The purpose of this research is to find out and analyze the effect of factors affecting price earning ratio on the shares registered in Jakarta Islamic Index. It is a causal research, a causality research which is based on the observation on the effects and the causing factors through some particular data. The data used were secondary data. This research used 48 observations as the research samples obtained based on certain criteria. The hypothesis was tested by using F-Test (Simultaneous Test), T-Test (Partial Test). The results showed that, partially, the Total Assets and Debt to Equity have significant effects to the Price Earning Ratio on the shares registered in Jakarta Islamic Index. Meanwhile, the Dividend Payout Ratio has no effect to Price Earning Ratio on the shares registered in Jakarta Islamic Index.