Under Islamicly's Shariah framework, shares in a listed company may be considered permissible to own and trade when two conditions are met. The underlying business activity and the applicable financial criteria must both satisfy the Shariah screening methodology. That methodology is prescribed by AAOIFI standards and reviewed by Islamicly's globally renowned Shariah Supervisory Board.
Shariah Compliance in Indonesia at a Glance
By number of securities
- Shariah-compliant141
- Non-compliant314
By market capitalisation
- Shariah-compliant38.8%
- Non-compliant61.2%
How Islamicly Screens a Stock
Islamicly applies three-level screening to every listed equity, aligned with AAOIFI Shariah Standard No. 21, with a fourth step governing the income that remains. A company must clear all three screens to earn a compliant rating.
| Screen | What It Requires |
|---|---|
| 1 · Business sector | Companies deriving 5% or more of revenue from alcohol, conventional finance, gambling, tobacco, pork, adult content or deferred gold/silver trading are excluded, as defined by AAOIFI and enhanced by the Islamicly Shariah Board. |
| 2 · Debt ratio | Interest-bearing debt must stay below 30% of the 36-month average market capitalisation. |
| 3 · Cash compliance | (Cash + interest-bearing securities) ÷ market value of equity, on a 36-month average, must be below 30%. |
| 4 · Purification | Any residual non-permissible income that was tolerated during the sector compliance check is purified by donating that proportion of dividends to charity. |
Purification applies to dividends, not capital gains.
View Islamicly's full screening criteriaTop 10 Stocks in Indonesia by Market Capitalisation
1. Bank Central Asia
Bank Central Asia is Indonesia's largest private-sector bank and one of the country's most valuable listed companies, best known for its transaction banking and payments franchise. Bank Central Asia is a conventional bank. Conventional banking is a non-permissible sector. The stock therefore fails the business sector screen. It also fails debt compliance and cash compliance.
| Business Activity | Debt Compliance | Cash Compliance |
|---|---|---|
| Fail | Fail | Fail |
Bank Central Asia is classified Shariah non-compliant.
2. Bank Rakyat Indonesia
Bank Rakyat Indonesia is a state-controlled bank with the country's largest micro-lending and small-business franchise, serving customers through an extensive branch and agent network. Bank Rakyat Indonesia is a conventional bank. Conventional banking is a non-permissible sector. The stock therefore fails the business sector screen. It also fails debt compliance and cash compliance.
| Business Activity | Debt Compliance | Cash Compliance |
|---|---|---|
| Fail | Fail | Fail |
Bank Rakyat Indonesia is classified Shariah non-compliant.
3. DCI Indonesia
DCI Indonesia is a leading data centre operator, providing colocation and related infrastructure services to cloud providers, financial institutions and enterprises. A review of the revenue segments found no involvement in non-permissible business activities, with interest revenue below 5% of total revenue. The business sector screen therefore passes. The stock passes both debt compliance and cash compliance, and is classified Shariah-compliant.
| Business Activity | Debt Compliance | Cash Compliance |
|---|---|---|
| Pass | Pass | Pass |
DCI Indonesia is classified Shariah-compliant.
4. Barito Renewables Energy
Barito Renewables Energy is a geothermal power producer and part of the Barito Pacific group, generating and selling electricity from geothermal and wind resources in Indonesia. Two revenue streams are non-permissible: finance lease income and interest income. Together they come to about 9.0% of total revenue, above the 5% ceiling. The stock therefore fails the business sector screen. Debt compliance and cash compliance both pass.
| Business Activity | Debt Compliance | Cash Compliance |
|---|---|---|
| Fail | Pass | Pass |
Barito Renewables Energy is classified Shariah non-compliant.
5. Bank Mandiri
Bank Mandiri is a state-controlled bank formed in 1998 through the merger of four state banks, offering corporate, commercial, retail and consumer banking. Bank Mandiri is a conventional bank. Conventional banking is a non-permissible sector. The stock therefore fails the business sector screen. It also fails debt compliance and cash compliance.
| Business Activity | Debt Compliance | Cash Compliance |
|---|---|---|
| Fail | Fail | Fail |
Bank Mandiri is classified Shariah non-compliant.
6. Amman Mineral Internasional
Amman Mineral Internasional mines copper and gold, operating the Batu Hijau mine in West Nusa Tenggara. Amman Mineral reports no interest income and no involvement in non-permissible business activities. The business sector screen therefore passes. The stock passes both debt compliance and cash compliance, and is classified Shariah-compliant.
| Business Activity | Debt Compliance | Cash Compliance |
|---|---|---|
| Pass | Pass | Pass |
Amman Mineral Internasional is classified Shariah-compliant.
7. Bayan Resources
Bayan Resources is a coal mining company with operations in Kalimantan, supplying thermal coal to domestic and export markets. A review of the revenue segments found no involvement in non-permissible business activities, with interest revenue below 5% of total revenue. The business sector screen therefore passes. The stock passes both debt compliance and cash compliance, and is classified Shariah-compliant.
| Business Activity | Debt Compliance | Cash Compliance |
|---|---|---|
| Pass | Pass | Pass |
Bayan Resources is classified Shariah-compliant.
8. Telkom Indonesia
Telkom Indonesia is the state-controlled telecommunications and digital services group, and the majority owner of mobile operator Telkomsel. Telkom's television and music services, together with its interest income, are non-permissible and exceed 5% of total revenue. The stock therefore fails the business sector screen. Debt compliance and cash compliance both pass.
| Business Activity | Debt Compliance | Cash Compliance |
|---|---|---|
| Fail | Pass | Pass |
Telkom Indonesia is classified Shariah non-compliant.
9. Mora Telematika Indonesia
Mora Telematika Indonesia is a telecommunications infrastructure provider operating fibre-optic networks and data connectivity services. Mora's television services and interest income are non-permissible, but together they stay below 5% of total revenue. The business sector screen therefore passes. The stock passes both debt compliance and cash compliance, and is classified Shariah-compliant.
| Business Activity | Debt Compliance | Cash Compliance |
|---|---|---|
| Pass | Pass | Pass |
Mora Telematika Indonesia is classified Shariah-compliant.
10. Dian Swastatika Sentosa
Dian Swastatika Sentosa is a Sinar Mas group company with interests in coal mining, power generation, and telecommunications and digital infrastructure. The company's cable TV business, together with its interest income, is non-permissible and exceeds 5% of total revenue. The stock therefore fails the business sector screen. Debt compliance and cash compliance both pass.
| Business Activity | Debt Compliance | Cash Compliance |
|---|---|---|
| Fail | Pass | Pass |
Dian Swastatika Sentosa is classified Shariah non-compliant.
Compliance Status Is Dynamic, Not Permanent
A company classified compliant today can fail next period if it takes on interest-bearing debt, parks cash in conventional deposits, or changes its revenue mix. Islamicly monitors available information daily, while financial screening is reassessed when updated financial information becomes available. Use the Islamicly app to be alerted the moment a holding changes status.
Sector-Wise Shariah Screening in Indonesia
Healthcare clears the highest share of its companies, at 68%. Financial is the lowest, at 8% — five of 62.
| Sector | Compliant | Shariah non-compliant | Total | % Compliant |
|---|---|---|---|---|
| Services | 22 | 60 | 82 | 27% |
| Capital Goods | 17 | 47 | 64 | 27% |
| Financial | 5 | 57 | 62 | 8% |
| Consumer/Non-Cyclical | 26 | 35 | 61 | 43% |
| Basic Materials | 18 | 28 | 46 | 39% |
| Energy | 15 | 26 | 41 | 37% |
| Transportation | 8 | 23 | 31 | 26% |
| Healthcare | 15 | 7 | 22 | 68% |
| Technology | 7 | 13 | 20 | 35% |
| Consumer Cyclical | 7 | 10 | 17 | 41% |
| Utilities | 1 | 8 | 9 | 11% |
| Grand Total | 141 | 314 | 455 | 31.0% |
About Islamicly
Islamicly is a Shariah-certified app and web platform for screening Shariah-compliant equities. It provides Shariah compliance information for stocks listed on the Indonesia Stock Exchange (IDX), and for companies listed across global markets.
Screening is carried out against AAOIFI-based standards and reviewed by Islamicly's Shariah Supervisory Board, chaired by Dr. Mohamed A. Elgari (Saudi Arabia), with Dr. Muhammad Amin Qattan (Kuwait) and Dr. Nazih Hammad (Canada). Every classification published by Islamicly, including those in this report, is produced under that framework.
On the app and web platform, investors can check the Shariah status of any listed stock, screen an existing portfolio for non-compliant positions, view a stock's historical compliance data, calculate dividend purification amounts, and receive alerts when a holding changes status. Islamicly also offers Shariah-screened model portfolios, digital gold and silver, mutual funds and managed-investment options, and runs free AMAs and webinars on halal investing.
Check the current Shariah status of any Indonesian stock on the Islamicly app or web platform — screen individual stocks, screen an existing portfolio, calculate purification amounts, and get alerted when a holding changes status.
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