Strategy of BMT Bima Magelang in Improving Public Welfare Thought Cash Waqf

<p><em>Previous studies on the management of zakat and waqf in Indonesia tend to use an objective perspective and do not accommodate subjective perspectives. This study aims to complement the shortcomings of previous studies by analyzing the problems faced in the management of zakat and cash waqf in Indonesia from a subjective perspective, namely by involving a society with their culture. In line with that, two questions are formulated: First, how is the implementation of zakat and cash waqf management in Indonesia? And second, what are the problems faced in the implementation of zakat and cash waqf management in Indonesia? This study is field research with a qualitative-subjective approach. From the results of the study found two answers to the problem formulation. First, the management of zakat and cash waqf in Indonesia is quite adequate in terms of zakat and cash waqf regulations. However, in terms of achieving philanthropy from the community, it is not optimal. Second, the main obstacles in zakat management in Indonesia are the lack of management effectiveness, the lack of human resources (HR), and the still low level of awareness of muzakki. And the main obstacles in the management of cash waqf are three things, namely: weak literacy, weak trust and limited number of fundraisers spread throughout Indonesia.</em></p>

This paper discussed the implementation and management of cash waqf during the Ottoman Empire. During the reign, waqf has become an instrument that is very successfully implemented in various sectors such as religion, education, social, and health. Waqf assets continued to increase and not only provided facilities for public but also assisted people who need capital to do business. Nazir as waqf institution (individual or institution waqf manager) have administered waqf with different schemes, such as providing loans in the form of qard hasan, mudharabah, bai’ul-inna, and bidaa. Management waqf institutionally was evaluated by the government in 1823, this evaluation led to the reformation of waqf institution and founded the new waqf institution which was known as Evkaf-I Hümayun Nezareti. This institution was the Ottoman sovereign wealth fund which functioned to manage all waqf assets. All waqf assets, as well as cash waqf, were managed by this institution with various schemes that are not much different from what has been done before. However, in this period the management of cash waqf was only carried out by this institution as the authority for managing waqf assets. The management of waqf assets under this institution lasted until the end of the Ottoman Turkish government. The establishment of cash waqf institutions in the Ottoman empire has shown an important step that has been taken to ensure the effectiveness of cash waqf development. Cash waqf management in the Ottoman empire has proof waqf as Islamic social finance in Islamic economic theory shown a significant contribution to society and the Ottoman government.

The role of Waqf is synonym with the purpose of developing the economics as well as social well-being by means of a charity-based system. Revitalization of cash Waqf gives advantage to Muslims countries to further enhance this charity system. However, the efficiency of cash Waqf management is still questionable due to several internal management issues. This research is conducted to explore current practices of Waqf institutions in managing cash Waqf concerning human resource, documentation and reporting aspect; to investigate challenges faced by Waqf institutions in managing cash Waqf in terms of human resource, documentation and reporting aspects; and to suggest a few ways that can enhance the efficiency of cash Waqf management focusing in the three aspects. To achieve these objectives, qualitative methodology has been adopted where the data of this research was collected through semi-structured interview and review of past literatures as well as relevant documents. The finding of the research shows that majority of Waqf institutions have made efforts in promoting cash Waqf based on its regulation, financial sources, collaboration, duration of cash Waqf implementation and its strategic planning. However, the current practices of human resource, documentation and reporting are not suitable with the current pace of evolution to fully realize the benefit of cash Waqf. This research revealed the loopholes in the management of cash Waqf and suggested several ways for improvement as a reference for Waqf institutions in order to improve their cash Waqf implementation. It is a significant endeavor for Waqf institutions in Malaysia to develop knowledge on cash Waqf management as well as provoking speedy development progress of cash Waqf implementation in Malaysia.

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.

Cash waqf is an Islamic financial instrument which recently is developed by most Muslim scholars. This Islamic financial instrument is believed to be one alternative to solicit social funds from people, other than zakat, with a purpose to gain sustainable benefits without reducing the amount of used fund.Cash waqf is not similar to zakat that is a mandatory and an Islamic pillar for Muslims across the world. Cash waqf is a preferable (sunnah) that is encouraged to be carried out by Muslims to gain ceaseless reward from God. Muslims who spend their money for this Islamic charity have an awareness to do more kindness as a worship form to God.This study aims to analyse the influence of four independent variables, namely religiosity, trust, service quality, and promotion factor on wakif decision to select cash waqf product in Badan Wakaf Indonesia region of Yogyakarta City. The findings showed a positive significant impact, simultaneously and partially, from all observed independent variables toward the dependent variable.Another purpose of this study is to investigate a cash waqf management that is applied in the waqf institution. The duty of Badan Wakaf Indonesia as the waqf institution is only to supervise the nazhirs, waqf managers, regarding their cash waqf management. Badan Wakaf Indonesia indirectly collects and distributes all cash waqf through all its five nazhirs.Keywords: Waqf, Cash Waqf, Wakif Preferences, Wakif Decision

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.

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.

Waqf, including cash waqf, is one of the Islamic social finance instruments that has been playing a significant role to develop community welfare throughout the history of Islam. Nowadays, Cash waqf significantly grows globally in countries like Saudi Arabia, Egypt, Kuwait, Turkey, Bangladesh, Malaysia, and Singapore. The unique feature of cash waqf is though it is subject to value volatility, shariah imposes that the value of cash waqf should not depreciate hence appreciation is required. Involving different parties in the process of cash waqf management, several risks may arise including moral hazards, conflict of interest, non-shariah compliance events, and so on. Thus, risk management becomes a must in managing cash waqf. Studies have deliberated on this issue and concluded with various findings. This study aims to use a Good Corporate Governance (GCG) perspective to examine risk management in the management of cash waqf at BPRS Barokah Dana Sejahtera. A qualitative method using semi-structured interviews was deployed to obtain primary data which has some extent of more comprehensive information to be analyzed rather than secondary data. This study concludes with some points including advantageous impacts on Cash Waqf Management Institution (LKS-PWU) regarding financial performance and the mauquf alaih nuance resulting from effective risk management. Moreover, the implementation of GCG principles as a framework for risk management in Cash Waqf institutions encourages the community to continuously contribute to cash waqf through LKS-PWU.

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.

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.

Cash waqf management in Indonesia faces challenges due to the overload tasks of Sharia banks as the Sharia financial institution of cash waqf (SFI-CW). This research explored Sharia Bank's problems as an SFI-CW and looked for an effective model to manage cash waqf in Indonesia. The results of this research show that the existence of Sharia banks as SFI-CW has yet to be implemented optimally due to the overload tasks of the banks. To solve the problem and to make the cash waqf management run effectively, this study proposes some alternatives, including: first, simplifying the tasks of the SFI-CW; second, making the Baitul Maal wat Tamwil (henceforth BMT) or sharia cooperation as Nazhir of cash waqf as well as SFI-CW; and third, establishing waqf bank to optimize the management of cash waqf.

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.

This article describes the cash waqf management in Indonesia. A cash waqf endowments performed person, group of people, and institutions or legal entities in the form of cash. Endowments cash is still being debated among scholars’ whether legitimate or not, and the management of cash waqf professionally still a discourse and not many people or institutions that can accept such endowments models. This article also discusses the definition, the legal basis and the cash endowments history. Also discussed about cash waqf as the foundation of economic development of society by opening the rigidity of Muslims against this cash waqf, also economic prospects waqf property; how the institution of waqf in Islamic countries has been successful both in terms of the welfare society places of worship, social, educational, health and other essential infrastructure. Endowments cash in reality also has to serve as economic empowerment; waqf potential as one of the instruments for the economic empowerment of Muslims although management in Indonesia is still not good. Yet judging by the numbers, waqf property in Indonesia is quite large. Most of the endowment in the form or used for houses of worship, Islamic educational institutions, public cemetery and others who averaged in the form of endowments is not productive. Therefore, the existence of endowments in Indonesia today need special attention, because the existing endowment for a generally still shaped objects that do not move that basically have considerable potential as productive lands are located to be managed productively.

The Covid-19 pandemic has resulted in a weakening of the people's economy, which has caused the economic growth of a country to decline, therefore an alternative is needed to increase economic growth, one of which is waqf. Currently, cash waqf has reached Rp. 244 billion with the total nazhir of cash waqf reporting 111 institutions while for cash waqf institutions reaching 272, meaning that around 161 institutions have not reported collected cash waqf funds due to a weak level of knowledge about the management of cash waqf. It can be concluded that the money waqf management system is still weak so that the cash waqf has not been realized to the public, but if the cash waqf funds are collected it will make a new instrument for the government to improve the economy, especially during this pandemic. The realization of good waqf funds will ultimately increase the level of trust in waqf management which is transparent and accountable, therefore it is hoped that there is a need for socialization to the public regarding the role of the money waqf, and providing training for Nazhirs to be able to manage these waqf based on technology. Keywords: Cash Waqf, Covid-19 Pandemic, Welfare

The main purpose of this research is to elucidate the efficacy of statistical measurements on cash waqf collection. To demonstrate this, the sub-objectives of this study are (1) to examine the statistical behaviours of cash waqf and (2) to ascertain future cash waqf collection trend. Numerical measures were used to describe statistical behaviours of cash waqf while Box-Jenkins methodology was employed for forecasting. Cash waqf data of State Islamic Religious Council (SIRC) of Pulau Pinang and Perbadanan Wakaf Selangor (PWS) had been collected to address these sub-objectives. During the period of study, it was found that cash waqf collected by SIRC of Pulau Pinang was more predictable than PWS even though PWS collected higher value on average. As such, the statistical measurements had identified different cash waqf management strengths. This is hoped to encourage cross-sharing exercises between SIRCs so cash waqf management can continuously be improved. Furthermore, the tentative sum of cash waqf collection forecasted using time series forecasting shows that cash waqf managers can make informed decision for the beneficiaries’ best interest. The usefulness of statistical measurements elucidated above is hoped to convince cash waqf managers to make cash waqf data readily accessible. This paper fills the gap in the literature of cash waqf collection statistics which is extremely limited. This paper is expected to be an impetus for future studies on advanced cash waqf statistics that could add relevance of waqf to the modern economy.