OJK Updates Sharia-Compliant Securities List: Market Implications

Significant Changes in Latest DES Update

The Financial Services Authority (OJK) has released the latest update to the Sharia-Compliant Securities List (DES), effective December 1, 2025. This periodic rebalancing brings significant changes to the composition of sharia-compliant investment options available to investors. The update involves adding 36 new stocks to the list while removing 16 existing stocks that no longer meet the sharia compliance criteria.

New Additions to DES

The latest DES update includes several notable additions to the list of sharia-compliant securities. New entrants include:

• PT Provident Investasi Bersama Tbk (PALM)
• PT Adi Sarana Armada Tbk (ASSA)
• PT Maharaksa Biru Energi Tbk (OASA)
• Trimitra Trans Persada Tbk (BLOG)
• PT Intiland Development Tbk (DILD)

These additions bring fresh investment opportunities for investors focusing on sharia-compliant portfolios. The inclusion of these companies indicates their business activities and financial practices meet the strict sharia compliance criteria set by the OJK.

Stocks Removed from DES

Conversely, the update also results in the removal of several stocks from the DES. Companies that are no longer considered sharia-compliant include:

• PT Petrindo Jaya Kreasi Tbk (CUAN)
• PT Petrosea Tbk (PTRO)
• PT Amman Mineral Internasional Tbk (AMMN)
• PT Elang Mahkota Teknologi Tbk (EMTK)
• PT Solusi Sinergi Digital Tbk (WIFI)

The removal of these stocks from the DES means they no longer meet the required sharia compliance standards, potentially affecting their attractiveness to investors who prioritize sharia-compliant investments.

Market Impact and Analyst Recommendations

The changes in the DES are expected to have significant implications for investment flows in the Indonesian capital market. Analysts suggest that the rebalancing may lead to portfolio adjustments among sharia-compliant investment funds and individual investors. The addition of new stocks could attract fresh capital into the newly included companies, while the removal of certain stocks might result in capital outflows from those companies that are no longer considered sharia-compliant.

Investors and fund managers are advised to review their portfolios and consider these changes when making investment decisions. The updated DES provides a revised landscape of sharia-compliant investment opportunities in the Indonesian stock market, reflecting the ongoing efforts to maintain the integrity and relevance of sharia-compliant investment options.