Minister: Istiqlal Global Fund Share Waqf System Still Being Improved

Religious Affairs Minister Nasaruddin Umar has said that the share waqf management system through the Istiqlal Global Fund (IGF) is still in the improvement stage. He has not yet confirmed when the mechanism will begin to be implemented.

“The system is being improved,” Nasaruddin said when met at the DPR/MPR RI Complex in Senayan, Jakarta, on Friday (14/8/2026).

Nasaruddin did not elaborate further on the share waqf management mechanism. He asked that questions regarding the share waqf mechanism be directed to the Indonesian Waqf Board (BWI).

When asked about the purpose of developing share waqf, Nasaruddin said the scheme is directed towards generating funds that can be utilised for the Muslim community.

“Well, anything that can generate funds for the ummah, that is what we are doing,” he said.

Previously, share waqf management through the Istiqlal Global Fund (IGF) was developed involving stock exchange members and investment managers. Investors can waqf their sharia shares through exchange members that have the Sharia Online Trading System (SOTS) facility.

According to Indonesia Stock Exchange (BEI) President Director Jeffrey Hendrik, there are currently six exchange members that have SOTS and can facilitate investors who wish to waqf their sharia shares.

The waqf shares are then professionally managed by investment managers. Specifically for IGF, this management is a continuation of cooperation with Majoris Asset Management carried out at the end of October 2025.

In this scheme, the BEI plays a role in providing the sharia capital market ecosystem and facilitating the development of share waqf through exchange members. The BEI is not the manager of waqf funds.