Cash Waqf Management for Education: Challenges, Solutions and Strategies
How to cite (SHIRKAH) :
In Indonesia, the potential for funding educational initiatives through the empowerment of cash waqf is considerable, with estimates reaching up to IDR 120 trillion annually. As of March 2022, cash waqf collections amounted to IDR 1.4 trillion, a notable increase from the IDR 855 billion accumulated between 2018 and 2021. Despite this growth, cash waqf collections remain far below their potential, limiting their impact on educational empowerment. While various researchers have proposed strategies to address these obstacles, there is a paucity of research on an ideal model for empowering education through cash waqf in Indonesia. This study aims to develop a model for the empowerment of cash waqf specifically for educational programs in Indonesia. The research utilizes the Analytic Network Process (ANP) methodology, aided by Super Decision software, which is a decision-making method based on priority scales. The study conducts a synthesis analysis of problems, solutions, and strategies related to this issue. The findings indicate that both internal and external challenges affect the empowerment of cash waqf in education, with management being the primary concern. Relevant strategies include waqf policy enhancement, nazhir (waqf managers) training and empowerment, strengthening educational programs, and promoting cash waqf. An investment-based model, coupled with partnerships, scholarships, and educational initiatives, offers insights into the management of cash waqf, from collection processes to empowerment within the educational sector.
Adiguzel, F. S., & Kuran, T. (2024). Keeping while Giving: The Perpetuation of Inequalities through the Islamic Waqf. Economic Research Initiatives at Duke (ERID) Working Paper, (305). https://dx.doi.org/10.2139/ssrn.2826060
Ajib, W. H. M. (2022). A Review on Cash Waqf for Education in Malaysia: Challenges and Impacts. Ihtifaz: Journal of Islamic Economics, Finance, and Banking, 5(2), 55-75. https://doi.org/10.12928/ijiefb.v5i2.5923
Allah Pitchay, A., Mohd Thas Thaker, M. A., Mydin, A. A., Azhar, Z., & Abdul Latiff, A. R. (2018). Cooperative-waqf model: a proposal to develop idle waqf lands in Malaysia. ISRA International Journal of Islamic Finance, 10(2), 225-236. https://doi.org/10.1108/IJIF-07-2017-0012
Ambarwati, W. S. & Hasanuddin, M. (2022). Analisis factor-faktor yang mempengaruhi persepsi wakif tentang wakaf uang. Likuid: Jurnal Ekonomi Industri Halal, 2(1), 28-42. https://doi.org/10.15575/likuid.v2i1.15310
Ascarya. (2005). Analytic Network Process: Pendekatan baru studi kualitatif. Jakarta: Seminar Internasional Program Magister Akuntansi Fakultas Ekonomi.
Asni, F., Mohammed Noor, A., & Hasbulah, M. H. (2024). Management of cash waqf fund generation through the implementation of istibdal in Kedah. Qualitative Research in Financial Markets, 16(1), 60-86. https://doi.org/10.1108/QRFM-03-2022-0048
Azrak, T. (2022). The roles of cash waqf in improving the economic welfare: Case study of Turkey. The Journal of Management Theory and Practice (JMTP), 3(1), 42-47. https://doi.org/10.37231/jmtp.2022.3.1.200
Bachri, S., & Rosyadi, I. (2024). The Potential and Challenges of Waqf in Overcoming Economic Crises and Recessions. al-Afkar: Journal For Islamic Studies, 7(1), 56-78. https://doi.org/10.31943/afkarjournal.v7i1.883
Gunawan, G., & Siahaan, A. (2021). Sources Of Education Funds In School Review From The Perspective Of The Indonesian Education Financial System. Al'Adzkiya International of Education and Sosial (AIoES) Journal, 2(2), 246-262. https://doi.org/10.55311/aioes.v2i2.180
Haidlir, B. M., Laksmono, B. S., Kasri, R. A., Azizon, A., & Hartono, D. (2021). Public behaviour on cash waqf: Evidence from Indonesia. JEJAK: Jurnal Ekonomi dan Kebijakan, 14(2), 316-332. https://journal.unnes.ac.id/nju/jejak/article/view/32032
Harahap, M. B. B. & Darwanto. (2021). Peran strategi Bandan Wakaf Indonesia (BWI) dalam meningkatkan profesinalisme nazhir kota Semarang. Tawazun: Journal of Sharia Economic Law, 4(1), 104-120. http://dx.doi.org/10.21043/tawazun.v4i1.10192
Hasan, R., Hassan, M. K., & Rashid, M. (2019). The Role of Waqf in educational development-evidence from Malaysia. Journal of Islamic Finance, 8(1), 001-007. https://doi.org/10.31436/jif.v8i1.319
Herianingrum, S., & Widiastuti, T. (2016). The Empowerment Model of Cash Waqf to Improve Education Quality in Zakat Institutions. IJIBE (International Journal of Islamic Business Ethics), 1(1), 53-65. http://dx.doi.org/10.30659/ijibe.1.1.53-65
Huq, M. A., & Khan, F. (2017). The role of cash waqf in the development of Islamic higher education in Bangladesh. Journal of Islamic Economics, Banking and Finance, 13(4), 45-65. https://doi.org/10.12816/0051001
Jatmiko, W., Haidlir, B. M., Azizon, A., Laksmono, B. S., & Kasri, R. (2024). Intergenerational analysis of cash waqf behavior: lessons learned from Indonesia. Journal of Islamic Accounting and Business Research, 15(4), 590-618. https://doi.org/10.1108/JIABR-03-2022-0086
Lahuri, S. B., & Lutfiah, A. (2024). Optimization of Cash Waqf-Based Crowdfunding: An Alternative Finance for Quality Education. Journal of Islamic Economics and Finance Studies, 5(1), 153-172. https://doi.org/10.47700/jiefes.v5i1.7918
Madhakomala, R., Hakim, M. A., & Syifauzzuhrah, N. (2022). Problems of education in Indonesia and alternative solutions. International Journal of Business, Law, and Education, 3(2), 135-144. https://doi.org/10.56442/ijble.v3i3.64
Mohd Thas Thaker, M. A., Amin, M. F., Mohd Thas Thaker, H., Khaliq, A., & Allah Pitchay, A. (2021). Cash waqf model for micro enterprises’ human capital development. ISRA International Journal of Islamic Finance, 13(1), 66-83. https://doi.org/10.1108/IJIF-08-2018-0091
Nofianti, L., Mukhlisin, M., & Irfan, A. (2024). Cash waqf innovation in Islamic financial institutions and its governance issues, case studies: Indonesia, Malaysia, Türkiye. Journal of Islamic Accounting and Business Research. https://doi.org/10.1108/JIABR-12-2023-0420
Nour Aldeen, K., Ratih, I. S., & Sari Pertiwi, R. (2022). Cash waqf from the millennials' perspective: a case of Indonesia. ISRA International Journal of Islamic Finance, 14(1), 20-37. https://doi.org/10.1108/IJIF-10-2020-0223
Özdemir, M. & Sagir, M. (2021). Application of the ANP in the interview phase of air traffic controller candidate selection process. Aircraft Engineering and Aerospace Technology, 93(10), 1616-1623. https://doi.org/10.1108/AEAT-08-2020-0166
Qurrata, V. A., Yusida, E., Hussain, N. E., Merlinda, S., Purnamasari, V., & Seprillina, L. (2021). Effectiveness of cash waqf management in improving community welfare: Challenges and opportunities. Review of Integrative Business and Economics Research, 10, 342-359. https://www.proquest.com/docview/2488267411?sourcetype=Scholarly%20Journals
Rafita, D. R., Bella, Y. V., & Sugeng, A. (2023). Analysis of Cash Waqf Management in Indonesia and Malaysia: A Literature Highlight. Journal of Contemporary Applied Islamic Philanthropy, 1(1), 21-28. https://doi.org/10.62265/jcaip.v1i1.15
Rahmalan, M. T., & Hussin, M. F. A. (2021). A Systematic Review of Contemporary and Innovative Waqf Sources: Cash and Service Waqf. Jurnal Syariah, 29(2), 257-284. https://doi.org/10.22452/js.vol29no2.5
Raja Adnan, R. A. B., Abdul Mutalib, M., & Ab Aziz, M. R. (2022). Factors necessary for effective corporate waqf management for Malaysian public healthcare. ISRA International Journal of Islamic Finance, 14(1), 73-88. https://doi.org/10.1108/IJIF-11-2019-0178
Rusdiman, A. B., Sitanggang, N., & Lubis, M. J. (2023). Problems Of Higher Education, Curriculum and Education In Indonesia. International Journal Of Humanities Education and Social Sciences, 2(4), 1124-1132. https://doi.org/10.55227/ijhess.v2i4.344
Rusydiana, A. S., Hidayat, Y., Widiastuti, T., & Rahayu, S. S. (2021). Cash waqf for developing Islamic economy: Case study in Indonesia. Al-Uqud: Journal of Islamic Economics, 5(1), 43-59. https://doi.org/10.26740/al-uqud.v5n1.p43-59
Saiti, B., Salad, A. J., & Bulut, M. (2019). The role of cash waqf in poverty reduction: a multi-country case study. Management of Shari’ah compliant businesses: Case studies on creation of sustainable value, 21-34. https://doi.org/10.1007/978-3-030-10907-3_3
Seprillina, L., Qurrata, V. A., Narmaditya, B. S., & Hussain, N. E. B. (2020). The effectiveness productive waqf as a social welfare development through community empowering: A case in Islamic Hospital Foundation Malang. Review of Integrative Business and Economics Research, 9, 67-74. https://www.proquest.com/docview/2386936534?sourcetype=Scholarly%20Journals
Sulistyowati, Sukmana, R., Ratnasari, R.T., Ascarya & Widiastuti, T. (2022). Issues and challenges of waqf in providing healthcare resources. Islamic Economic Studies, 30(1), 2-22. https://doi.org/10.1108/IES-09-2021-0034
Usman, M., & Ab Rahman, A. (2023). Funding higher education through waqf: a lesson from Malaysia. International Journal of Ethics and Systems, 39(1), 107-125. https://doi.org/10.1108/IJOES-12-2021-0217
Waluyo, B. (2018). Balancing financial autonomy and control in agencification: Issues emerging from the Indonesian higher education. International Journal of Public Sector Management, 31(7), 794-810. https://doi.org/10.1108/IJPSM-10-2017-0272
Copyright
Copyright aims to protect the specific way the article has been written to describe an experiment and the results. Shirkah: Journal of Economics and Business is committed to its authors to protect and defend their work and their reputation and takes allegations of infringement, plagiarism, ethical disputes, and fraud very seriously. Automotive Experiences is published under the terms of the Attribution-NonCommercial 4.0 International (CC BY-NC 4.0). Authors retain copyright and grant the journal right of first publication (online and print) with the work simultaneously. We use the restrictive license (non-commercial) as follows:
BY (attribution): Users are allowed to share, distribute and redistribute the published article in any medium or format, with an identification of the authors and its initial publication in this journal. Authors are encouraged to post and distribute their articles immediately after publication (e.g., institutional or public repositories, personal websites). Authors are allowed to enter into additional contractual arrangements for the non-exclusive distribution of the published and an acknowledgment of its initial publication in this journal.
NC (non-commercial): Users are not allowed to use the article commercially without the permission of the authors. Authors agree explicitly that the published article is indexed worldwide in databases, repositories and indexation services, even if these services operate on a commercial basis. Authors grant Shirkah: Journal of Economics and Business explicit the right to include the published articles in databases, repositories and indexation services. License
License to Publish
The non-commercial use of the article will be governed by the Attribution-NonCommercial 4.0 International (CC BY-NC 4.0). The author hereby grants Shirkah: Journal of Economics and Business an exclusive publishing and distribution license in the manuscript include tables, illustrations or other material submitted for publication as part of the manuscript (the “Articleâ€) in print, electronic and all other media (whether now known or later developed), in any form, in all languages, throughout the world, for the full term of copyright, and the right to license others to do the same, effective when the article is accepted for publication. This license includes the right to enforce the rights granted hereunder against third parties.
Author's Warranties
The author warrants that the article is original, written by stated author/s, has not been published before, contains no unlawful statements, does not infringe the rights of others, is subject to copyright that is vested exclusively in the author and free of any third party rights, and that any necessary written permissions to quote from other sources have been obtained by the author(s).
User Rights
Under the Creative Commons Attribution-Non Commercial 4.0 International (CC BY-NC 4.0) license, the author(s) and users are free to share (copy and redistribute the material in any medium or format) and adapt (remix, transform, and build upon the material). Users must give appropriate credit, provide a link to the license, and indicate if changes were made.
Rights of Authors
Authors retain the following rights:
- Copyright, and other proprietary rights relating to the article, such as patent rights,
- The right to use the substance of the article in future own works, including lectures and books,
- The right to reproduce the article for own purposes, provided the copies are not offered for sale, and
- The right to self-archive the article.
Co-Authorship
If the article was prepared jointly with other authors, the signatory of this form warrants that he/she has been authorized by all co-authors to sign this agreement on their behalf, and agrees to inform his/her co-authors of the terms of this agreement.
Royalties
This agreement entitles the author to no royalties or other fees. To such extent as legally permissible, the author waives his or her right to collect royalties relative to the article in respect of any use of the article by Shirkah: Journal of Economics and Business or its sublicensee.
Miscellaneous
Shirkah: Journal of Economics and Business will publish the article (or have it published) in the Journal if the article’s editorial process is successfully completed and Shirkah: Journal of Economics and Business or its sublicensee has become obligated to have the article published. Shirkah: Journal of Economics and Business may conform the article to a style of punctuation, spelling, capitalization, and usage that it deems appropriate.