Abstract
The financial industry with the principle of shari'ah compliance has grown rapidly in almost all countries in recent years. Sharia Capital Market is an important segment of sharia financial development. The Islamic capital market must adhere to the moral principles of Islam, which are free from interest (riba), masyir (gambling) which automatically avoids things that lead to gharar (uncertainty). Islamic rules clearly forbid such conditions, so that the allocation of assets to Sharia stocks in the Islamic capital market tends to be bounded based on sharia moral principles. This study intends to evaluate the level of compliance of shariaa labeled stocks against bounded moral sharia. The method used is a measure of financial ratios based on POJK No. 35 /POJK.04/2017, linkage distance sharia compliance to default (DSCD) and the rate of compliance value for all shari'ah shares incorporated in the Indonesian Syari'ah Stock Index (ISSI). The fact is that not all shares with a syari'ah label are compliant with the existing Shari'ah moral principles.
Highlights
The financial industry with the principle of shari'ah compliance has grown rapidly in almost all countries in recent years
Sharia Capital Market is an important segment of sharia financial development
The Islamic capital market must adhere to the moral principles of Islam
Summary
Data Data penelitian yang digunakan adalah data sekunder close price semua emiten yang terdaftar di Indeks Saham Syariah Indonesia (ISSI). Kriteria mengenai kepatuhan akan dievaluasi berdasarkan pada nomor fatwa MUI DSN: 40 / DSN-MUI /X /2003 yang juga tercantum dalam Peraturan Otoritas Jasa Keuangan Nomor 35/POJK.04/2017 tentang Kriteria dan Penerbitan Daftar Efek Syariah berdasarkan batas rasio keuangan. Berdasarkan Peraturan Otoritas Jasa Keuangan Nomor 35/POJK.04/2017 tentang Kriteria dan Penerbitan Daftar Efek Syariah tentang Kriteria Dan Penerbitan Daftar Efek Syariah dengan menentukan batas rasio keuangan secara kuantitatif yang harus dipatuhi setelah steril dari aturan kualitatif adalah: a) Total utang yang berbasis bunga dibandingkan dengan total aset tidak lebih dari 45 persen, dan b) Total pendapatan bunga dan pendapatan tidak halal (haram) lainnya dibandingan dengan total pendapatan usaha dan pendapatan lain-lain tidak lebih dari 10 persen
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