OJK: Productive waqf from Istiqlal to capital market still a plan
IDX clarifies it has no direct partnership with Masjid Istiqlal; the exchange only connects the waqf trustee and investment managers.
The Financial Services Authority said plans to manage Masjid Istiqlal's productive waqf through Indonesia's capital market remain only a concept because the scheme has not been clearly defined. Hasan Fawzi, the OJK's executive head of capital market supervision, said waqf funds can in principle be placed through investment managers in various capital market instruments, as long as they comply with applicable rules. Separately, the Indonesia Stock Exchange clarified that there is no direct cooperation between BEI and Masjid Istiqlal. Chief Executive Jeffrey Hendrik and Sharia Capital Market Division Head Irwan Abdalloh said the exchange only facilitated meetings between the nazir under Masjid Istiqlal and investment managers, including during the launch at CMSE 2025. The management is said to run through Istiqlal Global Fund, but BEI said it does not yet have data on funds collected or managed.