CASH WAQF LINK SUKUK COLLECTION: EXPLORING INTENTIONS, OBSTACLES, SOLUTIONS, AND STRATEGIES FOR INSTITUTIONAL WAQIFS
Main Article Content
Abstract
The low intensity of the waqf community means that waqf collection through Cash Waqf Linked Sukuk (CWLS) has not reached the expected potential. This causes many planned social programs to be delayed. This research aims to explore the intensity, problems, solutions, and strategies for collecting CWLS, as well as determining and ranking each cluster and its elements. The method used is a qualitative method with the Analytical Network Process (ANP) approach. Research informants from BWI, KNEKS, Sharia Bank, BPKH, Nazir, and the government. This research found four aspects that influence the decision to invest in CWLS and related problems. The knowledge aspect is most influenced by low understanding and literacy, the conformity aspect by complex and non-standard accounting treatment, the environmental aspect by ineffective CWLS management services, and the behavioral aspect by the negative views of fund owners. The highest influence for cluster solutions on intensity is the socialization element. The most important strategy chosen is the CSR leverage channel strategy in BUMN or government institutions for placement in CWLS.
Downloads
Article Details
This work is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.
Penulis yang naskahnya diterbitkan menyetujui ketentuan sebagai berikut: Hak publikasi atas semua materi naskah jurnal yang diterbitkan/dipublikasikan dalam situs Jurnal AKURASI ini dipegang oleh dewan redaksi dengan sepengetahuan penulis (hak moral tetap milik penulis naskah). Ketentuan legal formal untuk akses artikel digital jurnal elektronik ini tunduk pada ketentuan lisensi Creative Commons Attribution-ShareAlike (CC BY-SA), yang berarti Jurnal AKURASI berhak menyimpan, mengalih media/format-kan, mengelola dalam bentuk pangkalan data (database), merawat, dan mempublikasikan artikel tanpa meminta izin dari Penulis selama tetap mencantumkan nama Penulis sebagai pemilik Hak Cipta. Naskah yang diterbitkan/dipublikasikan secara cetak dan elektronik bersifat open access untuk tujuan pendidikan, penelitian, dan perpustakaan. Selain tujuan tersebut, dewan redaksi tidak bertanggung jawab atas pelanggaran terhadap hukum hak cipta.
References
Abdullah, M. (2018). Waqf, Sustainable Development Goals (SDGs) and Maqasid al-shariah. International Journal of Social Economics, 45(1), 158–172. https://doi.org/10.1108/IJSE-10-2016-0295
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
Adeyemi, A. A., Ismail, N. A., & Hassan, S. S. B. (2016). An empirical investigation of the determinants of cash Waqf awareness in Malaysia. Intellectual Discourse, 24, 501–520.
Adistii, D., Susilowati, D., & Ulfah, P. (2021). Peran akuntabilitas sebagai moderasi hubungan religiusitas dan literasi wakaf terhadap minat berwakaf uang. Reviu Akuntansi dan Bisnis Indonesia, 5(2), 122–137. https://doi.org/10.18196/rabin.v5i2.12238
Ahmad, Z. A., & Rusdianto. (2020). Impact of trust, transparency, and accountability on Islamic, and intention to donate cash waqf in microfinance institutions, Shirkah: Journal of Economics and Business5(2), 197-227. https://doi.org/10.22515/shirkah.v5i2.317.
Alifiandy, M. M., & Sukmana, R. (2020). The Influence of planned behavior theory and knowledge towards the waqif intention in contributing waqf. Jurnal Ekonomi Dan Bisnis Islam (Journal of Islamic Economics and Business), 6(2), 260–272. https://doi.org/10.20473/jebis.v6i2.22624
Ascarya. (2010). The Development of Islamic Financial System in Indonesia and The Way Forward. In Occasional Pappers No OP/10/02.
Ascarya, A., & Yumanita, D. (2011). Determinan dan persistensi margin perbankan konvensional dan syariah di Indonesia. JEBI:: Jurnal Ekonomi Dan Bisnis Islam, 1(December 2011), 1–33.
Azrai Azaimi Ambrose, A. H., Gulam Hassan, M. A., & Hanafi, H. (2018). A proposed model for waqf financing public goods and mixed public goods in Malaysia. International Journal of Islamic and Middle Eastern Finance and Management, 11(3), 395–415. https://doi.org/10.1108/IMEFM-01-2017-0001
Crozier, G., Denzin, N., & Lincoln, Y. (1994). Handbook of Qualitative Research. In N. K. da. Y. S. L. Denzin (Ed.), British Journal of Educational Studies (Vol. 42, Issue 4, p. 409). Pustaka Pelajar. https://doi.org/10.2307/3121684
Hafiz Bin, M., Fauzi Sofri, H. J., Jalal, Y., Hanaysha, R., Sabri, M., Syaidatun, H., & Abu Zahrin, N. (2019). The impact of trust on cash waqf contribution: A case study of wakaf Selangor Muamalat (WSM) service of Bank Muamalat Malaysia Berhad. International Journal of Business, Economics and Law, 18(2), 1–10.
Hiyanti, H., Fitrijanti, T., & Sukmadilaga, C. (2020). Intensi berwakaf pada cash waqf linked Sukuk. Jurnal Ilmiah MEA (Manajemen, Ekonomi Dan Akuntansi), 4(3), 493-507. DOI: 10.31955/mea.vol4.iss3.pp493-507
Homisah, N. N. S. (2021). Tingkat Pemahaman dan Faktor-Faktor yang Memengaruhi Intensi Masyarakat terhadap Cash Waqf Linked Sukuk (CWLS). Tesis Institut Pertanian Bogor. http://repository.ipb.ac.id/handle/123456789/109632
Ismail, N., & Maryanti, T. (2022). Determinants of intention to donate on share waqf: The case of Muslim workers in Jakarta. Jurnal Ekonomi dan Bisnis Islam (Journal of Islamic Economics and Business) 8 (1), 1-17. https://doi.org/10.20473/jebis.v8i1.28654
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
Khan, A., Muhammad, M. H., Shaique, M., & Khan, S. (2022). Demographic determinants of charity donors and its implication for cash waqf institutions in Malaysia. Journal of Islamic Marketing, 13(2), 508–525. https://doi.org/10.1108/JIMA-10-2019-0211
Mohd Thas Thaker, M. A. Bin, 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
Nafar, N. (2019). The investment of waqf properties and infrastructure development. Revitalization of Waqf for Socio-Economic Development, 1(1), 285–308. https://doi.org/10.1007/978-3-030-18445-2_14
Osman, A. F., Htay, S. N. N., & Muhammad, M. O. (2012). Determinants of cash waqf giving in Malaysia: Survey of selected works. In Workshop Antarbangsa Pembangunan Berteraskan Islam V (WAPI-5),. 186–243. Medan. http://irep.iium.edu.my/28284/
Paul, W., & Faudji, R. (2020). Cash waqf linked Sukuk dalam optimalkan pengelolaan wakaf benda bergerak (uang). Jurnal Ilmiah MEA 4 (2), 1–18.
Rahayu, R. D., & Agustianto, M. A. (2020). Analisis implementasi Cash Waqf Linked Sukuk (CWLS) perspektif prinsip ekonomi syariah. Management of Zakat and Waqf Journal (MAZAWA), 1(2), 145–161. https://doi.org/10.15642/mzw.2020.1.2.145-161
Rashid, A., & Ghazi, M. S. (2021). Factors affecting Sharīʿah audit quality in Islamic banking institutions of Pakistan: a Theoretical framework. Islamic Economic Studies, 28(2), 124–140. https://doi.org/10.1108/ies-07-2020-0025
Razak, S. H. A. (2020). Zakat and waqf as an instrument of Islamic wealth in poverty alleviation and redistribution: Case of Malaysia. International Journal of Sociology and Social Policy, 40(3–4), 249–266. https://doi.org/10.1108/IJSSP-11-2018-0208
Sadeq, A. M. (2002). Waqf, perpetual charity, and poverty alleviation. International Journal of Social Economics, 29(1–2), 135–151. https://doi.org/10.1108/03068290210413038
Shabbir, M. S. (2018). Classification and prioritization of waqf lands: a Selangor case. International Journal of Islamic and Middle Eastern Finance and Management, 11(1), 40–58. https://doi.org/10.1108/IMEFM-02-2017-0038
Shaikh, S. A., Ismail, A. G., & Mohd Shafiai, M. H. (2017). Application of waqf for social and development finance. ISRA International Journal of Islamic Finance, 9(1), 5–14. https://doi.org/10.1108/ijif-07-2017-002
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
Sulaiman, S., Hasan, A., Mohd Noor, A., Ismail, M. I., & Noordin, N. H. (2019). Proposed models for unit trust waqf and the parameters for their application. ISRA International Journal of Islamic Finance, 11(1), 62–81. https://doi.org/10.1108/IJIF-02-2018-0019
Utomo, S. B., Masyita, D., & Hastuti, F. (2020). Why cash waqf fails to meet the expectation: Evidence from Indonesia (Issue October). Otoritas Jasa Keuangan. https://ojk.go.id/id/data-dan-statistik/research/working-paper/Documents/WP-20.
Yasin, R. M. (2021). Cash Waqf Linked Sukuk: Issues, challenges and future direction in Indonesia. Jurnal Ekonomi Dan Bisnis Islam (Journal of Islamic Economics and Business), 7(1), 100. https://doi.org/10.20473/jebis.v7i1.24818
Yuliafitri, I., & Rivaldi, A. I. (2017). Pengaruh penerapan prinsip-prinsip good governance dan promosi terhadap penerimaan wakaf tunai (Pada lembaga pengelola wakaf di Indonesia). InFestasi, 13(1), 217. https://doi.org/10.21107/infestasi.v13i1.3044