Mixing Markets, Faith, and Instagram

A celebrity preacher in Indonesia shows that meme stocks are a global phenomenon

- Fathiya Dahrul and Soraya Permatasari

If you’re looking to invest in Indonesia, you can read about the local economy, analyze companies from the bottom up, or maybe call a broker for ideas. Or you could just check out the latest social media post from one of the country’s most popular clerics.

Jam’an Nurchotib Mansur isn’t your run-of-the-mill ustadz, or Muslim teacher. As a young man, he spent some time in jail. Today, at 45, he runs an asset management business on the side and led a deal to invest in a local bank. When he’s not preaching, he posts stock picks to his social media accounts, where 13 million followers tune in for inspiration.

“I don’t understand stock trading, but I usually look at his postings for ideas,” says Fithriyah, a 35-year-old who follows Mansur’s Instagram account and started investing only this year. “He is an ustadz, who always preaches for self-discipline and not to become greedy, so I trust him.” (Like many Indonesians, Fithriyah doesn’t have a last name.)

In November, the preacher, who’s also known as Yusuf Mansur, said on Instagram that he thought a money-losing state-owned airline, PT Garuda Indonesia, would recover once the pandemic ebbs. The company’s stock surged as much as 45% over the next week. A month later, Mansur was talking up air transport servicer PT Garuda Maintenance Facility Aero Asia. Those shares jumped 55% over the next two days.