Syariah-based Capital Market can be defined as the capital market that implements the principles of Islamic Canon Law in business activites and is not involve in things prohibited by the Islamic Law such as usury, gambling, speculation, etc. Syariah-based Capital Market is officially established on March 14, 2003 together the signing of MOU between the BAPEPAM and the National Syariah Board of Indonesian Council of Ulama (DSN-MUI). Eventhough it was established on 2003, the instrument of syariah capital market has existed in Indonesia since 1997. It is marked by the launching of Syariah-based Mutual Fund on July 3, 1997 by PT. Danareksa Investment Management. The Jakarta Stock Exchange then cooperated with PT. Danareksa Investment Management to launch the Jakarta Islamic Index (JII)