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This study aims to establish a stock portfolio following Sharia principles under the premise that investors with Shariacompliant attentiveness will not only focus on financial risk and return. Implementation of criteria following Sharia principles also needs to be considered, given that there is a prohibition on riba-based assets involved in the selected investment instruments. Sharia-Compliant’s portfolio selection model is not only carried out by a particular rate of return but also by adding a riba-based debt ratio as a parameter of Sharia principles implementation by the stock instrument. Both criteria are chosen within the assumption that the main objective of investment by following Sharia principles is to obtain reasonable rates of return without violating any of Islamic law. Based on data processing of 14 Islamic stocks samples listed on JII during the 2014-2018 period, we are successfully result a portfolio quadrant where 3 best stocks were selected according to their good rate of return and low rate riba-based debt ratio. The finding shows that the value of a portfolio’s returns is 1,11% with 3,90% as the value of standard deviation. Although the value of portfolio’s return is relatively low, the portfolio’s shows promising results on performance by using three main methods as benchmarks; Sharpe's, Treynor's, and Jensen's Measurements.

Sharia-Compliant Portfolio of Islamic Stocks Listed on Indonesia Stock Exchange (IDX)