Shariah Compliance Analysis: Studi pada Perusahaan yang Termasuk Jakarta Islamic Index

Abstract

This study aims to explore further the issues that arise in the implementation of the compliance of the companies that are included in Jakarta Islamic Index companies that belong to the criteria of the Jakarta Islamic Index. With the case study method, qualitative research will be done by analyzing the implementation of the compliance of companies that enter into the Jakarta Islamic Index against Islamic principles in accordance with the existing rules, namely in terms of business operations of the issuer, securities issued by issuers, as well as criteria Another good accordance with the regulations issued as MUI well as Bapepam-LK. The results showed that in terms of industry, all companies included in the sample are in accordance with Islamic principles. However, if further investigation, there are some companies that have subsidiaries in the areas of investment, where the investments made by the subsidiary is still unclear whether the investment in accordance with sharia or containing investment interest income. Therefore, screening companies that could be feasible to fit into the category of sharia should be reviewed until the subsidiary. Interest income that the company entered into the sample is still relatively safe in accordance with what is set as the criterion of Islamic stocks, the company may not have interest income of more than 15%. That is, all the sample companies have interest income less than 15%. In the review of the minimum requirements owned Debt equity ratio, the result that there are many companies that have a debt to equity ratio of more than 30%. This means that the debt equity ratio criterion, are still not fully implemented to follow the rules of sharia, which the company has no debt equity ratio is greater than 30%