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Sharia Securities

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Sharia Effect

All of the Company’s shares traded are sharia securities based on the decision determined by the Financial Services Authority (“OJK”), and therefore have been listed in the Sharia Securities List (“DES”) since the end of 2021. DES is a collection of securities that do not contradict sharia principles in the capital market.
The determination of the Company’s shares listed in the DES as stipulated by OJK falls into the category of equity securities issued by the Company which do not state that their activities and business types, management, and/or services provided are based on Sharia Principles in the Capital Market, as long as the Company:

Does not conduct activities and business types that contradict Sharia Principles in the Capital Market, which include:
1. Gambling and games categorized as gambling;
2. Usurious financial services;
3. Trading of risk that contains elements of uncertainty (gharar) and/or gambling (maisir);
4. Producing, distributing, trading, and/or providing:
  1. Goods or services that are prohibited by their substance (haram li-dzatihi);
  2. Goods or services prohibited not by their substance (haram li-ghairi) as determined by the National Sharia Board – Indonesian Ulema Council;
  3. Goods or services that damage morality and are harmful; and/or
  4. Other goods or services that contradict sharia principles based on determinations of the National Sharia Board – Indonesian Ulema Council; and
5. Engaging in other activities that contradict sharia principles based on determinations of the National Sharia Board – Indonesian Ulema Council;
Does not conduct transactions that contradict Sharia Principles in the Capital Market;
Meets the following financial ratios:
1. Total interest-based debt compared to total assets does not exceed 45%; and
2. Interest income and other non-halal income compared to total operating revenue and other income do not exceed 10%.

The inclusion of the Company’s shares in the DES provides peace of mind for investors because investments made are guaranteed to be halal and free from usury (riba). In addition, investors are also given flexibility to trade the Company’s shares as they can be traded on both the conventional exchange and the sharia exchange.