Productive Waqf Development Model: A Comparative Study between Indonesia and Malaysia

Putra, Trisno Wardy; Saputra, Jumadil; Possumah, Bayu Taufiq; Hasyim, Mohamad Yusuf Ahmad

doi:10.30993/tifbr.v17i1.314

Cited by 2 publications

(2 citation statements)

References 6 publications

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“…Some studies suggest the feasibility of implementing a cash waqf model through the involvement of Baitul Mal wa Tamwil (BMT) as the nazir (administrator) who also functions as a recipient via Sharia Microfinance Institutions (MFIs) (Ascarya et al, 2022;. Other studies further highlight the substantial contribution of waqf to holistic development in Indonesia, encompassing both human resource and social resource development (Lestari et al, 2023;Pitchay et al, 2023;Putra et al, 2023).…”

Section: Waqfmentioning

confidence: 99%

Micro Waqf Bank Innovation Models in Aceh

Harianto,

Ramadhan,

Soemitra

2024

SJEKI

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This study investigates the challenges and opportunities associated with utilizing cash waqf to support economic development in Aceh, Indonesia, employing the innovative Micro Waqf Bank model. Data was collected through in-depth interviews with seven Waqf management experts in Aceh, selected using purposive sampling. Leveraging the Analytical Network Process (ANP), the study identifies key problems in the development of cash waqf practices, including economic challenges such as capital sourcing, financing repayment delays, and monitoring-mentoring costs. From a social perspective, the study emphasizes the importance of synergy among institutions, public awareness, and effective socialization. Institutional issues include human resource professionalism, regulatory suitability, Micro Waqf Bank limitations, and the need for digitalization. Legal and governance aspects focus on regulations supporting capital financing for small enterprises and efficient managerial management. The study proposes an inclusive, adaptive, participatory, and integrated Micro Waqf Bank Innovation Model to optimize cash waqf utilization and support real sector economic growth. Suggestions for improvement involve technological infrastructure, human resource training, regulatory adjustments, capital management, monitoring systems, strategic partnerships, socialization, coordination, product diversification, and community participation, providing a comprehensive model for the development of Micro Waqf Banks in Aceh.==============================================================================================================ABSTRAK – Model Inovasi Bank Wakaf Mikro di Aceh. Penelitian ini mengkaji tantangan dan peluang pengembangan praktik wakaf tunai untuk mendukung pembangunan ekonomi di Aceh melalui model inovasi Bank Wakaf Mikro di Aceh. Data penelitian dikumpulkan melalui wawancara mendalam dengan tujuh pakar bidang manajemen wakaf di Aceh, yang dipilih dengan metode sampling purposif. Hasil analisis aplikasi Analytical Network Process (ANP), penelitian ini mengidentifikasi sejumlah persoalan kunci dalam pengembangan wakaf tunai, seperti tantangan ekonomi terkait sumber modal, keterlambatan pembayaran pembiayaan, dan biaya pemantauan/ mentoring. Secara sosial, kajian ini menggarisbawahi pentingnya sinergi antar lembaga, kesadaran masyarakat, dan sosialisasi. Aspek institusional melibatkan isu-isu seperti profesionalisme sumber daya manusia, regulasi yang sesuai, keterbatasan Bank Wakaf Mikro, dan digitalisasi. Aspek hukum dan tata kelola berfokus pada regulasi yang mendukung, pembiayaan modal untuk usaha mikro dan ultra-mikro, dan manajemen manajerial. Solusi telah diidentifikasi untuk setiap aspek, mencapai proposal model Inovasi Micro Waqf Bank yang inklusif, adaptif, partisipatif, dan terintegrasi untuk mengoptimalkan pemanfaatan waqf tunai dan mendukung pertumbuhan ekonomi sektor riil. Saran untuk perbaikan melibatkan infrastruktur teknologi, pelatihan sumber daya manusia, penyesuaian regulasi, manajemen modal, sistem pemantauan, kemitraan strategis, sosialisasi, koordinasi, diversifikasi produk, dan partisipasi masyarakat, sehingga memberikan model komprehensif untuk pengembangan Bank Wakaf mikro di Aceh.

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Section: Waqfmentioning

confidence: 99%

Micro Waqf Bank Innovation Models in Aceh

Harianto,

Ramadhan,

Soemitra

2024

SJEKI

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“…This is needed as a form of evaluation of the distribution program being implemented as well as to track and measure program performance, impact and effectiveness. Supervision and monitoring is carried out on the utilization of assets and funds from ziswaf, the sustainability of the financial system, the resulting social impacts, and accountability (Putra et al, 2023).…”

Section: Monitoring and Assistancementioning

confidence: 99%

Designing Ziswaf-Based Financing Model for Enhancing Micro, Small, and Medium Enterprises

Sari,

Rohim,

Wiryanto

et al. 2023

JIEFeS

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Micro, Small, and Medium Enterprises (MSMEs) are important in advancing the economy. However, among some existing MSME actors, many of them face obstacles in developing their businesses. Some of those obstacles are the lack of competence and expertise, the lack of business networks, and the limited amount of capital. This research aims to design the development of a sharia financing model based on using zakat, infaq, sadaqah, and waqf (ziswaf) funds to develop MSMEs. This research uses qualitative methods by analyzing various data collected from several works of literature related to ziswaf and MSME studies. This research produces a design model for integrated ziswaf management in the MSME development program. This model describes the process flow starting from collecting ziswaf funds, with a distribution process that is adjusted to the characteristics of the funds. ZIS funds are channeled to the procurement of goods and business equipment, as well as to capacity-building programs for MSMEs. The waqf funds are distributed in the form of business capital investment with a mudharabah agreement. The profits received are given to the nazhir according to the agreement, to be managed by the nazhir, and distributed to the mauquf alaih. The entire process is carried out with supervision and monitoring to maintain conformity of procedures with existing rules and regulations. It is hoped that this model can become a new direction for the development of MSMEs by optimizing ziswaf funds in an integrated manner. Usaha Mikro, Kecil, Menengah (UMKM) merupakan unit ekonomi yang penting dalam memajukan perekonomian. Namun, di antara sejumlah pelaku UMKM yang ada, banyak dari mereka menghadapi kendala dalam pengembangan usahanya. Di antara kendala yang dihadapi antara lain terkait minimnya kompetensi dan keahlian, minimnya jejaring usaha, hingga jumlah modal yang terbatas. Penelitian ini bertujuan untuk mendesain pengembangan model pembiayaan syariah berbasis pemanfaatan dana zakat, infak, sedekah, dan wakaf untuk pengembangan UMKM. Penelitian ini menggunakan metode kualitatif dengan menganalisis berbagai data yang dihimpun dari beberapa literatur terkait kajian ziswaf dan UMKM. Penelitian ini menghasilkan sebuah rancangan model pengelolaan ziswaf terintegrasi pada program pengembangan UMKM. Model tersebut menggambarkan alur proses yang dimulai dari penghimpunan dana ziswaf, dengan proses penyaluran yang disesuaikan dengan karakteristik dana. Dana ZIS disalurkan pada pengadaan barang dan perlengkapan usaha, serta pada program peningkatan kapasitas pelaku UMKM. Adapun dana wakaf disalurkan dalam bentuk investasi modal usaha dengan akad mudharabah. Keuntungan yang diterima diberikan kepada nazhir sesuai dengan kesepakatan, untuk nantinya dikelola oleh nazhir dan disalurkan kepada para mauquf alaih. Keseluruhan proses tersebut dilakukan dengan pengawasan dan monitoring untuk menjaga kesesuaian prosedur dengan aturan dan ketentuan yang ada. Model ini diharapkan dapat menjadi arah baru pengembangan UMKM dengan mengoptimalkan dana ziswaf secara terintegrasi.

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Productive Waqf Development Model: A Comparative Study between Indonesia and Malaysia

Cited by 2 publications

References 6 publications

Micro Waqf Bank Innovation Models in Aceh

Micro Waqf Bank Innovation Models in Aceh

Designing Ziswaf-Based Financing Model for Enhancing Micro, Small, and Medium Enterprises

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