IDX: New Stock Waqf Assets Reaches IDR 280 Million

ILLUSTRATION PHOTO VIA BETWEEN

JAKARTA - Head of the Indonesian Stock Exchange Sharia Capital Market Division (IDX) Irwan Abdalloh said the total assets of new shares reached IDR 280 million since they were launched in 2019.

According to Irwan, the target of stock waqf in Indonesia from the start was to target the younger generation, in contrast to other countries targeting corporations. "So even though we launched it in 2019, we didn't expect it to grow quickly. The data as of September yesterday was a waqf asset of IDR 280 million from 2019 until now," said Irwan at the 2023 Wakaferse event at the IDX building, Jakarta, reported by ANTARA, Friday, November 3.

Citing the idx.co.id page, the share waqf is a waqf activity whose object is sharia shares recorded on the IDX or profit from Islamic shares recorded on the IDX. So, not only the shares themselves can be donated, but also the dividend or capital gain profits from a stock can be donated.Sharia shares as waqf objects are allowed in the Legislation of Legislation as written in the Waqf Law and its derivative regulations.

Sharia stocks are also allowed as an object of waqf according to sharia principles as explained in the MUI fatwa on Cash Waqf in 2002.

The implementation of the share waqf will be assisted by a securities company that plays a role in transferring shares from the investor portfolio to the portfolio of waqf institutions (nazhir).

Furthermore, the shares that have been donated will be managed by Nazhir and the share investment profits will be distributed to beneficiaries (mauquf alaihi) through programs owned by Nazhir.

Currently, there are six securities companies and five waqf institutions that provide stock-waived facilities, namely MNC Sekuritas in collaboration with the Indonesian Waqf Agency (BWI) and Rumah Zakat, BNI Sekuritas in collaboration with Global Waqf, and Henan Putihrai Sekuritas in collaboration with Global Waqf.

Furthermore,Phillip Sekuritas in collaboration with Dompet Dhuafa, Panin Sekuritas in collaboration with Dompet Dhuafa, and Samuel Sekuritas in collaboration with PPPA Daarul Quran.