INDONESIA: Universitas Gadjah Mada (UGM) hosted the Indonesian Waqf Board (BWI) to discuss the investment potential of Waqf-linked Sukuk for university endowment fund management under the State Shariah Securities (SBSN) framework. Deni Ridwan, director of Shariah financing at Indonesia’s directorate general of financing and risk management, said the cash Waqf linked Sukuk (CWLS) is supported by the Ministry of Finance to strengthen the development of cash Waqf. Under the structure, BWI is responsible for collecting Waqf funds which are then invested in SBSN instruments. UGM’s finance director, Professor Syaiful Ali, said the university will further assess the Shariah based investment model as part of efforts to enhance financial independence.
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