The Implementation of Stock Waqf In Indonesia: Challenges, Opportunities, and Legal Implications
Keywords:
Stock Waqf, Islamic Social Finance, Islamic Capital Market, Islamic Law, IndonesiaAbstract
Stock waqf has emerged as a contemporary innovation in Islamic social finance, offering an alternative mechanism for integrating philanthropic activities with capital market participation. In Indonesia, the development of stock waqf reflects a broader transformation of waqf from traditional immovable assets toward productive and market-based instruments. This study investigates the implementation of stock waqf in Indonesia, focusing on its operational mechanisms, opportunities, challenges, and implications for contemporary Islamic legal discourse. Employing a qualitative method with a descriptive-analytical approach, this research examines regulatory frameworks, institutional practices, and Islamic legal perspectives related to stock waqf. Data were collected from academic literature, institutional reports, legal documents, and policy publications. The findings indicate that stock waqf holds significant potential to strengthen Islamic social finance, enhance sustainable economic empowerment, and expand wealth redistribution mechanisms. However, its implementation remains constrained by limited public literacy, weak institutional governance, regulatory fragmentation, and market volatility. From the perspective of Islamic law, stock waqf represents a significant expansion of waqf jurisprudence, particularly concerning movable assets, ownership transfer, and asset perpetuity. This study argues that strengthening institutional integration, improving governance structures, and establishing comprehensive legal frameworks are crucial for optimizing stock waqf implementation in Indonesia.
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