FORECASTING THE POTENTIAL ROLE OF CASH WAQF AS A ISLAMIC SOCIAL FUND IN ERADICATING POVERTY AND IMPROVING SOCIAL WELFARE: THE USE OF WEIGHTED MOVING AVERAGE METHOD Study at Special Region of Yogyakarta (DIY)

Abstract

This research investigates the role of cash waqf as a Islamic social fund in eradicating poverty in Special Region of Yogyakarta. Researchers combine both of quantitative and qualitative research methods (triangulation) to increase the perceived quality of research findings. To answer the problems, researchers employe three steps analysis, firstly forecasting with statistical approach using the weighted moving average method; secondly cash waqf simulation; and thirdly researchers propose The New Integrated Model Of Cash Waqf Information System. The results of this study has succesfully answered the progress of cash waqf, the support of stakeholders (government, financial institutions and society) to achieve target of cash waqf. Based on the forecasting moving average method, it can be seen that the collected fund of cash waqf is still very fluctuating in some future period following the trend of cash waqf fund before. In the simulation of cash waqf based on expenditure distribution at DIY , to reach the target of cash waqf in one year, for example in 2018, that is equal to Rp. 684,646,315.33, each household only spend about of Rp. 60,000 to Rp. 80,000 per year. If all Muslim societies especially at DIY have realized the importance of cash waqf, then the potential cash waqf cant be maximized and the flow of cash waqf returns can be distributed to strengthen the social pillars of the region such as poverty, hunger, health and eduaction. Keywords: cash waqf, eradicating poverty, forecasting, simulation, integrated model

A systematic literature review on the socio-economic roles of waqf: evidence from organization of the Islamic cooperation (OIC) countries

“…In the past decade, research methodologies on the socio-economic developmental role of waqf in OIC countries have been empirical and conceptual (Table 2). Of the 68 relevant papers, most research studies used qualitative methods of empirical research (72%), with in-depth interviews to study waqf institutions or a community that received waqf benefits (Amuda and Embi, 2013;Fatira and Nasution, 2019;Iman and Mohammad, 2017;Kayadibi et al, 2017;Razak et al, 2016;Suhaimi et al, 2014), while 8% used a survey method (Amuda et al, 2016;Hassana et al, 2020;Kresnowati and Berakon, 2017). On the other hand, 20% used a conceptual methodology to propose a new model for waqf development in OIC countries and to increase the productivity of this Islamic endowment and its role for the ummah (Ali et al, 2019;Baharuddin and Taufiq, 2016;Haneef et al, 2013;Musari, 2016).…”

“…The second most discussed theme is the role of waqf in poverty alleviation. Some topics based on this theme include increasing the role of waqf in reducing the level of poverty in society, analyzing the opportunities for integrating waqf with zakat, infaq, sadaqah and other sources of ummat funds (Amuda and Embi, 2013;Haneef et al, 2013Haneef et al, , 2015Kresnowati and Berakon, 2017;Mohd. Hanefah et al, 2011;Muneer and Khan, 2019;Shirazi, 2014b), cash waqf collection (Ahmad, 2015b;Kresnowati and Berakon, 2017;Mohammad Abdullah, 2020;Oladapo et al, 2017;Shahimi et al, 2013) and creating new job opportunities that support waqf to alleviate poverty (Diniyya, 2019).…”

A Review on Islamic Social Finance

“…Islamic social finance can be used to benefit Muslims as a financial tool. The outcomes of Islamic social finance can be used to finance public-interest initiatives such as the construction of schools, mosques, and bridges and the provision of food for the poor (Kresnowati & Berakon, 2017).…”

“…It serves as a critical criterion for the dynamic transformation of the Muslim community's social economy. This scenario is especially beneficial for Muslim nations because riches and disparities between rich and poor may be progressively erased from the social milieu (Kresnowati & Berakon, 2017).…”

Islamic Social Funds: Enabling the Unable to Be Able

“…684.646.315,33 of cash awqaf collected as part of Islamic social fund. It is believed that if Muslims are knowledgable of the importance of cash waqf, once it is collected, the fund can be transferred to the societies in need to strengthen the economy and to solve problems, namely, starvation, poverty and education (Kresnowati & Berakon 2017).…”