Implementation of Syirkah Principles (Partnership) in the Establishment of a Waqf Asset Management Company

Abstract

The waqf institution is one of the economic potentials in Islam which in its history has made a major contribution to the progress of human civilization, including improving economic welfare in society. Managing waqf in a trustworthy and professional manner is important to increase waqf assets and benefits. In this case, the nazhir plays an important role in managing waqf both independently and in collaboration with business entities. Partnerships can be entered into by nazhir with various parties including the Company. In Islamic Law, we recognize the concept of Syirkah (partnership) for business collaboration, including in the formation of companies. This research examines how syirkah as a concept of economic cooperation originates from Islamic law in nazhir partnerships managing waqf assets including the potential for forming waqf-based companies. The analysis method is a normative juridical, namely through a legal approach, both national law and Islamic law, which is supported by empirical data in the field related to companies that manage waqf. Through this article, it is hoped that we can provide an appropriate model for implementing the syirkah/partnership concept in waqf management, including the concept of forming a waqf-based company that can be offered to increase the professionalism of waqf management. Syirkah as the basic concept of company formation in Islam, can be integrated into the formation of a company to manage waqf assets. syirkah amlaak which comes from joint ownership assets that are donated and managed productively, then the results are distributed according to the purpose of the waqf pledge. Besides that, the principles of syirkah inan and syirkah mudharabah can also be applied, which are components of cash waqf that are used as business capital and the profits for the purpose of waqf. An interesting new paradigm for collaboration between waqf and companies includes the Corporate Social Responsibility (CSR) Program. Through the CSR Program, Waqf Management will synergize with company activities in a professional and sustainable manner.