Istiqlal Mosque Enters IDX Ecosystem Through Sharia-Compliant Stock Waqf

Jakarta’s Istiqlal Mosque has started connecting with the Indonesian capital market ecosystem through productive waqf (endowment) management. The Indonesia Stock Exchange (IDX) and the Financial Services Authority (OJK) have provided explanations regarding the management of these waqf funds, which are directed to be handled professionally and transparently.

IDX President Director Jeffrey Hendrik acknowledged the collaboration with Istiqlal Mosque in managing Islamic philanthropy. According to him, the funds channelled to Istiqlal Mosque will be professionally managed by an investment manager.

‘So the Islamic philanthropy channelled to Istiqlal Mosque will be professionally managed by an investment manager. That is what is currently being worked on,’ Jeffrey told reporters at the IDX Main Hall in Jakarta on Monday, 10 August 2026.

Jeffrey explained that the sharia waqf can take the form of mutual fund instruments with shares as the underlying asset. The management is carried out professionally through an investment manager. However, Jeffrey has not yet detailed the exact value of Istiqlal Mosque’s productive waqf funds currently being managed by the investment manager.

‘I don’t have the data yet, but it has already started rolling. Regarding the sharia capital market, of course, we support Islamic philanthropy,’ he explained.

This scheme ensures that waqf funds do not merely remain as stored money but can be developed through investment instruments that comply with sharia principles. With management by an investment manager, waqf funds can be placed in capital market instruments in accordance with applicable mechanisms and regulations.

OJK stated that it is still discussing the integration of Istiqlal Mosque’s productive waqf management with the capital market ecosystem. OJK’s Chief Executive of Capital Market, Derivative Finance, and Carbon Exchange Supervision, Hasan Fawzi, said that the management of public funds that intersect with investment activities must prioritise transparency and good governance.

‘In principle, any investment activity that intersects with the general public, we hope will continue to prioritise aspects of transparency with good management and good governance,’ Hasan stated.