Istiqlal Mosque Cash Waqf Invested in Stock Exchange, Ummah Trust in Spotlight
The plan to use cash waqf funds from Istiqlal Mosque for investment through the Stock Exchange has drawn attention from Indonesia Halal Watch (IHW).
IHW founder Ikhsan Abdullah believes the plan needs to be strictly reviewed because it concerns the trust of the ummah, protection of the principal waqf assets, and compliance with sharia principles. "Waqf development is indeed important, but the investment strategy must not sacrifice the principle of prudence and the main purpose of waqf," Ikhsan stressed to inilah.com in Jakarta, Wednesday (12/8/2026).
Ikhsan highlighted the characteristics of stock transactions on the exchange which have a level of uncertainty and speculation, as well as potential gharar and maysir. He also reminded that sharia-compliant stocks do not automatically solve the problem, because a study of the business character, transaction mechanisms, and inherent risks is still needed.
As an alternative, Ikhsan encouraged cash waqf funds to be directed to productive economic activities that have a direct link to the real sector and social benefits, such as developing productive assets, mudharabah or musyarakah schemes with MSMEs, sharia state sukuk, and productive waqf based on agriculture and education.
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