CNBC Insight This Billionaire Converted to Islam Because He Was Afraid His Money Wouldn’t Bless Him Entrepreneur – 5 hours ago

Jakarta, CNBC Indonesia – This is the story of Masagung or Tjio Wie Tay. He is the founder and owner of the Gunung Agung Bookstore which went bankrupt in May 2023.

One of his interesting stories is when he experienced extraordinary inner turmoil when he was very rich. This story makes us have to rewind time to the 1970s.


At that time, Masagung was already 50 years old and experiencing a kind of crisis of consciousness. A super comfortable life, lots of money and a respected position, apparently made Masagung afraid.

In the 1970s, write a book What and Who? (2004), was indeed the peak of Toko Gunung Agung’s glory. The company has become a center for buying and selling books in Indonesia.

Even, Gunung Agung is no longer limited to publishing and selling books, but has also started playing in the tourism, hospitality and money exchange sectors. Thanks to all that, Masagung became a billionaire.

He was reluctant to reveal the amount of his wealth. However, the amount of tax he had to pay as a group reached IDR 200 million. For customs duties amounting to IDR 2 billion. “Does not include income tax from more than 2,000 employees,” wrote the book’s author What and Who? (2004) when asking about Masagung’s wealth.

As told by Denys Lombard in Nusa Java Cross Culture (2009), with these conditions, Masagung is actually very uncomfortable. He is afraid that the glory and wealth he will gain will actually become boomerang for himself.

The point is, he doesn’t want all of that to make him fall into the world of immorality. Luckily, in the midst of his anxiety, he accidentally met Mrs. Tien Fuad Muntaco.

Denys Lombard called Tien Fuad Muntaco an expert in hypnotism and telepathy. He is a kind of ‘smart person’ because he claims to be able to see Sunan Kalijaga at the age of 19.

“After that meeting, he fell under Mrs. Tien’s spiritual influence and decided to convert from Hinduism to Islam,” wrote Denys.

The strong influence of Tien Fuad Muntaco was apparently able to change Masagung’s life drastically. Leo Suryadinata in Southeast Asian Personalities of Chinese Descent (2012) said he became more Islamic and became a figure in spreading Islamic teachings.

It is recorded that he founded the Jalan Terang Foundation. This aims to finance the construction of the Wali Songo mosque, hospital and museum.

Not only that, he also actively plays a role in preaching mosques in the capital. And don’t forget, he actively promotes Islam by publishing Islamic books.

“After experiencing a restless youth, Masagung’s actions to embrace Javanese traditions and his passion for mysticism are steps forward,” praised Denys Lombard to Masagung.

Efforts to spread Islamic teachings continue to be made. He breathed his last on September 24, 1990.

[Gambas:Video CNBC]

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