DIFFERENCE BETWEEN CONVENTIONAL WITH CAPITAL MARKET ISLAMIC CAPITAL MARKET

Nama : Muhammad Riris El Yusi

NIM  : 11220026

There are two main things in the Islamic capital market indices , namely Islam and Islamic capital market itself. Islamic index shows the movement of the share prices of issuers that are categorized according sharia , while the Islamic capital market is the capital market institutions as commonly applied based on " Islamic principles " .
1 . Stock Index
The fundamental difference between the conventional index index index Islam is conventional to include all stocks listed on the exchange by ignoring aspects of halal haram , which is important stocks listed ( listing) is according to the rules ( legal ) . As a result there is not a problem if the issuer is selling its shares in the stock moves in the business sector as opposed to Islam or that has destructive nature of people's lives . For example, in early 2003, in Australia there are brothels ( prostitution ) that goes to the local stock exchange .
2 . Instruments .
Dalampasar conventional capital instruments that are traded securities ( securities ) such as stocks , bonds , and derivatives instruments ( derivatives ) options , rights , warrants , and Mutual Funds .
Dalampasar Islamic capital , traded instruments are stocks , bonds and mutual funds Islamic Sharia , while an option , right warandan excluding instruments are allowed. The shares referred to in the Islamic capital market with shares in the conventional capital market . Only difference of shares traded in the Islamic capital market should come from companies that suit ikriteria - Islamic criteria as the author mentioned in the discussion of Islamic indexes .
While Islamic bonds different from conventional bonds . Conventional bond is a type of financial product that is not justified in Islam for using flowers as dayatariknya . According to Muhammad al - Amin , instruments of Islamic bonds can be issued by using the mudaraba principle , Musharaka , Ijara , istisna ' , greetings , and murabaha so that the name of the principles of Islamic bonds depends on the principles which are used issuers .
The third instrument is traded in the Islamic capital market is Shariah Fund . Sharia Fund is an investment vehicle which combines a mixture of stocks and bonds in a single Islamic products managed by investment managers . Investment manager offering Shariah Fund to investors who are interested , while funds raised from investors are managed by investment managers to invest in stocks or bonds sharia is considered beneficial .
3 . MekanismeTansaksi
The core of the Islamic capital market should throw away any speculation based transactions . This is the difference with the conventional capital market which put stock speculation as a way to gain an advantage . Although in certain cases such as insider trading and market manipulation by making false financial statements are prohibited in the conventional capital market .
The development of stock prices in the conventional capital market has been separated from the intrinsic value that is triggered by speculative transactions , also emerged from the desire of the perpetrators at large that stock prices continue to increase as proposed by Samuelson and Nordhaus in the introductory part of this paper .
In the trading of Islamic bonds , according to Gunawan Muhammad should not apply a discount or premium prices are commonly done in conventional bonds . Principles of Islamic bonds transaction is al - hawalah ( transfer service or transfer of receivables with responsibility for results ) , so buying and selling nominal bonds maturing bond .


REFERENSI:

Burhanuddin, S, Pasar Modal Syariah, Yogyakarta: UUI Press, 2008.

 Khairandy, Ridwan, Hukum Pasar Modal I, Yogyakarta: UII Press, 2010.