OJK Responds to Istiqlal Mosque's Entry into Stock Exchange Ecosystem via Share Waqf
The Financial Services Authority (OJK) has responded to the issue of Istiqlal Mosque entering the Indonesia Stock Exchange (BEI) ecosystem through a share waqf and alms scheme. OJK’s Chief Executive of Capital Market, Derivative Finance, and Carbon Exchange Supervision, Hasan Fawzi, stated that the scheme is still under internal discussion at the OJK. The authority will examine the fund management aspects and determine the relevant supervisory sector should a specific regulatory foundation be required. “We will certainly issue specific regulations regarding this matter. In principle, any investment activity involving the general public must continue to prioritise transparency with good management and good governance,” Hasan said at the BEI building in Jakarta on Monday (10/8/2026).
On the same occasion, BEI President Director Jeffrey Hendrik explained that the concept of Islamic philanthropy through the capital market is already operational via several sharia stock trading applications. According to him, investors can already channel waqf or alms funds through the sharia capital market ecosystem. The programme was introduced during 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 currently in progress,” Jeffrey stated.
He further 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 other instruments managed by investment managers in accordance with sharia principles. The initiative was previously launched by PT Majoris Asset Management and the Istiqlal Global Fund under the Istiqlal Mosque Management Body (BPMI) in December 2025. The productive waqf programme, promoted through the “Yuk Waqf Saham” campaign, aims to integrate Islamic principles with capital market mechanisms to broaden public participation. According to data from the Indonesian Waqf Board, the national waqf potential is estimated at Rp181 trillion per year, while the total cash waqf collected to date stands at only around Rp3.5 trillion.