The Role of Indonesian Notary in the Transfer of Stock Through the Waqf Mechanism After the Covid-19 Pandemic


Since the Covid-19 cases appeared in several countries including Indonesia, it had a direct impact on every sector in Indonesia, especially in the capital market sector. However, because Indonesia is currently entering a new phase in economic recovery after the acceleration of vaccination, accompanied by positive policies from the government, this provides new hope for investors who wish to waqf stocks. This study discusses the role of the Notary as the Official Making the Waqf Pledge Deed in the Transfer of Stock Waqf after the Covid-19 Pandemic. The new role of the Notary as stated in the explanation of Article 15 of Law Number 2 of 2014 concerning amendments to Law Number 30 of 2004 concerning the Position of a Notary (UUJN), especially in the explanation of Article 15 paragraph (3) that Notary have other authorities regulated in laws and regulations, one of which is to make a Deed of Waqf Pledge. This is related to the provisions of Article 37 paragraph (4) of Government Regulation Number 42 of 2006 concerning the Implementation of the Waqf Law (PP Wakaf), which states that a Notary has the opportunity to make a Waqf Pledge Deed. As the most important element in the transfer of stock waqf, the Waqf Pledge Deed requires an official who has competence in making a deed containing the Wakif’s desire to surrender his assets to be used by Nazhir. This study aims to clarify the authority of a notary who is still foreign in making a waqf pledge deed, especially the object of stock waqf. This type of research is normative-juridical research. The results of this study obtained answers to existing problems related to the authority of a Notary as a PPAIW, namely that until now the regulations regarding the requirements of a Notary as a PPAIW that have been mandated in the provisions of Article 3 paragraph (5) of PP Wakaf have not yet been stipulated by the Minister of Religion.

Keywords: notary, waqf, stock, Indonesia, Covid-19

[1] Mujieb MA. Kamus Fikih. Jakarta: Pustaka Firdaus; 2001.

[2] Hanna S. “Wakaf Saham dalam Perspektif Islam.” Mirzan J. Ilmu Syariah. 2015 Jun;3(1):99–124.

[3] Masruchin. “Wakaf Produktif dan Kemandirian Pesantren: Studi tentang Pengelolaan Wakaf Produktif di Pondok Modern Darussalam Gontor Ponorogo,” Universitas Islam Negeri Sunan Ampel Surabaya, 2014.

[4] Gauri V. Customary Law and Economic Outcomes in Indonesia. Hague J Rule Law. 2010;2(1):75–94.

[5] Rachmatullah LR. Prinsip Hukum terhadap Kewenangan Notaris dalam Pembuatan Akta Ikrar Wakaf, no. September 2019. Jember: Digital Repository Universitas Jember, 2021.

[6] Joseph S. Waqf in Historical Perspective: Online fatāwā and Contemporary Discourses by Muslim Scholars. J Muslim Minor Aff. 2014;34(4):425–37.

[7] Abdullah P, Studies I, Conference P. “EXPANDING A FORMAL ROLE FOR ISLAMIC LAW IN THE INDONESIAN LEGAL SYSTEM : THE CASE OF MU ’ AMALAT Alfitn Contemporary conflicts over efforts to expand the role of Islamic law in the national legal system of Indonesia are so intense that they undermine reas,” vol. 202, 2006.

[8] D. F. amir Sup, “Wakaf Kontemporer di Indonesia dalam Perspektif Hukum dan Fatwa,” J. Huk. Ekon. Syariah 2021;4(2): 237–256. [Online]. Available:{%}0Ahttp: //

[9] Hana KF. Efektifitas Literasi Melalui Game Nabung Saham Go Terhadap Keputusan Membeli Saham Syariah. Equilib. J. Ekon. Syariah. 2019;7(2):367.

[10] Aditya W. Saham Syariah Sebagai Objek Wakaf (Studi di MNC Sekuritas Medan). Universitas Muhammadiyah Sumatera Utara Medan; 2019.

[11] Badan Wakaf Indonesia. “Wakaf Saham itu Apa?” 2021. (accessed Jul. 16, 2022).

[12] Republika, “BEI targetkan semua AB SOTS Luncurkan Wakaf Saham Tahun Ini,” 2019. wakaf-saham-tahun-ini (accessed Jul. 16, 2022).

[13] Koran Jakarta. “BEI Siapkan Tiga AB Sediakan Wakaf Saham,” 2019. https://koranjakarta. com/bei-siapkan-tiga-ab-sediakan-wakaf-saham?page=all (accessed Jul. 16, 2022).

[14] idx islamic, “Anggota Bursa Penyedia Sistem Online Trading Syariah.” (accessed Jul. 16, 2022).

[15] Zhang Z. Law and Economic Growth in China: A Case-Study of the Stock Market. Asian J Law Soc. 2018;5(2):333–57.

[16] Kargbo P. Surviving the Covid-19 Pandemic Lockdown: a Case Study. Leg Inf Manag. 2020;20(4):227–30.

[17] Siems M. Mapping a causal scheme of indicators in the COVID-19 crisis. Int J Law Context. 2021;17(2):235–48.

[18] Permal S. Cascading effect of COVID-19: de-globalisation and its impact on global governance. Aust J Marit Ocean Aff. 2021;0(0):1–9.

[19] Claessens S. Klingebiel, “The Future of Stock Exchanges: determinants and Prospects.”. Eur Bus Organ Law Rev. 2002;:3.

[20] Morrison S. The social and legislative history of the Islamic trust (waqf) in Mauritius. Commonw Law Bull. 2016;42(1):59–83.

[21] Recent F. “The Latin-type Notary and the process of European Unification *.” 1994; 1(3):18–23.

[22] Dewi TG, Martana NA. Tanggung Jawab Notaris Dalam Penyimpanan Akta In Originali Sebagai Minuta Akta. Acta Com. 2020;5(2):221.

[23] Shaw G. Notary in England and Wales: modernising a profession frozen in time. Int. J. Leg. Prof. 2000;7(2):141–55.

[24] Badan Wakaf Indonesia. “Proses Wakaf Saham,” 2020. (accessed Jul. 17, 2022).

[25] Ahmed H. Islamic Law, Investors’ Rights and Corporate Finance. J. Corp. Law Stud. 2012;12(2):367–92