August 9, 2011 / 3:21 AM / 9 years ago

Indonesia's JFX to launch sharia-backed commodity products

JAKARTA, Aug 9 (Reuters) - The Jakarta Futures Exchange (JFX) will launch sharia-compliant commodity contracts in September, an official said.

“We plan to launch this new physical trading product in mid-September,” Bihar Sakti Wibowo, a director at JFX said late on Monday.

“Both Indonesia’s future trading regulatory body and National Sharia Council at Indonesian Ulema Association (MUI) have approved this new scheme,” he added.

JFX plans to launch contracts for several agricultural products, including coffee, cocoa, crude palm oil and rubber in the first stage, with energy products like coal, diesel oil and ethanol to follow, Wibowo said.

Reporting by Yayat Supriatna; Writing by Michael Taylor; Editing by xxxx

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