. The average frequency growth reached 185.7 percent compared with non-sharia by 160.7 percent.

For non-stock securities such as sukuk, the outstanding value of state sukuk in IDX reaches IDR 310.38 trillion while the outstanding corporate sukuk is at IDR 14.26 trillion. The growth of Sharia State Securities issuance in 2015 to 2016 is 61.9 percent or exceeds the growth of Conventional State Securities is 31.9 percent. (*)

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Hari Widowati

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