Indonesia Stock Exchange clarifies no direct partnership with Istiqlal Mosque on stock Waqf

The Indonesia Stock Exchange (BEI) has clarified its role regarding the management of productive Waqf (Islamic endowment) funds from Istiqlal Mosque, stating there is no direct collaboration between the exchange and the mosque. BEI President Director Jeffrey Hendrik explained that the exchange facilitated a meeting between the nazirs (trustees) of Istiqlal Mosque and investment managers during the Capital Market Summit & Expo.

The initiative aims to professionally manage Islamic philanthropy channeled to Istiqlal Mosque through capital market instruments such as stocks, mutual funds, or other funds managed by investment managers. Hendrik noted that while the development is underway, BEI does not yet have data on the total funds collected or managed through this scheme.

Irwan Abdalloh, Head of BEI's Sharia Capital Market Division, further emphasized that the partnership is between the nazirs of Istiqlal Mosque, specifically the Istiqlal Global Fund (IGF), and an investment manager, reportedly Majoris. BEI's involvement was limited to facilitating the launch of this cooperation at the CMSE 2025 event and acting as an intermediary.

Previously, the Grand Imam of Istiqlal Mosque and Minister of Religious Affairs, Nasaruddin Umar, had indicated that cash Waqf collected by the mosque would be directed towards productive management via sharia capital market instruments. This approach seeks to ensure that Waqf funds generate sustainable economic benefits beyond charitable activities.