INDONESIA: Indonesia’s Directorate-General of Budget Financing and Risk Management (DJPPR) of the Ministry of Finance has signed a cooperation agreement with the Indonesian Waqf Agency (BWI) to place funds amounting to US$100,000, which the latter received from the IsDB Group as the prize for the Impactful Achievement in Islamic Economics competition, into the cash Waqf-linked Sukuk (CWLS) instrument, according to a press release.
The cooperation agreement aims to utilize the IsDB competition prize funds for the development of CWLS instruments through collaboration between DJPPR and BWI.
The CWLS, a non-profit instrument issued by the government to finance social projects, was awarded the IsDB Prize for Impactful Achievement in Islamic Economics in April 2023.