JAKARTA: The market capitalization of Sharia stock in the first half of 2011 soared by 37.58% to IDR1,305 trillion, compared to the same period last year at IDR948.51 trillion on rising Sharia securities.Based on the data of Capital Market and Financial Institution Watchdog (Bapepam-LK) there were 228 registered Sharia stocks as per June 2011, compared to June 2010 of 210 Sharia stocks.But the share of Sharia stocks to total market capitalization at Indonesia Stock Exchange declined to 37.31% as per June 2011, compared to 39.52% in the same period last year.The growth of Sharia stock is not yet significant. Companies need to put more efforts to penetrate Sharia industry and boost its performance to attract investors, said Mustafa Edwin Nasution. Sharia economist at University of Indonesia.Mustafa also acknowledged that most investors enter stock market to gain profit.Sharia stock is not yet growing significantly. Thus Sharia listed-company must improve its fundamentals to attract investors, he said.Government must also improve awareness about Sharia stocks.Mustafa said the government has supported Sharia instrument by issuing Sharia government bonds or sukuk as one of financing alternatives.Sukuk is now a financing alternative which is an evidence of Governments support to Sharia instrument. We expect government to improve awareness and education to develop Sharia stocks, he said.Mustafa estimates the growth of Sharia market capitalization will not be little change from last year when it rose by 17.95% to IDR1,016 trillion as per December from IDR961.39 trillion in January.But not all stocks issued by public company can be categorized as Sharia stocks. Sharia stocks must be in line with Sharia principle as stated in regulation IX.A.13. Sharia principle forbids gambling transaction, fake trading and interest-based bank loan.Based on Bisniss data, Bapepam-LK is currently reviewing the criteria for Sharia stocks to accommodate more stocks listed as Sharia stocks. Last month, Bapepam-LK added four new Sharia stocks namely PT Sidomulyo Selaras Tbk, PT Indo Straits Tbk, PT Star Petrochem Tbk, and PT Metropolitan Land Tbk. (t02/msw)

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