Panin Securities launches online stock trading based on Sharia. The facility was named Panin Securitas Online Stock Trading (POST) Sharia.
The capital market participants no need worry about, the reason of this facility does not conflict with the principles of the Sharia.
“This facility has been in accordance with the principles of Sharia in Indonesia capital market,” said Managing Director of Panin Securities, Handrata Sadeli, at the Indonesia Stock Exchange (BEI), Jakarta on Tuesday (18/12).
The Sharia POST aims to give more chances to the public capital markets to invest in Indonesia. Of course, to continue prioritizing of the principles of Sharia (4 Islamic Financial Accounting Standards).
In the POST, people could not be ordered to purchase and sellers of stocks that are not included in the list of Shariah-compliant Securities (Daftar Efek Syariah/DES). Investors can’t do the selling orders on shares which do not have (Ba’i al-Ma’dum/short selling). “Investors can only buy order of cash funds available in the account of the customer funds.”
With the POST Sharia, customers will more easily monitor the progress of the shares on the Stock Exchange. This system provides two display options to choose from customers.
The first display that illustrates the Sharia stocks listed on the Indonesia Stock Exchange (BEI). While the second display to show all the shares on the Stock Exchange. Specifically for non Shariah-compliant stocks will be specially labelled and cannot be traded.
Indonesia Stock Exchange (BEI) Development Director, Friderica Widyasari, hopes the online system is capable of being a pioneer in promoting Islamic finance system more perfect.
“Hopefully in the future, the development of the Islamic finance industry could be more complete,” she said.