Cash Waqf Linked Sukuk for Islamic Social Welfare and National Development: Evidence from Indonesia

IF 0.1 0 RELIGION global journal al thaqafah Pub Date : 2023-07-31 DOI:10.7187/gjat072023-2
None Khamim, None Asyharul Muala, None Muhammad Lutfi Hakim
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Abstract

This article aims to study Indonesia’s experience in issuing Cash Waqf Linked Sukuk (CWLS), the schemes and legality which are meant for Islamic social welfare improvement, and CWLS’ contribution to the national development. It is the development of a conceptual paper that explores and carefully reviews regulations, relevant literature studies, reports, and official documents published on the internet. The findings showed that Indonesia has successfully formulated and issued two instruments for integrating cash waqf with the State Sukuk: the CWLS and Retail CWLS. These instruments involve six state institutions and eight central socio-religious institutions that act as formulation, implementation, and supervision. Both instruments are not only beneficial for Islamic social welfare, but they also contribute to the national development. The authors argue that the innovation of Islamic financial instruments can empower the Islamic social welfare and contribute to the national development. It contributes to the discourse on cash waqf innovations in State Sukuk which studies Indonesia’s experiences. This evidence from Indonesia can be adopted and applied by other countries that have fiscal limitations for the empowerment of Islamic social welfare, and at the same time contribute to the national development.
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现金Waqf挂钩伊斯兰债券为伊斯兰社会福利和国家发展:来自印度尼西亚的证据
本文旨在研究印尼发行现金挂钩伊斯兰债券(CWLS)的经验、旨在改善伊斯兰社会福利的方案和合法性,以及CWLS对国家发展的贡献。这是一篇概念性论文的发展,它探索并仔细审查了互联网上发布的法规、相关文献研究、报告和官方文件。研究结果表明,印度尼西亚成功地制定并发行了两种将现金流与国家伊斯兰债券相结合的工具:CWLS和零售CWLS。这些文书涉及6个国家机构和8个中央社会宗教机构,负责制定、执行和监督。这两种手段不仅有利于伊斯兰社会福利,而且也有助于国家发展。笔者认为,伊斯兰金融工具的创新可以赋能伊斯兰社会福利,为国家发展做出贡献。它有助于研究印度尼西亚经验的国家伊斯兰债券对现金waf创新的论述。来自印度尼西亚的这一证据可以被其他在赋予伊斯兰社会福利方面有财政限制的国家采纳和应用,同时有助于国家发展。
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来源期刊
CiteScore
0.20
自引率
0.00%
发文量
39
期刊介绍: Global Journal Al-Thaqafah (GJAT) is a biannual journal, published by Universiti Sultan Azlan Shah (USAS), Perak, MALAYSIA. This journal is purely academic and peer reviewed. It caters to articles, research notes and reports, and book reviews on diverse topics relating to Islam and the Muslims. This journal is intended to provide an avenue for researchers and academics from all persuasions and traditions to share and discuss differing views, new ideas, theories, research outcomes, and socio-cultural and socio-political issues that impact on and directly or indirectly affect the Muslim World with the sole purpose of making this world a better place to live in. GJAT started in 2011 and was later granted the SCOPUS status in March 2014. Since then, GJAT has published numerous articles and materials from international contributors. GJAT welcomes contributions from all: academics, experts, and professionals. All articles submitted must be original, academic, of high scholarly standard, and meet the strict SCOPUS requirements. GJAT prioritizes articles that discuss fundamental issues and are of global relevance and importance, and publishes all articles that fulfill the basic criteria without prejudice (kindly refer to "Submission and Guidelines"). All decisions by GJAT to publish any article are final.
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