Abstract
This paper aims to discuss the opportunities and challenges of developing Sharia Exchange Trade Fund (ETF) investment products in Indonesia. ETF is an investment product in the capital market that collaborates stock and mutual fund products that can collectively be traded on the capital market. This will provide attractive new investment opportunities for investors who are concerned about sharia investment. With the consideration that Indonesia's population is predominantly Muslim, then of course Islamic investment products will attract them. ETFs have the following advantages: easy and flexible process of ownership and transfer, low cost and risk, wide coverage because they are like investing in several portfolios at once, and the process is transparent. In particular, Islamic ETFs have the advantage in the aspect of ensuring product halalness because their portfolios are always monitored by the sharia supervisory board in each investment manager as the manager. On the other hand, Islamic ETFs are faced with challenges related to the low literacy of the Muslim community about investing in the capital market that has sharia products.
Highlights
Pertumbuhan ekonomi suatu negara tidak dapat terlepas dari peranan pasar modal
This paper aims to discuss the opportunities and challenges of developing Sharia Exchange Trade Fund (ETF) investment products in Indonesia
Comparative Study of Development in US , UK , and Malaysia
Summary
Pertumbuhan ekonomi suatu negara tidak dapat terlepas dari peranan pasar modal. Pasar modal memiliki fungsi sebagai sarana bagi perusahaan untuk mendapatkan pendanaan dari masyarakat (investor). Produk investasi yang terdapat pada pasar modal tidak hanya saham. Berdasarkan catatan dari Otoritas Jasa Keuangan pada tahun 2015 sampai dengan 2019, ETF mengalami pertumbuhan yang pesat, dengan jumlah assets under management pada tahun 2019 sebesar lima belas triliun rupiah. Adanya ETF syariah memberikan peluang untuk investor muslim serta investor lain untuk berinvestasi pada ETF yang sesuai dengan syariah. Berdasarkan catatan dari PT Kustodian Sentral Efek Indonesia (KSEI) bahwa total investor pada tahun 2019 yang meliputi investor saham, reksa dana dan surat utang mencapai [2,48] juta per 27 Desember 2019 atau naik sebesar 53,04 persen jika dibandingkan pada tahun 2018 yaitu [1,62] juta investor (Kumparan, 2019). Jumlah investor yang terus bertambah diharapkan produk investasi seperti ETF syariah dapat berkembang dengan cukup pesat. Dalam paper ini akan membahas tantangan serta peluang yang akan dihadapi oleh ETF syariah
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