Towards the establishment of cash waqf microfinance fund for refugees

Waqf has been one of the major sources of public financing in Islamic tradition. Since early Islam, waqf serves the needs of the ummah in various realms, including education, social development and public needs. Traditionally, waqf has been in the form of fixed and tangible assets. Up until recently, cash waqf has been proposed as one of the sources of waqf. On the other hand, there has been also a suggestion to innovate the practices of waqf in order to assure that they meet the current challenging world. One of the new innovatives of funding waqf sources apart from cash waqf is Service Waqf. Giving this background, this paper endevour to do a systematic review analysis of the Service Waqf as well as well established cash waqf practices as innovatie way for diversifying waqf source in Malaysia. In reviewing the topics systematically, this paper gathered all related articles from Emerald Insight, Google Scholars, Jstor, and Scopus databases. Relevant journal articles were being searched via the internet in several database sources using advanced searching features available in those database based on specific keywords. The relevant journals were selected based on the latest findings which had been published between year 2010 until 2020. From the systematic review analysis, 20 journal articles regarding ethical issues in gamification were filtered and selected using PRISMA statement. Findings from this systematic analysis show that issues pertaining to the cash waqf were among the major discourse in the waqf innovation. Much have been emphasised on the waqf management and governance and also the reason waqf application in a institution. Less has been given into the service waqf and its benefits to communities.

Cash Waqf revived in Muslim countries allows them to develop this system of charity further. However, Waqf has abundant financial and infrastructure resources in India, which can significantly reduce poverty, particularly among Muslims. Poverty is more prevalent among Muslims in India than in any other community. This library-based research aims to examine how faith-based endowments can reduce poverty in India through cash waqf. This study applies the content analysis of the existing cash waqf models, which examines current Waqf practices for their relationship to India's socio-economic situation. It helps to understand the adoption of cash waqf in India. The paper implemented the waqf shares scheme based on existing literature. Several important reasons make this scheme appropriate for India. First, raising funds from the public is a relatively straightforward process in India by using traditional ways of collecting money, such as cash collections or mobile payment systems that are widely used for raising money. Several poor Indians could benefit from the funds generated by creating employment opportunities and gaining financial, social, and educational empowerment.

Purpose – This paper aims to discuss the proposed model, called Integrated Cash Waqf and Islamic Crowdfunding Model (I-CWCM), for small and medium enterprises (SMEs), including micro-enterprises and household businesses in the digital era.Methodology – The author documents some cash waqf models and Islamic crowdfunding models that have been developed by previous researchers. And then modified and introduces the I-CWCM model based on the relevant literature study.Findings – In this model, the cash waqf funds (temporary and perpetual) will be invested in Islamic investments and productive asset programs. The investment return gained from cash waqf investments will be utilized for providing financial services by using PLS financing schemes and non-PLS financing schemes for SMEs.Implications – The article is conceptual in nature, and the developed model has not been tested either through interviews or empirical testing. For further research, it is necessary to validate the model either through interviews or by developing hypotheses. Furthermore, the I-CWCM will be possible to set up Islamic social finance institutions, Islamic financial institutions, and Islamic microfinance institutions in a country with a majority Muslim population like Indonesia, especially in times of crisis such as Covid-19 outbreaks.Originality – The originality of this study is the I-CWCM will include two important unit funds: (1) the reserve fund is for sustaining the cash waqf founder, and (2) the backup risk fund is for addressing any risk in business and non-business financing activities.

Manual procurement processes are expensive in terms of human resource cost, purchasing cost, wastage due to errors of commission or omissions, cause of delay in delivery of goods, services and works which accounts for 40% of losses to inefficiencies, and attracts corruption in the system amongst others. The study was guided by four objectives: To assess the role of e-tendering on performance of humanitarian United Nations agencies and non-governmental organizations in South Sudan. To examine effect of e-contract management on performance of humanitarian United Nations agencies non-governmental organizations in South Sudan. To evaluate effect of e-order processing on performance of humanitarian United Nations agencies non-governmental organizations in South Sudan and to explore influence of e-supplier management on performance of humanitarian United Nations agencies non-governmental organizations in South Sudan. The study methodology adopted explanatory research design of cross-sectional type for the population under study. There were over 235 National Non-governmental organizations, 150 International organizations in addition to over 15 United Nations agencies, bringing the total target population to 400 organizations. This study targeted 400 humanitarian organizations operating in South Sudan. Therefore, the sample size of 200 humanitarian organizations operating in South Sudan were selected using stratified random sampling technique. Data was collected using structured questionnaires which was dropped and picked later or emailed. The data collected from two hundred (200) respondents was coded into statistical package of social sciences (IBM SPSS v29) data analysis tool. The researcher covered a total of 20 respondents for pilot testing. Content validity was also conducted while reliability was conducted using Cronbach alpha. The data was presented in inform of graphs, charts, bars for descriptive analysis. Reliability findings indicated that e-tendering had Cronbach Alpha Coefficient of 0.873, e-contract management had 0.852, e-order processing had 0.872, e-supplier management had 0.736, and performance had 0.859. All the variables had Cronbach Alpha Coefficients greater than 0.7 and this denoted that the questionnaire was reliable. Validity findings reported that KMO value was 0.623 which was above the recommended minimum threshold of 0.5. This statistic implies that the statements in the questionnaire were adequate. In addition, results of the Bartlett roundness test yielded a chi-square statistic of 41.373 and a p-value of 0.000<0.05. These statistics indicate that the statements were correlated and therefore suitable for further analysis. The study found that e-tendering, e-contract management, e-order processing, and e-supplier management have a positive and significant relationship with performance. The study hence concluded that e-tendering, e-contract management, e-order processing, and e-supplier management have a positive and significant effect on performance of humanitarian United Nations agencies non-governmental organizations in South Sudan. Based on these findings, the study suggested that all NGOs and humanitarian agencies should ensure they adopt the use of e-platforms in conducting activities relating to procurement. The study also recommends that the policy makers that make policies relating to humanitarian agencies and NGOs should formulate for them a policy that will enable them make use of the e-platform in conducting procurement activities without any limitations.

Recent investigations of the financial management practices of mosques in Indonesia have influenced this study, which investigates the ability of mosques in Malaysia to invest cash waqf for development activities. The impact of cash waqf investment is further extended to study the importance of such cash waqf donations toward poverty alleviation. 100 mosques in Melaka and Terengganu are selected for the purpose of conducting a survey using a self-developed questionnaire. Data collected from the survey are tested for their validity and reliability before conducting Structural Equation Modelling (SEM) analysis using Smart PLS 3.0. This study finds that cash waqf donation plays a positive role in increasing the ability of the selected states to alleviate poverty. The negative relationship between cash waqf investment and donation raises the need for a rigorous analysis. A conceptual model integrating cash waqf investment, donation, and poverty alleviation is provided in this study, which is the first of its kind. The results provided by the study will allow regulators and mosque fund managers to understand the significance of cash waqf donations and the importance of effective cash waqf management. Efficient investment of cash waqf can ensure sustainable and perpetual income that will allow a mosque to play a vital role in improving the living standards of the Muslim Ummah. The findings of the study cannot be generalized for all states in Malaysia due to the limitation of purposive sampling.

Purpose This paper aims to attempt to offer a viable alternative model of source of financing which is known as integrated cash waqf micro enterprises investment (ICWME-I) model for micro enterprises in Malaysia. Design/methodology/approach The literature on the issues of accessing to finance faced by micro enterprises and cash waqf are reviewed critically and used in the attempt of proposing an alternative model. Findings The paper has developed ICWME-I model as a source of financing for micro enterprises. This model is expected to provide financial services by using cash waqf fund and involved the participatory contract between non-profit organization and micro enterprises. In addition, with the proposed model, there will be no collateral requirement, interest rate and other stringent requirements which usually imposed by existing conventional financial institutions. Research limitations/implications The paper is based on conceptual explorations of literature in the area of micro enterprises and cash waqf. This is a conceptual paper, so it did not use any empirical analysis. Practical implications The findings of this paper will provide micro enterprises with an alternative source of financing to start-up or expand their business by using cash waqf fund. The present study also has implications for government and policy makers. With the involvement of non-profit organization that is proposed in this model, it helps the government to reduce its expenses for the development of micro enterprises. Originality/value This paper offers an additional literature on cash waqf especially from the Malaysian context. Furthermore, this paper adds to the literature on waqf and cash waqf. The paper proposes a viable alternative model for micro enterprises as a source of financing by using cash waqf fund. This model incorporates Musharakah Mutanaqisah (diminishing partnership) as a financial arrangement between non-profit organization and micro enterprises.

Cash waqf is one of the methods used to help people with various activities and overcome challenges such as poverty reduction. As a result, it is vital to have an institution that can handle cash waqf effectively and optimally. BMT Bima Magelang is one of the cash waqf institutions that can correctly manage its cash waqf assets in order to increase social welfare. The goal of this study was to determine excellent and proper cash waqf administration in line with Sharia and the standards of good waqf governance, in order to increase social welfare, particularly in Baitul Maal Wa Tamwil Bima Magelang. Because BMT Bima Magelang is one of the waqf institutions that has been successful in managing cash waqf with effective waqf governance in order to increase social welfare. This study employs qualitative research, with data gathered through structured interviews, passive participation observation, and recording. After that, the data was examined using qualitative descriptive analysis. The qualitative descriptive research approach describes the features of phenomena in the field and explains the study object. The findings of this study show that Baitul Maal Wa Tamwil Bima Magelang uses waqf management with the mudhorobah system, with mudhorobah financing allocated to goat farmers and Micro, Small and Medium Enterprises (MSMEs), and that in the management of cash waqf BMT Bima Magelang implements good waqf governance, which improves social welfare through social programs. Profits from the finance are then utilized to fund businesses and make loans. The revenues from the mudhorobah finance are then utilized for financing (scholarships) for BMT members, financing for child circumcision, and rehabilitation of locals' houses that are unsuited for habitation. These several factors indicate that BMT Bima Magelang's cash waqf management is in conformity with cash standardization, good waqf governance, and sharia management.

Cash Waqf is an important tool in Islam. Efforts by government agencies and non-government organizations (NGOs) to enhance the role of cash waqf have been increasing. In line with the growing technology, government acknowledged the importance of Information technology (IT), transparency and trust in the implementation of cash waqf. Therefore, this study is aimed to identify the significance of technology towards Cash Waqf collection. Technology acceptance and technology usage are two different terms which each of them might be able to influence the collection of Cash Waqf. It is because, currently collection of Cash Waqf is not at a good level, which concluded only RM0.28 per Muslim for Cash Waqf contribution. Therefore, looking for alternatives that could improve Cash Waqf collection is a good idea. Seeing that we are reached year of 2020 which has been targeted a long time ago with provided good technology, therefore implementation of effective technology nowadays could be one of the ways to encourage contribution of Cash Waqf. Acceptance of technology could lead to high usage of technology. Application of Unified Theory Acceptance and Use of Technology (UTAUT) is relevant to this situation. Thus, it can be concluded that, more people accept technology will encourage more contribution in cash waqf fund. Therefore, more collection in cash waqf fund.

Cash waqf is a form of contemporary waqf that has great potential in the modern world. In Indonesia, despite its potential of 180 trillion per year, cash waqf collection, management, and distribution are not optimal. Nonetheless, the infrastructure sector in Indonesia faces obstacles, particularly in terms of funding. The innovation of the CWLFRA (Cash Waqf Linked DINFRA) model is, therefore, a solution to these two issues, as the proposed model is the result of an integration between efforts to optimize cash waqf and infrastructure financing via the Infrastructure Investment Fund (DINFRA). In this CWL-FRA innovation, waqf funds will be allocated to the mauquf 'alaih from the profits of infrastructure investment funds, which will become a source of long-term usable assets. As a result, the purpose of this academic paper is to develop a model capable of bolstering the ecosystem of Islamic social financial institutions and maximizing the potential achievement of cash waqf in Indonesia as a means of implementing sustainable finance and an effective instrument in reviving national economy through infrastructure development. In addition, this study seeks to determine the viability of the potential for developing the productivity of cash waqf in an effort to increase the effectiveness of achieving cash waqf to support economic sustainability with infrastructure potential. Nine respondents representing academicians and expert practitioners from both the waqf and infrastructure sectors filled out questionnaires to collect data. According to the results of the Delphi test, all respondents believed that there was a relationship between the Strengths, Weaknesses, Opportunities and Threats (SWOT) indicators, indicating that this model is implementable. Moreover, based on the level of agreement of respondents, this model has the potential to contribute positively to national economic recovery, become a sustainable source of social funds, optimize the potential of waqf in Indonesia, strengthen the ecosystem of waqf social finance institutions, and improve the quality of management and maintenance of Indonesia's infrastructure. These findings demonstrate that integrating financial waqf with existing public infrastructure could positively affect the sustainability of national economic development. The novel aspect of this paper is the proposed cash waqf management system, which can serve as a useful reference for policymakers and waqf institutions seeking to develop a more effective waqf concept in terms of collection, administration, and distribution. Consequently, this study aims to demonstrate the potential for cash waqf, which can be integrated with DINFRA's product through the innovation of the CWL-FRA model, to become an investment instrument and offer a diversity of options to the waqf community.

Cash waqf has played an important role as one of the new Islamic fiscal instruments in the economy. Cash waqf has two functions as a means of worship and the achievement of social welfare. Returns from cash waqf management can be used as an instrument in poverty alleviation programs through the social security system. The social security system using cash waqf will be able to help poverty alleviation programs carried out by the government through community empowerment programs. This study aims to determine the potential aspects of financial technology related to waqf in finding cash waqf in Indonesia. Cash waqf in Indonesia is very potential, if all aspects are maximized, including technological tools in socializing the urgency and benefits of waqf for economic, social and religious progress of the community. The method used in this paper uses a qualitative method with a literature approach that uses supporting data that is analyzed descriptively. The findings in this study explain the opportunities for digital cash waqf in the progress of the revaluation of industry 4.0 in Indonesia. The spirit of the Muslim community in conducting cash waqf must be managed with technological conveniences. The existence of digital cash waqf through Fintech can make it easier for waqf to do money waqf, so from this facility the potential for cash waqf can be collected and and can be managed for productive waqf activities in building community welfare.

Cash waqf is another form waqf made with cash collected in a trust fund and can be utilized as an alternative source of funding for society and ummah. The public knowledge and understanding of waqf are limited to the concept of waqf land for building mosques and cemeteries only. It is crucial to educate and enhance the public knowledge of cash waqf to motivate their willingness to contribute to the cash waqf fund. Based on the Cash Waqf Certificates Collection by Yayasan Wakaf Malaysia, total cash waqf collection for health purposes is the lowest compared to education and economic development. Therefore, it is essential to further explore the public view in cash waqf for health purposes. There are very few studies on the awareness of cash waqf specifically as an alternative financing source for public health expenditure. Thus, this study aims to fill the gap. It is found that many of the respondents are aware of cash waqf and have been donated through the cash waqf fund. Besides, most of them agreed if cash waqf is used to fund public health expenditure in Malaysia. In conclusion, public no longer perceive waqf as limited to traditional purposes such as land and fixed properties.

Cash waqf has played a significant role in economics as one of the new Islamic fiscal instruments. Cash waqf has two functions. First, it functions as a facility for the purpose of worship and secondly, it constitutes means as to achieve social welfare. The return of cash waqf management can be used as an instrument for poverty alleviation program through social security system. As a social security system, cash waqf will contribute to the government’s alleviation program which focuses on community empowerment. This paper discusses the role of cash waqf in alleviating poverty which recently has become government program. It observes how the income of the cash waqf is distributed and how it gives an impact on the poverty alleviation in Indonesia. Deploying bibliographical and empirical investigation, this paper argues that the cash waqf has significant role in financial empowerment of the society.

Cash waqf is one type of contemporary waqf which has been widely applied by waqf institutions and Islamic financial institutions in Muslim majority countries as well as in Muslim minority countries. This study is intended to identify and analyze the cash waqf model applied by three Baitul Maal wat Tamwil (BMT) as certified Nazhir with their unique characteristics, not only to achieve triple bottom-line (outreach, sustainability and welfare impact), strengthen its role as the agent of holistic financial inclusion (HFI) and develop micro enterprises (MEs), but also to improve its social programs, to improve its stability as well as to contribute to financial system stability. The results show that managing cash waqf (direct and indirect) will benefit not only final mauquf alaih (beneficiaries of BMT’s social programs), but also intermediate mauquf alaih (BMT and its MEs members). BMT would benefit from the placement of cash waqf funds in its waqf equity and investment deposit accounts, not only as source of fund, but also provides better liquidity risk and reduce mismatch, which in the long run would improve BMT stability and its resilience to external shock. BMT members and MEs would benefit from cheaper cost of micro-financing. Final mauquf alaih would benefit from more variety and better quality social programs. To improve the participation of BMTs in managing cash waqf, BMT should be authorized and encouraged, with incentives and necessary regulations, to independently manage its own cash waqf collected. Moreover, the determinants of BMT soundness should not only include its Baitut Tamwil performance, but also include its Baitul Maal performance. JEL Classification: D60, G210 Keywords: Waqf, Cash Waqf, Baitul Maal wat Tamwil

Purpose: Cash Waqf becomes an important issue as a solution to improve the welfare of today’s’ societies. The various studies have been conducted both theoretically and empirically to produce findings in the cash waqf study. This study aims to map writings related to cash waqf.Design/Method/Approach: This research is a quantitative descriptive research through mapping research on cash waqf.Findings: The results of the study showed that writing using the search for cash waqf titles indexed Scopus is as many as 43 documents. While the title search with the word Cash Waqf on Google Scholar as many as 529 documents. Scopus's most-cited indexed journal usurious piety: The Cash Waqf Controversy in the Ottoman Empire was written by J. Mandaville for 79 citations. While on Google Scholar writing with the title Cash waqf and its influence on poverty alleviation program in Indonesia by M Nur al-Arif as many as 451 citations.Originality/Values: The main contribution to this study is to find out the extend of research on cash waqf and the rarely studied themes about cash waqf.

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.