Fatwa & Regulations

Fatwa About Islamic Capital Market

Although the fatwa is not binding, but practically the fatwa of DSN-MUI is one of the references in developing Islamic capital market of Indonesia.  To date, there are 24 DSN-MUI fatwas related to the Islamic capital market. Six (6) DSN-MUI fatwas underlying the development of Islamic capital markets are:

  1. Fatwa DSN-MUI No: 20 / DSN-MUI / IV / 2001 concerning Guidelines for Implementation of Investment for Islamic Mutual Funds

  2. Fatwa DSN-MUI No: 40 / DSN-MUI / X / 2003 concerning Capital Market and General Guidelines of Islamic Principles Implementation in Capital Market Field

  3. Fatwa DSN-MUI no. 80 / DSN-MUI / III / 2011 concerning Implementation of Islamic Principles in Equity Securities Trading Mechanism in Regular Market of Stock 

  4. Fatwa DSN-MUI No. 124/DSN-MUI/XI/2018 concerning the Application of Sharia Principles in the Implementation of Securities Depository and Transaction Settlement Services and Integrated Investment Infrastructure Management

  5. Fatwa DSN-MUI No. 138/DSN-MUI/V/2020 concerning the Application of Sharia Principles in the Clearing Mechanism, and Guarantee of Settlement of Stock Exchange Transactions on Equity Securities on the Stock Exchange

  6. Fatwa DSN-MUI No. 135/DSN-MUI/V/2020 concerning Stocks


Indonesian Islamic Capital Market Regulation

Regulations relating to the Indonesian Islamic capital market are issued by OJK in the form of regulations and direct government in the form of laws and regulations supporting them. In particular of OJK's regulations, there are currently 10 regulations on Islamic capital market as follows:



POJK Nomor 15/POJK.04/2015

POJK on the Implementation of Sharia Principles in Capital Market.

POJK Nomor 17/POJK.04/2015

POJK on Issuance of Sharia Securities Issuance and Requirements Shares by Sharia Issuers or Sharia Public Companies.

POJK Nomor 18/POJK.04/2015

POJK on Issuance and Sukuk Requirements.

POJK Nomor 20/POJK.04/2015

POJK on Issuance and Terms of Shariah Asset Backed Securities.

POJK Nomor 30/POJK.04/2016

POJK on Sharia Real Estate Investment Fund in the form of Collective Investment Contract.

POJK Nomor 53/POJK.04/2015

POJK on contracts used in the issuance of Sharia Securities in the Capital Market

POJK Nomor 61/POJK.04/2016

POJK regarding the Agreement Used in Issuance of Sharia Securities in the Capital Market

POJK Nomor 35/POJK.04/2017

POJK on Criteria and Issuance of List of Sharia Securities

POJK Nomor 03/POJK.04/2018

POJK on Amendments to the POJK Number 18/POJK.04/2015 concerning the Issuance and Requirements of Sukuk

POJK Nomor 33/POJK.04/2019

POJK on the Issuance and Requirements of Syariah Mutual Funds.

POJK Nomor 5/POJK.04/2021

POJK on Islamic Capital Market Experts.