Article Sidebar

Submitted
January 29, 2022
Accepted
February 7, 2022
Published
March 2, 2022
Download
PDF
Statistic
Read Counter : 452 Download : 479

Downloads

Download data is not yet available.

Main Article Content

Abstract

The purpose of this research is to solve the problem of financing export-oriented MSMEs affected by the Covid-19 pandemic, by exploring and building Cash Waqf Linked Sukuk (CWLS) model. The research method used is qualitative. The data sources used are of the secondary type in the form of journal articles, books, reports from the government, national news websites, and other relevant sources that have previously been accessed and downloaded. The data analysis technique uses descriptive analysis, by analyzing the reference sources that have been collected and then integrated with the research argument. The results show that CWLS model has the potential to be an alternative source of new funding that is safe, easy, and risk-free for export-oriented MSMEs actors affected by the pandemic. Other findings show that the potential for cash waqf that can be explored in Indonesia reaches IDR. 13.9 trillion per year, so it has the opportunity to finance as many as 27,800 new export-oriented MSMEs. In addition, the value of the use of waqf funds is quite large, reaching IDR. 1.3 trillion with a two-year tenor. This value is sufficient to finance social development projects such as mosques or schools.

Keywords

Cash Waqf Linked Sukuk Export-Oriented MSMEs Financing.

Article Details

License

Copyright (c) 2022 SISWANTORO SISWANTORO

Creative Commons License

This work is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.

Authors who publish with this journal agree to the following terms:

  1. Authors retain copyright and grant the journal right of first publication with the work simultaneously licensed under a Creative Commons Attribution-ShareAlike 4.0 International License that allows others to share the work with an acknowledgement of the work's authorship and initial publication in this journal.
  2. Authors are able to enter into separate, additional contractual arrangements for the non-exclusive distribution of the journal's published version of the work (e.g., post it to an institutional repository or publish it in a book), with an acknowledgement of its initial publication in this journal.
  3. Authors are permitted and encouraged to post their work online (e.g., in institutional repositories or on their website) prior to and during the submission process, as it can lead to productive exchanges, as well as earlier and greater citation of published work (See The Effect of Open Access).
How to Cite
Siswantoro, S. (2022). Cash Waqf Linked Sukuk model for export micro, small, and medium enterprises financing affected by Covid-19 pandemic: Indonesian study. Asian Management and Business Review, 2(1), 24–38. https://doi.org/10.20885/AMBR.vol2.iss1.art3
Download Citation
Endnote/Zotero/Mendeley (RIS)
BibTeX

References

  1. Alwi, M. M. (2016). Optimalisasi Fungsi Masjid dalam Pemberdayaan Ekonomi Masyarakat. Al-Tatwir, 2(1).
  2. Amanatillah, D. (2021). Potensi Pengembangan Sukuk Berbasis Wakaf untuk Pengembangan Infrastruktur di Indonesia. Journal of Muslim Societies, 2(2), 129-145.
  3. Anand, M. B., & Sreenivas, D. L. (2013). A Study on Branchless Banking in India. International Journal of Development Research, 3(8), 1-6.
  4. Anindhita, A. E. (2021). Cash Waqf Linked Sukuk Sebagai Solusi Pemulihan Ekonomi Pasca Covid-19. In Annual Conference of Ihtifaz: Islamic Economics, Finance, and Banking, 2(2), 113-131.
  5. Badan Pusat Statistik. (2001). Pengukuran dan Analisis Ekonomi Kinerja Penyerapan Tenaga Kerja, Nilai Tambah dan Ekspor Usaha Kecil dan Menengah. Jakarta: BPS.
  6. Bahtiar, R. A. (2021). Dampak Pandemi Covid-19 terhadap Sektor Usaha Mikro, Kecil dan Menengah serta Solusinya. Bidang Ekonomi dan Kebijakan Publik.
  7. Bank Indonesia. (2014). Booklet Keuangan Inklusif. Jakarta: Departemen Pengembangan Akses Keuangan dan UMKM.
  8. Bwi.go.id. (2021). Menelisik Manfaat Potensi Wakaf Uang untuk Bantu Kaum Dhuafa. Retrieved from https://www.bwi.go.id/5926/2021/02/05/menelisik-manfaat-potensi-wakaf-uang-untuk-bantu-kaum-dhuafa/
  9. CAF. (2021). CAF World Giving Index 2021: A Global Pandemic Special Report.
  10. Cizakca, M. (2004). Cash Waqf as Alternative to NBFIs Bank. In International Seminar on Nonbank Financial Institutions: Islamic Alternatives.
  11. Creswell, J. W. (2009). Research Design: Qualitative, Quantitative and Mixed Method Approaches (3rd Ed.). Los Angeles: SAGE Publications.
  12. Dermish, A., Kneiding, C., Leishman, P., & Mas, I. (2011). Branchless and Mobile Banking Solutions for The Poor: A Survey of The Literature. Innovations: Technology, Governance, Globalization, 6(4), 81-98.
  13. Disha, B., Bapat, V., & Bera, S. (2012). Studying Financial Inclusion in Nort-East India. International Journal of Bank Marketing, 246-256.
  14. Duan, H., Han, X., & Yang, H. (2009). An Analysis of Causes for SMEs Financing Difficulty. International Journal of Business and Management, 4(6), 73-75.
  15. Elasrag, H. (2017). Towards a New Role of the Institution of Waqf. Munich: Munich Personal RePEC Archiev.
  16. Faiza, N. A. (2019). Cash Waqf Linked Sukuk Sebagai Pembiayaan Pemulihan Bencana Alam di Indonesia. (Doctoral dissertation, UIN Sunan Ampel Surabaya).
  17. Faudji, R., & Paul, W. (2020). Cash Waqf Linked Sukuk Dalam Optimalkan Pengelolaan Wakaf Benda Bergerak (Uang). Jurnal Ilmiah MEA (Manajemen, Ekonomi, & Akuntansi), 4(2), 331-348.
  18. Fauziah, N. D., & Tulmafiroh, A. (2020). Analisis Waqf Linked Sukuk untuk Memberdayakan Tanah yang Tidak Produktif. Al-tsaman: Jurnal Ekonomi dan Keuangan Islam, 2(02), 70-81.
  19. Fauziah, N. N., Ali, E. R., & Bacha, A. M. (2021). An Analysis of Cash Waqf Linked Sukuk for Socially Impactful Sustainable Projects in Indonesia. Journal of Islamic Finance, 10, 001-010.
  20. Firmansyah. (2010). Revitalisasi Peran Wakaf untuk Peningkatan Kesejahteraan Masyarakat. Jakarta: Pusat Penelitian Ekonomi, Lembaga Ilmu Pengetahuan Indonesia.
  21. Ginanjar, A. (2015). Strategi Kolaborasi Branchless Bank Syariah di Tengah Persaingan dan Perubahan Teknologi. Tauhidinomics: Journal of Islamic Banking and Economics, 1(2).
  22. Hakim, A. (2021). Aplikasi Laku Pandai (Branchless Banking) dalam Mewujudkan Keuangan Islam Inklusif pada Sistem Perbankan Syariah di Indonesia. Disertasi UIN Syarif Hidayatullah Jakarta.
  23. Halim, A. (2015). Hukum Perwakafan di Indonesia. Jakarta: Ciputat Press.
  24. Hassan, S. A., & Rashid, R. A. (2015). Towards Improvement of The Rights And Duties of Mutawalli And Nazir In The Management And Administration of Waqf Assets. In The 9th ISDEV International Islamic Development Management Conference (pp. 8-19). IDMAC2015: Islamic asset management: Proceeding.
  25. Herman, S. (2015). Negara Mayoritas Muslim, Mengapa Pangsa Pasar Bank Syariah Rendah. Kumpulan Hasil Riset Terbaik Forum Riset Ekonomi dan Keuangan Syariah III, Depok. Paper dipresentasikan dalam acara Forum Riset Ekonomi dan Keuangan Syariah IV (pp. 3-4). Malang: Universitas Brawijaya.
  26. Kemenkeu.go.id. (2021). Sukuk Wakaf. Retrieved from https://www.kemenkeu.go.id/single-page/sukuk-wakaf/
  27. Kemenkopukm.go.id. (2019). Perkembangan Data Usaha Mikro, Kecil, Menengah (UMKM) dan Usaha Besar (UB) 2018-2019. Retrieved from https://www.kemenkopukm.go.id/data-umkm
  28. Kemenkopukm.go.id. (2021). Menkopukm Dorong Percetakan 500.000 Eksportir Baru. Retrieved from https://kemenkopukm.go.id/read/menkopukm-dorong-pencetakan-500-000-eksportir-baru
  29. Kompas.com. (2020). Sebanyak 37.000 UMKM Terdampak Virus Corona. Retrieved from https://money.kompas.com/read/2020/04/17/051200426/sebanyak-37.000-umkm-terdampak-virus-corona
  30. Lahsasna, A. (2010). The Role of Cash-Waqf in Financing Micro and Medium-Sized. Paper Presented at the 7th International Conference on the Tawhidi. Bangi, Selangor.
  31. Lyman, T., Ivatury, G., & Staschen, S. (2006). Use of Agents in Branchless Banking for The Poor: Rewards, Risks, and Regulation. Focus note, 38(1), 1.
  32. Magda, I. (2009). Cash Waqf: A New Financial Product. Kuala Lumpur: Prentice Hall.
  33. Majelis Ulama Indonesia. (2002). Fatwa MUI tentang Wakaf Uang. Jakarta: Majelis Ulama Indonesia.
  34. Masruroh, I., Andrean, R., & Arifah, F. (2021). Peran Pemerintah dalam Mengatasi Dampak Pandemi Covid-19 bagi UMKM di Indonesia. Journal of Innovation Research and Knowledge, 1(1), 41-48.
  35. Mawardi, I., Widiastuti, T., Al Mustofa, M. U., & Prasetyo, A. (2020). Do Indonesian Islamic Microfinance Institutions Need Lender of the Last Resort? al-Uqud: Journal of Islamic Economics, 4(2), 235-249.
  36. Merdeka.com. (2021). Penyebab Kontribusi Ekspor UMKM ke Ekonomi RI Masih Rendah. Retrieved from https://www.merdeka.com/uang/penyebab-kontribusi-ekspor-umkm-ke-ekonomi-ri-masih-rendah.html
  37. Otoritas Jasa keuangan. (2021). Statistik Perbankan Syariah. Jakarta: Otoritas Jasa Keuangan.
  38. Oubdi, L., & Raghibi, A. (2018). Sukuk-Waqf: The Islamic Solution for Public Finance Deficits. European Journal of Islamic Finance, 9, 1-7.
  39. Purboastuti, N., Anwar, N., & Suryahani, I. (2015). Pengaruh Indikator Utama Perbankan terhadap Pangsa Pasar Perbankan Syariah. JEJAK, 8(1).
  40. Qahf, M. (2015). Manajemen Wakaf Produktif. Jakarta: Pustaka Kautsar Grup.
  41. Rahman, M. I., Nurwahidin, N., & Adnan, N. (2021). Analisis Model Cash Waqf Linked Sukuk (CWLS) Sebagai Instrumen Pembiayaan Pemulihan Dampak Pandemi Covid-19. Jurnal Bimas Islam, 14(1), 77-102.
  42. Republik Indonesia. (2004). Undang-Undang Nomor 41 Tahun 2004 tentang Wakaf. Jakarta: Kementerian Agama.
  43. Republik Indonesia. (2006). Peraturan Pemerintah Nomor 42 Tahun 2006 tentang Wakaf. Jakarta: Kementerian Agama.
  44. Republik Indonesia. (2008). Undang-Undang Republik Indonesia Nomor 19 Tahun 2008 tentang Surat Berharga Syariah Negara. Jakarta: Badan Perencanaan Pembangunan Nasional.
  45. Republik Indonesia. (2008). Undang-Undang Republik Indonesia Nomor 20 Tahun 2008 tentang Usaha Mikro, Kecil, dan Menengah. Jakarta: Kementerian UKM dan Koperasi.
  46. Republik Indonesia. (2009). Peraturan Menteri Agama Republik Indonesia Nomor 4 Tahun 2009 tentang Administrasi Pendaftaran Wakaf Uang. Jakarta: Kementerian Agama.
  47. Saiti, B., Salad, A. J., & Bulut, M. (2019). The Role of Cash Waqf in Poverty Reduction: A Multi-country Case Study. In Management of Shari’ah Compliant Businesses , 21-34.
  48. Sankaramuthukumar, S., & Alamelu, K. (2012). Financial Inclusion: African Scenario. Insight on Africa, 4(2), 121-135.
  49. Siregar, K. H., Manday, C. C., & Efendi, B. (2021). A Model Cash Waqf Linked Sukuk (CWLS): Instrumen Ketahanan Pangan Indonesia SDGs. Jurnal Kajian Ekonomi dan Kebijakan Publik, 6(2) 601-609.
  50. Suryanto, A., & Saepulloh, A. (2016). Optimalisasi Fungsi dan Potensi Masjid: Model Pemberdayaan Ekonomi Masyarakat Berbasis Masjid di Kota Tasikmalaya. Iqtishoduna: Jurnal Ekonomi Islam, 5(2), 1-27.
  51. Tempo.co. (2021). Menteri Teten Sebut Kontribusi Ekspor UMKM Masih Rendah, 14,37 Persen. Retrieved from https://bisnis.tempo.co/read/1454252/menteri-teten-sebut-kontribusi-ekspor-umkm-masih-rendah-1437-persen
  52. Thaker, M. A., M. M., Duasa, J., & Abdullah, M. A. (2016). Developing Cash Waqf Model as An Alternative Source of Financing for Micro Enterprises in Malaysia. Journal of Islamic Accounting and Business Research.
  53. Ubaidillah, U., Masyhuri, M., & Wahyuni, N. (2021). Cash Waqf Linked Sukuk (CWLS): An Alternative Instrument for Infrastructure Financing. Indonesian Interdisciplinary Journal of Sharia Economics (IIJSE), 4(1), 35-49.
  54. UKM Center Universitas Indonesia. (2018). Penyesuaian Skala Usaha UKM Ekspor. Depok: FEB Universitas Indonesia.
  55. Wicaksono, E., Nugroho, S. S., & Woroutami, A. D. (2020). Pola Konsumsi dan Beban PPN Kelas Menengah Indonesia. Kajian Ekonomi dan Keuangan, 4(1), 1-16.
  56. World Bank. (2019). Aspiring Indonesia - Expanding the Middle Class.
  57. Yasin, R. M. (2021). Cash Waqf Linked Sukuk: Issues, Challenges and Future Direction In Indonesia. Jurnal Ekonomi dan Bisnis Islam (JEBIS), 7(1), 100-112.
  58. Yudiana, F. E. (2018). Modifikasi Branchless Banking Pada Perbankan Syariah di Indonesia Berdasarkan Kearifan Lokal. Muqtasid: Jurnal Ekonomi dan Perbankan Syariah, 9(1), 14-28.