Sukuk Linked Wakaf For MSME Develpoment

Abstract

The existing Sharia investment products are incorrect; the other is a state sukuk product. Aside from receiving returns on state sukuk, investors can also contribute to the country's development. Because the development of sukuk products is channeled to the actual sector, particularly for MSME (Micro, Small Maedium Enterprise) actors, Islamic financial institutions must play a role in carrying out the process of developing and aiding MSMEs. If many state sukuk products were previously allocated for infrastructure development, there needs to be an allocation for economic recovery through MSMEs under the current situations. The goal of this research is to assess the growth of state sukuk and the form of sukuk product development through state CWLS for the development of MSMEs. This is a qualitative study that examines the state sukuk market and the MSME sector. Secondary data was used, including information from the Ministry of Finance's Directorate General of Financing and Risk Management (DJPPR). The data analysis technique employed is descriptive qualitative, which depicts the evolution of state sukuk from 2019 to 2020, as well as forms of innovation for state sukuk goods designed specifically for MSMEs recovering from the covid-19 outbreak. PBS Auction Sukuk, PBS Private Placement Sukuk, SNI, SPN-S, Rite Sukuk (SR), and Savings Sukuk (ST) grew by 40.80% from 2019 to 2020, according to the findings of this study. Sukuk auctions at PBS increased by 39.59 percent, PBS Private Placement Sukuk increased by 214.39 percent, SR increased by 72.93 percent, and SNI Sukuk increased by 26.86 percent. In the meantime, SNI Sukuk fell by -30.01 percent, and ST fell by -35.76 percent. Providing business capital through Nazhir with a profit-sharing scheme, business assistance schemes, and maximizing the types of Waqf sukuk distributed to the productive sector are all schemes that can be implemented in developing MSMEs through the CWLS sukuk.

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 Ummatic Elements in Malaysia-Turkey Economic Cooperation: A Study on Investment Aspects

“…Therefore, this is an excellent opportunity for Malaysian insurance companies to market and diversify their products in Turkey, and generally around the world (Media, 2014). According to Maesarach (2019), the development of the modern insurance industry is very fast in line with the needs of society. This is because companies that run the insurance industry are companies that manage forms of risk based on sharia principles.…”

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

“…This value is sufficient to finance social development projects such as mosques or schools. Maesarach et al (2022) examined the growth of state sukuk and the form of sukuk product development through state CWLS for MSME development. Existing Islamic investment products are not right; one of them is the state sukuk product.…”