Indonesia's Stock Waqf System Undergoing Repairs, Minister Says

Indonesia's Minister of Religious Affairs, Nasaruddin Umar, announced that the system for managing stock endowments through the Istiqlal Global Fund (IGF) is currently undergoing repairs. He did not provide a specific date for when the mechanism will be implemented, stating only that "the system is being repaired." Umar deferred further questions about the stock Waqf management mechanism to the Indonesian Waqf Board (BWI).

The primary goal of developing the stock Waqf, according to Umar, is to generate funds that can be utilized for the benefit of the Muslim community. "Whatever can generate funds for the people, we will do it," he remarked.

Previously, the management of stock Waqf through IGF involved stock exchange members and investment managers. Investors have the option to donate their sharia-compliant stocks through stock exchange members equipped with a Sharia Online Trading System (SOTS). The Indonesia Stock Exchange (IDX) facilitates this process by providing the sharia capital market ecosystem and supporting the development of stock Waqf through its members, though the IDX itself does not manage the Waqf funds.