OJK Committed to Develop Sharia Capital Market

By : Herry Barus And Aldo Bella Putra | Saturday, November 18 2017 - 16:00 IWST

Pengunjung mengamati papan elektronik yang memperlihatkan pergerakan IHSG di gedung BEI (Foto Rizki Meirino)
Pengunjung mengamati papan elektronik yang memperlihatkan pergerakan IHSG di gedung BEI (Foto Rizki Meirino)

INDUSTRY.co.id - Jakarta - The Financial Services Authority (OJK) is committed to continuously strive to develop syariah capital markets so as to contribute to improving national financing capabilities.

"What is certain is our allegiance to Shari'ah, especially since the government has established a National Committee on Islamic Finance (KNKS), which is led by the President and Vice President of Indonesia," said Hoesen, Head of OJK Capital Market Supervisory, Friday (17/11 / 2017)

Currently, further Hoesen, it has several initiatives in order to support the development of syariah capital market that is to start doing education to certification of sharia profession. Currently, sharia-based capital market products that have grown include stocks, bonds, asset-backed securities (EBA) and mutual funds.

He acknowledged the portion of sharia products in the capital market is relatively smaller than conventional, but in the future will continue to grow in line with the needs of investors to invest their funds in sharia products.

"However, there is still a perception problem from investors, investors are asking for 'yield' of sharia products higher than conventional.If it is because of the need, do not have too high expectations, because it basically buy sharia products based on the contract not because it believes the investment is 100 percent higher than conventional," he said.

Meanwhile, in the Shariah capital market road map 2015-2019 published by OJK, several things that are the main strategy of sharia capital market development are strengthening regulation, increasing supply and demand, human resource development and information technology, promotion and education, and policy synergy with related parties.

Previously, the Indonesia Stock Exchange (IDX) has made a visit to the Dubai Financial Market (DFM), United Arab Emirates aims to determine the trading activities of the sole capital market in the world that sharia principle.

The IDX visit to DFM also explores the exchange of knowledge. This is done so that the sharia capital market in the country can grow and expected in the future can be a liaison with the world's sharia capital market.

President Director of IDX Tito Sulistio as reported by Antara, optimistic that Indonesia's sharia capital market will continue to grow.

The potential is indicated by the movement of Indonesia Sharia Shares Index (ISSI) which increased to 28.1 percent in the period June 2016 to June 2017.

While some of the world's largest main sharia indexes are still under ISSI, the Dow Jones Islamic Market, which only posted a 16.4 percent increase, FTSE Global Shariah 15.8 percent and MSCI World Islamic grew by 13.1 percent.

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