Istiqlal Mosque stock involvement is not an IPO, says Ministry

The Indonesian Ministry of Religious Affairs has clarified that the involvement of Istiqlal Mosque in the stock market is not an Initial Public Offering (IPO). The Ministry stated that as a state mosque and a non-profit institution, Istiqlal does not have the capacity or the objective to conduct an IPO.

Instead, the initiative is part of the ‘Yuk Wakaf Saham’ movement, where the mosque's manager (Nazhir) facilitates Sharia stock waqf. Under this mechanism, investors or donors holding productive Sharia stocks on the Indonesia Stock Exchange (BEI) are invited to donate portions of their stock lots to the mosque. The dividends and benefits generated from these donated stocks are then used entirely to fund community social programs.

The Ministry emphasized that the program does not use the mosque's cash reserves, grants, or congregational operational funds for stock market transactions. This form of productive waqf is supported by Sharia law and national regulations, including a fatwa from the Indonesian Ulema Council (DSN-MUI) and a framework established by the Indonesian Waqf Board (BWI) since 2019.