Stock waqf is a waqf activity whose object is Islamic stocks listed on IDX or its profits. So, not only the Islamic stock themselves can be waqf-ed, but also dividend or capital gains from an Islamic stock can be waqf-ed. Islamic stock as waqf objects have been allowed in the laws and regulations as written in the Waqf Act and its derivative regulations. Islamic stocks are also allowed as waqf objects based on sharia principles as explained in the fatwa of Indonesian Council of Ulama (MUI) fatwa on Cash Waqf in 2002.
The implementation of the stock waqf will be assisted by a securities company whose role is to transfer Islamic stocks from the investors' portfolio to the portfolio of waqf institution (nazhir). Furthermore, the Islamic stock that have been waqf-ed will be managed by nazhir and the profits from the investment in Islamic stocks will be distributed to the beneficiaries (mauquf 'alaihi) through programs owned by nazhir.
Currently, there are 6 securities companies and 5 waqf institutions that provide facilities for stock waqf, namely (1) MNC Sekuritas in collaboration with the Indonesian Waqf Board (BWI) and Rumah Zakat; (2) BNI Sekuritas in collaboration with Global Waqf; (3) Henan Putihrai Sekuritas in collaboration with Global Waqf; (4) Phillip Sekuritas in collaboration with Dompet Dhuafa; (5) Panin Sekuritas in cooperation with Dompet Dhuafa; and (6) Samuel Sekuritas in collaboration with PPPA Daarul Quran.
Stock zakat is zakat that must be paid by an investor whose stock investment assets have reached the nisab and haul. The nisab and haul for Islamic stock are the same as the nisab and haul for zakat mal, which is 85 grams of gold for the nisab and one hijriyah year for the haul.
Stock zakat can be paid by investors in two forms, namely (1) using cash, such as paying zakat mal or (2) using Islamic stock. Investors can transfer some of their Islamic stocks to the amil zakat institution (LAZ) for payment of zakat which will later be distributed to mustahik.
Currently, the payment of stock zakat using Islamic stocks can be accepted by three amil zakat institutions, namely Baznas, Rumah Zakat and Lazis Muhammadiyah, which are assisted by three SOTS securities companies, namely Henan Putihrai Sekuritas, MNC Sekuritas and FAC Sekuritas.
Stock infaq is the facility for investors to donate their Islamic stocks through social institutions. Securities companies will help investors if they want to donate their Islamic stocks by transferring the Islamic stocks in the investor's portfolio to the portfolio of social institutions, based on the instruction from investors. Furthermore, the Islamic stocks that have been donated (infaq) by investors will be distributed by social institutions to the beneficiaries, either in the form of Islamic stocks or in cash.
The facility for infaq shares is currently provided by two securities, namely HP Sekuritas and MNC Sekuritas in collaboration with two social institutions, namely Baznas and Rumah Zakat.