Contemporary Issues on Cash Waqf: A Thematic Literature Review

Abstract

This paper presents the most recent works on cash Waqf, focusing on identifying contemporary scholars' work in this area, providing a novel framework to indicate the existing gap, subsequently, it opens the door wider for new research commitment. This research adopts the paradigm of qualitative approach research, based on disk-based research. Google Scholar was employed, searching through the passage. Only contemporary English documents within the period of 2002-2019 were the subject of this study. Lately, cash Waqf has been proven as a proper method for poverty alleviation. Previous studies attempted to address several models in order to enhance socio-economics issues. This research is a distinct attempt, as to the best of our knowledge, there is no previous research addressed the subject matter. Moreover, this study is expected to assist the interested scholars by offering comprehensive conclusion about have been done in the field. Hence, opens new doors for scholars to develop new innovative cash Waqf models to bridge the socio-economic issues. Our findings depict that Malaysian and Indonesian scholars show a robust research commitment on cash Waqf during 2002-2019. Furthermore, this study highlights the existing gap that must be researched to enrich the potentials of cash Waqf, future research should address other countries practices in term of cash Waqf, moreover, validating a proposed model through interviews to ensure that a proposed model is applicable. In terms of cash Waqf awareness, research might consider peer influence", "self-efficacy in contributing to cash Waqf.

Cash Waqf Linked Sukuk: Issues, Challenges and Future Direction in Indonesia

“…Waqf issues have taken this significant place due to the efforts have been done by contemporary scholars, revealing the benefits associated with Waqf practices including its applications in contemporary society plus addressing associated challenges. Most of the previous studies found that cash waqf is an efficient instrument that can be an alternative to poverty alleviation, because these initiatives require huge funds that cannot be obtained in total by the government (Aldeen et al, 2020).…”

“…Supervision from the government, the Indonesian Waqf Board and the general public is urgently needed. So that in the future CWLS will be able to become a safe, productive and recognized model for cash waqf to support sustainable development goals (SDGs) (Aldeen et al, 2020;Musari, 2019) which is able to bring mashlahah who are able to maintain syara' goals and achieve maximum benefit for the people.…”

“…Waqf-based sukuk is an innovation in empowering waqf assets to be productive (Ilmiah, 2019). The birth of sukuk waqf aims to optimize cash waqf management (Aldeen et al, 2020;Paul & Faudji, 2020). The development of social instruments such as cash waqf can help the government improve welfare and provide social services to the community (Aldeen et al, 2020).…”

“…The birth of sukuk waqf aims to optimize cash waqf management (Aldeen et al, 2020;Paul & Faudji, 2020). The development of social instruments such as cash waqf can help the government improve welfare and provide social services to the community (Aldeen et al, 2020). Even less, the information memorandum on CWLS series SWR001 clearly states that the returns from SWR001 will be used for the fulfillment of non-APBN social programs that are very helpful for the government.…”

Covid-19 as Wake-Up Call to Reconsider the Mainstream Financial Practices: Islamic Finance Perspective

“…The mainstream economy is suffering from a lack of realism, lack of balance lack of moral screening; these are the effect of financialization (Aldeen, Ratih, & Herianingrum, 2020). The financial contribution to the economy has been increased drastically, especially in the second half of the last century.…”