Management of Cash Waqf by the Representative of the Indonesian Waqf Board of South Kalimantan

Poverty alleviation can be done through the social function of Baitul Maal wat Tamwil (BMT) such as the management and development of cash waqf. In this case, the government has issued several regulations to support the management and development of cash waqf. This study aims to analyze the social function of BMT Artha Amanah Bantul based on the management and development aspects of cash waqf in accordance with the Indonesian laws and regulations. This research is descriptive qualitative research with interview data collection methods conducted on the administrator of BMT and wakif. The results showed that the management and development of cash waqf in BMT Artha Amanah Bantul has included planning, organizing, leadership, and controlling, while the development of cash waqf covered management patterns, the welfare of nazir, and transparency and accountability. But some efforts to manage and develop the cash waqf undertaken by BMT Artha Amanah Bantul were still not in accordance with the applied laws and regulations. These incompatibilities have implications for the management and development of cash waqf. However, it can be concluded that the management and development of cash waqf in BMT Artha Amanah Bantul based upon the laws and regulations in Indonesia has reflected the social function of BMT.

As a public institution that has a mandate to manage the waqf cash fund, the waqf agency is required to be capable of managing the cash waqf fund and implementing the principles of Good Corporate Governance (GCG) as a form of responsibility to public The impact of the implementation of GCG itself, in addition to improve the level of public trust, will increase the amount of fund accepted by the waqf agency. This research aims to describe the management of cash waqf and to analyze the implementation of Good Corporate Governance (GCG) principles respectively done and in BWU/T MUI DIY in the management of cash waqf.
 This is a qualitative-descriptive research using a case study approach aimed to describe the reality of the cash waqf management and the implementation of GCG principles in BWU/T MUI DIY. The results were then analyzed or measured using the theories relevant with the issues concerned. In addition, this research used SWOT analysis to observe the strengths, weaknesses, opportunities and challenges in managing the cash waqf faced by the BWU/T MUI DIY.
 Based on the results of the research, it can be found that in the management of the cash waqf done by BWUT MUI DIY overall has been implemented in accordance with the existing laws, either from legislation, regulation of religion minister, and regulation issued by BWI. Meanwhile for the implementation of GCG principles in the management of cash waqf done by BWUT MUI DIY recently has not been done maximally. Of five basic principles of GCG including transparency, accountability, responsibility, independence and fairness, in fact there are only two principles conducted entirely that is the principle of independence and fairness. On the other hand, the principles of transparency, accountability, and responsibility have not been applied entirely.

ABSTRACTToday many non-endowments institutions that receive and manage endowments of money include the Tenda Visi Indonesia Foundation (TEVIS). The TEVIS Foundation manages and distributes it according to its programs. So, this article was conducted by the author to find out the management of waqf money according to waqf fiqh and Indonesian Law Number 41 of 2004 concerning endowments, as well as the suitability of the management of endowments in money at the Tenda Visi Indonesia foundation with the concept of waqf money and Law No. 41 of 2004 concerning endowments. The method in this study is a qualitative method with a normative juridical approach, the type of research is field research using field data collection methods with observation, interviews, and also literature studies. The results of the study concluded that: first, the management of cash waqf according to fiqh only be distributed to what is permitted sharply according to law No. 41 of the management of cash waqf is carried out on banking products. Second, cash waqf management conducted by the TEVIS foundation is carried out in the real sector. Third, the management of cash waqf carried out by the TEVIS foundation was under fiqh waqf and according to Law No. 41 of 2004 concerning waqf, there is a discrepancy because of the TEVIS foundation doesn’t register its money to the minister and its management doesn’t go through banking product. Keywords: Fiqh of Waqf, Law No. 41 of 2004, Endowments of Money.

This paper aims to explore the management and reporting of cash waqf in Indonesia Waqf Institutions. The methodology used in this study is qualitative descriptive research with case study approach to explain specifically about the management and reporting of cash Waqf. The results of this study indicate that the management of cash waqf in Dompet Dhuafa has fulfilled the waqf principle that adopted from the principle of BCPs corresponds to laws and regulations. On the contrary, at the Representative of Indonesian Waqf Board (BWI) in Banyumas Regency as the representative of waqf regulator, its management of waqf is not yet optimal. Dompet Dhuafa reports their waqf management in financial statement, while at Representative of Indonesian Waqf Board in Banyumas Regency did not report management of cash waqf.

Waqf continues to develop as a pillar of people's economic power, from the conventional land waqf concept of social and educational facilities to the modern enough stage, now known as cash waqf money, cash waqf linked sukuk (CWLS) and fintech linked to the waqf fundraising process. The aim of this study is to provide an understanding of the legal status of waqf producers, through the use of fintech applications in the context of Law No. 41 of 2004 on Waqf and Law No. 11 of 2008 on Electronic Information and Transactions, and through a processing methodology to find an economic empowerment model for people with productive waqf assets. The study uses a methodology which refers to qualitative legal research. Research findings concluded that Fintech apps are not properly regulated by Waqf of the ITE Law, but are still permitted to be used in the management of cash waqf as long as they are not in breach of the law in force. In the management of waqf, Nazhir shall be liable and may be prosecuted in the event of a loss of waqf properties due to its negligence. Sharía Cooperatives registered as cash waqf nazhir and in cooperation with Bandung City Fintech companies are owned by BMT ITQAN only where they are financed by itqanmobile and involve the Fintceh platform kitawakaf.com with the help of the House Financing Assembly empowerment program for BMT member SMEs with waqf funds and the waqf management models

Management and utilization of cash waqf in Aceh based on data from Baitul There is great potential for development, but problems often occur facing the management of cash waqf is a lack of human resources or nazhir specifically managing the cash waqf, so that the results are not optimal. The problem formulation in this thesis is how management of cash (cash) waqf by Nazhir at the Baitul Asyi Foundation and how cash waqf (tuna) is utilized at the Baitul Asyi Foundation muamalah fiqh perspective. To answer the problems above, researchers using qualitative methods using library sources and strengthened by the results of interviews with informants as part of the empirical data. Data collection techniques were carried out through interviews and document studies. Data The collected data will be analyzed using qualitative descriptive techniques. Results research shows that; First, cash waqf management carried out by the Baitul Asyi Waqf Foundation in a productive way waqf assets, by entering into collaboration with entrepreneurs. The profits from this business are channeled for the benefit of the people. Second, management and utilization of cash waqf cannot yet be fully explained successful, because cash waqf assets have not been managed optimally. The cash waqf that has been managed is distributed to Dayah Barbate Waqf in the amount of Rp. 12,155,000,- accumulated from business zakat and alms business management. The waqf distribution is aimed at: interests of the people, in accordance with the rules and provisions. From the explanation above can conclude, manage and utilize cash waqf at the Foundation Baitul Asyi Waqf viewed from the perspective of muamalah fiqh, is in accordance with purpose, function and purpose. This is in accordance with the opinion of the madzhab Hanafi and Maliki allow waqf in cash, meanwhile The Imam Shafi'i school of thought does not allow cash waqf because it values ​​waqf in permanent cash.

This research examines Nadzir's professionalism in managing cash waqf, to map the quality of waqf institutions in the management of cash waqf in transparency and accountability in accountability to stakeholders and Allah SWT. This research uses qualitative methods through observation, interviews, and document review. The results obtained show that several Nadzir waqf, such as the Pesantren Islam Al-Azhar Foundation, the Dompet Dhafa Foundation, the Daaruttauhid Foundation, and the Semai Sinergi Ummat Foundation (Waqf Pro99), have demonstrated the management of cash waqf in a professional, transparent and accountable manner. The financial management system uses the zakat accounting standard PSAK 109. The results of an independent public accountant audit show an unqualified opinion (SWO). On average, 90% of the business results are used by social activities and community empowerment through the Wakaf Integrated Farming (WIF) program, which is focused on the field of sheep farming using the mudhorobah system. Theoretically, this research contributes to the scientific development of Islamic Institutional Management at the Faculty of Da'wah, and can be used as a reference for Nadzir waqf in managing cash waqf and waqf assets in general.

The existing cash waqf assets are not yet fully managed by nazhir, because in the Pekanbaru City area there are still limited nazhir resources to manage waqf, both in terms of quality and quantity. This research seeks to explain the management of cash waqf assets and how to develop waqf management by cash waqf nazhir institutions in Pekanbaru City so that the potential of cash waqf can be explored. The research carried out was descriptive qualitative field research. Data was obtained by interviewing informants, namely 6 nazhir cash waqf institutions in Pekanbaru City. Data is presented descriptively based on conditions that occur in the field. The management of cash waqf that has been carried out by nazhir cash waqf institutions in Pekanbaru City has not shown maximum results considering the huge potential. However, the efforts made by these institutions show their seriousness in managing cash waqf. Various programs have been prepared to develop the management of cash waqf in order to increase the benefits of waqf that can be distributed to mauquf 'alaih.The main contribution of this research is to focus on managerial techniques in managing cash waqf in Pekanbaru City.

The collection of cash waqf in Indonesia shows an increase. It is in line with the existence of an agency that explicitly handles waqf in Indonesia, namely the Indonesian Waqf Board (BWI). However, specific research that focuses on the successful management of cash waqf is still limited. This study aims to describe the determinants of the success of cash waqf management. Literature research data sourced from Google Scholar. Data collection using the publish or perish application. Data analysis used the preferred reporting items for systematic reviews and meta-analyses (PRISMA). The study results have identified five indicators of successful cash waqf management: regulation, nadzir, mauquf 'alaih, Islamic financial institutions, and management systems. In the end, this research has also produced a conceptual model that determines the success of cash waqf management. The Indonesian Waqf Board and community organizations that manage cash waqf can respond to the results of this study by increasing their contribution to the five success factors of cash waqf management

The subject matter of this thesis is how cash waqf is managed at the Al-Munawwarah Mosque, Penyengat Rendah Village, Telanai Pura District, Jambi City. The purpose of this discussion is to find out how to manage cash waqf, cash waqf management, and supporting and inhibiting factors in managing cash waqf at the Al-Munawwarah Mosque, Penyengat Low Village, Telanai Pura District, Jambi City. This research is a field research using qualitative methods. Data collection techniques with observation, interviews and documentation. The interviewees consisted of 5 sources, namely Mr. Yatno, Mr. Nana Nuryana, Mr. Syahrul Riyadi, Mr. M. Heri, and brother Abdi. The results of this study are that the management of cash waqf is managed directly by the administrators of the mosque, especially the treasurer. The management of cash waqf is carried out by creating a compensation program for orphans and the poor and community empowerment programs. In the process of managing cash waqf there are supporting factors, namely the enthusiasm of the congregation and residents for cash waqf so that the funds collected every week or month are relatively large, while the inhibiting factors are the lack of human resources in managing cash waqf, especially nazhir and the lack of public awareness of the importance waqf cash.

Cash waqf is an innovative instrument of waqf aiming to create social welfare. It is expected that cash waqf enables extensive public participation to support social welfare. However, in reality, cash waqf management in Indonesia has not yet resulted optimal benefit. Based on the Law Number 41 of 2004 on Waqf, three institutions carry out cash waqf management. They are the Indonesian Waqf Board as the collector and the developer, Nazhir as the manager, and the Islamic Financial Institution as the collector. The three institutions make the cash waqf management and development ineffective and not optimal. Based on the data from the Indonesian Waqf Board, of the total potential cash waqf IDR180 Trillion, only IDR400 billion was realized. This study is a normative juridical legal study employing descriptive method. The results reveal that the role of the Islamic Financial Institution, Islamic bank, as collector can actually be expanded. Thus, it covers the management and distribution roles like a Waqf Bank in Bangladesh, the Social Islami Bank Ltd. (formerly known as Social Investment Bank Ltd). Islamic bank has capability and professionalism of management and distribution of funds generated from the cash waqf.

Waqf often cannot be utilized by the community for the benefit of worship or general welfare, including the development of education. This is because the designation is not appropriate and the management is not carried out by a credible and professional nazir. This study aims to analyze the influence of Islamic leadership with the variables siddiq (honesty), tablig (conveying), amanah (trust), and fatanah (intelligence) on the management of cash waqf in the development of Islamic education in South Sulawesi. This survey research uses a quantitative approach. The population is 27 higher education institutions managed using cash waqf in South Sulawesi with 4 samples consisting of 105 respondents. Data was collected using observation, questionnaires, and documentation techniques. The instrument used is a questionnaire with a Likert scale. The collected data is managed using the SPSS application and then analyzed using descriptive and inferential statistical analysis techniques. The results of this study indicate that leadership with the variables siddiq (honesty), tablig (conveying), amanah (trust), and fatanah (intelligence) has a positive effect on the managing cash waqf in the development of Islamic education. This means that the higher the respondent’s trust in leaders, honesty, openness, and intelligence of leaders in the management of cash waqf, the better the development of Islamic education in South Sulawesi.

This paper aims to uncover the main problem as well as to offer alternative solutions to the realization of mudharabah financing for Islamic banks in Indonesia, which is still 3% as of June 2021, through optimizing the role and authority of Islamic banks in the management of cash waqf. This study uses a descriptive method with a qualitative approach. The main problem of mudharabah financing is the high risk of loss of Islamic banks which have the potential to be unable to provide profit sharing to their depositors (negative profit sharing), therefore Islamic banks must look for alternative sources of deposits with a return rate of 0%, one of which is a source of cash waqf. By regulation, currently the authority of Islamic banks in the management of cash waqf is still limited to cashiers (traffic cash waqf funds) with their position as LKS-PWU. To increase mudharabah financing through cash waqf sources, Islamic banks must optimize their role as Nazhir through changes to Law Number 41 of 2004 and its derivation regulations, so that the money waqf funds that have been collected can be directly channeled to productive and prospective sectors for economic empowerment of the people through mudharabah financing. In addition, Islamic banks can reproduce the profits from the financing to the micro business sectors, the poor, and/or other sectors so that the profit-oriented and social-oriented missions of Islamic banks can run in a balanced way.

Purpose of the study: This article aims to elaborate on the practice of cash waqf management in a higher educational institution in Indonesia and Malaysia. In further explanation, it will elaborate on the effectiveness of regulation application on cash waqf management by applying Friedman's legal system theory. This paper also explores some obstacle factors towards the implementation of cash waqf regulation in higher education.
 Methodology: This study applies a qualitative approach by using two main data resources, primary and secondary data. The data collection method applied in this research is by conducting documentation and interviews with stakeholders of cash waqf managers in higher educations in Indonesia and Malaysia. The collected data were analyzed by the legal system theory.
 Main Findings: In the level of legal substance, both Indonesia and Malaysia have been sufficiently rigid and representative. The regulation of waqf in Malaysia gives discretion to waqf administrators to improve waqf management. Meanwhile in Indonesia, the implementation of the regulation on waqf management is still plagued by social norms and religious norms that are believed by communities.
 Applications of this study: The result of the study aims to contribute to cash waqf management and its development in Indonesia, particularly in higher education. The study is expected to be a platform and foundation in the implementation of cash waqf regulation and its management model. Furthermore, the results of this study are expected to be considered in strengthening the development of legitimacy and regulation in the education sector.
 Novelty/Originality of this study: This study focuses on the implementation of waqf regulations in the higher education institution in Malaysia and Indonesia based on the perspective of legal system theory. The implementation of the waqf regulation in both countries is analyzed by three aspects; substance aspects, structural aspects, and legal culture aspects.

Cash Waqf is a trust fund established with money to support services to mankind in the name of Allah. The gifted capital was “transferred” to borrowers who after certain period returned to the waqf the principal plus a certain “extra” amount, which was then spent on all sorts of pious and social purposes. It is recognized that there is no ample study in the area of Cash Waqf. Again literature is very scanty relating to the Cash Waqf management. The exiting studies identify various facets of theCash Waqf and its management issue to explore different aspects of theoretical dimensions and practices. Thus, the motivation of the study in essence is to identify and explore the innovative avenues for managing Cash Waqf systems and making a hybrid viable Cash Waqf model for generating more benefits for all involving parties of the society with sustainability characteristics. The main objectives are (I) to study the features of existing Cash Waqf management systems in the light of the Malaysian context (II) to find out and evaluate the factors and extent of their impact on the performances of the Cash Waqf management System (III) to develop a Cash Waqf Model based on the analysis for increasing the overall performance of the Waqf sector of Malaysia and integrating them with the symbiotic nexus among different financial sectors (IV) to assist practitioner and future researcher to develop a better hybrid Cash Waqf model. Thus, the present study will contribute amply in this direction. It would also help to reform the present institutional setup and their networking relationship throughout the country with a view to increasing their performance in the direction of the efficient and need based dynamic management of the waqf affairs and systems. As a consequence total policy dimensions at micro and macro perspective can also be framed to meet the diversified objectives of innovations and development in the waqf management systems complying with the Shariah guidelines. Key words: Economics of Cash Waqf, management, Cash Waqf model, Malaysia.