Indonesian Cash Waqf Movement Launched; Potential for Cash Waqf to Exceed IDR 188 Trillion: President

Indonesian President Joko Widodo (Jokowi) launched the National Cash Waqf Movement (GNWU) and the 2021 Shariah Economic Brand at the State Palace on the 25th of January 2021, according to local media reports.

Jokowi stated that Indonesia has vast potential for Waqf, of both immovable and movable assets, while noting that the potential of Waqf assets reached IDR 2,000 trillion per year, and that the potential for cash Waqf in Indonesia could exceed IDR 188 trillion.

Jokowi emphasized the importance of developing Shariah financial institutions that are managed using the Waqf system, as well as expanding the scope of utilisation of Waqf assets to further develop its use for socio-economic purposes to help reduce poverty and social inequality. In addition, Jokowi called...