Regulation and Phenomenon of Waqf in Indonesia

Abstract

This article examines the development of waqf (endowment) in Indonesia. At the beginning of the arrival of Islam in Indonesia until the end of the 20th century, the object of waqf was generally in the form of land, mosques, school buildings, and other religious facilities. But, over time, waqf institutions have developed dynamically and innovatively in various aspects. The object of waqf, for instance, which used to be in the form of land or buildings, has evolved into various forms, such as plants and a new form of waqf called cash waqf pioneered by the Indonesian Waqf Agency and Indonesian Waqf Savings. In terms of managerial, waqf managers (Nadzir) have now also evolved into professional institutions applying modern company management. Likewise, in terms of waqf distribution, various waqf assets have currently been developed in the form of apartments, hospitals, schools, housing and other commercial companies whose results are used for the benefit of the people. The innovation of waqf management in the Islamic world has a positive impact on the benefit of the people. In the future waqf is expected to be a driving force for the people's economy, so that the problems of poverty experienced by some Muslims can be handled, at least drastically reduced.