IDX Islamic
Islamic Stock Index

Islamic Stock Index

The Islamic stock index is a statistical measure that reflects the price movement of a group of Islamic stocks that are selected based on certain criteria. The selection of sharia stocks is carried out by the Financial Services Authority (OJK) by issuing a List of Sharia Securities (DES), meaning that the IDX does not select sharia stocks, but uses DES as a reference for its selection.

One of the objectives of the Islamic stock index is to make it easier for investors to find references for investing in Islamic capital in the capital market. IDX continues to develop sharia stock indexes in view of the needs of capital market industry players. Currently, there are 5 (five) sharia stock indices on the Indonesian capital market.

Indonesia Sharia Stock Index (ISSI) launched on May 12, 2011 is a composite index of Islamic stocks that listed on the Indonesia Stock Exchange (IDX). ISSI is an indicator of the performance of Indonesia's Islamic stock market. ISSI Constituents are Islamic stocks that listed on IDX and included on List of Islamic Securities (DES) which issued by OJK. IDX didn’t make a selection of Islamic shares that enter into ISSI.

1. Indonesia Sharia Stock Index (ISSI)

ISSI which was launched on 12 May 2011 is a composite index of Islamic stocks listed on the IDX. ISSI is an indicator of the performance of the Islamic stock market listed on the IDX. ISSI constituents are all sharia shares that are included in the Sharia Securities List (DES) issued by the OJK and listed on the IDX main board and development board. ISSI constituents are re-selected twice a year, every May and November, following the DES review schedule. Therefore, every selection period, there are always Islamic stocks that come out or enter to become ISSI constituents. The ISSI calculation method follows other IDX stock index calculation methods, namely the weighted average of market capitalization using December 2007 as the base year for ISSI calculations.

Indonesia Sharia Stock Index (ISSI)

2. Jakarta Islamic Index (JII)

Jakarta Islamic Index (JII) is the first Islamic stock index which launched in Indonesia capital market on July 3, 2000. JII constituents consists of the 30 most liquid Islamic shares that listed on IDX. As well as ISSI, review of Islamic shares on JII constituents held twice a year, on May and November, adjusted the DES review schedule by OJK.

IDX determined and selected the Islamic shares on JII constituents. The liquidity criteria used in selected 30 Islamic shares on JII constituents are follows:

Sharia stocks that are included in the constituents of Indonesia Sharia Stocks Index (ISSI) that have been recorded for the last 6 months
Selected 60 stocks based on the highest average order of market capitalization during the past 1 year
Of the 60 stocks, then selected 30 stocks based on the highest average daily transaction value in the regular market.
30 stocks remaining are the selected stocks.

The list of JII stocks issued by the Indonesia Stock Exchange based on DES can be seen in the following link:

Jakarta Islamic Index

3. Jakarta Islamic Index 70 (JII70)

JII70 is the sharia stock index launched by IDX on May 17, 2018. JII70 consists of only 70 of the most liquid sharia stocks listed on the IDX. As well as ISSI, review of Islamic shares on JII constituents held twice a year, on May and November, adjusted the DES review schedule by OJK.

IDX determines and selects the sharia stocks that become constituents of JII70. The liquidity criteria used in selecting 70 Sharia stocks that become constituents JII70 are as follows:

Sharia stocks that are included in the constituents of Indonesia Sharia Stocks Index (ISSI) that have been recorded for the last 6 months
Selected 150 stocks based on the highest average order of market capitalization during the past 1 year
Of the 150 stocks, then selected 70 stocks based on the highest average daily transaction value in the regular market.
70 stocks remaining are the selected stocks.

The list of stocks of JII 70 which have been published by Indonesia Stock Exchange based on DES can be seen in following link:

Jakarta Islamic Index 70

4. IDX-MES BUMN 17

An index that measures the price performance of 17 sharia stocks which are State-Owned Enterprises (BUMN) and their affiliates that have good liquidity and large market capitalization and are supported by good fundamentals. IDX-MES BUMN 17 is a collaboration between the Indonesia Stock Exchange (IDX) and Masyarakat Ekonomi Syariah (MES).

IDX determines and selects sharia shares that are constituents of IDX-MES BUMN 17. The criteria used in selecting the 17 sharia stocks that become constituents of IDX-MES BUMN 17 are as follows:

Sharia stocks that are included in the constituents of the Indonesia Sharia Stock Index (ISSI)
Shares of SOEs or their affiliates
From the existing universal stocks, 17 constituent stocks were selected based on their liquidity and fundamentals

The list of stocks of IDX-MES BUMN 17 which have been published by Indonesia Stock Exchange can be seen in following link:

IDX-MES BUMN 17

5. IDX SHARIA GROWTH (IDXSHAGROW)

IDX Sharia Growth (IDXSHAGROW) is an index that measures price performance of 30 sharia stocks with high liquidity and good corporate fundamentals that selected based on the trend of corporate revenue and earnings. IDX Sharia Growth was launched on October 21, 2022. Similar to ISSI, the review of Sharia stocks on IDX Sharia Growth constituents is carried out twice a year, on May and November, follows the Sharia Securities List (DES) review schedule by the Financial Services Authority (OJK).

IDX determines and selects the sharia stocks that become constituents of IDX Sharia Growth. The criteria used in selecting 30 Sharia stocks that become constituents of IDX Sharia Growth are as follows:

Sharia stocks that are included in the constituents of Jakarta Islamic Index (JII70)
Booked net profit and stocks with extreme price-to-earnings ratio (PER) are not considered
30 sharia stocks with the highest scores of price-to-earnings ratio (PER) trend and price-to-sales ratio (PSR) trend will be selected into the index

The list of stocks of IDX Sharia Growth which have been published by Indonesia Stock Exchange based on Sharia Securities List (DES) can be seen in following link:

IDX Sharia Growth