Analysing The Effectiveness of Stock Waqf Management in Indonesia and Malaysia: Regulation Practices and Nadzir Readiness

Suyoto Arief (), Nurul Adilah Binti Hasbullah (), Vina Fithriana Wibisono (), Arizqia Nurfattah () and Nurmayunita
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Suyoto Arief: Universitas Darussalam Gontor, Islamic Economics Law Department, Postgraduate Program
Nurul Adilah Binti Hasbullah: Universiti Sains Islam Malaysia, Faculty of Economics and Muamalat
Vina Fithriana Wibisono: Universitas Darussalam Gontor, Islamic Economics Law Department, Faculty of Sharia
Arizqia Nurfattah: Waqf Nazhir Training and Empowerment Division, International Center for Awqaf Studies Universitas Darussalam Gontor
Nurmayunita: Universitas Darussalam Gontor, Islamic Economics Law Department, Postgraduate Program

A chapter in Proceedings of the Conference on SDGs Transformation Through the Creative Economy: Encouraging Innovation and Sustainability (TCEEIS 2023), 2023, pp 85-91 from Springer

Abstract: Abstract Stock Waqf, an innovative concept in the realm of endowments, offers significant advantages and is considered permissible. In Indonesia, Stock Waqf is a collaborative effort involving the appointed nadzir (waqf asset manager), the Indonesian Waqf Board (BWI), and the Indonesia Stock Exchange (IDX). Officially established in 2019, this initiative has attracted a growing number of investors in Islamic securities, with an expected 93,870 participants in the Islamic capital market in 2021. In 2019, Malaysia also recorded 67,000 investors in stock waqf, as the Johor State Islamic Religious Council (MAINJ) reported. This qualitative study investigates how Indonesia and Malaysia manage stock waqf, emphasizing the application of waqf regulations and the readiness of nadzirs. The research employs content analysis and secondary data from authoritative sources, including waqf regulations in both countries. The study's findings encompass various aspects, such as waqf regulations, regulatory bodies, methods for collecting stock waqf, and the preparedness of nadzirs to administer stock waqf in accordance with Islamic principles. The research highlights the importance of reevaluating existing waqf regulations in both nations and advocates for increased governmental support in the collection, management, oversight, and equitable distribution of share-based waqf assets to maximize their societal benefits.

Keywords: Stock Waqf; Waqf Management; Regulations; Nadzir Readiness; Indonesia and Malaysia (search for similar items in EconPapers)
Date: 2023
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DOI: 10.2991/978-94-6463-346-7_17

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