Fatwa & Regulations
Fatwa About Islamic Capital Market
Although the fatwa is not binding, but practically the fatwa of DSN-MUI is one of the references in developing Islamic capital market of Indonesia. To date, there are 17 DSN-MUI fatwas related to the Islamic capital market. Six (6) DSN-MUI fatwas underlying the development of Islamic capital markets are:
- Fatwa DSN-MUI No: 40/DSN-MUI /X/ 2003 concerning Capital Market and General Guidelines of Islamic Principles Implementation in Capital Market Field
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Fatwa DSN-MUI No: 80/DSN-MUI/III/2011 concerning Implementation of Islamic Principles in Equity Securities Trading Mechanism in Regular Market of Stock
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Fatwa DSN-MUI No: 124/DSN-MUI/XI/2018 concerning the Application of Sharia Principles in the Implementation of Securities Depository and Transaction Settlement Services and Integrated Investment Infrastructure Management
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Fatwa DSN-MUI No: 138/DSN-MUI/V/2020 concerning the Application of Sharia Principles in the Clearing Mechanism, and Guarantee of Settlement of Stock Exchange Transactions on Equity Securities on the Stock Exchange
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Fatwa DSN-MUI No. 135/DSN-MUI/V/2020 concerning Stocks.
- Fatwa DSN-MUI No. 157/DSN-MUI/VII/2024 concerning the Application of Sharia Principles in Protecting Capital Market Investors.
Indonesian Islamic Capital Market Regulation
Regulations related to the Indonesian sharia capital market are issued by the Government in the form of laws and supporting regulations, as well as by the OJK in the form of regulations and circulars. Specifically for OJK regulations, currently there are 11 regulations regarding the Islamic capital market as follows:
|
NO |
TITLE |
DESCRIPTION |
| 1 | POJK Nomor 15/POJK.04/2015 | POJK on the Implementation of Sharia Principles in Capital Market. |
| 2 | POJK Nomor 17/POJK.04/2015 | POJK concerning Issuance of Sharia Securities Issuance and Requirements Shares by Sharia Issuers or Sharia Public Companies. |
| 3 | POJK Nomor 18/POJK.04/2015 | POJK on Issuance and Sukuk Requirements. |
| 4 | POJK Nomor 20/POJK.04/2015 | POJK on Issuance and Terms of Shariah Asset Backed Securities |
| 5 | POJK Nomor 53/POJK.04/2015 | POJK concerning contracts used in the Issuance of Sharia Securities in the Capital Market |
| 6 |
POJK Nomor 30/POJK.04/2016 |
POJK concerning Sharia Real Estate Investment Funds in the Form of Collective Investment Contracts |
| 7 |
POJK Nomor 3/POJK.04/2018 |
POJK concerning Amendments to Financial Services Authority Regulation Number 18/POJK.04/2015 concerning Issuance and Requirements for Sukuk |
| 8 |
POJK Nomor 33/POJK.04/2019 |
POJK concerning Issuance and Requirements for Sharia Mutual Funds |
| 9 |
POJK Nomor 5/POJK.04/2021 |
POJK concerning Capital Market Sharia Experts |
| 10 |
SEOJK Nomor 3/POJK.04/2022 |
POJK concerning Mechanisms and Procedures for Determining Equity Securities as Sharia Securities in Information Technology-Based Crowdfunding Services |
| 11 |
POJK Nomor 8 Tahun 2025 |
POJK concerning the Issuance of the List of Sharia Securities and the List of Foreign Sharia Securities. |