History of Islamic Capital Market in Indonesia

The concept of equitable economic continuously developed by practitioners or economists. In 1990, Islamic financial institutions began to be developed in Indonesia to date. Starting from the seminar in 1990, symposium Indonesian Ulema Council (MUI) and to the establishment of the Act 21/2008 on Islamic Banking to provide legal certainty for the actors in it.

Financial economics in Indonesia are not only banking products only, There are several kinds of financial products that are legal in Indonesia, there are several kinds of financial products that are legal in Indonesia. One is based on Islamic Capital Market. The benefits of capital market in Indonesia is very big on feel.

Islamic capital market in Indonesia began in 1997, the publication of the mutual fund for the first time by PT. Danareksa Investment Management. Jakarta Islamic Index (JII) was launched for the first time on July 3, 2000 by the Indonesia Stock Exchange working together with PT. Danareksa Investment Management. Islamic bonds first issued in September 2002 (Bapepam-LK).

PT. Indosat Tbk. The first is a company registered in the Mudaraba Sharia bonds in September 2002. To strengthen Islamic Bonds Mudaraba National Sharia Board-Indonesian Ulema Council issued a fatwa No. 32/DSN-MUI/IX/20002 about Bonds. In 2003 marked the launch of the Islamic capital market in Indonesia and Ijarah Bonds in 2004, PT. Matahari Putra Prima Tbk. for the first time issued Ijarah Bonds (Bapepam-LK).

To enhance the role of Islamic capital markets continues to increase, in 2005 Bapepam-​​LK designed the master plan to enhance the role of Islamic capital markets. The role of Bapepam-​​LK did not get here alone in increasing the role of Islamic capital market in Indonesia. in 2006 Bapepam-​​LK knows issued regulations No.IX.A.14 abut Akad used in the issuance of Islamic securities in the capital market and in 2007 issued regulation No. II.K.1 on Criteria and Issuance of Islamic Securities Listing. 2009 Bapepam LK LK issued two regulations. No. II. K.1 about publishing criteria DES and IX.A.13 issuance of Islamic securities (Indonesia Stock Exchange).