Different from other securities, Sharia Securities need not only beside legal foundation, both in the form of regulations or laws, but also fatwa that can be used as reference to the enactment of Sharia Securities. Fatwa are needed as a basis to establish sharia principles that could be applied in the capital market.
Until now, sharia capital market in Indonesia has had the following fatwa and legal basis:
- There were 14 fatwas issued by the National Syariah Board of Indonesian Council of Ulama (DSN-MUI) that related to the sharia capital market in Indonesia since 2001, such as:
14. Fatwa No.80/DSN-MUI/III/2011 concerning The Implementation of Sharia Principles in The Equity Trading Mechanism at The Stock Exchange's Regular Market
- There are 3 (three) regulations of Bapepam & LK that governing Islamic securities since the year 2006, namely:
- There is one law that regulates SBSN (Sharia Government Securities), that is the laws (UU) No. 19 Year 2008 concerning Government Sharia Securities
UU no.19 Tahun 2008 About The Government Sharia Securities