Seleksi Saham Syariah : Perbandingan antara Bursa Efek Indonesia dan Malaysia

Islamic stocks are those which do not contradict with the Islamic teachings derived from Al-Quran, Sunnah, hadith and ijtihad of the qualified Islamic scholars. This is a qualitative research comparing the stock screening criteria in order to be categorized as sharia compliant stocks in two developing countries where most of the citizen are Muslims, i.e. Indonesia and Malaysia. As the sharia stock screening is in the field of muamalah and there is no single scholar (or group) accepted by the whole Muslims worldwide, each country sets its own screening criteria through its Islamic scholars by performing ijtihad as an effort to decide the sharia compliant stocks. It was found that there are differences in screening criteria between Indonesia and Malaysia stock exchange. These are based on the fiqh or understanding of the scholars in the two countries as well as the vision and investor to be targeted. The screening criteria need to be continuously improved or revised along with the changing need of investor and stock exchange strategy in collecting the fund especially from Middle East countries requiring sharia compliance.