Istiqlal Mosque's Plan to Enter Indonesian Capital Market Still a Discourse, Says OJK
The Chief Executive of Capital Market, Derivative Finance, and Carbon Exchange Supervision at the Financial Services Authority (OJK), Hasan Fawzi, has stated that the initiation for the Istiqlal Mosque to enter the Indonesian capital market through productive endowment management is currently still a discourse. He explained that the management of productive endowments can utilise the capital market, similar to the management of investment funds in other instruments, where endowment funds can be managed by an Investment Manager (MI).
“Yes, actually this is still a discourse, where the management of productive endowments will utilise investments like the management of investment funds in other instruments, including capital market instruments,” Hasan said after the Indonesian Issuers Association (AEI) Members’ Meeting 2026 in Jakarta, Tuesday (11/8/2026).
Because productive endowments have specific characteristics and provisions, Hasan revealed that the OJK is still waiting for clarity regarding the scheme to be used in the investment process. If the endowment funds are later placed in capital market instruments, he hopes that all parties involved will follow the regulatory corridors and provisions applicable in the Indonesian capital market.
“However, because this intersects with, let’s say, very specific instruments, for example endowments and so on, we are certainly waiting to see what the scheme will be like. And if, for example, the placement is made in capital market instruments, we certainly hope that all parties will follow the regulatory corridors and provisions in the capital market,” Hasan said.
He confirmed that the choice of investment instruments that can be utilised in the Indonesian capital market is already available, including the intermediary institutions and professional institutions that need to be involved in the process. Furthermore, he added, the capital market has also regulated the approval and licensing mechanisms. Thus, his party only needs to direct the management of productive endowment funds to remain within the corridors of the applicable provisions, regulations, and laws.