Indonesia’s Waqf Industry has Potential to Expand: OJK

Chief Executive Officer of Banking Supervision of Indonesia’s Financial Services Authority (OJK), Heru Kristiyana, stated that there are currently 22 Islamic financial institutions serving as Recipients of Cash Waqf (LKS-PWU), with 4 banks as distribution partners. These 22 Islamic banks comprise 8 Shariah commercial banks, 13 Shariah business units and 1 Shariah rural bank (BPR).

According to Kristiyana, there are still several financial institutions that can participate within the industry serving as LKS-PWU, given that 8 out of 14 Islamic banks, 13 out of 20 Shariah business units, and just 1 out of 162 BPRs in Indonesia, currently serve in this capacity.

Kristiyana added t...