Article Sidebar

Submitted
November 27, 2022
Accepted
December 7, 2022
Published
December 12, 2022
Download
Full text PDF
Statistic
Read Counter : 378 Download : 294

Downloads

Download data is not yet available.

Main Article Content

Abstract

Purpose – The purpose of this study is to analyze the optimization of the Cash Waqf Linked Sukuk (CWLS) issuance mechanism and its potential to support Indonesia's economic recovery after the Covid-19 pandemic.
Methodology – This study uses a qualitative descriptive analysis approach by exploring the relevant literature. This study also uses the SWOT (Strength, Weakness, Opportunity, and Threat) to obtain information on internal and external factors that can support and inhibit the planned issuance of CWLS.
Findings – This study found that the investment returns from cash waqf funds in the CWLS model can be utilized for social and economic development in Indonesia. In line with the objectives of Indonesia's economic recovery program, namely: aiming to protect, maintain, and improve the economic capacity of business actors, especially MSMEs, in running their business during and after the Covid-19 pandemic in Indonesia.
Implications – The CWLS model is expected to make a positive contribution to the Indonesian government and policymakers as material for further study of Islamic financing instruments, which can optimize their role in supporting the financing of Indonesia's economic recovery programs during and after the Covid-19 pandemic.
Originality – The novelty of this research is proposing an alternative source of financing for the government in supporting Indonesia’s economic recovery. Further, this research contributes to the existing literature on Islamic social finance, especially for waqf studies.

Keywords

Waqf, Cash Waqf Linked Sukuk (CWLS), Indonesia’s economic ecovery, Covid-19

Article Details

License

Copyright (c) 2022 Sulaeman Sulaeman, Siti Zubaidah, Tika Nur’atikah

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
Sulaeman, S., Zubaidah, S. ., & Nur’atikah, T. (2022). Optimization of Cash Waqf Linked Sukuk (CWLS) for supporting Indonesia’s economic recovery post-Covid-19 era. Review of Islamic Social Finance and Entrepreneurship, 1(2), 121–130. https://doi.org/10.20885/RISFE.vol1.iss2.art4
Download Citation
Endnote/Zotero/Mendeley (RIS)
BibTeX

References

  1. AAOIFI. (2017). Shari’ah standards (Full text of sharia’ah standards for Islamic financial institutions as at Safar 1439 A.H - November 2017 A.D). Manama: The Accounting and Auditing Organization for Islamic Financial. https://aaoifi.com/shariaa-standards/?lang=en
  2. Abdullah, M. (2015). Analysing the moral aspect of qard : A shariah perspective. International Journal of Islamic and Middle Eastern Finance dan Management 8(2), 171–184. https://doi.org/10.1108/IMEFM-11-2013-0116
  3. Abdullah, R., & Ismail, A. G. (2017). Taking stock of the waqf-based Islamic microfinance model. International Journal of Social Economics, 44(8), 1018–1031. https://doi.org/10.1108/IJSE-06-2015-0176
  4. Antasari, R., Azwari, P. C., & Martiwi, D. (2017). Optimalisasi peran sukuk dalam menumbuhkan sektor riil di Indonesia. Jurnal Muamalah, 3(1), 15–35. http://jurnal.radenfatah.ac.id/index.php/Almuamalah/article/view/1469
  5. Aziz, M. R., Johari, F., & Yusof, M. A. (2013). Cash waqf models for financing in education. 5th Islamic Economic System Conference: Proceedings of a Conference, 835–842. Kuala Lumpur, Malaysia: Universiti Sains Islam Malaysia. https://www.researchgate.net/publication/257811881_CASH_WAQF_MODELS_FOR_FINANCING_IN_EDUCATION
  6. Bahmi, M. A. (2015). SULAF (Sukuk linked waqf): Inovasi sukuk daerah melalui optimalisasi fungsi tanah wakaf menuju pembangunan dan pemerataan infrastruktur dalam refleksi konsep Nawacita Jokowi-JK 2019. Universitas Hasanuddin. https://saiful.web.id/wp-content/uploads/2021/05/SARJANA_IPS_MUHAMMAD_AKBAR_BAHMI_18018655_KTI.pdf
  7. Beik, I. S. (2011). Memperkuat pran sukuk negara dalam pembangunan ekonomi Indonesia. Jurnal Ekonomi Islam Al-Infaq, 2(2), 65–72. http://ejournal.uika-bogor.ac.id/index.php/al-infaq/article/view/80/80
  8. Brahim, C. T. (2018). The role of green Islamic sukuk to the promotion of sustainable development objectives. Journal of the New Economy, 01, 186–207. https://www.asjp.cerist.dz/en/article/60503
  9. Büyüközkan, G., & Il, Ö. (2019). Integrated SWOT analysis with multiple preference relations. Kybernetes, 48(3), 451–470. https://doi.org/10.1108/K-12-2017-0512
  10. Che Hassan, S. N. A., & Rahman, A. A. (2018). The potential of cash waqf in the socio-economic development of society in Kelantan. New Developments in Islamic Economics, 67–82. https://doi.org/10.1108/978-1-78756-283-720181005
  11. Cizakca, M. (1995). Cash waqfs of bursa, 1555-1823. Journal of the Economic and Social History of the Orient, 38(3), 313–354. https://www.jstor.org/stable/3632481
  12. Fadian, B. N. (2017). Analisis peran sukuk bagi pembangunan infrastruktur di Indonesia. Prosiding Seminar Nasional dan Call for Papers “Tantangan Pengembangan Ilmu Akuntansi, Inklusi Keuangan, Dan Kontribusinya Terhadap Pembangunan Ekonomi Berkelanjutan” 542. http://digilib.mercubuana.ac.id/manager/t!@file_artikel_abstrak/Isi_Artikel_580082693665.pdf
  13. Farhand, M. Z. (2020). Analisis SWOT terhadap cash waqf linked sukuk seri SW001 sebagai evaluasi penghimpunan skripsi analisis SWOT terhadap cash waqf linked sukuk seri SW001 sebagai evaluasi penghimpunan skripsi. Skripsi, (11160860000024). https://repository.uinjkt.ac.id/dspace/bitstream/123456789/52129/1/MUHAMMAD%20ZAID%20FARHAND-FEB.pdf
  14. Haneef, M. A., Huq, A., Mohammed, M. O., & Amin, F. B. (2013). Integration of waqf and Islamic microfinance for poverty reduction: A survey in Kuala Selangor, Malaysia. Journal of Islamic Finance, 2(2), 1–16. https://journals.iium.edu.my/iiibf-journal/index.php/jif/article/view/16
  15. Hariyanto, E. (2017). Peran strategis sukuk negara. Direktorat Pembiayaan Syariah, DJPPR, Kementerian Keuangan. https://www.djppr.kemenkeu.go.id/page/load/1770
  16. Hariyanto, E. (2020). Potensi dan strategi penerbitan blue sukuk. Indonesian Treasury Review Jurnal Perbendaharaan Keuangan Negara dan Kebijakan Publik, 5(2), 151–170. https://doi.org/10.33105/itrev.v5i2.216
  17. Huda, N. dkk. (2019). Keuangan Publik Islam: Pendekatan Teoritis dan Sejarah (3rd ed.). Jakarta: Penadamedia Group.
  18. Iman, A. H. M., & Mohammad, M. T. S. H. (2017). Waqf as a framework for entrepreneurship. Humanomics, 33(4), 419–440. https://doi.org/10.1108/H-01-2017-0015
  19. Jatmika, D., & Ningsih, S. (2018). Kinerja keuangan koperasi jasa keuangan syariah (KJKS) di Jawa Tengah. Al-Tijary, 2(2), 145. https://doi.org/10.21093/at.v2i2.928
  20. Kachkar, O. A. (2017). Towards the establishment of cash waqf microfinance fund for refugees. ISRA International Journal of Islamic Finance, 9(1), 81–86. https://doi.org/10.1108/IJIF-07-2017-007
  21. Kementerian Keuangan. (2020). Program pemulihan ekonomi nasional PP 23/2020. Kementerian Keuangan. Jakarta.
  22. Lidya Julita. (2020). Sri Mulyani beberkan negara dengan defisit parah akibat Covid. CNBC Indonesia. https://www.cnbcindonesia.com/news/20200902140327-4-183856/sri-mulyani-beberkan-negara-dengan-defisit-parah-akibat-covid
  23. Majelis Ulama Indonesia. (2002). Keputusan fatwa majelis ulama Indonesia tentang wakaf uang. https://www.bwi.go.id/3636/2019/09/regulasi-wakaf/fatwa-mui-tentang-wakaf-uang/
  24. Majid, R. (2022). Rice land sustainability and agricultural financing through waqf. Review of Islamic Social Finance and Entrepreneurship, 1(1), 17–35. https://doi.org/10.20885/RISFE.vol1.iss1.art2
  25. Mauluddin, M. I., & Rahman, A. A. (2018). Cash waqf from the perspective of majelis ulama Indonesia (MUI) and the scholars of Aceh: An analysis. New Developments in Islamic Economics, 49–66. https://doi.org/10.1108/978-1-78756-283-720181004
  26. Mohammad, M. T. S. H. (2011). Towards an Islamic social (waqf) bank. International Journal of Trade, Economics and Finance, 2(5), 381–386. https://doi.org/10.7763/IJTEF.2011.V2.135
  27. Mohsin, M. I. A. (2013). Financing through cash-waqf: a revitalization to finance different needs. International Journal of Islamic and Middle Eastern Finance and Management, 6(4), 304–321. https://doi.org/10.1108/IMEFM-08-2013-0094
  28. Mustafida, R. (2015). Optimization of waqf asset trough sukuk: Toward an inclusive economic development. Forum Riset Ekonomi dan Keuangan Syariah IV, Malang.
  29. Nezliani, L. (2020). Analisis peran bank umum syariah sebagai potential investor untuk mengoptimalkan cash wakaf link sukuk. 1st Annual Conference on Ihtifaz: Islamic Economics, Finance, and Banking (ACI-IJIEFB) 2020, 203–218. http://seminar.uad.ac.id/index.php/ihtifaz/article/view/3630
  30. Raimi, L., Patel, A., & Adelopo, I. (2014). Corporate social responsibility, waqf system and zakat system as faith-based model for poverty reduction. World Journal of Entrepreneurship, Management and Sustainable Development, 10(3), 228–242. https://doi.org/10.1108/WJEMSD-09-2013-0052
  31. Roslen, S. N. M., Sahlan, L. A. B., & Mary, P. (2021). Yield behavior of green SRI sukuk. Global Business & Management Research, 13(4), 127–138. http://www.gbmrjournal.com/pdf/v13n4/V13N4-11.pdf
  32. Saadati, N. (2016). Efisiensi produktifitas wakaf tunai (wakaf uang) dalam pemberdayaan ekonomi di Indonesia. Muqtasid: Jurnal Ekonomi dan Perbankan Syariah, 7(1), 73. https://doi.org/10.18326/muqtasid.v7i1.73-91
  33. Saeed, M. (2021). Green sukuk for financing renewable projects in Islamic social finance. Contemporary Issues in Islamic Social Finance, 12, 331–346. https://doi.org/10.4324/9781003050209-22
  34. Sari, E. L. (2020). Pandemi Covid-19 dan melebarnya defisit APBN. Suara.com. https://yoursay.suara.com/news/2020/08/06/115837/pandemi-covid-19-dan-melebarnya-defisit-apbn
  35. Siswantoro, D., Rosdiana, H., & Fathurahman, H. (2018). Reconstructing accountability of the cash waqf (endowment) institution in Indonesia. Managerial Finance, 44(5), 624–644. https://doi.org/10.1108/MF-05-2017-0188
  36. Sitanggang, L. M. S. (2019). Punya potensi hingga Rp 77 triliun, BWI kaji penjaminan investasi wakaf uang. Kontan.co.id. https://keuangan.kontan.co.id/news/punya-potensi-hingga-rp-77-triliun-bwi-kaji-penjaminan-investasi-wakaf-uang?page=all
  37. Suardi, D., & Abdul Hafidz, J. (2021). Optimalisasi pengelolaan dana ziswaf dalam meningkatkan kesejahteraan ekonomi anggota koperasi syari’ah Benteng mikro Indonesia cabang Cikupa, Tanggerang. Management of Zakat and Waqf Journal (MAZAWA), 2(2), 170–179. https://doi.org/10.15642/mzw.2021.2.2.170-179
  38. Sugiyono. (2005). Memahami penelitian kualitatif. Bandung: Alphabeta.
  39. Thaker, M. A. B. M. T., Mohammed, M. O., 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, 7(4), 254–267. https://doi.org/10.1108/JIABR-09-2014-0029
  40. Tohirin, A. (2010). The cash waqf for empowering the small businesses. Paper Presented at 7th International Conference – The Tawhidi Epistemology: Zakat and Waqf Economy, Bangi, Selangor. https://www.ukm.my/hadhari/wp-content/uploads/2014/09/proceedings-seminar-waqf-tawhidi.pdf
  41. Victoria, A. O. (2020). Sri Mulyani sebut Covid-19 lebih kompleks dari krisis 1998 dan 2008. Kata Data. https://katadata.co.id/berita/2020/04/07/sri-mulyani-sebut-covid-19-lebih-kompleks-dari-krisis-1998-dan-2008