Main Article Content
Abstract
Purpose – This study aimed to determine priority problems, solutions, and strategies for developing stock waqf in Indonesia.
Methodology – The analytical method used was qualitative with the Delphi approach. The informants for this research were experts in the field of shared waqf. The group of informants consisted of regulators, sharia stock practitioners, nazhir, academics, and wakif with a total of 13 informants.
Findings – The results show that the priority issues regarding investor knowledge are from the wakif aspect. A priority problem is the low-literacy stock waqf. The solution priority is from a regulatory perspective. The sub-criteria of the operating rules that are the priority for the solution are the issuance of technical regulations for managing stock waqf. The strategy priority that can be implemented to develop a stock waqf is from the Nazhir aspect as a human resource.
Implications – The implications of the research results are in the form of a strategy implemented by the Indonesian waqf board (Badan Wakaf Indonesia, BWI) by issuing standard operating procedures (SOP) for nazhirs in the management of stock waqfs.
Originality – The novelty of this research lies in the development of stock waqf, as seen from the problems, solutions, and strategies. In addition to different things, this study also uses a qualitative Delphi approach to formulate problems, solutions, and strategies for developing equity waqf in Indonesia. The Delphi method has not been widely used in Indonesian stock waqf research.
Keywords
Article Details
Copyright (c) 2024 Nova Rini, Nurul Huda, Muslich Anshori, M A S Sridjoko Darodjatun, Zaenudin Zaenudin, Mamady Fofana, Yong Adilah Shamsul Harumain
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References
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- Babacan, M. (2011). Economics of philanthropic institutions, regulation and governance in Turkey. Journal of Economic and Social Research, 13(2), 61–89. https://ssrn.com/abstract=2477426
- Borham, H. A. S. bin. (2011). Pelaksanaan pembangunan wakaf korporat Johor Corporation Berhad (JCorp) : Satu tinjauan. International Conference of Humanities, 1–13. http://eprints.uthm.edu.my/id/eprint/2035/1/Abd._Shakor_Borham_FSSW_%28ICoH%29pdf.pdf
- Bråten, E. (2013). Embedded Entrepreneurship: Market, culture, and micro-business insular Southeast Asia. Koninklijke Brill.
- Burhanudin, M. E. (2019). Status wakaf saham pada emiten yang keluar dari Daftar Efek Syariah (DES). Al-Awqaf : Jurnal Wakaf dan Ekonomi Islam, 12(1), 72–85. https://doi.org/https://doi.org/10.47411/al-awqaf.v12i1.15
- Bursa Efek Indonesia. (2022). Wakaf saham di pasar modal syariah Indonesia. Bursa Efek Indonesia. https://www.badanwakafindonesia.com/eLibrary/Wakaf-Saham
- Embi, N. A. C., Ramlee, R., & Kassim, S. (2019). A profile analysis of potential investors in ireit waqf investment products. The 2nd International Conference on Islamic Economics, Business, and Philanthropy (2nd ICIEBP), 831–839. https://doi.org/10.18502/kss.v3i13.4251
- Hakim, N. (2020). Analisis strategi penghimpunan wakaf saham di Indonesia. Al-Awqaf : Jurnal Wakaf dan Ekonomi Islam, 13(1), 73–94. https://doi.org/10.47411/al-awqaf.v13i1.98
- Hanna, S. (2015). Wakaf saham dalam perspektif hukum Islam. Mirzan: Jurnal Ilmu Syariah, 3(1), 99–124. https://www.academia.edu/20372031
- Hasan, P. P., & Shauki, E. R. (2022). Recommendations for collection and development strategy of waqf funds: A case study on waqf institutions. Jurnal Ekonomi & Keuangan Islam, 8(1), 137–151. https://doi.org/10.20885/jeki.vol8.iss1.art10
- Hassan, S. N. A. C., & Rahman, A. A. (2019). The potential of cash waqf in the socio-economic development of society in Kelantan : A stakeholder’s perspective. In New Developments in Islamic Economics (pp. 67–82). Emerald Publishing Limited. https://doi.org/10.1108/978-1-78756-283-720181005
- Havita, G., & Hakim, G. (2017). Wakaf saham ditinjau dari hukum Islam dan peraturan perundang-undangan setelah berlakunya Undang-Undang Nomor 41 Tahun 2004 tentang wakaf. Jurnal Syarikah : Jurnal Ekonomi Islam, 3(1), 358–371. http://repositorio.unan.edu.ni/2986/1/5624.pdf
- Huda, N., Anggraini, D., Rini, N., Hudori, & Mardoni, Y. (2014). Akuntabilitas sebagai sebuah solusi pengelolaan wakaf. Jurnal Akuntansi Multiparadigma, 5(3), 485–497. https://doi.org/10.18202/jamal.2014.12.5036
- Huda, N., Rini, N., Mardoni, Y., Hudori, K., & Anggraini, D. (2017). Problems, solutions and strategies priority for waqf in Indonesia. Journal of Economic Cooperation and Development, 38(1), 29–53. https://www.academia.edu/33423587/Problems_Solutions_and_Strategies_Priority_for_Waqf_in_Indonesia
- Iman, A. K. N., Najiyah, F., & Asshiddiqi, M. (2021). Unfolding the possibility to develop share-waqf in Indonesia through the concepts, opportunities & challenges. Journal of Islamic Economic Laws, 4(1), 45–60. https://doi.org/10.23917/jisel.v4i1.12510
- Khairi, K. F., Aziz, M. R., Laili, N. H., Nooh, M. N., Sabri, H., & Basah, M. Y. A. (2014). Share waqf (corporate waqf) as an alternative financial instrument in improving the communities and nation welfare. Australian Journal of Basic and Applied Sciences, 8(5), Pages: 9-14. http://dx.doi.org/10.2139/ssrn.2448122
- Khaliq, A., Hussin, N., & Mohammad, M. T. S. H. (2019). Waqf unit trust as an alternate model to realize waqf sustainability. EJIF : European Journal of Islamic Finance, 13, 1–9. https://doi.org/10.13135/2421-2172/3623
- Komite Nasional Ekonomi dan Keuangan Syariah. (2021). Policy brief : Business process re-engineering wakaf uang, (Issue 2020), Komite Nasional Ekonomi dan Keuagan Syariah, https://kneks.go.id/storage/upload/1641956348-Policy%20Brief%20Business%20Process%20Re-Engineering%20Wakaf%20Uang.pdf
- Lahuri, S. bin, Sukmana, R., Zuhroh, A. A., & Fatoni, A. (2023). The indexing of resources toward nazhir waqf. Jurnal Ekonomi & Keuangan Islam, 9(1), 104–121. https://doi.org/10.20885/jeki.vol9.iss1.art8
- Maharani, N. K. (2017). Analisis perbandingan kinerja saham syariah antara DJIMI, FSTE GIIS, KLSESI, dan JII. Jurnal Ekonomi & Keuangan Islam, 3(1), 10–18. https://doi.org/10.20885/jeki.vol3.iss1.art2
- Mohsin, M. I. A. (2012). Waqf-shares: New product to finance old waqf properties. Banks and Bank Systems, 7(2), 72–78. https://businessperspectives.org/images/pdf/applications/publishing/templates/article/assets/4651/BBS_en_2012_02_Mohsin.pdf
- Nasution, L. Z., & Aris, D. A. (2020). Konstruksi Pengembangan wakaf saham dalam rangka mengoptimalkan potensi wakaf produktif di Indonesia. Jurnal Islamic Circle, 1(1), 27–52. https://doi.org/10.56874/islamiccircle.v1i1.98
- Nurdany, A. (2019). Ensuring the determinant of waqf in Indonesia: Does religiosity matter? Jurnal Ekonomi & Keuangan Islam, 5(1), 18–24. https://doi.org/10.20885/jeki.vol5.iss1.art3
- Orbay, K. (2017). Failure of waqfs to adjust rental rates to prices: structural impairment or managerial rigidity. Bulgarian Historical Review, 1(2), 18–42. https://hdl.handle.net/11511/53881
- Paksi, G. M., Manzilati, A., & Ekawaty, M. (2018). Kajian hukum dan implementasi wakaf harta bergerak di Indonesia: Wakaf uang dan saham. ISLAMICONOMIC: Jurnal Ekonomi Islam, 9(2), 173–190. https://doi.org/10.32678/ijei.v9i2.94
- Prasetyo, A. (2019). Wakaf saham dalam meningkatkan investasi saham syariah di indonesia. Majalah Ekonomi, 24(2), 204–210. https://doi.org/10.36456/majeko.vol24.no2.a2066
- Rusydiana, A. S., & Assalafiyah, A. (2020). What is the priority of audit problems at zakat institutions in Indonesia. 4th International Conference of Zakat Proceedings, 193–202. https://doi.org/10.37706/iconz.2020.216
- Sahal, A., Huda, N., & Setianingrum, A. (2020). Analisis faktor yang mempengaruhi masyarakat muslim melakukan wakaf saham. Ekspansi: Jurnal Ekonomi, Keuangan, Perbankan dan Akuntansi, 12(1), 43–64. https://doi.org/10.35313/ekspansi.v12i1.1860
- Suhaimi, F. M., Ab Rahman, A., & Marican, S. (2014). The role of share waqf in the socio-economic development of the Muslim community: The Malaysian experience. Humanomics, 30(3), 227–254. https://doi.org/10.1108/H-12-2012-0025
- Thaker, M. A. M. T., & Thaker, H. M. T. (2015). Exploring the contemporary issues of corporate share waqf model in Malaysia with the reference to the waqaf An-Nur Corporation Berhad. Jurnal Pengurusan, 45, 165–172. http://dx.doi.org/10.17576/pengurusan-2015-45-15
- Yuliana, I., & Hadi, S. P. (2019). Model penerapan dan potensi wakaf saham di Indonesia. Jurnal Perspektif Ekonomi Darussalam, 5(2), 227–239. https://doi.org/10.24815/jped.v5i2.13934
References
Abdullah, H. (2020). Perlindungan hukum wakaf saham di perseroan terbatas. [Tesis, UIN Syarif Hidayatullah]. https://repository.uinjkt.ac.id/dspace/bitstream/123456789/55772/1/HELMI%20ABDULLAH%20-%20FSH.pdf
Ali, K. M., Yuliani, M., Mulatsih, S., & Abdullah, Z. (2018). Aspek-aspek prioritas manajemen wakaf di Indonesia. Al-Falah : Journal of Islamic Economics, 3(1), 1–28. https://doi.org/10.29240/jie.v3i1.345
Babacan, M. (2011). Economics of philanthropic institutions, regulation and governance in Turkey. Journal of Economic and Social Research, 13(2), 61–89. https://ssrn.com/abstract=2477426
Borham, H. A. S. bin. (2011). Pelaksanaan pembangunan wakaf korporat Johor Corporation Berhad (JCorp) : Satu tinjauan. International Conference of Humanities, 1–13. http://eprints.uthm.edu.my/id/eprint/2035/1/Abd._Shakor_Borham_FSSW_%28ICoH%29pdf.pdf
Bråten, E. (2013). Embedded Entrepreneurship: Market, culture, and micro-business insular Southeast Asia. Koninklijke Brill.
Burhanudin, M. E. (2019). Status wakaf saham pada emiten yang keluar dari Daftar Efek Syariah (DES). Al-Awqaf : Jurnal Wakaf dan Ekonomi Islam, 12(1), 72–85. https://doi.org/https://doi.org/10.47411/al-awqaf.v12i1.15
Bursa Efek Indonesia. (2022). Wakaf saham di pasar modal syariah Indonesia. Bursa Efek Indonesia. https://www.badanwakafindonesia.com/eLibrary/Wakaf-Saham
Embi, N. A. C., Ramlee, R., & Kassim, S. (2019). A profile analysis of potential investors in ireit waqf investment products. The 2nd International Conference on Islamic Economics, Business, and Philanthropy (2nd ICIEBP), 831–839. https://doi.org/10.18502/kss.v3i13.4251
Hakim, N. (2020). Analisis strategi penghimpunan wakaf saham di Indonesia. Al-Awqaf : Jurnal Wakaf dan Ekonomi Islam, 13(1), 73–94. https://doi.org/10.47411/al-awqaf.v13i1.98
Hanna, S. (2015). Wakaf saham dalam perspektif hukum Islam. Mirzan: Jurnal Ilmu Syariah, 3(1), 99–124. https://www.academia.edu/20372031
Hasan, P. P., & Shauki, E. R. (2022). Recommendations for collection and development strategy of waqf funds: A case study on waqf institutions. Jurnal Ekonomi & Keuangan Islam, 8(1), 137–151. https://doi.org/10.20885/jeki.vol8.iss1.art10
Hassan, S. N. A. C., & Rahman, A. A. (2019). The potential of cash waqf in the socio-economic development of society in Kelantan : A stakeholder’s perspective. In New Developments in Islamic Economics (pp. 67–82). Emerald Publishing Limited. https://doi.org/10.1108/978-1-78756-283-720181005
Havita, G., & Hakim, G. (2017). Wakaf saham ditinjau dari hukum Islam dan peraturan perundang-undangan setelah berlakunya Undang-Undang Nomor 41 Tahun 2004 tentang wakaf. Jurnal Syarikah : Jurnal Ekonomi Islam, 3(1), 358–371. http://repositorio.unan.edu.ni/2986/1/5624.pdf
Huda, N., Anggraini, D., Rini, N., Hudori, & Mardoni, Y. (2014). Akuntabilitas sebagai sebuah solusi pengelolaan wakaf. Jurnal Akuntansi Multiparadigma, 5(3), 485–497. https://doi.org/10.18202/jamal.2014.12.5036
Huda, N., Rini, N., Mardoni, Y., Hudori, K., & Anggraini, D. (2017). Problems, solutions and strategies priority for waqf in Indonesia. Journal of Economic Cooperation and Development, 38(1), 29–53. https://www.academia.edu/33423587/Problems_Solutions_and_Strategies_Priority_for_Waqf_in_Indonesia
Iman, A. K. N., Najiyah, F., & Asshiddiqi, M. (2021). Unfolding the possibility to develop share-waqf in Indonesia through the concepts, opportunities & challenges. Journal of Islamic Economic Laws, 4(1), 45–60. https://doi.org/10.23917/jisel.v4i1.12510
Khairi, K. F., Aziz, M. R., Laili, N. H., Nooh, M. N., Sabri, H., & Basah, M. Y. A. (2014). Share waqf (corporate waqf) as an alternative financial instrument in improving the communities and nation welfare. Australian Journal of Basic and Applied Sciences, 8(5), Pages: 9-14. http://dx.doi.org/10.2139/ssrn.2448122
Khaliq, A., Hussin, N., & Mohammad, M. T. S. H. (2019). Waqf unit trust as an alternate model to realize waqf sustainability. EJIF : European Journal of Islamic Finance, 13, 1–9. https://doi.org/10.13135/2421-2172/3623
Komite Nasional Ekonomi dan Keuangan Syariah. (2021). Policy brief : Business process re-engineering wakaf uang, (Issue 2020), Komite Nasional Ekonomi dan Keuagan Syariah, https://kneks.go.id/storage/upload/1641956348-Policy%20Brief%20Business%20Process%20Re-Engineering%20Wakaf%20Uang.pdf
Lahuri, S. bin, Sukmana, R., Zuhroh, A. A., & Fatoni, A. (2023). The indexing of resources toward nazhir waqf. Jurnal Ekonomi & Keuangan Islam, 9(1), 104–121. https://doi.org/10.20885/jeki.vol9.iss1.art8
Maharani, N. K. (2017). Analisis perbandingan kinerja saham syariah antara DJIMI, FSTE GIIS, KLSESI, dan JII. Jurnal Ekonomi & Keuangan Islam, 3(1), 10–18. https://doi.org/10.20885/jeki.vol3.iss1.art2
Mohsin, M. I. A. (2012). Waqf-shares: New product to finance old waqf properties. Banks and Bank Systems, 7(2), 72–78. https://businessperspectives.org/images/pdf/applications/publishing/templates/article/assets/4651/BBS_en_2012_02_Mohsin.pdf
Nasution, L. Z., & Aris, D. A. (2020). Konstruksi Pengembangan wakaf saham dalam rangka mengoptimalkan potensi wakaf produktif di Indonesia. Jurnal Islamic Circle, 1(1), 27–52. https://doi.org/10.56874/islamiccircle.v1i1.98
Nurdany, A. (2019). Ensuring the determinant of waqf in Indonesia: Does religiosity matter? Jurnal Ekonomi & Keuangan Islam, 5(1), 18–24. https://doi.org/10.20885/jeki.vol5.iss1.art3
Orbay, K. (2017). Failure of waqfs to adjust rental rates to prices: structural impairment or managerial rigidity. Bulgarian Historical Review, 1(2), 18–42. https://hdl.handle.net/11511/53881
Paksi, G. M., Manzilati, A., & Ekawaty, M. (2018). Kajian hukum dan implementasi wakaf harta bergerak di Indonesia: Wakaf uang dan saham. ISLAMICONOMIC: Jurnal Ekonomi Islam, 9(2), 173–190. https://doi.org/10.32678/ijei.v9i2.94
Prasetyo, A. (2019). Wakaf saham dalam meningkatkan investasi saham syariah di indonesia. Majalah Ekonomi, 24(2), 204–210. https://doi.org/10.36456/majeko.vol24.no2.a2066
Rusydiana, A. S., & Assalafiyah, A. (2020). What is the priority of audit problems at zakat institutions in Indonesia. 4th International Conference of Zakat Proceedings, 193–202. https://doi.org/10.37706/iconz.2020.216
Sahal, A., Huda, N., & Setianingrum, A. (2020). Analisis faktor yang mempengaruhi masyarakat muslim melakukan wakaf saham. Ekspansi: Jurnal Ekonomi, Keuangan, Perbankan dan Akuntansi, 12(1), 43–64. https://doi.org/10.35313/ekspansi.v12i1.1860
Suhaimi, F. M., Ab Rahman, A., & Marican, S. (2014). The role of share waqf in the socio-economic development of the Muslim community: The Malaysian experience. Humanomics, 30(3), 227–254. https://doi.org/10.1108/H-12-2012-0025
Thaker, M. A. M. T., & Thaker, H. M. T. (2015). Exploring the contemporary issues of corporate share waqf model in Malaysia with the reference to the waqaf An-Nur Corporation Berhad. Jurnal Pengurusan, 45, 165–172. http://dx.doi.org/10.17576/pengurusan-2015-45-15
Yuliana, I., & Hadi, S. P. (2019). Model penerapan dan potensi wakaf saham di Indonesia. Jurnal Perspektif Ekonomi Darussalam, 5(2), 227–239. https://doi.org/10.24815/jped.v5i2.13934