Abstract
<p>Cash Waqf funds has an important role to empower the <br />economy of Ummah. Unfortunately, the collected cash<br />waqf fund is still very small compared to its potential<br />number. Against this background, this research<br />aims to design systems that may enchance the role of<br />Islamic banks in cash waqf fund raising. This paper<br />employed Interpretative Structural Modeling (ISM) by<br />conducting literature studies and In-depth interviews<br />with some regulators, practitioners and academicians.<br />The result shows that experts and practitioners agreed<br />that the strong legal support on cash waqf is necessary<br />to enhance the role of Islamic Banks to raise cash waqf<br />funds. It creates a sense of secure to the stakeholders.<br />Furthermore, it requires a strong coordination between<br />Indonesian Waqf Board (BWI), Ministry of Religious<br />Affairs, Bank Indonesia (BI), Financial Services<br />Authority (OJK), Nazhir and Islamic Financial<br />Institutions that may receive cash waqf (LKS-PWU)<br />in order to boost the role of Islamic Banks. The main<br />obstacle that must be tacled soon is the lack of education<br />about cash waqf. </p>
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