{
  "id": 10362898,
  "title": "From oil wealth to waqf: Building intergenerational social capital",
  "url": "https://urgent.news/2026/09/28/from-oil-wealth-to-waqf-building-intergenerational-social-capital",
  "topic": "world",
  "section": "World",
  "published": "2026-09-28T04:11:11.000Z",
  "source": {
    "name": "The Jakarta Post",
    "slug": "the-jakarta-post",
    "url": "https://www.thejakartapost.com/opinion/2026/09/28/from-oil-wealth-to-waqf-building-intergenerational-social-capital.html"
  },
  "original_language": "en",
  "account": "For decades, generations of Norwegians have collectively managed their national wealth in a similar manner through the Government Pension Fund Global, a sovereign wealth fund now recognized as one of the world's largest. Norway's approach involves patient capital accumulation, careful separation of policy setting from asset management, stringent operational cost controls, and unwavering public accountability.\n\nIndonesia possesses a similar cultural and religious tradition in the form of waqf, an Islamic endowment deeply ingrained in domestic culture. Unlike Norway's sovereign wealth fund, waqf operates as a distinct legal and socioeconomic instrument. While Indonesia generates substantial annual religious giving, primarily comprising zakat, infaq, sadaqah, and waqf, only a small fraction of this capital can serve as permanent, intergenerational wealth.\n\nTo draw inspiration from Norway's model, Indonesia should focus on expanding long-term social endowments while simultaneously addressing pressing immediate needs. The waqf system has historically supported Indonesian mosques, boarding schools, universities, and healthcare facilities. Recently, modern financial instruments such as Cash Waqf Linked Sukuk and Cash Waqf Linked Deposits have been introduced, providing new avenues for scaling this traditional practice.\n\nTo achieve this, Indonesia must adopt the underlying institutional principles that have driven Norway's success. This includes careful capital allocation, separating policy formulation from asset management, managing operational costs efficiently, and maintaining utmost public accountability. By doing so, Indonesia can transform its waqf system into a powerful engine of intergenerational prosperity, paving the way for lasting social capital that benefits future generations.",
  "summary": "By borrowing the institutional discipline of Norway’s sovereign wealth fund, Aceh and Indonesia can transform ancient traditions of waqf into an engine of permanent, intergenerational prosperity.",
  "key_points": [],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 1,
    "also_reported_by": []
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}