Ministry of Religious Affairs Affirms Istiqlal Mosque Stock Waqf Is Not an IPO and Does Not Use Mosque Cash
The Ministry of Religious Affairs has affirmed that the Istiqlal Mosque Stock Waqf program is not an initial public offering (IPO) and does not use mosque cash funds. The scheme is part of the Let's Waqf Stocks Movement, which invites investors to waqf a portion of their sharia stocks to the Nazhir of Istiqlal Mosque.
Head of the Bureau of Public Relations and Public Communication at the Ministry of Religious Affairs, Thobib Al Asyhar, explained that Istiqlal Mosque, as a state mosque and non-profit institution, does not have the capacity for an IPO. The object of the waqf is productive sharia stocks owned by investors, not mosque assets, so mosque operational funds are not used for stock transactions.
The dividends from the waqfed stocks are channeled to community social programs. Stock waqf has a sharia basis from DSN-MUI and a BWI framework since 2019, with instruments required to be listed in the Sharia Securities List (DES) to be free from riba, maysir, and gharar.
The program emphasizes transparency, security, sharia compliance, and sustainable benefits for the community, not an effort to bring the mosque into the capital market.
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