Model of Sukuk Waqf with Wasiyyah Contract as a Cash Waqf Fundraising Strategy

  • Muhammad Nurul Alim Sekolah Tinggi Agama Islam Asy-Syukriyyah Banten
  • Djaka Suryadi Sekolah Tinggi Agama Islam Asy-Syukriyyah Banten
  • Farhan Kamiluloh Sekolah Tinggi Agama Islam Asy-Syukriyyah Banten

Abstract

This study aims to propose a model of sukuk-wasiyyah. Since waqf fundraising is one of the activities of waqf management, this model applies wasiyyah or the will of waqif to sukuk. Wasiyyah will restrict the use of the fund by the will of Musi while sukuk is one of the Islamic capital market instruments. Like cash waqf, the fund of sukuk-wasiyyah will be managed by nazhir and its profit can be spent on Islamic philanthropy. This study applies exploratory research. The result of the study shows that (1) Musi or the bequeath testator still can gain the sukuk return during his life, (2) After Musi died, the sukuk is transferred under custody by Nazir. The author argues that the proposed product applies to Waqf Institution. This study is the first to introduce the terms of sukuk-wasiyyah and to propose the mechanism of sukuk-wasiyyah in the Islamic capital market

Downloads

Download data is not yet available.

References

Abd Jalil, Mohamad Isa, Sofri Yahya, and Anwar Pitchay. “The Contemporary Model of Waqf Structure.” 1–23. Brunei: Universiti Islam Sultan Sharif Ali, 2016.
AbdelMohsin, M. Cash Waqf: A New Financial Product. Kuala Lumpur: Pearson, 2009.
Abulail, Mohammed, and Emad Alzeyaddat. “The Ruling of Bequests in Favor of an Inheritor in Islamic Fiqh.” Dirasat: Shari’a and Law Sciences 37, no. 1 (May 30, 2010). Accessed January 6, 2021. https://journals.ju.edu.jo/DirasatLaw/article/view/106.
Agung, JR. Dwi Mas Sukma, and I Wayan Pradnyantha Wirasedana. “Analisis Kinerja Reksa Dana Saham Di Indonesia.” E-Jurnal Akuntansi Universitas Udayana 7, no. 1 (n.d.): 250–265. Accessed January 7, 2021. https://ojs.unud.ac.id/index.php/Akuntansi/article/view/8814/.
Ahmad, Zulfikar Ali, and Rusdianto Rusdianto. “Impact of Transparency and Accountability on Trust and Intention to Donate Cash Waqf in Islamic Microfinance Institutions.” Shirkah: Journal of Economics and Business 5, no. 2 (August 31, 2020): 197–227. Accessed December 6, 2020. http://shirkah.or.id/new-ojs/index.php/home/article/view/317.
Aljzaary, Abu Bakr Jaber. Minhaj Al-Muslim (Muslim Platform). Cairo: Darussalam, 2007. https://www.noor-book.com/en/ebook-%D9%85%D9%86%D9%87%D8%A7%D8%AC-%D8%A7%D9%84%D9%85%D8%B3%D9%84%D9%85-pdf.
Awaluddin, Awaluddin. “Pasar Modal Syariah: Analisis Penawaran Efek Syariah Di Bursa Efek Indonesia.” Maqdis : Jurnal Kajian Ekonomi Islam 1, no. 2 (December 1, 2016): 137–150. Accessed January 6, 2021. http://journal.febi.uinib.ac.id/index.php/maqdis/article/view/42.
Azikin, Wahyul. “Hibah Dan Wasiat Dalam Perspektif Hukum Perdata (BW) Dan Kompilasi Hukum Islam.” Meraja journal 1, no. 3 (2018). Accessed November 12, 2020. https://merajajournal.com/index.php/mrj/article/view/19.
Busari, Jamiu Muhammad. “Al-Wasiyyah (Bequest) According to the Four Sunni Schools: A Concise Analysis.” IOSR Journal Of Humanities And Social Science (IOSR-JHSS) 23, no. 2 (2018): 52–61. www.iosrjournals.org.
BWI, BI, and IRTI-IsDB. Waqf Core Principle: Core Principles For Effective Waqf Operation And Supervision. International Working Group on Waqf Core Principle, 2018. https://www.bwi.go.id/wp-content/uploads/2020/05/Waqf-Core-Principles-2018.pdf.
Driss, Alaoui El Mrani, and El Mezouari Saïd. “Empirical Study of the Performance of the Islamic Investment.” Zenodo 4 (April 15, 2020). Accessed January 6, 2021. https://zenodo.org/record/3753464#.X_UCdvMzY2w.
DSN MUI. Fatwa DSN MUI No. 106/DSN-MUI/X/2016 Tentang Wakaf Manfaat Asuransi Dan Manfaat Investasi Pada Asuransi Jiwa Syariah. Jakarta: Dewan Syariah Nasional Majelis Ulama Indonesia, 2016. https://drive.google.com/file/d/0BxTl-lNihFyzV1FVdU5EMHZxblU/view?resourcekey=0-tJFsjyrS1hVzpfZJvuefTw.
———. Fatwa DSN MUI No. 131/DSN-MUI/X/2019 Tentang Sukuk Wakaf. Dewan Syariah Nasional Majelis Ulama Indonesia, 2019.
———. Fatwa DSN MUI No. 137/DSN-MUI/IX/2020 Tentang Sukuk. Jakarta: IMZ: Dewan Syariah Nasional Majelis Ulama Indonesia, 2020.
Duasa, Jarita, and Mohamed Asmy Bin Mohd Thas Thaker. “A Cash Waqf Investment Model: An Alternative Model For Financing Micro-Enterprises In Malaysia.” Journal of Islamic Monetary Economics and Finance 1, no. 2 (February 29, 2016): 161–188. Accessed November 28, 2020. https://jimf-bi.org/index.php/JIMF/article/view/533.
Elkhatib, Mazen. “Waqf, Its Rules and Applications in Islamic Finance.” INCEIF (March 21, 2016): 1–12.
Ghul, Z H, M H Yahya, and A Abdullah. “Wasiyyah (Islamic Will) Adoption and the Barriers in Islamic Inheritance Distribution among Malaysian Muslims.” International Journal of Humanities Social Sciences and Education 2, no. 1 (2015): 11. https://www.arcjournals.org/pdfs/ijhsse/v2-i1/1.pdf.
Hakim, Mohammad Lukmanul. “Obligasi Konvensional Dan Obligasi Syariah (Sukuk) Dalam Tinjauan Fiqih.” Dinar : Jurnal Prodi Ekonomi Syariah 1, no. 1 (September 1, 2017): 45–64. Accessed January 6, 2021. https://e-jurnal.stail.ac.id/index.php/dinar/article/view/34.
Ihsan, Hidayatul, and Shahul Hameed Mohamed Ibrahim. “WAQF Accounting And Management In Indonesian WAQF Institutions: The Cases Of Two WAQF Foundations.” Humanomics 27 (November 1, 2011): 252–269.
Kamal, Mustafa. “Wakaf Tunai Menurut Pandangan Fiqh Syāfi‘iyah Dan Fatwa Majelis Ulama Indonesia No. 2 Tahun 2002 Tentang Wakaf Uang.” Jurnal Ilmiah Islam Futura 15, no. 1 (August 1, 2015): 93–110. Accessed January 6, 2021. https://jurnal.ar-raniry.ac.id/index.php/islamfutura/article/view/560.
Kamaluddin, Norlela, Siti Khadijah Ab. Manan, Fadzlan Sufian, and Shila Nu Nu Htay. “Shariah Principles of Sukuk Structure in Islamic Capital Market.” Journal of Contemporary Islamic Studies 1 (2015): 63–75. Accessed January 6, 2021. http://ir.uitm.edu.my/id/eprint/13776/.
Kasdi, Abdurrahman. “Reinterpretasi Konsep Wakaf Menuju Pengembangan Wakaf Produktif.” ZISWAF : Jurnal Zakat dan Wakaf 2, no. 1 (August 19, 2016): 159–175. Accessed September 12, 2020. https://journal.iainkudus.ac.id/index.php/Ziswaf/article/view/1540.
Kemu, Suparman Zen. “Literasi Pasar Modal Masyarakat Indonesia.” Jurnal Kajian 21, no. 2 (May 21, 2017): 161–175. Accessed January 6, 2021. https://jurnal.dpr.go.id/index.php/kajian/article/view/773.
Khalid, Mohammad Mahyuddin, Mohd Ashrof Zaki Yaakob, and Hanifah Musa Fathulah Harun & Nadirah Abdul H. “Towards Managing the Beneficiaries Rights via Writing a Will.” Global Journal of Management And Business Research 16, no. 3 (2016). Accessed August 14, 2021. https://www.journalofbusiness.org/index.php/GJMBR/article/view/2084.
Khoiruddin, Akhmad Yusuf. “Best Choice for Investment-Islamic Equity or Sukuk?” Global Review of Islamic Economics and Business 4, no. 1 (December 8, 2016): 053–067. Accessed January 6, 2021. http://ejournal.uin-suka.ac.id/febi/grieb/article/view/977.
KNKS. “Menangkap Peluang Tren Wakaf Produktif.” INSIGHT Buletin Ekonomi Syariah, 2019. Accessed January 13, 2021. https://knks.go.id/storage/upload/1569306459-KNKS%20Edisi%20Keempat%20-%20September.pdf.
Maimun, Maimun. “Konsep Wasiat Dalam Perspektif Hukum Islam.” Jurisprudensi: Jurnal Ilmu Syariah, Perundang-undangan, dan Ekonomi Islam 9, no. 1 (2017): 132–148. Accessed January 5, 2021. https://journal.iainlangsa.ac.id/index.php/jurisprudensi/article/view/420.
Manara, Ajeng Sonial, and Faridatun Nila. “Konsep Perencanaan Investasi pada Saham Syariah di Era Milenial.” Dinar : Jurnal Ekonomi dan Keuangan Islam 4, no. 1 (2017). Accessed January 6, 2021. https://journal.trunojoyo.ac.id/dinar/article/view/5064.
Mantra, I.B. Filsafat Penelitian Dan Metode Penelitian Sosial. Jakarta: PT Grasindo, 2004.
Masruki, Rosnia, and Z. Shafii. “The Development of Waqf Accounting in Enhancing Accountability.” Middle-East Journal of Scientific Research 13 (January 1, 2013): 1–6.
Mohammad, Mohammad Tahir Sabit Haji. “The Contemporary Application Of Wasiyah (Muslim Will) In Malaysia.” International Journal of Real Estate Studies 9, no. 1 (2015): 7–15. https://www.utm.my/intrest/files/2017/10/02_the-contemporary-application-of-wasiyah-muslim-will-in-malaysia.pdf.
Mohammad, Mohammad Tahir Sabit, Abdul Iman, and Ismail Omar. “An Ideal Financial Mechanism For The Development Of Waqf Properties In Malaysia.” Pusat Pengurusan Penyelidikan Universiti Teknologi Malaysia (August 30, 2005). https://www.researchgate.net/publication/279339062_An_ideal_financial_mechanism_for_the_development_of_Waqf_properties_in_Malaysia.
Nair, Smitha, Amrutha S, Gopikumar V, and Sandhya G. “Religious Affiliation and Bequest Behavior.” PURUSHARTHA - A journal of Management, Ethics and Spirituality 10, no. 2 (2018): 36–45. Accessed August 14, 2021. http://journals.smsvaranasi.com/index.php/purushartha/article/view/197.
Nurrachmi, Rininta. “Implication of Cash Waqf in the Society.” Jurnal Al-Infaq 3, no. 2 (September 14, 2012). Accessed January 6, 2021. http://ejournal.uika-bogor.ac.id/index.php/al-infaq/article/view/64.
Nuzha, Nuzha. “Wasiat dan Hutang dalam Warisan.” Jurnal Al-Qadau: Peradilan dan Hukum Keluarga Islam 2, no. 2 (December 15, 2015): 161–175. http://journal.uin-alauddin.ac.id/index.php/al-qadau/article/view/2639.
OJK. “2019 National Financial Literacy and Inclusion Survey.” Last modified 2020. Accessed January 5, 2021. https://www.ojk.go.id/id/berita-dan-kegiatan/publikasi/Pages/Survei-Nasional-Literasi-dan-Inklusi-Keuangan-2019.aspx.
———. “Islamic Mutual Fund as per July 2021” (2021): 17. Accessed September 10, 2021. https://www.ojk.go.id/id/kanal/syariah/data-dan-statistik/reksa-dana-syariah/Documents/Pages/-Statistik-Reksa-Dana-Syariah---Juli-2021/Statistik%20Reksa%20Dana%20Syariah%202021%20Juli.pdf.
———. Pasar Modal: Seri Literasi Keuangan Perguruan Tinggi. Jakarta: Otoritas Jasa Keuangan, 2016.
———. Peraturan Otoritas Jasa Keuangan No 24/POJK.04/2014 Tentang Pedoman Pelaksanaan Fungsi-Fungsi Manajer Investasi. Otoritas Jasa Keuangan, 2014. https://www.ojk.go.id/Files/201411/3RPOJKfungsi2MI_permohonanpenetapan_1416475688.pdf.
———. “Syariah Sukuk Statistics as per July 2021.” Accessed September 10, 2021. https://www.ojk.go.id/id/kanal/syariah/data-dan-statistik/data-produk-obligasi-syariah/Pages/-Statistik-Sukuk-Syariah---Juli-2021.aspx.
Oubdi, Lahsen, and Abdessamad Raghibi. “Sukuk-Waqf: The Islamic Solution for Public Finance Deficits.” Munich Personal RePEc Archive (MPRA) Paper No. 85629 (April 1, 2018). Accessed January 9, 2021. https://mpra.ub.uni-muenchen.de/85629/.
Paramitha, A. A. Sagung Putra Pradnya, and Ni Ketut Purnawati. “Pengaruh Kinerja Manajer Investasi Dan Kebijakan Alokasi Aset Terhadap Kinerja Reksa Dana Saham Di Indonesia.” E-Jurnal Manajemen 6, no. 8 (July 28, 2017): 4019–4047. Accessed January 7, 2021. https://ojs.unud.ac.id/index.php/Manajemen/article/view/31681.
Parno, Parno. “Sistem Kerja Dan Prinsip Pasar Modal Syariah.” Mazahib 12, no. 2 (2013). Accessed January 6, 2021. https://journal.iain-samarinda.ac.id/index.php/mazahib/article/view/326.
Rachmawati, Eka Nuraini, and Ab Mumin B. A. Ghani. “Akad Jual Beli Dalam Perspektif Fikih Dan Praktiknya Di Pasar Modal Indonesia.” AL-’ADALAH 12, no. 2 (2015): 785–806. Accessed January 6, 2021. http://ejournal.radenintan.ac.id/index.php/adalah/article/view/214.
Rachmawati, Eka Nuraini, and Ab Mumin Bin Ab Ghani. “Akad Penerbitan Sukuk Di Pasar Modal Indonesia Dalam Perspektif Fikih.” AL-’ADALAH 14, no. 1 (June 21, 2017): 225–262. Accessed January 6, 2021. http://ejournal.radenintan.ac.id/index.php/adalah/article/view/2203.
Ramulyo, H. Perbandingan Hukum Kewarisan Islam Dengan Kewarisan Kitab Undang-Undang Hukum Perdata. Jakarta: Sinar Grafika, 2004.
Robinson, Margaretha. “Pelaksanaan Wakaf Wasiat Dan Akibat Hukumnya Ketika Harta Warisan Dipailitkan.” Acta Comitas : Jurnal Hukum Kenotariatan 5, no. 1 (April 28, 2020): 53–68. Accessed September 12, 2020. https://ojs.unud.ac.id/index.php/ActaComitas/article/view/57187.
Romansyah, Romansyah. “Pasar Modal Dalam Perspektif Islam.” Mazahib 14, no. 1 (2015). Accessed January 6, 2021. https://journal.iain-samarinda.ac.id/index.php/mazahib/article/view/332.
Rusydiana, Aam, and Abrista Devi. “Elaborating Cash Waqf Development In Indonesia Using Analytic Network.” International Journal of Islamic Business and Economics (IJIBEC) 2, no. 1 (June 2018): 1–13.
Rusydiana, Aam Slamet, Yayat Hidayat, Tika Widiastuti, and Solihah Sari Rahayu. “Cash Waqf for Developing Islamic Economy: Case Study in Indonesia.” al-Uqud : Journal of Islamic Economics 5, no. 1 (December 15, 2020): 43–59. Accessed January 8, 2021. https://journal.unesa.ac.id/index.php/jie/article/view/6142.
Sa’adah, Sri Lumatus. “Zakat Wakaf (Ziswa): Solusi Dalam Mewujudkan Pemberdayaan Umat.” IQTISHODUNA: Jurnal Ekonomi Islam 6, no. 2 (October 2, 2017): 261–283. Accessed January 27, 2021. https://ejournal.iaisyarifuddin.ac.id/index.php/iqtishoduna/article/view/184.
Saidu, Oluwaseun Sulaiman. “Highlighting the Links Between Islamic Accounting and the Cash Waqf | International Journal of Islamic Business and Economics (IJIBEC).” International Journal of Islamic Business and Economics 3, no. 2 (2019): 146–155. Accessed January 14, 2021. http://e-journal.iainpekalongan.ac.id/index.php/IJIBEC/article/view/1404.
Salisu, Taiwo Moshood. “Will-Making (Wasiyyah) In Islam: A Juristic Exposition.” Jurnal Syariah 24, no. 1 (2016). Accessed August 14, 2021. https://ajap.um.edu.my/index.php/JS/article/view/4343.
Saptono, Imam. “Pengembangan Instrumen Wakaf Berbasis Investasi Sosial Studi Wakaf Linked Sukuk.” Al-Awqaf: Jurnal Wakaf dan Ekonomi Islam 11, no. 2 (2018): 117–128. Accessed January 7, 2021. https://jurnal.bwi.go.id/index.php/awqaf/article/view/20.
Sari, Anindita Putri Nurmalita, and Agus Purwanto. “Analisis Kebijakan Alokasi Aset, Kinerja Manajer Investasi Dan Tingkat Risiko Terhadap Kinerja Reksadana Saham Di Indonesia.” Diponegoro Journal of Accounting 1, no. 1 (2012): 161–174. Accessed January 7, 2021. https://ejournal3.undip.ac.id/index.php/accounting/article/view/357.
Shields, Patricia, and Nandhini Rangarajan. A Playbook for Research Methods: Integrating Conceptual Frameworks and Project Management, 2013.
Shomad, Abdul. Hukum Islam: Penormaan Prinsip Syariah Dalam Hukum Indonesia. Jakarta: Kencana Prenada Media Group, 2017.
Soemitra, Andri. “Higher Objectives of Islamic Investment Products: Islamizing Indonesian Capital Market.” Studia Islamika 23, no. 2 (August 25, 2016): 237–269. Accessed January 6, 2021. http://journal.uinjkt.ac.id/index.php/studia-islamika/article/view/2408.
Sulistiani, Siska Lis. “Analisis Implementasi Wakaf Wasiat Polis Asuransi Syariah Di Lembaga Wakaf Al-Azhar Jakarta.” Ijtihad : Jurnal Wacana Hukum Islam dan Kemanusiaan 17, no. 2 (December 31, 2017): 285–299. Accessed September 12, 2020. https://ijtihad.iainsalatiga.ac.id/index.php/ijtihad/article/view/1174.
Sulistiani, Siska Lis, Eva Misfah Bayuni, and Muhammad Yunus. “Analisis Hukum Islam Terhadap Pengembangan Wakaf Berbasis Sukuk Untuk Pemberdayaan Tanah Yang Tidak Produktif Di Indonesia.” Ijtihad : Jurnal Wacana Hukum Islam dan Kemanusiaan 18, no. 2 (2018): 175–192. Accessed January 8, 2021. https://ijtihad.iainsalatiga.ac.id/index.php/ijtihad/article/view/1937.
Toha, Mohamad, and Agnes Agnes Cahyatria Manaku. “Perkembangan Dan Problematika Pasar Modal Syariah Di Indonesia.” Al-tsaman : Jurnal Ekonomi dan Keuangan Islam 2, no. 1 (May 28, 2020): 135–144. Accessed January 6, 2021. https://ejournal.inaifas.ac.id/index.php/Al-tsaman/article/view/312.
Tripathi, Anand Kumar. “The Concept Of ‘Will’ Under Muslim Law: A Study.” International Journal of Law and Legal Jurisprudence Studies 4, no. 3 (August 22, 2017): 70–83. Accessed January 10, 2021. http://ijlljs.in/the-concept-of-will-under-muslim-law-a-study/.
Wiyanti, Diana. “Perspektif Hukum Islam Terhadap Pasar Modal Syariah Sebagai Alternatif Investasi Bagi Investor.” Jurnal Hukum IUS QUIA IUSTUM 20, no. 2 (2013): 234–254. Accessed January 6, 2021. https://journal.uii.ac.id/IUSTUM/article/view/4519.
Yılmaz, İbrahim. “İslâm Hukukunda Vasiyet Yoluyla Varisleri Mirastan Mahrum Etmeye Yönelik Tasarrufların Sınırlandırılması.” Cumhuriyet İlahiyat Dergisi 21, no. 3 (December 15, 2017): 1739–1774. Accessed January 6, 2021. https://dergipark.org.tr/tr/pub/cuid/314744.
Zainol, Zairy, Norazlina Abd Wahab, Selamah Maamor, and Suraiya Hashim. “Factors Influencing Muslims Choice on Wasiyyah: A Logit Model Analysis.” International Journal of Islamic Business 4, no. 2 (December 31, 2019): 61–69. Accessed September 8, 2021. http://e-journal.uum.edu.my/index.php/ijib/article/view/13276.
Advetorial RAPBN 2021. Jakarta: Ministry of Finance Republik Indonesia, 2021. https://www.kemenkeu.go.id/media/15869/advertorial-rapbn-2021.pdf
Published
2022-04-01
How to Cite
ALIM, Muhammad Nurul; SURYADI, Djaka; KAMILULOH, Farhan. Model of Sukuk Waqf with Wasiyyah Contract as a Cash Waqf Fundraising Strategy. IQTISHODUNA: Jurnal Ekonomi Islam, [S.l.], v. 11, n. 1, p. 17-42, apr. 2022. ISSN 2443-0056. Available at: <https://ejournal.iaisyarifuddin.ac.id/index.php/iqtishoduna/article/view/895>. Date accessed: 04 oct. 2022. doi: https://doi.org/10.54471/iqtishoduna.v11i1.895.
Section
Artikel