Reinterpretation of Fiqh and Regulations on Stock Waqf in Indonesia: An Integrative Normative Study

Abstract

Purpose: This research investigates the jurisprudential benchmarks of mal mutaqawwam alongside dawam al-manfa'ah, analyzing how they align or conflict with Indonesian statutory law to clarify the legal status of equity endowments as viable tools for productive waqf Design/Methodology/Approach: This study employs a normative-doctrinal research design using content analysis and comparative fiqh methods. The analytical framework evaluates the compatibility and tensions among primary classical/contemporary fiqh texts, DSN-MUI fatwas, Law No. 41 of 2004, and Financial Services Authority (OJK) regulations. The analysis maps the conceptual shift from physical asset permanence (dawām al-‘ayn) to perpetual benefit (dawām al-manfa’ah) to synthesize an integrated legal framework for stock waqf. Findings: Sharia-compliant stocks qualify as māl mutaqawwam because their legitimacy rests on economic value (qīmah) and the continuity of benefits (dawām al-manfa’ah) via dividends and capital gains, rather than physical permanence. Furthermore, stock waqf achieves operational legitimacy through a dual-framework integration, where contemporary ijtihād (fatwas) provides religious authority and state regulations ensure legal certainty and enforceable governance. Research Implications: This study advances Islamic legal scholarship by demonstrating how classical fiqh doctrines can be systematically recontextualized within capital market structures, thereby shifting the academic discourse of waqf from rigid asset-tangibility requirements toward benefit-oriented financial governance.