Ministry of Religious Affairs Clarifies Istiqlal Mosque's Role in Sharia Stock Waqf Movement

The Ministry of Religious Affairs has spoken out regarding the participation of the Nazhir of Istiqlal Mosque in facilitating the Sharia Share Waqf movement through the ‘Yuk Wakaf Saham’ (Let’s Waqf Shares) movement, which has drawn public attention.

Head of the Bureau of Public Relations and Public Communication at the Ministry of Religious Affairs, Thobib Al Asyhar, emphasised that Istiqlal Mosque holds the status of a State Mosque and is a non-profit institution, and therefore has neither the capacity nor the direction to conduct an Initial Public Offering (IPO).

“The ‘Yuk Wakaf Saham’ movement also does not use mosque cash funds, grant funds, or congregational operational funds for transactions on the stock market at all. The mechanism is to invite investors or philanthropists who own productive shares on the Indonesia Stock Exchange (IDX) to waqf a portion of their sharia share lots to the Nazhir of Istiqlal,” Thobib explained via an official release, quoted on Thursday (13/8/2026).

“The dividends or benefit value from the waqf shares are subsequently channelled in full to social programmes for the ummah,” he continued.

Thobib confirmed that the development of productive waqf through capital market instruments has a strong basis in sharia law and state regulation in Indonesia. The National Sharia Board of the Indonesian Ulema Council (DSN-MUI) has issued a fatwa regarding the permissibility of share waqf.

In addition, the Indonesian Waqf Board (BWI) has also launched a share waqf framework since 2019 as part of optimising national productive waqf assets.

“All instruments involved in this movement must be included in the Sharia Securities List (DES), which is assessed to be free from elements of riba, speculation (maysir), and uncertainty (gharar),” he concluded.

Regarding operational management, Istiqlal Mosque has confirmed that the management of the ‘Yuk Wakaf Saham’ movement applies high standards of prudence and accountability. The management of this instrument is carried out in collaboration with a registered Investment Manager (PT Majoris Asset Management), Mandiri Sekuritas, and an official Custodian Bank. All recording and reporting of waqf assets is integrated at the BWI Waqf Management and Recording Centre and is under the supervision of the Financial Services Authority (OJK).

Thobib added that the main idea promoted by Minister of Religious Affairs Nasaruddin Umar is to expand inclusive sharia economic literacy. Through this productive waqf programme, the wider public, even starting from affordable amounts such as Rp10,000, can participate in the sharia economic ecosystem.

Going forward, the Ministry of Religious Affairs together with the Istiqlal Mosque Management Board (BPMI) and stakeholders will continue to strengthen public education, so that every innovation in empowering the people’s economy always operates within the corridors of sharia, transparency, and a sense of security.

Previously, IDX President Director Jeffrey Hendrik said that the concept of Islamic philanthropy based on the capital market has actually been running through a number of sharia stock trading applications.

According to him, investors have so far been able to channel waqf funds and alms through the sharia capital market ecosystem. The IDX has also introduced the programme in a meeting between investment managers and Istiqlal Mosque at the Capital Market Expo Indonesia event.

“Islamic philanthropy channelled to Istiqlal Mosque will be managed professionally by an investment manager, and that is what is currently being worked on,” Jeffrey said when met at the IDX Building, Jakarta, quoted on Tuesday (11/8/2026).

Jeffrey explained that the instruments used in the programme are not limited to cash funds. Waqf can be channelled in the form of shares, mutual funds, or funds that are then managed by an investment manager in accordance with sharia principles.

“It can be in the form of shares, it can be in the form of mutual funds, it can be in the form of funds and then it will be managed by an investment manager,” Jeffrey explained.

Although he does not yet have the latest data regarding the total funds that have been collected, Jeffrey confirmed that the programme has begun to run. He emphasised that the IDX will continue to support the development of Islamic philanthropy connected to the sharia capital market.