ϭϱ
x Preservation and protection of wealth x Transparency in wealth and finance
x Development and investment of wealth x Prevention of harm and hardship in wealth and finance
x Ensuring jsutice in circulation of wealth.
The consideration of Maqasid al Shariah in finance and economic activities gives the way to achievement of the noble objectives of the
Shariah. These objectives give value to finance, banking, trade and all business transactions. The implementation of Maqasid al Shariah will
enhance the performance of finance and trade and establish justice in the business community and society at large. Furthemore, the achievement of
Shariah objectives in business transactions create happiness and satisfaction and fulfill the economics needs of the society Lahsasna
Hassan, 2011.
2.1.4 Risk and Return on Stock
Return always following the risk. To get high return investors also have to face the high risk. According to Syukma2011, there was positive
relationship between risk and return, therefore the higher expected return implies the higher possibility of risks in stock investment.
2.1.5 Jakarta Islamic Index
Jakarta Islamic Index JII was initially launched by IDX which was known as JSX at that time in collaboration with PT Danareksa Investment
Management on July 3, 2000. However, in order to generate longer historical data, the base date for the calculation of JII is using January 2,
ZLWK LQGH[ EDVH QXPEHU RI 7KH PHWKRGRORJ\ IRU -,,¶V calculation is the same that used in Jakarta Composite Index JCI that is
ϭϲ
based on the Market Value Weigthed Average Index using Laspeyres formula.
Sharia Shares that became the JII constituents are the 30 most liquid sharia that have large market capitalization. IDX conducts reviews on JII
every six months, adjusted with the period of DES issuance by Bapepam- LK. After the selection of Sharia shares by Bapepam-LK, which is released
as DES, IDX continued the selection process based on its trading performanceExchange, 2013.
Below is The JII selection process performed by IDX based on the performance of sharia shares trading :
1. Selected stocks are stocks that are included in DES issued by Bapepam LK.
2. From these Sharia stocks, IDX select 60 top stocks based on the ODVW\HDU¶VPDUNHWFDSLWDOL]DWLRQ
3. From these 60 top stocks by market capitalization, IDX will then select 30 top stocks
EDVHGRQWKHLUODVW\HDU¶VOHYHORIOLTXLGLW\LQ the regular market.
The List of JII stock issued by Indonesia Stock Exchange is based on Sharia Securities List at the period Desember 2012 - Juni 2013 issued by
Bapepam-LK are as follows:
Table2.1 Stocks Listed in Jakarta Islamic Index June
± November 2014 No Code
Stocks Name
Note 1
AALI Astra Agro Lestari Tbk
Fixed
2 ADRO
Adaro Energy Tbk Fixed
ϭϳ
3 AKRA
AKR Corporindo Tbk Fixed
4
ASII Astra International
Tbk Fixed
5
ASRI Alam Sutera Realty Tbk
Fixed
6 BMTR
Global Mediacom Tbk Fixed
7 BSDE
Bumi Serpong Damai Tbk Fixed
8
CPIN Charoen Pokphand
Indonesia Tbk
Fixed
9 CTRA
Ciputra Development Tbk New
10 EXCL XL
Axiata Tbk
Fixed
11
ICBP Indofood CBP Sukses Makmur
Tbk Fixed
12 INCO Vale
Indonesia Tbk
New
13
INDF Indofood Sukses Makmur Tbk
Fixed
14
INTP Indocement Tunggal Prakarsa
Tbk Fixed
15 ITMG
Indo Tambangnya Megah Tbk Fixed
16
JSMR Jasa Marga Persero Tbk
Fixed
17
KLBF Kalbe Farma Tbk
Fixed
18 LPKR
Lippo Karawaci Tbk Fixed
19 LSIP
PP London Sumatra Indonesia Tbk
Fixed
20
MNCN Media Nusantara Citra Tbk
Fixed