REPUBLIKA.CO.ID, JAKARTA -- Head of the Department of Supervision of Investment Management and Capital Markets Regional Capital Markets of the Financial Services Authority (OJK) Edy Broto Suwarno stated that many spaces could be optimized to accelerate the growth of the sharia capital market in Indonesia.
Based on the results of the 2022 National Survey of Financial Literacy and Inclusion (SNLIK), the new sharia financial literacy and inclusion index stood at 9.14 percent and 12.1 percent, well below the national financial literacy and inclusion index of 49.68 percent and 85.1 percent.
Although the Central Statistics Agency (BPS) noted that the sharia financial literacy index managed to rise from 30 percent to 39 percent in 2023, the sharia financial inclusion index was still stagnant at 12 percent.
“For this reason, the challenge of increasing literacy and financial inclusion of Sharia is still our joint task that we must solve immediately. Moreover, Indonesia has a demographic as one of the countries with the largest number of Muslims in the world,” said Edy Broto at the Sharia Investment Week (SIW) 2024 seminar and expo in Jakarta, Thursday (6/6/2024).
As a concrete step in promoting the improvement of literacy and financial inclusion and sharia capital markets in Indonesia, he continued, OJK has taken several measures and policies implemented through the issuance of regulations and measures to strengthen synergies and cooperation with relevant parties.
Some of these measures include the establishment of a working group on literacy and inclusion of sharia finance, then an educational forum and meeting of sharia finance businesses for small and medium-sized enterprises (MSMEs) in Santri to increase inclusion and literacy of sharia finance.
In addition, OJK coordinates and collaborates with the National Committee of Sharia Financial Economics (KNEKS), the Islamic Economic Society (MES), the National Sharia Council of the Indonesian Ulama Assembly (DSN MUI), as well as associations and actors of the sharia financial services industry to organize various socialization, education, workshops, and training activities.
It also issued OJK Regulation (POJK) Number 18 of 2023 on Issuance and Requirements for Debt-Based Securities and Sustainability Sukuk to expand the scope of regulations in terms of securities types, sustainable themes, and securities issuance mechanisms.
It also published POJK Number 2 of 2023 on Amendments to POJK Number 10/POJK.04/2018 on Implementation of Investment Managers' Governance to enhance the authority of the tasks and responsibilities of the Sharia Supervisory Board (DPS) in conducting supervision of Sharia investment products.
“Next also OJK encourages the development and utilization of the Sharia Online Trading System (SOTS) to provide ease and convenience for investors to invest in sharia capital markets,” Edy said.
Currently, it is in the middle of drafting refinements on the List of Sharia Securities (DES) in order to strengthen regulation in the sharia capital market, in particular regarding the issuance of DES, the criteria for the shares entered in DES, the revision of POJK securities crowdfunding (SFC), as well as the regulation of Sharia SFC.
“Through these policies, ongoing educational programs, and active participation of all elements of society, as well as encouraging various initiatives and programs such as this Sharia Investment Week, we hope to improve people's literacy and financial inclusion in the sharia capital market in general,” he said.
Indonesia's sharia capital market is growing rapidly and is increasingly recognized as the best sharia capital market in the world. It is marked by the Global Islamic Finance Awards international award for the category “The Best Islamic Capital Market” for four consecutive times from 2019 to 2022.
This week, Indonesia Stock Exchange (BEI) again held Sharia Investment Week (SIW) from Thursday (6/6/2024) to Saturday (8/6/2024). In this fifth year, SIW raised the big theme “The Future of Indonesia Islamic Capital Market”.
President Director (Dirut) of PT Bursa Efek Indonesia (BEI) Iman Rachman said that SIW 2024 activities were organized in order to increase the broader and inclusive literacy of sharia capital markets and strengthen the branding of the sharia capital market, as well as as as part of the “I Am a Stock Investor” campaign.
This year is also special because it also celebrates five years of SIW, which has been held periodically since 2019.
“Our target this year until the end of the event is that at least 1000 participants will be present at the event and the target is 100 percent to be new investors. Yes meaning the addition is from the existing even more than the present. Because the channel (SIW 2024) is also hybrid, not only physical but also online,” he said when he met after the opening of SIW 2024 held at the BEI Jakarta Building on Thursday (6/6/2024).
On this occasion Iman also revealed that the sharia capital market has grown rapidly and is attractive in the eyes of investors. Based on BEI data as of May 31, 2024, the number of sharia shares included in the Indonesian sharia stock index increased by 61 percent over the last 5 years since 2018.
“Out of 399 sharia shares, 643 sharia shares or an increase of 69 percent of the total shares,” he said.
Based on the data collected in the last five years, there was also an increase of 275 percent for sharia stock investors, namely from 44 thousand investors to 144 thousand investors. The current challenge is the opening of a stock account which is still limited due to the lack of sharia banks in Indonesia.
“Our challenge going forward is yes, that's why we expect an SRE from KSEI, can sooner we expect that,” he said.
Sharia Investment Week (SIW) 2024 was organized by the BEI in cooperation with PT Kliring Penjaminan Efek Indonesia (KPEI) and PT Kustodian Sentral Efek Indonesia (KSEI), and supported by the Financial Services Authority (OJK). Interestingly, this year is special because it also celebrates five years of SIW, which has been held periodically since 2019. SIW 2024 will feature one seminar session, five talk shows, and one powerful speech session that will also be enlivened with a live performance band.
This series of sharia capital market literacy activities features 25 competent speakers and moderators who are experts in their field as well as public figures representing people who have invested in the Indonesian sharia capital market. Every day the SIW 2024 event is also held Expo and Virtual Expo.
In total, there are 49 booths at SIW 2024 virtual expo that can be visited through the SIW 2024 website, including 15 Sharia Online Trading System (AB-SOTS) Member booths, 1 Financial Services Authority (OJK) booth, 1 Self-Regulatory Organizations (SRO) booth, and 1 IDX Mobile booth, which can also be visited directly at SIW 2023 venue in Main Hall BEI, Jakarta.
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