Optimizing the Role of Cash Waqf Linked Sukuk for State Development

Abstract

The Indonesian government has issued retail and non-retail Cash Waqf Linked Sukuk (CWLS). However, the cash waqf collected has not been optimal. This shows that public interests in retail CWLS are still low. Therefore, this study discusses possible ways to increase public interest in retail CWLS and optimize it for state development. Data is obtained from a literature review, interviews, and Focused-Group Discussion (FGD) with informants from the Indonesian Waqf Board (BWI), the Ministry of Finance, and academics. The results show stakeholders can promote CWLS through a social marketing approach. This is in line with the purpose of CWLS products, which is for social programs (non-profit oriented) carried out by the government and voluntary organizations. Furthermore, the design thinking method can be used to optimize the role of CWLS in state developments. Design thinking is a logical, systematic, and creative process that a person takes to experiment, produce ideas and model prototypes, and collect feedback. In this context, public literacy issues should be addressed, and the social programs financed should be formulated. AbstrakPemerintah menerbitkan CWLS non-ritel dan CWLS retail, namun jumlah wakaf uang yang terkumpul belum maksimal. Ini menunjukkan rendahnya animo masyarakat terhadap produk CWLS ritel. Penelitian ini membahas care meningkatkan minat masyarakat pada produk CWLS ritel dan mengoptimalkan pemanfaatan CWLS dalam pembangunan. Data penelitian ini berasal dari kajian literatur, wawancara, dan Focus Group Discussion, dengan informant dari Badan Wakaf Indonesia (BWI), Kementerian Keuangan, dan akademisi. Hasil penelitian menunjukkan bahwa stakeholder dapat memasarkan produk melalui pengembangan teori pemasaran sosial karena tujuan dari produk CWLS adalah untuk program sosial masyarakat dan dilakukan oleh pemerintah bersama organisasi sektor sukarela. Selanjutnya, untuk mengoptimalkan peran CWLS pada pembangunan negara dapat menggunakan metode design thinking. Design thinking adalah proses logis, sistematis, dan kreatif yang dilakukan seseorang untuk bereksperimen, menghasilkan ide dan model prototipe, serta mengumpulkan umpan balik. Para Stakeholder harus menyelesaikan masalah literasi masyarakat dan pemilihan program sosial yang akan dibiayai terlebih dahulu.

A Comprehensive Study on the Scientific Literatures Performance of Cash Waqf Linked Sukuk (CWLS) using NVivo

“…This diagram summarizes the research approach used in research methodology related to CWLS in the scientific literature. It can be concluded that in the realm of research on CWLS, the dominant prevalence was found in the form of qualitative investigations in the form of literature studies with a percentage of 64.71% Afrianti, 2022;Anindhita et al, 2022;Armen et al, 2022;Cahyono et al, 2022;Hafandi et al, 2021;Indra et al, 2020;Istikomah et al, 2021;Lailatullailia et al, 2021;Maesarach et al, 2022;Mudriqoh, 2023;Mukti et al ., 2022;Nugroho et al, 2022;Puspitasari et al, 2022;Putri et al, 2020;Rahayu et al, 2020;Rahman et al, 2021;Maulina, 2022;Sa'idaturrohman , ;Sasongko et al, 2021;Siswantoro, ;Sulaeman et al, 2022;Tanjung & Agus, 2021 ;Ubaidilaah & Wahyu, 2021;Winarto et al, 2021; ANP (Afifah et al, 2022 ;Rabbani et al;Suratman et al, 2023) (Nurjamil, 2021), content analysis (Wati et al, 2022) and SLR Joseph, 2022).…”

The Potency of Cash Waqf Linked Sukuk (CWLS) on Social Development

“…This is an opportunity for future research to deepen the role of CWLS on economic development. Some relevant research on this topic include Anindhita & Widana (2022) discussing possible ways to increase public interest in retail CWLS and optimize it for the country's development. The Indonesian government has issued retail and non-retail Cash Waqf Linked Sukuk (CWLS).…”

“…The method is able to create and display author journal maps and research paths based on co-citation data or keyword maps based on co-incidence data. Some studies that examine related to CWLS include exploring Cash Waqf Linked Sukuk as a potential instrument that can make a positive contribution to community welfare in Indonesia; explains the issues, challenges, and future directions of CWLS in Indonesia; Hafandi & Handayati (2021) explain the suitability of Cash Waqf Linked Sukuk (CWLS) with Islamic law; Anindhita & Widana (2022) examine the optimization of the role of Cash Waqf Linked Sukuk for state development; and Mufidah (2022) examines the systematic literature review of Cash Waqf Linked Sukuk in 2018-2022.…”

Scientometric Analysis on Cash Waqf Linked Sukuk (CWLS)

“…Despite its huge potential, CWLS has not been optimally utilized. The biggest challenge faced is the low interest of the community towards CWLS (Anindhita & Widana, 2022). However, with increased cash waqf literacy, more professional management, and increased public trust, the potential of cash waqf can be utilized more effectively (Soemitra, 2022).…”