Kementerian Agama (Kemenag) clarified on Wednesday, August 12, 2026, that Masjid Istiqlal’s involvement in the capital market is strictly limited to facilitating the sharia stock waqf movement, responding to public discussions regarding the state mosque, cash waqf, and the Indonesia Stock Exchange (BEI).
Ministry Clarifies Mosque Role in Capital Market
Recent public attention followed statements from Minister of Religion Nasaruddin Umar regarding Masjid Istiqlal, cash waqf, and the Indonesia Stock Exchange (BEI). According to Thobib Al Asyhar, Head of the Bureau of Public Relations and Public Communication at the Ministry of Religion, the participation of the waqf management agency from the Masjid Istiqlal Management Board (BPMI), also known as Nazhir Masjid Istiqlal, focuses entirely on facilitating Sharia Stock Waqf through the “Yuk Wakaf Saham” movement.
Thobib emphasized that Masjid Istiqlal operates as a state mosque and a non-profit institution. Consequently, the mosque lacks the capacity to conduct an initial public offering (IPO), addressing rumors that suggested the mosque would enter the stock exchange via an IPO. Katadata.co.id noted that market participants had discussed rumors regarding a potential IPO by the Southeast Asian mosque, prompting formal clarifications from authorities.
Mechanisms of the Yuk Wakaf Saham Movement
The “Yuk Wakaf Saham” initiative does not utilize mosque cash funds, grants, or congregational operational funds for stock market transactions, according to Kemenag’s written statement on Wednesday, August 12, 2026. Instead, the mechanism invites investors and donors holding productive shares on the Indonesia Stock Exchange to donate a portion of their sharia stock lots to Nazhir Istiqlal. Dividend yields or benefit values derived from these dedicated shares are then fully channeled toward community social programs.
Development of productive waqf through capital market instruments aligns with sharia legal principles and national regulations. The Indonesian Ulema Council’s Sharia National Board (DSN-MUI) previously issued a fatwa permitting stock waqf. Additionally, the Indonesian Waqf Board (BWI) established a stock waqf framework in 2019 to optimize national productive waqf assets. All participating instruments must appear on the Sharia Securities List (DES) to ensure exclusion from usury (riba), speculation (maysir), and uncertainty (gharar).
Did You Know? The Indonesian Waqf Board (BWI) established a formal framework for stock waqf back in 2019 as part of national efforts to optimize productive waqf assets.
Oversight and Investment Management Partners
To maintain accountability, Kemenag collaborates with registered investment managers adhering to prudence standards, including PT Majoris Asset Management, PT Mandiri Sekuritas, and an official Custodian Bank. Asset recording and reporting integrate directly with BWI’s Waqf Registration and Management Center, operating under the supervision of the Financial Services Authority (OJK). Jeffrey Hendrik, President Director of the Indonesia Stock Exchange (BEI), confirmed the exchange’s cooperation with Masjid Istiqlal regarding Islamic philanthropy programs channeled to the mosque and managed professionally by investment managers.
Thobib expressed openness to public feedback, noting that open community discussions offer a positive momentum to deepen financial literacy on how modern financial instruments can serve the public good securely and transparently. The initiative aims to broaden sharia economic literacy, enabling public participation in the sharia economic ecosystem with affordable nominal amounts starting from Rp 10,000, according to Katadata.co.id reporting.
Frequently Asked Questions
What is Masjid Istiqlal’s role in the Indonesia Stock Exchange?
According to Kemenag, the involvement of Nazhir Masjid Istiqlal in the capital market is strictly to facilitate the Sharia Stock Waqf movement through “Yuk Wakaf Saham,” rather than engaging in direct corporate listings.
Does the movement use mosque operational funds or cash?
No. Kemenag stated that the program does not use mosque cash funds, grants, or congregational operational funds, relying instead on investors and donors who voluntarily donate productive sharia shares.
Which regulatory bodies oversee the stock waqf program?
The initiative operates under DSN-MUI sharia fatwas, BWI frameworks, and OJK supervision, with asset reporting integrated into BWI’s registry.
How might increased sharia financial literacy reshape community participation in modern economic instruments moving forward?