IDX: Sharia Investors Favour Consumer Goods Stocks
Jakarta (ANTARA) - PT Bursa Efek Indonesia (IDX) revealed that sharia investors in the Indonesian capital market tend to favour stocks, particularly in the non-primary consumer goods (IDXCYC) and primary consumer goods (IDXNCYC) sectors.
The Head of the Sharia Capital Market Division of the IDX, Irwan Abdalloh, explained during a Sharia Capital Market Education session in Jakarta on Thursday that in the non-primary consumer goods (IDXCYC) sector, there are 124 sharia stocks, accounting for 18 percent of the total 672 sharia stocks in the Indonesian stock market.
Furthermore, there are 94 sharia stocks in the primary consumer goods (IDXNCYC) sector, accounting for 14 percent, and 85 stocks in the basic goods (IDXBASIC) sector, accounting for 13 percent.
Additionally, there are 74 sharia stocks in the energy (IDXENERGY) sector, accounting for 11 percent, and 74 sharia stocks in the property (IDXPROPERTY) sector, also accounting for 11 percent.
“Currently, the sectors that are trending and favoured by retail investors are mainly in these top five groups. Therefore, in 2026, it is unlikely that there will be significant changes in the composition of the top five sharia stocks,” said Irwan.
In terms of market capitalization, Irwan explained that the energy sector still dominates with a value of IDR 2,176 trillion, accounting for 24 percent of the total market capitalization of sharia stocks, which amounts to IDR 8,972 trillion.
Next, the basic goods sector amounts to IDR 1,758 trillion, accounting for 20 percent, and the infrastructure sector amounts to IDR 1,074 trillion, accounting for 12 percent.
Then, the primary consumer goods sector amounts to IDR 846 trillion, accounting for 9 percent, and the property sector amounts to IDR 718 trillion, accounting for 8 percent.
Regarding the projected potential sectors for 2026, Irwan explained that there are no significant changes in the sector composition, either in terms of market capitalization or the number of stocks.
From a regulatory perspective, the IDX will implement rules regarding the criteria for selecting sharia-compliant stocks through the Foreign Sharia Securities List (DES).
The regulation is outlined in the Financial Services Authority (OJK) Regulation No. 8 of 2025, which will be implemented in the first DES selection period in May 2026.
First, the regulation stipulates that companies listed and traded on the IDX do not engage in business activities that conflict with sharia principles in the capital market. Second, they do not engage in transactions that conflict with sharia principles in the capital market.
Third, listed companies on the IDX have a total of interest-bearing debt compared to total assets that do not exceed 45 percent. This ratio may also be gradually adjusted to 33 percent over the next 10 years.
Fourth, listed companies on the IDX have a total of interest income and other non-halal income compared to total operating income and other income that does not exceed 5 percent, previously, this figure was 10 percent.
“The fourth criterion will apply in 2026. In April 2026 or the first selection in 2026, the figure of 5 percent will already be used for the composition of non-halal income. Meanwhile, for interest-bearing debt, it is still 45 percent this year and is under review,” explained Irwan.
Irwan added that the regulation will impact the selection of stocks that will be included in investors’ portfolios. However, in terms of market capitalization, the regulation has not yet had a significant impact on the stocks included in the DES selection.
He explained that educating the importance of maintaining the composition of income and debt to remain in line with sharia principles still faces several challenges for some issuers in Indonesia.
He acknowledged that some issuers listed on the IDX have not yet prioritized aligning themselves with sharia principles, even though being removed from the sharia list could potentially reduce their market capitalization and stock trading.
“The IDX and the OJK are working hard to raise awareness among issuers about the importance of maintaining the composition of income and debt to remain sharia-compliant. Because the impact is increasing. For example, mutual funds, their portfolios will become more sensitive if many stocks are included or excluded,” said Irwan.