IDX Receives Award From Productive Waqf Forum

Photo: Doc. Antara

JAKARTA - PT Bursa Efek Indonesia (IDX) won the "Waqf Development Innovation" category from the Productive Waqf Forum (FWP) at the FWP National Conference (Munas), the third at the Tauhid Islamic Boarding School, Bandung, West Java.

The award was given for IDX's innovation in developing stock waqf in Indonesia, which was received by the Head of the IDX Sharia Capital Market Division, Irwan Abdalloh.

"Previously, for four consecutive years from 2019 to 2022, the IDX received an award as 'The Best Islamic Capital Market' from the Global Islamic Finance Award," said IDX Corporate Secretary Kautsar Primadi Nurahmad in Jakarta, quoted from Antara, Tuesday, September 10.

Kautsar explained that there are 639 Islamic shares on the IDX, which is 68 percent of the total shares recorded as of September 9, 2024.

For sharia securities other than shares as of July 2024, he continued, there were already 251 mutual sharia funds and 2 sharia ETFs, while for sukuk there were 240 corporate sukuk and as of August 29, 2024 there were 93 state sukuk.

In terms of transactions, as of September 9, 2024, year to date (ytd), the daily average volume of transactions from shares included in the Indonesian Sharia Stock Index (ISSI) is 76 percent of the total volume of transactions on the IDX.

Then, the daily average transaction value of sharia shares is 58 percent of the total transaction value on the IDX, and the daily average transaction frequency of Islamic shares is 71 percent.

"Meanwhile, the market capitalization of shares included in ISSI reaches 54 percent of the total market capitalization of all shares on the IDX," said Kautsar.

Launching data from Sharia Online Trading System (AB-SOTS) Exchange Members, the number of Islamic stock investors increased by 240 percent from 2018 which was 44,536 investors, to 151,560 investors in July 2024.

To date, the IDX has won three sharia-based awards at the national level, including the 2019 IAEI Award in the "Syariah Capital Market Development" category in 2019, the Syariah Award of the Republic of Indonesia in the "Sharia Investment Driving Institution" category in 2023, as well as a reward from the Productive Waqf Forum in the "Waqf Developer Innovation" category in 2024.

As an institution that officially manages waqf, Nazhirs are always involved in providing sharia capital market competencies, especially regarding stock waqf.

Kautsar said the IDX also helped facilitate relations between Nazhir, such as the Indonesian Waqf Agency (BWI), Dompet Dhuafa, Rumah, Waqf, Waqf Warrior, and Synergy Foundation, and AB-SOTS so that socialization related to the Islamic capital market continues to be carried out continuously with relevant stakeholders.