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Jakarta Islamic Index

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The Jakarta Islamic Index (JII) is a stock market index established on July 3, 2000 on the Indonesia Stock Exchange (IDX) (formerly known as Jakarta Stock Exchange) to help facilitate the trading of public companies according to Syariah business code. Following Islamic law prohibits a company from involving itself in activities related to gambling, speculation, and traditional banking and financing. The JII may not list equities that produce or distribute food, drink, or morally harmful items that stand in contradiction with Islamic values.

Unlike the Indonesian Syariah Stock Index (ISSI) that lists all IDX stocks that meet the Syariah code, stocks listed under the JII must meet procedural standards as well as performance requirements, such as:

  • The share must be listed on the exchange for at least three months prior to application.
  • The company’s annual or mid-year financial report must have an Obligation Asset ratio of no more than 90%.
  • Rank in the top 60 shares based on the previous year’s average Market Capitalization.
  • Rank in the top 30 shares based on the previous year’s average liquidity in the regular market.

A reevaluation of the listed shares is held biannually and the results are publicized in May and in November.[1]

Components

As of 4 December 2017, the Jakarta Islamic Index contained 30 publicly traded companies:[2]

  1. Adaro Energy Tbk PT (ADRO)
  2. AKR Corporindo Tbk PT (AKRA)
  3. Aneka Tambang (Persero) Tbk (ANTM)
  4. Astra International Tbk PT (ASII)
  5. Barito Pacific Tbk (BRPT)
  6. Bumi Serpong Damai Tbk PT (BSDE)
  7. Ciputra Development Tbk (CTRA)
  8. XL Axiata Tbk PT (EXCL)
  9. Indofood CBP Sukses Makmur Tbk (ICBP)
  10. Vale Indonesia Tbk (INCO)
  11. Indofood Sukses Makmur Tbk (INDF)
  12. Kalbe Farma Tbk PT (KLBF)
  13. Lippo Karawaci Tbk PT (LPKR)
  14. Matahari Department Store Tbk (LPPF)
  15. PP London Sumatra Indonesia Tbk PT (LSIP)
  16. Hanson International Tbk (MYRX)
  17. Perusahaan Gas Negara (Persero) Tbk PT (PGAS)
  18. Tambang Batubara Bukit Asam (Persero) Tbk PT (PTBA)
  19. PP (Persero) Tbk (PTPP)
  20. Pakuwon Jati Tbk PT (PWON)
  21. Surya Citra Media Tbk (SCMA)
  22. Semen Indonesia (Persero) Tbk PT (SMGR)
  23. Summarecon Agung Tbk PT (SMRA)
  24. Telekomunikasi Indonesia (Persero) Tbk PT (TBK)
  25. Chandra Asri Petrochemical Tbk (TPIA)
  26. United Tractors Tbk PT (UNTR)
  27. Unilever Indonesia Tbk PT (UNVR)
  28. Wijaya Karya (Persero) Tbk PT (WIKA)
  29. Waskita Beton Precast Tbk (WSBP)
  30. Waskita Karya (Persero) Tbk (WSKT)

References

  1. ^ Indonesian Stock Exchange. "Index Constituent". www.idx.co.id. Retrieved February 16, 2018.
  2. ^ Indonesian Stock Exchange (November 26, 2017). "Announcement on the Composition of the Jakarta Islamic Index, December 2017 - May 2018" (PDF). www.idx.co.id. Retrieved February 16, 2018.
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