Jeddah, Kingdom of Saudi Arabia: - The Islamic Development Bank Institute (IsDBI) hosted a lecture in which the representative of the Ministry of Finance of Indonesia, Dr. Muhammad Iqbal Balatif, highlighted the novel financing mechanism that won the 2023 IsDB Prize for Impactful Achievement in Islamic Economics.

Dr. Balatif, Manager for Sukuk Transaction and Development, delivered the lecture on the Cash Waqf Linked Sukuk (CWLS) on 15 November 2023, at the IsDB Headquarters in Jeddah, Saudi Arabia, as part of the IsDB Prize Laureates Lecture Series.

An initiative of the Indonesian Finance Ministry, CWLS won the prestigious IsDB Prize for its immense impact in mobilizing development finance. It is the first large-scale program to finance social projects via non-profit instruments supervised by the government.

Dr. Balatif gave an overview of the CWLS journey that started in 2008, and highlighted the social and economic impact that the concept has helped to create thus far in the country. CWLS contributed greatly to making sukuk a key contributor to budget financing and a driver of Islamic financial sector development.

He also highlighted how CWLS enhances the diversity of the Islamic capital markets and supports the integration between commercial and social Islamic finance. He noted that the Ministry of Finance ensures that the proceeds from the issuances are all used to finance green projects.

One of the main challenges of CWLS is public literacy on the instrument, as potential investors still try to understand the combined concept of investment and waqf. Therefore, continuous learning and collaboration among stakeholders would help greatly in expanding the use of CWLS and sustaining its success.

Dr. Balatif’s presentation is available here, while a video recording of the session is accessible here.

Earlier, Dr. Sami Al-Suwailem, the Acting Director General of IsDBI, congratulated the Ministry of Finance of Indonesia for the innovative CWLS, which he said has the potential to be emulated and scaled up in other IsDB Member Countries and beyond. Dr. Al-Suwailem emphasized that the Ministry of Finance deserved the IsDB Prize award it received, given the value and impact of the CWLS.

The IsDB Prize for Impactful Achievement in Islamic Economics rewards outstanding achievements in development solutions and knowledge contribution. Nominations are now open for the 2024 prize cycle for the Knowledge Contribution category which offers US$ 50,000 (first prize), US$ 30,000 (second prize), and US$ 20,000 (third prize). More information is available on IsDB Prize website.


About the Islamic Development Bank Institute

The Islamic Development Bank Institute is the knowledge beacon of the Islamic Development Bank Group. Guided by the principles of Islamic economics and finance, the IsDB Institute leads the development of innovative knowledge-based solutions to support the sustainable economic advancement of IsDB Member Countries and various Muslim communities worldwide. The IsDB Institute enables economic development through pioneering research and original economic analysis, human capital development, and knowledge creation, dissemination, and management. The Institute leads initiatives to enable Islamic finance ecosystems, ultimately helping Member Countries achieve their development objectives. More information about the IsDB Institute is available on

Media contact:
Habeeb Idris Pindiga
Associate Manager, Knowledge Horizons