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The application of Sharia principles in the field of law is not only limited to the area of criminal law and constitutional law, but also in civil law. One of those is capital market, which based on Act 8 of 1995. However, the Sharia principles on capital market have not been listed in that Act, so it only regulated in the Act whom made by Financial Services Authority (OJK RI), with some consideration from Fatwa issued by the National Sharia Council of the Indonesian Ulama Council (DSN-MUI). The consequence of not including Islamic principles in the legal basis of Capital Market activities in Indonesia is that there are several new terms that are only regulated in new regulations, such as the Sharia Limited Liability Company and the issuance of Sharia shares. Limited companies that apply sharia principles on it statutes, so that within their corporate organs there is a Sharia Supervisory Board, regulated in the new Limited Liability Company Law (Act 40/2007). Meanwhile, legal basis on issuance of Islamic shares is Act whom made by OJK RI, which has a significant difference from the issuance of conventional shares. OJK RI has issued a List of Sharia Securities (DES), which contains shares which are considered not contrary to the Sharia principles, after going through several screening. The criteria for shares which are not contrary to Islamic principles are based on business activities of the company that issued the shares, as regulated in POJK No. 15 of 2015, which considers MUI DSN Fatwa Number 40 of 2007. In order for shares issued by a public company to become one of the Sharia Securities Lists, every public company must go through several screening, such as business screening, financial screening, and halal requirements. This research focuses on providing a comprehensive review related to regulations on the issuance of sharia shares in Indonesia, and compared with regulations in Malaysia and Singapore. This research method is a normative method using the laws and regulations used in Indonesia, Malaysia and Singapore. In general, this research focuses on government policy in terms of issuance of sharia shares.

Legal Review on Issuance of Sharia Share on Public Company in Indonesia