Penerbitan Daftar Efek Syariah dan Daftar Efek Syariah Luar Negeri

Short Review of OJK Regulation No. 8 of 2025 on the Issuance of Sharia Securities Lists Regulation No. 8 of 2025 by the Financial Services Authority (OJK) of Indonesia aims to enhance the development of the sharia capital market by updating the criteria for sharia securities and the parties involved in issuing the Sharia Securities List (Daftar Efek Syariah - DES) and the Sharia Securities List from abroad (Daftar Efek Syariah Luar Negeri - DESLN). This regulation replaces the previous regulation (POJK No. 35/POJK.04/2017) which was deemed outdated. Key Points: 1. Definition of Sharia Securities: The regulation defines sharia securities based on Islamic principles and sets criteria for their issuance. 2. Financial Ratios: - Total interest-based debt to total assets must not exceed 45%, gradually reduced to 33% over ten years. - Non-halal income should not exceed 5% of total income. 3. Parties Involved: The regulation expands the definition of parties eligible to issue DES, including those not limited to sharia investment managers. 4. Reporting Requirements: Issuers must report through an electronic reporting system, ensuring accurate and timely information dissemination. 5. Enforcement and Sanctions: Violations of the regulation can result in administrative sanctions, including warnings, fines, and potential revocation of licenses. Prohibitions: - Engaging in activities contrary to Sharia principles, such as: - Gambling and activities classified as gambling. - Interest-based financial services. - Trading in haram goods or services. Required Actions: 1. Issuers must ensure compliance with the updated financial ratios and submit necessary documentation for the issuance of DES and DESLN. 2. Regular Reporting: Issuers are required to submit annual reports detailing their compliance with sharia principles and any changes to their securities. 3. Dewan Pengawas Syariah (Sharia Supervisory Board) must review and ensure compliance with sharia principles for all securities listed. Related Reports: - Annual Reports: Issuers must submit annual reports to OJK detailing the sharia securities issued and any changes made. - Compliance Statements: Issuers must provide statements from their Sharia Supervisory Board confirming adherence to sharia principles. Conclusion: This regulation represents a significant step in enhancing the integrity and growth of the sharia capital market in Indonesia, ensuring that financial products align with Islamic principles while promoting transparency and accountability among issuers.