Cash Waqf Research Articles

The Impact of Community Social Changes on the Digitalization of the Implementation of Stock Waqf

Abstract
 The practice of cash waqf, especially stock waqf, in the last 5 years in Indonesia has increased in addition to other cash waqf. This is the impact of increasingly sophisticated digitalization developments that affect people's mindsets. Stock waqf is a new innovation because waqf through money is considered to have a more flexible nature to make new breakthroughs according to the needs of the times without reducing the essence of the waqf. Waqf shares are usually intended for productive social purposes or investments, the results of which are for the benefit of the people. The public or entrepreneurs are more interested in stock waqf because it can be channeled directly through nadzir waqaf and is easy to access. In general, the model for implementing stock waqf is derived from profits management of shares which are then given to waqf management institutions for then add to the benefits of waqf in the form of productive assets as well as physical assets that are useful for social.This research is a library research using a sociological approach. The type of research used is qualitative research using documentation data collection techniques and then analyzed by reducing data, presenting data and then drawing a conclusion. So that innovation in the form of cash waqf in Indonesia due to the positive impact of social changes in society is known comprehensively and has a strong legal basis.
 Keywords: Impact of Change, Social Society, Digitization, Stock Waqf.

The determinants of financial technology adoption amongst Malaysian waqf institutions

PurposeThe popularity of financial technology (fintech) is rising in society due to fintech's direct benefits to users. This digital-based approach is one of the outputs of the Industrial Revolution 4.0, which transformed the path of human history and resulted in the development of digital transformation strategy innovation, more commonly referred to as digitalisation. Previous literature has predicted that integrating fintech into waqf management will facilitate fintech's growth and expand waqf outreach in Malaysia. Therefore, this paper aims to examine the impact of “Industry 4.0” on the expansion of fintech into cash waqf in Malaysia.Design/methodology/approachThis study uses Rogers' (2003) diffusion of innovation (DOI) model. In addition, a quantitative approach based on structural equation modelling (SEM) was utilised to analyse the relationship between awareness, knowledge, relative advantage, social norms, perceived trust and fintech adoption in waqf institutions by using the tool Analysis of Moment Structures (AMOS) version 23.0 with maximum likelihood estimation.FindingsThe overall indicate that perceived trust and social norms significantly influence the adoption of fintech by Malaysian waqf. At the same time, other factors such as awareness, relative advantage and knowledge do not appear to significantly influence the adoption of fintech amongst Malaysian waqf institutions.Research limitations/implicationsThis study contributes significantly to the current literature concerning the Fourth Industrial Revolution and the wave of technologies. In addition, this study supports relevant theories, including DOI and other technology adoption theories. Aside from this, the study provides empirical contributions to waqf management regarding collecting and distributing waqf, improving the level of regulation of the waqf institutions and enhancing trust between donors, waqf management and beneficiaries. This study is amongst the first in the area of waqf that focus on Malaysian waqf intitutions.Originality/valueThis is important for policy development to support the utilisation of fintech for waqf institutions, which leads to more transparency and efficiency.Peer reviewThe peer review history for this article is available at: https://publons.com/publon/10.1108/IJSE-04-2022-0264

Risk Management for Cash Waqf Institutions Based on Good Corporate Governance Perspective: Lessons Learned from an Islamic Rural Bank in Indonesia

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.

Resilience of Sukuk Innovation Through Cash Waqf Linked Sukuk as an Instrument for Indonesia's Economic Recovery

Post-pandemic, the impact of the weakening global economy as well as in Indonesia, was felt by the public, plus the threat of an economic recession. The government is required to make a funding adjustment policy. One of the funding adjustment policies is changing the APBN allocation used to deal with post-pandemic socio-economic problems. The government has launched a new creative investment innovation that utilizes movable waqf as its object into state sukuk. Based on these problems, the research aims to offer a solution that is Cash Waqf Linked Sukuk in assisting government funding for Indonesia's economic recovery. The research method used is a qualitative research type of literature study with a descriptive approach as an analytical tool. The research data comes from secondary data in the form of Waqf Law, DSN-MUI Fatwa, government regulations regarding economic improvement plans and productive waqf books as well as previous research from scientific articles/journals. The results show that Cash Waqf Linked Sukuk can contribute to economic recovery through 2 sure channels; 1) Cash Waqf Linked Sukuk can assist government funding in supporting APBN funds through the development of educational facilities, health facilities, and public infrastructure. Second, Cash Waqf Linked Sukuk can at the same time provide support for economic equality in order to overcome socio-economic inequality through community empowerment from yield funds provided by the government.

Cash Waqf Linked Sukuk (CWLS) In Indonesia

Currently, the government has made a new innovation in the world of waqf, namely Cash Waqf Linked Sukuk (CWLS) which is a form of social investment by collecting funds through cash waqf, then invested in state sukuk. The purpose of this research is to see the extent of development and sentiment towards Cash Waqf Linked Sukuk (CWLS). The method used is descriptive statistical analysis combined with meta and sentiment analysis of secondary data in the form of metadata from 53 Dimension indexed articles, then processed using Microsoft Excel 2019 and SentiStrenght software. The analysis shows that the topic of Cash Waqf Linked Sukuk (CWLS) has a neutral sentiment of 39.7% followed by a positive sentiment of 37.7% and a negative sentiment of 22.6%. In addition, factors that influence positive and negative sentiments towards Cash Waqf Linked Sukuk (CWLS) were also found. It can be concluded that CWLS can be a solution in increasing economic growth amid the Covid19 pandemic and economic recovery. From the results of this analysis, both positive and negative sentiments are challenges and opportunities for interested parties, including the government, academics and other stakeholders to provide a strong understanding of Cash Waqf Linked Sukuk (CWLS).

Proposed temporary waqf model for family waqf implementation in Malaysia

PurposeThis study aims to propose a temporary waqf model for family waqf by establishing its application parameters, which may facilitate the management of family waqf in Malaysia and encourage new donors to establish waqf.Design/methodology/approachA qualitative methodology was employed to analyse the data through deductive and field research methods. For field research, this study conducted semi-structured interviews with the Waqf Corporations and Mufti's Department in the selected states within Malaysia.FindingsResults drawn from the interview's findings are that creating family waqf in Malaysia is hindered by several obstacles, including family waqfs not serving the public interest but rather their descendants, and family waqfs have been practised in perpetuity. Besides, inefficient management of family waqf and a lack of an effective mechanism and parameter exists. Therefore, this study presented a conceptual framework for a temporary cash waqf model for family waqf along with the parameters that can be used to implement it. The temporary waqf is a strategy to develop waqf property and the interests of creators, beneficiaries and trustees. Temporary waqf merged into the family waqf yields benefits to the family waqf.Research limitations/implicationsBecause of Malaysia's Waqf Regulation and Administration, this study was confined to selected states. This study has broadened the scope of temporary family waqf, including moveable, immovable property and cash waqf.Practical implicationsThis study presented a temporary waqf model for family waqf as a realistic mechanism and criterion for its practical implementation in Malaysia.Social implicationsThis study could encourage new donors to establish waqf.Originality/valueThis study’s novelty lies in its attempt to highlight the importance of the temporary waqf model as a practical mechanism with holistic principles for its implementation in Malaysia to benefit the donors, their families and trustees. In addition to family waqf, numerous temporary waqfs may be established, in which the income or usufruct is shared proportionally, such as charitable waqf (waqf khairi), private waqf (waqf khas) and joint waqf (waqf mushtarak).

Manajemen Distribusi Dana Wakaf Produktif di BMT Mandiri Sejahtera Kantor Pusat Gresik

Productive waqf is permanent property that is used in production activities. The results are distributed according to the purpose of the waqf. Waqf has dual functions, namely the function of worship and social function. This research is entitled Management of Productive Waqf Fund Distribution at BMT Mandiri Sejahtera Gresik. This qualitative research uses a descriptive analytical approach, with a research focus (1) How is the distribution management of productive waqf funds in BMT Mandiri Sejahtera Gresik? (2) How is the realization of the distribution of productive waqf funds at BMT Mandiri Sejahtera Gresik? The results figure out some points. The first is the distribution management of productive waqf funds carried out by BMT Mandiri Sejahtera Gresik, namely the distribution of cash waqf funds. It is channeled directly to the community around the BMT Mandiri Sejahtera Gresik environment by having data on the people who are entitled to it. In addition, it is channeled to the construction of mosques or prayer rooms and educational institutions by submitting proposals. The second is the realization of the distribution of productive waqf funds at BMT Mandiri Sejahtera Gresik through several programs that have all been planned to be implemented. In fact, funds resulting from the management of cash waqf are not fully distributed and there is no SOP for the management of cash waqf at BMT Mandiri Sejahtera Gresik.

Accountability Analysis With The Application Of Psak 112 In The Financial Statements Of Cash Waqf In Madura

The importance of accountability financial reports is a form of accountability from waqf assetsentrusted by the wakif to an institution/agency that became nadzhir. The better the financialreports are made, the more trust will increase from the public and vice versa. PSAK 112regarding waqf accounting can help nadzhir parties to prepare better financial reports of waqfassets. This research uses a qualitative descriptive type approach. The research locations areLAZISMU Pamekasan and KSPPS Nuri East Java. Sources of data in the form of observations,interviews and documentation. The results of the research are; Accountability from LAZISMUPamekasan and KSPPS Nuri East Java has worked in accordance with the indicators andforming factors of financial report accountability. The application of PSAK 112 at LAZISMUPamekasan has a conformity of 35% and the remaining 65% still needs to be improved.Whereas in KSPPS Nuri East Java it has a suitability of 41% and the remaining 59% still needsto be fixed again. This means that the financial statements of cash waqf funds issued byLAZISMU Pamekasan and KSPPS Nuri East Java are still lacking from the financialcomponents commonly made by waqf institutions according to PSAK 112. At LAZISMUPamekasan and KSPPS Nuri East Java there has been no instruction from the leadership touse PSAK 112 and there is no concrete socialization from the authorities.

Determinants and Impacts of Trust on Awqaf Institutions: Intergenerational Evidence from Indonesia

This study evaluates the determinants and impacts of trust toward awqf institutions. We extend previous studies by examining the determining role of religiosity and knowledge on trust towards awqf institutions, in addition to the role of reputation and integrity. Our study differs from the previous studies as we incorporate the intergenerational analysis of 658 experienced and inexperienced Indonesian waqf donors by employing the PLS-SEM method. Our findings suggest that religiosity and knowledge significantly influence trust toward awqf institutions. However, the impact differs across generations X, Y, and Z. While the direct impacts of religiosity and knowledge on the intention to do cash waqf are insignificant for certain generations, the variables significantly impact the intention of all generations when moderated by the trust. Therefore, our primary implication is for awqf institutions to know their customers better and offer more trust-enhancing programs for the inexperienced younger generations.JEL Classification: Z12, L31How to Cite:Haidlir, B. M., Jatmiko, W., Azizon, A., Kasri, R. A., & Laksmono, B. A. (2023). Determinants and Impacts of Trust on Awqf Institutions: Intergenerational Evidence from Indonesia. Etikonomi, 22(1), 175–196. https://doi.org/10.15408/etk.v22i1.26307.

INVESTIGATING THE DETERMINANTS OF CASH WAQF INTENTION: AN INSIGHT FROM MUSLIMS IN INDONESIA

This study looks at the factors that influence the Indonesian Muslim community to perform cash waqf based on a modified Theory of Reasoned Action (TRA) framework. Using primary data from islands in Indonesia, as many as 436 respondents, and the partial least square approach, the paper finds that religiosity contributes positively to waqf literacy. Subject norms and religiosity also affect the attitude of Muslims in waqf. Religiosity is the most potent factor in influencing the attitude of Muslims in waqf. The variable of waqf literacy also affects the attitudes and intentions of Muslims in waqf. Finally, trust also affects the attitudes and intentions of Muslims in waqf.

Tinjauan Ekonomi Syariah Terhadap Penggunaan E-Wakaf Serta Perannya Dalam Mendorong Generasi Muda Berwakaf

The potential of waqf as one of the asset instruments of Muslims in Indonesia has a great opportunity in sustainable economic development in the era of rapid technological development. These potentials and opportunities prompted this research to be carried out with the aim of knowing the perspective of Sharia economic law on collecting cash waqf funds through the use of Fintech or what is familiarly called E-Waqf. Furthermore, how this application encourages the interest of the younger generation in waqf and the factors that influence it. This article is classified as a literature research with a qualitative approach as the basis. The methodology used is a juridical-normative study for the review of E-Waqf law, and a qualitative method in mapping the interest of millennials in waqf. The results of this study show that the use of E-Waqf in waqf is allowed with several conditions that must be met. Meanwhile, the interest of the younger generation in waqf through E-Waqf is still relatively low. This is due to the lack of trust of the younger generation in waqf institutions that manage waqf assets

KAJIAN TERHADAP ISU PEMBELIAN TANAH WAKAF MENERUSI MEKANISME WAKAF TUNAI DI NEGERI SELANGOR A Study on Issues in Waqf Land Purchasing Through Mechanism of Cash Waqf in Selangor

The practice of waqf is vital in the development of the entire Muslim community. The waqf system at the Perbadanan Wakaf Selangor (PWS) has expanded in various ways or methods to include cash waqf, general waqf and special waqf, therefore providing Muslims with the opportunity to perform worship in a collective manner in order to enhance the Muslim community’s socio-economic status. This study was conducted to understand the concept of land purchase using cash waqf in the state of Selangor. The objective of this study is to ascertain the current status of waqf for the purchase of land through the cash waqf mechanism, along with issues in implementing it. This study used both the library study method and a field study to collect qualitative data. Data for this study was also obtained from semi-structural interviews with PWS officers and those involved in the management of waqf property. The findings show that waqf for land purchase within the state of Selangor has achieved its objective, despite challenges faced. The constraints regarding the waqf system are that the waqf fund collection had not achieved its target in addition to the short contract durations, which had caused the development of the planned waqf property to not run smoothly. Several recommendations and policy implications are suggested to ease future purchases of land through the cash waqf scheme so that it will become a valuable asset used for Muslims’ economic development.

The Potency of Cash Waqf Linked Sukuk (CWLS) on Social Development

This study aims to see the development of Cash Waqf Linked Sukuk (CWLS) research around the world and research path that can be carried out based on journals published on the theme. This research uses a qualitative method with a bibliometric analysis approach. The data used is secondary data with the theme CWLS which comes from the Dimensions database with a total of 60 journal articles. Then, the data was processed and analyzed using the VosViewer application with the aim of knowing the bibliometric map of CWLS research development in the world. The results of the study found that based on bibliometric keyword mapping, there are 4 clusters that can become research paths with topics related to (1)Social Development and CWLS, (2)Economic Development and CWLS, (3)Covid-19 Pandemic and CWLS and (4)MSME Development and CWLS. The author also tries to make a simulation of the impact of CWLS based on its potential, as well as the possible allocation for SDGs projects.

Optimizing Cash Waqf and Cash Waqf Linked Sukuk : The Role of Nazhir and The Strategies

<p>This study aims to explore the role and strategy of Nazhir in optimizing the management of cash waqf and cash waqf linked Sukuk (CWLS) yields. The method of the study is field research with a qualitative descriptive approach. The data was obtained through an in-depth interview with key persons from the Central Java Muhammadiyah (PWM Central Java) Waqf and Assets Council, the Nahdlatul Ulama Amil Zakat Institute (LAZISNU), and the Baitulmaal Muamalat. The results of this study emphasize the critical role of Nazhir in managing cash waqf and CWLS yield funds to be distributed to Mauquf 'Alaih. The management of cash waqf by the Central Java Muhammadiyah Waqf and Treasurer Council is carried out in the productive business sector, such as rental equipment, farm investment, and integrated farms in Wonolopo Central Java. Meanwhile, apart from effective businesses, LAZISNU and Baitulmaal Muamalat manage Cash Waqf through the CWLS scheme. The cash waqf yields from the three institutions were channeled to the fields of education, economy, and health. Especially for the CWLS scheme, with the great potential that the combination of cash waqf and Sukuk can be more optimally used as an instrument of financing sources to increase the welfare of people in need, especially during the pandemic.</p>

Cash Waqf Acceptance Among Entrepreneurs in Kano Metropolis, Nigeria

Cash waqf was introduced as an alternative for individuals who do not have an immovable asset but rather have the cash to donate as waqf. It can be observed, however, that Muslims in Kano State narrow their perception of waqf only to be in the form of a kind but not in cash. It is to say that public awareness and understanding of cash waqf are insignificant. Therefore, this study aims to assess factors influencing the intention to accept cash waqf among entrepreneurs in the Kano metropolis with particular reference to Singer Market. The study employed partial least square–structural equation modeling (PLS-SEM) and was theoretically guided by the Theory of Planned Behavior (TPB). Structured survey questionnaires were administered to 379 respondents whom were registered entrepreneurs in Singer Market based on a convenience non-probability sampling technique. Descriptive statistics using charts and tables were employed to analyze the demographic information, while data collected from the respondents were analyzed utilizing AMOS, version 21. The study uncovered that perceived behavioral control and religiosity significantly influenced the intention to accept cash waqf among entrepreneurs in Singer Market in Kano Metropolis, while awareness and attitude did not. This paper recommends that the management of the Kano State Zakat and Hubsi Commission (KSZHC) should establish sensitization programs to create awareness and promote cash waqf for the public to mobilize more potential waqf donors in the state.

Money Waqf: The Perception of Pesantren Teacher in Capital City, Indonesia with Multiple Correspondence Analysis

Law of Indonesia, Act, no. 41 of 2004 concerning waqf existed about 15 years ago, but many people do not know about waqf, especially cash waqf. Whereas cash waqf is a major breakthrough in easy, potential and zero cost of fund. This study aims to discuss the teachers of Islamic boarding schools in Jakarta, the capital city of Indonesia about cash waqf. A sample of 138 teachers from five major Islamic boarding schools in Jakarta. Data collection through questionnaires and analysis using the MCA (Multiple Correspondence Analysis) techniques. The results of the study: teachers' perception of waqf was relatively the same, while the perception of cash waqf varied; teachers' perception of aspects of cash waqf regulation are very diverse, especially with the existence of Law no. 41 of 2004 concerning waqf, the teacher's response to the aspect of interest in cash waqf is very diverse, especially interest in waqf money, quite a lot of teachers do not agree; the common perception of teachers is only on the principle that the management of cash waqf must follow the needs of the community, while for other management, quite a lot of teachers still doubt it.

Perceptions of Indonesian Muslim Youth on Factors Influencing Their Intention to Perform Cash Waqf

This study aims to investigate the intention to pay cash waqf among Indonesian Muslim youth. In addition, this study explains the Theory of Planned behavior and additional two variables, namely Islamic religiosity and willingness.The Partial Least Square Structural equation modeling (SEM) approach is used to test structural models and measurements. Online questionnaires were distributed to purposively selected respondents throughout Indonesia, which consists of all major islands. In total, there are 104 respondents collected. This study found that the Attitude variable and the willingness variable affect the intention to pay cash waqf among Indonesian Muslim youth. In addition, Subjective Norms, Perceived Behavioral Contol, and Islamic religiosity variables are not significantly proven as the determinant. This study focuses on the factors that influence the intention of Indonesian Muslim youth to perform cash waqf. This study examines the theory of planned behavior, Islamic religiosity, and willingness. With the latest data and variables studied, these findings can be used as guidelines for policymakers, especially waqf bodies to innovate and improve the characteristics of cash waqf contributors, especially among Muslim youth so that they can maintain sustainability and development of waqf instruments.

Cash Waqf Linked Sukuk Through Securities Crowdfunding in Indonesia

Islamic charitable innovations have evolved to give rise to the integration between Sukuk and cash waqf called Cash Waqf Linked Sukuk (CWLS). The integration of these two things is promising when combined, considering that Sukuk has long been named a commercial sharia instrument that aims to raise funds, while cash waqf as a sharia social instrument has played a philanthropic role. As for Indonesia, The cash waqf combined with Sukuk has become a new fiscal instrument because it has advantages in addition to contributing to development, furthermore, the returns obtained are reused into waqf money for socio-economic projects and funds invested be returned at maturity. As a legal research, this article uses qualitative analysis with statutory approaches and conceptual approaches. This article intends to introduce a new conceptual framework model innovation between CWLS and fintech types of Islamic securities crowdfunding. This innovation is for no reason considering that the use of fintech types of Islamic securities crowdfunding makes CWLS more popular and more flexible so that the funds raised are expected to be larger and can reach the broader community for the construction of more massive socio-economic projects. Furthermore, this article provides an overview of the proposed innovations in achieving the goals of maqasid al-shariah, regulations, and opportunities and challenges to be implemented in Indonesia.

A Conceptual Framework of Cash Waqf Awareness in Malaysia Using Theory of Planned Behavior

The important function of Cash Waqf is to achieve the economic balance of a nation which aim to alleviate poverty and promote socioeconomic development. The improvement in cash waqf awareness as a charitable endowment fund among Muslims would benefit designated beneficiaries such as the donors, family institutions and other individuals. In term of research methodology, the researchers discussed the empirical support of various literature which recognize the use of Theory of Planned Behavior (TPB). A conceptual framework which adopts three original constructs comprising of attitude, subjective norm and perceived behavior control in predicting intention towards cash waqf awareness are suggested. The findings of this study is expected to add to the body of knowledge on the guidelines regarding how cash waqf awareness could be promoted among Muslims in Malaysia. Essentially this effort is expected to empower cash waqf for ummah development and serve as a strong economic instrument in stabilising economic wellbeing among Muslim.

The COVID-19 pandemic and the intention of cash waqf: Approach to theory of reason action, level of religiosity and trust in institutions

This study aims to see the intention of cash waqf in the Muslim community in Bandung Raya during the Covid-19 Pandemic and to see how the influence of Theory of Reasoned Action (TRA), namely subjective attitudes and norms with an additional level of religiosity and trust in institutions. The method used in this study is a quantitative approach with a causal descriptive design. The analytical tool used is Partial Least Square-Structural Equation Modeling (PLS-SEM) with the SmartPLS v application. 3.2.9. The subject of this study is the Muslim community in Bandung Raya with a total sample of 210 respondents. The results showed that attitudes, subjective norms, levels of religiosity and trust in institutions were in the high category. There are four variables that have a significant positive effect on the intention of the Muslim community in Bandung Raya to donate money during the Covid-19 pandemic, namely attitudes, subjective norms, level of religiosity and trust in institutions. The results of this study also confirm that attitudes, subjective norms, religiosity and trust are very important in Encouraging the intention to donate during the Covid-19 pandemic.