Optimizing the Potential for Cash Waqf in Indonesia


This study aimed to examine the Government’s strategy to optimize the performance of cash waqf through its Cash Waqf Linked Sukuk (CWLS) Retail policy. There is a large potential for cash waqf in Indonesia; however, when the Government issued the CWLS Retail instrument, the results were not optimal, so there is still a fairly high gap between the potential and realization of cash waqf. This was descriptive qualitative research. Data collection was done through interviews, a literature search, and document review. The results of the study showed that, firstly, the Government needs to regulate related issues including waqf that is sent directly from institutions to the Government, standardization of reporting from Nazir to stakeholders, Nazir appointment mechanisms, CWLS Retail taxation aspects, and cash waqf from abroad in the form of non-rupiah. Second, the use of offline and online platforms should be optimized to reach all levels of society. Third, a tenor of two or three years can be used according to conditions; a wakala contract can be used; the nominal issuance needs a lower number to accommodate wakif beginners and lower-middle-income classes; and social projects can use proposals from Nazir and joint projects. Finally, the Government can use more effective marketing strategies by targeting segmented investors, allowing longer offering times and diversifying the media used.

Keywords: cash waqf linked sukuk, sovereign sukuk, philanthropy

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