The Indonesia Stock Exchange (IDX) said that Islamic philanthropy funds collected through Istiqlal Mosque will be professionally managed by investment managers in the capital markets. This move is a collaboration between the capital market authority, investment managers, and the management of Istiqlal Mosque to optimise the potential of Sharia-based philanthropy.
IDX President Director Jeffrey Hendrik explained that at the previous Capital Market Summit and Expo, the IDX invited investment managers together with Istiqlal Mosque to design the management scheme. He said that religious funds would be placed in various relevant Sharia-compliant capital market instruments, not limited to one form of product only.
Instruments that may be used include stocks, mutual funds, and other products that will be managed by investment managers, according to Jeffrey. Although he had not yet received a report with precise figures on the amount of funds collected, Jeffrey confirmed that the religious fund management programme had already begun operations.
Jeffrey hoped that more investment managers and investors would actively participate in promoting religious-based capital market instruments, such as share waqf and mutual fund waqf. He said that wider participation would have a greater social impact on beneficiaries.
