Abstract
This article aims to make an overview on the rule and significance of waqf al-nuqūd (cash waqf) in Indonesia as a new social tool to alleviate poverty. The author highlights that Cash waqf is introduced as a new concept of waqf to solve many social problems in Muslim society of Indonesia. The qualitative methodology is employed to analyze the issues and development of cash waqf in Indonesia. Findings indicate that the cash waqf has been legalized by both Islamic scholar and national law of Indonesia so that Muslims have a chance to maximize the utilization of their waqf through a well-organized endowment and waqf organization.
Highlights
The term of cash waqf is not so familiar in the Indonesian society. It can be seen from the understanding of Indonesian people who perceive waqf only limited to the provision of immovable property, such as land and buildings destined for places
The number of waqf possessions that exist in Indonesian society has not been able to overcome the problem of poverty
If the cash waqf can be managed and empowered by an institution professionally, it will be very helpful in prospering the economy of the people, fulfilling the rights of the community, and reducing the suffering of society
Summary
The enthusiasm of the community on the implementation of waqf has attracted the attention of the state to regulate the management of waqf as a sector to build the social and economic solidarity of society.10 In Indonesia, waqf activities are well known in line with the development of Islamic da‘wah in Indonesia. 2001, some Islamic economics practitioners began to make a new paradigm shift into the Indonesian society about the new concept of cash waqf management for the improvement of the welfare of the ummah.
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