Sukuk Waqf for the Development of Islamic Educational Institutions

Abstract

Education becomes an urgency in improving the quality of human life. Improving the quality of education is one of the goals of maqashid shariah, waqf as the property of the people whose benefits are intended for the continuity of the benefit of the people becomes one of the potential to be associated as a source of provision of educational institutions to improve the quality of human resources, considering that man is the caliph fil ardl and as an agent of change. The purpose of this study will explain about sukuk waqf in the development of Islamic education. In this study, the authors used qualitative research types using descriptive analysis. Information and data obtained from various sources from related aspects related to research issues with the source of books, journals, or other sources relevant to the discussion with the aim to reach conclusions about the benefit of sukuk waqf in the development of Islamic educational institutions. Waqf and sukuk integrated will be two phenomenal financial instruments by combining modern schemes of waqf asset development with securities that produce sukuk waqf. In integrating sukuk wakaf, educational institutions can use innovative product waqf models by using sukuk issued by waqf institutions as nadzir, as well as istitusi as third parties. This paper is limited by the scope of discussions related to waqf and Islamic educational institutions, as well as sukuk waqf that can be used as one of the innovations in the development of waqf assets in educational institutions. This research is expected to be used by practitioners of waqf, wakif, nazir, to be used as material in the management and development of productive waqf, especially in Islamic educational institutions.

The Role of Cash Waqf Linked Sukuk based on Mudarabah Contract (Trustee-Partnership) as MSME Capital Solution

“…Financing with a sukuk instrument based on a mudarabah contract is a cooperation agreement between two or more parties, namely one party as a provider of capital and the other party as a provider of energy and expertise, the profits from the cooperation will be divided based on a previously agreed ratio, while the loss will be fully borne by the capital provider, except for losses due to the negligence of energy and membership providers (Syamsuri et al, 2021). This contract has a schematic description as follows: The scheme provides an explanation that; 1) The issuer processes the issuance of sukuk for the purpose of mobilizing capital with a certain level; 2) The issuer (as mudharib) and investor (shahibul maal) make a mudarabah contract with an agreed profit agreement (X:Y); 3) On this contract, a certain amount of mudarabah capital was collected; 4) Publishers invest in commercial projects as a good opportunity in alternative commerce; 5) The investment made by the mudharib can generate certain profits (Fasa, 2016).…”

Clustering Research on Sukuk-Waqf

“…other. According to Syamsuri et al (2021) in Indonesia, Sukuk related to Waqf is a cash Waqf that is integrated with Sukuk. Waqf funds managed by the Indonesian Waqf Board (BWI) will be invested in Sukuk instruments.…”

“…According to Wibowo (2023) Sukuk and Waqf can contribute to certain SDGs in Indonesia, such as alleviating poverty, increasing social welfare, financing infrastructure projects, stimulating economic growth, supporting education, health services and community development. According to Oubdi & Raghibi (2018) and Syamsuri et al (2021) Sukuk-Wakaf has successfully developed waqf assets in countries such as Indonesia, Singapore, and Saudi Arabia.…”

“…This method is able to create and display maps of author journals and research paths based on co-citation data or keyword maps based on co-incidence data. Several studies that examine the issue of Sukuk-Wakaf include Mukhlisin & Mustafida (2019) discussing the possibility of issuing sukuk based on waqf assets in Indonesia; explain the structural analysis of Sukuk Al-Wakaf for financing BOT-based development programs; Alim et al (2022) proposed a sukuk-wasiyyah model; Aldeen et al (2020) examine contemporary issues related to cash Waqf (cash Waqf); Syamsuri et al (2021) explained that further research is needed to implement Sukuk-Wakaf; Yasin (2021) evaluates the problems, challenges and future directions of the issuance of the CWLS SWR001 series by the Indonesian government; and research from Masrifah (2019) examined sukukbased waqf in Islamic boarding schools.…”

Contribution to Islamic Philanthropy Through Productive Ownership Efforts to Enjoy the Economic Independence of Islamic Boarding Schools

“…In any situation, boarding school Darussalam Gontor, as part of the sub-culture of society, will still exist even though they are self-supporting. The ability of boarding school caregivers, teachers, students, and the surrounding community is the main key to confirming or at least improving the competence of boarding school Darussalam Gontor in the vision that is upheld [6].…”