Keywords
Cash Waqf
Productive Waqf
Waqf Management
Economic Empowerment
How to Cite
Abstract
The development of waqf practices in Indonesia is currently undergoing a fundamental paradigm shift, moving from a traditional-conventional approach toward a modern, productivity-based ecosystem. In the older (traditional) model, waqf was generally identical to donating fixed physical assets, such as land or buildings, for mosques, Islamic schools, or cemeteries. This pattern was managed simple-mindedly by local community figures (individual nazhirs) without proper business planning, making its programs tend to be consumptive. Consequently, many high-value assets became stagnant or unproductive because they lacked independent operational budgets, and the scope of their social benefits only reached the community surrounding the location. To overcome these limitations, the concept of contemporary waqf emerged, opening up space for more liquid movable assets, such as cash, stocks, and Sharia financial instruments. Under the management of professional institutions, the principal value of these assets is invested in various safe, Sharia-compliant business sectors to generate continuously growing profits. The transition to this modern management system has proven to bring a larger, more systematic, and sustainable domino effect for the welfare of the broader public. The surplus generated from these business investments becomes the driving force to independently fund long-term social programs, ranging from providing free hospitals for the poor, high-quality educational scholarships, to distributing interest-free business capital for MSMEs. Furthermore, the presence of a strong legal framework such as Law Number 41 of 2004 and the integration of digital technology and crowdfunding platforms make it increasingly easy for the public to perform waqf while ensuring transparent and accountable governance. Although it offers massive potential for strengthening the national economy, the implementation of modern waqf on the ground is still hindered by low public understanding regarding cash waqf and the limited number of nazhirs who possess proper business management expertise. Therefore, accelerating public education and competency certification for waqf managers is absolutely necessary so that this instrument can truly realize sustainable economic independence for the ummah (community).References
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