Jakarta Islamic Index
Encyclopedia
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.
Considerations for the JII must meet procedural standards as well as performance requirements, such as:
A reevaluation of the listed share will be held every six months, once in January and again in July.
Stock market index
A stock market index is a method of measuring a section of the stock market. Many indices are cited by news or financial services firms and are used as benchmarks, to measure the performance of portfolios such as mutual funds....
established on July 3, 2000 on the Indonesia Stock Exchange (IDX) (formerly known as Jakarta Stock Exchange
Jakarta Stock Exchange
Jakarta Stock Exchange or in Indonesian Bursa Efek Jakarta was a stock exchange based in Jakarta, Indonesia, before it merged with the Surabaya Stock Exchange to form the Indonesian Stock Exchange.-History:...
) to help facilitate the trading of public companies according to Syariah
Sharia
Sharia law, is the moral code and religious law of Islam. Sharia is derived from two primary sources of Islamic law: the precepts set forth in the Quran, and the example set by the Islamic prophet Muhammad in the Sunnah. Fiqh jurisprudence interprets and extends the application of sharia to...
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.
Considerations for 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 share will be held every six months, once in January and again in July.
Components
As of June 2008, the Jakarta Islamic Index contained 30 publicly traded companies:- Bumi Resources TbkBumi ResourcesBumi Resources is a large mining company in Indonesia structured as a holding company.-External links:* * * *...
- Aneka Tambang Tbk
- Telekomunikasi Indonesia Tbk
- Tambang Batubara Bukit Asam Tbk
- Bakrieland Development Tbk
- Bakrie Sumatra Plantations Tbk
- International Nickel Indonesia Tbk
- Timah Tbk
- Indo Tambangraya Megah Tbk
- United Tractors TbkUnited Tractors- Company Profile :United Tractors was established in 13 October 1972 as exclusive distributor of Komatsu heavy equipment in Indonesia. In 19 September 1989, the Company went public and listed its shares in Jakarta and Surabaya Stock Exchange as PT United Tractors Tbk , with PT Astra International...
- Astra Agro Lestari Tbk
- Sampoerna Agro Tbk
- PP London Sumatera Tbk
- Truba Alam Manunggal Engineering Tbk
- Elnusa Tbk
- Kawasan Industri Jababeka Tbk
- Semen Gresik TbkSemen GresikSemen Gresik is the largest cement producing company in Indonesia with an annual cement producing capacity of 17 million tonnes.-Expansions:...
- Lippo Karawaci TbkLippo KarawaciLippo Karawaci is a planned community in Tangerang, west of Jakarta, Indonesia. Previously a swamp area, it was opened in 1993 and is today a benchmark for Indonesia's "other" urban developments....
- Ciptura Development Tbk
- Media Nusantara Citra TbkMedia Nusantara CitraPT Media Nusantara Citra Tbk is a media company in Indonesia founded in 1997. It is a 70% owned by PT Global Mediacom Tbk.- Broadcasting Media :* PT Rajawali Citra Televisi Indonesia , 100 % ownership...
- Kalbe Farma Tbk
- Ciptura Property Tbk
- Wijaya Karya Tbk
- Unilever Indonesia TbkUnilever IndonesiaPT Unilever Indonesia Tbk was established in Indonesia on December 5, 1933 as Zeepfabrieken N.V., a subsidiary of Lever Brothers which initially operated a soap factory at Angke, Jakarta...
- Bisi International Tbk
- Sentul City Tbk
- Indocement Tunggal Prakasa TbkIndocement Tunggal PrakasaIndocement Tunggal Prakasa is the second largest cement producing company in Indonesia which has been acquired by the German company HeidelbergCement in 2001...
- Alam Sutera Realty Tbk
- Global Mediacom Tbk
- Total Bangun Persada Tbk