EXPLORING STRATEGIES TO ENHANCE ISLAMIC BANKING’S ROLE TO RAISE CASH WAQF FUNDS

Rizanti Khairunisa, Nashr Akbar, Abrista Devi

Abstract


Cash Waqf funds has an important role to empower the
economy of Ummah. Unfortunately, the collected cash
waqf fund is still very small compared to its potential
number. Against this background, this research
aims to design systems that may enchance the role of
Islamic banks in cash waqf fund raising. This paper
employed Interpretative Structural Modeling (ISM) by
conducting literature studies and In-depth interviews
with some regulators, practitioners and academicians.
The result shows that experts and practitioners agreed
that the strong legal support on cash waqf is necessary
to enhance the role of Islamic Banks to raise cash waqf
funds. It creates a sense of secure to the stakeholders.
Furthermore, it requires a strong coordination between
Indonesian Waqf Board (BWI), Ministry of Religious
Affairs, Bank Indonesia (BI), Financial Services
Authority (OJK), Nazhir and Islamic Financial
Institutions that may receive cash waqf (LKS-PWU)
in order to boost the role of Islamic Banks. The main
obstacle that must be tacled soon is the lack of education
about cash waqf. 


Keywords


Cash Waqf, Interpretative Structural Modeling, LKS-PWU

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DOI: http://dx.doi.org/10.21043/iqtishadia.v10i2.2863

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