Not Just Cash: Istiqlal Waqf Can Now Include Shares
The Indonesia Stock Exchange (BEI) has revealed that the waqf and charitable donation programme managed by Istiqlal Mosque can use capital market instruments as underlying assets, ranging from shares to mutual funds. The programme forms part of an initiative being developed through the Istiqlal Global Fund (IGF).
BEI President Director Jeffrey Hendrik said the concept of capital market-based Islamic philanthropy has in fact already been running through a number of sharia-compliant share trading applications. According to him, investors have long been able to channel waqf funds and charitable donations through the sharia capital market ecosystem.
BEI has also introduced the programme in a meeting between investment managers and Istiqlal Mosque at the Capital Market Expo Indonesia.
“Islamic philanthropy channelled to Istiqlal Mosque will be professionally managed by investment managers — that is what is currently being worked on,” Jeffrey said when met at the BEI Building in Jakarta on Monday (10/8/2026).
Jeffrey explained that the instruments used in the programme are not limited to cash. Waqf can be channelled in the form of shares, mutual funds, or funds that are then managed by investment managers 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 which will then be managed by investment managers,” Jeffrey explained.
Although he does not yet have the latest data on the total funds collected, Jeffrey confirmed that the programme has already begun operating. He stressed that BEI will continue to support the development of Islamic philanthropy connected to the sharia capital market.
Going forward, BEI hopes that more investment managers will participate in the programme. In addition, the number of investors channelling share waqf and mutual fund waqf is also expected to increase so that the benefits can be felt by more recipients.
Previously, PT Majoris Asset Management together with the Istiqlal Global Fund under the Istiqlal Mosque Management Board (BPMI) officially introduced the Istiqlal Share Waqf programme at the end of 2025. The productive waqf initiative integrates sharia principles with capital market mechanisms to broaden public access to waqf.
The programme was launched at an inauguration ceremony at Istiqlal Mosque in Jakarta, opened by the Minister of Religious Affairs and Grand Imam of Istiqlal Mosque, Prof. Dr. K.H. Nasaruddin Umar. The minister’s presence demonstrated support for strengthening the role of waqf as an instrument of social development that is adaptive to the times.
Istiqlal Share Waqf is a follow-up to the cooperation between Majoris Asset Management and IGF-BPMI signed in October 2025. Through the “Yuk Wakaf Saham” campaign, the public is invited to participate in waqf through sharia capital market instruments deemed more relevant to the profile of today’s investors.
The programme was launched amid efforts to develop national waqf and sharia finance. Based on data from the Indonesian Waqf Board, the value of cash waqf collected so far is only around Rp3.5 trillion, while the national waqf potential is estimated to reach Rp181 trillion per year.
The gap between realisation and potential shows that there remains enormous room for the development of productive waqf in Indonesia. The presence of instruments such as share waqf and mutual fund waqf is expected to provide an alternative for broadening public participation in Islamic philanthropic activities.