COMPARISON OF WAQF-LINKED SUKUK REGULATIONS IN ASEAN: AN ANALYSIS OF MAQĀṢID AL-SYARĪ’AH ACCORDING TO AL-SHĀṬIBĪ

Ahmad Muqorobin, Khurun’in Zahro’, Achmad Arif, Akmal Hidayah, Moch. Farid Nazar

Abstract


Waqf-linked sukuk has enormous potential for developing Islamic finance and economic empowerment of the Muslim community in ASEAN. Data from the last five years show the rapid development of waqf-linked sukuk in ASEAN countries. However, a comprehensive study has not compared regulations on Waqf-linked sukuk in ASEAN countries from the perspective of maqāṣid al-syarī’ah. Appropriate regulations must support this rapid development. In managing waqf, ethics and Islamic economic values based on monotheism, morality, humanity, and equality must be considered rather than just productivity and value addition. This study aims to compare regulations on Waqf-linked sukuk in ASEAN countries (Indonesia, Malaysia, Singapore, and Brunei Darussalam) and analyze them from the perspective of maqāṣid al-syarī’ah. This is a qualitative study using normative legal research with a conceptual approach. The primary data used are laws and regulations, fatwas, official documents, and related literature from various ASEAN countries. In analyzing, the researcher uses comparative methods and interpretation of maqāṣid al-syarī’ah based on al-Shāṭibī's theory. This study's results indicate variations in the implementation of Waqf-linked sukuk regulations in ASEAN countries. Indonesia has a relatively comprehensive regulatory framework, Malaysia focuses on product development, Singapore emphasizes innovation and digitalization, while Brunei Darussalam is still in the early stages of regulatory development. In maqāṣid al-syarī’ah, according to al-Shāṭibī, it is explained that regulations in these countries have generally fulfilled the principles of Kulliyāt al-dīn al-khams, namely hifż al-dīn, hifż al-'aql, and hifż al-māl. However, there is potential to improve hifż al-nasl and hifż al-nafs by optimizing the distribution of waqf proceeds for social programs and economic empowerment of the people. This research is expected to provide a role model for policymakers, especially in waqf-linked sukuk regulations in ASEAN, by referring to maqāṣid al-syarī’ah to achieve more optimal waqf goals.

Full Text:

PDF

References


Abdullah, N., Nayan, M. A., Haji-Othman, Y., & Cheumar, M. An Analisis Of Sukuk As A Significant Financial Instrument For The Management Of Waqf Funds In Malaysia. CIFER International Journal of Islamic Finance June 2022 1(1) 19-24

Afrina, N. I. (2024). Bridging Charity and Development: A Look at Cash Waqf Linked Sukuk for Social Welfare. Available at SSRN 4845600.

al-Dausarī, T. (2020). Al-Taʾṣīl al-Fiqhī li-l-Ṣanādīq al-Istithmāriyyah al-Waqfiyyah. Majallat Kulliyat al-Dirāsāt al-Islāmiyyah wa-l-ʿArabiyyah li-l-Banāt bi-Damanhūr, 5(10), 721-762.

al-Harbī, M. J. (2010) Waqf al-Muslimīn ʿalā Ghair al-Muslimīn Ḥukmuhu wa-Atharuhu ʿalā Bilād al-Gharb. Majallat al-Sharīʿah wa-l-Dirāsāt al-Islāmiyyah, 25 (83).

al-Qarḍāwī, Y. (2021). Norma dan Etika Ekonomi Islam. Gema Insani.

Ali, N. A., & Markom, R. (2020). The challenges in implementing cash waqf in Malaysia. Journal of Contempory Islamic Studies, 6(2).

Al-Syāṭibi. (1997). Al-Muwāfaqāt. Dār ibn ‘Affān.

Anindhita, A. E., & Widana, I. O. (2022). Optimizing the Role of Cash Waqf Linked Sukuk for State Development. Al-Iqtishad: Jurnal Ilmu Ekonomi Syariah, 14(1).

Fad, M. F. (2021). Waqf Linked Sukuk dalam Perspektif Maqashid Syari’ah. Journal of Islamic Studies and Humanities, 6(1), 44-62.

Fadhil, R. (2021). Analisis Cash Waqf Linked Sukuk (CWLS) Dalam Perspektif Maqâshid Asy-Syarî’ah. Al-Mizan: Jurnal Hukum dan Ekonomi Islam, 5(2), 1-18.

Faisal, F., & Simatupang, N. (2022). The Strengthening Position and Functions of Waqf on Nadzir as an Independent Institution. Jurnal Akta, 9(2), 232-241.

Fauzi, A., & Tanjung, H. (2021). Risk Management in Cash Waqf Linked Sukuk Based on the Waqf Core Principle: A Preliminary Study. JES (Journal of Islamic Economics), 2(1), 1-29.

Habie, R. O. (2023). Sumber Pendapatan Negara dan Alokasi Belanjanya dalam Konteks Keuangan Publik Islam Era Kekinian di Brunei Darussalam. Journal of Principles Management and Business, 2(01), 28-40.

Hafandi, A., & Handayati, P. (2021). Is cash waqf linked sukuk (CWLS) less than ideal according to Islamic laws?. Studies of Applied Economics, 39(12).

Hakim, A., & Farid, M. (2024). Perkembangan Implementasi Cash Waqf Linked Sukuk: Paradigma Baru Waqf Produktif di Indonesia. Mabny: Journal of Sharia Management and Business, 4(01), 1-12.

Hartanto, S., & Sup, D. F. A. (2021). Konsep Sukuk Wakaf dalam Perspektif Fatwa DSN-MUI. Muslim Heritage, 6(1).

Hosen, M. N. (2022). Evaluating the Fundrising Process of the Worlds First Cash Waqf-Linked Sukuk in Indonesia.

Ikhlas, A., Ikhlas, A., Yusdian, D., Alfurqan, A., Murniyetti, M., & Nurjanah, N. (2021). The Concept of Maqasid al-Shariah as an Instruments of Ijtihad According to Imam al-Shatibi in al-Muwafaqat fi Ushuli Al-Shariah. Media Syari'ah: Wahana Kajian Hukum Islam dan Pranata Sosial, 23(2).

Karim, S. A. (2010). Contemporary shari’a compliance structuring for the development and management of waqf assets in Singapore. Kyoto Bulletin of Islamic Area Studies, 3(2), 143-164.

Muala, A., & Hakim, M. L. (2023). Cash Waqf Linked Sukuk for Islamic Social Welfare and National Development: Evidence from Indonesia. Global Journal Al-Thaqafah, 13(1), 16-34.

Kunhibava, S., Muneeza, A., Mustapha, Z., Khalid, M., & Sen, T. M. (2023). Viability of Cash Waqf-Linked Ṣukūk in Malaysia. ISRA International Journal of Islamic Finance, 15(4), 25-44.

Maghfiroh, A., Muslih, I., Cholili, A., Muttaqin, M. S., & Arifin, S. (2024). The Value of Maslahah in the Application of Istihsan and Its Implementation in Cash Waqf Linked Sukuk. Journal of Business Improvement, 1(1).

Milhan, M. (2022). Maqashid Syari‘ah Menurut Imam Syatibi Dan Dasar Teori Pembentukannya. Al-Usrah: Jurnal Al Ahwal As Syakhsiyah, 9(2).

Muhaimin, M. (2020). Metode Penelitian Hukum. Mataram University Press.

Murād, M., & Ṣālāhu al-Dīn, J. (2020). Al-Tatawwur al-Tashrīʿī li-l-Niẓām al-Qānūnī li-l-ʾAmlak al-ʿAqāriyyah al-Waqfiyyah fī al-Jazāʾir. Majallat al-Ijtihād al-Qaḍāʾī, 12(1), 591-618.

Musari, K. (2016). Waqf-Sukuk, enhancing the Islamic finance for economic sustainability in higher education institutions. Papers World Islamic Countries University Leaders Summit (WICULS).

Musari, K. (2019). The evolution of waqf and sukuk toward sukuk-waqf in modern Islamic economy. IJUS| International Journal of Umranic Studies, 2(1), 45-54.

Mustapha, Z., Kunhibava, S., Muneeza, A., Khalid, M., & Sen, T. M. (2023). Social Sukuk For Sustainable Development–Review Of Sukuk Prihatin, Ihsan Sukuk (Malaysia) And Cash Waqf Linked Sukuk (Indonesia). I-iECONS e-proceedings, 940-953.

Mustofa, I., Santoso, D., & Rosmalinda, U. (2020). The implementation of the regulation of cash waqf management in higher educational institution in Indonesia and Malaysia (a study of legal system theory). Humanities & Social Sciences Reviews, 8(4), 69-77.

Mutaqin, E. Z., & Guntoro, D. (2023). Optimization and Realization of Productive Waqf Implementation Through Cash Waqf Linked Sukuk (CWLS) SW001 Scheme at Achmad Wardi Eye Hospital. Al-Awqaf: Jurnal Wakaf dan Ekonomi Islam, 16(1), 23-40.

Mutmainah, L., Fauziyyah, N. E., & Taqwa, K. Z. (2022). Cash Waqf Linked Blue Sukuk (CWLBS) For Sustainable Marine Ecosystem: a Conceptual Model (pp. 1-21). BWI Working Paper Series.

Novita, N., & Musthofa, K. (2024). Cash Waqf Linked Sukuk Iperspective Of Fiqh Muamalat. Tawazuna, 3(2), 16-19.

Pertiwi, R. S., Ryandono, M. N. H., & Rofiah, K. (2019). Regulations and management of waqf institutions in Indonesia and Singapore: A comparative study. KnE Social Sciences, 766-783.

Qathrunnada, E., & Ghazali, M. L. (2023). Analisis Fatwa DSN MUI No. 131 Tahun 2019 Tentang Sukuk Wakaf dari Perspektif Maqashid Syariah Al-Syatibi. Al Yasini: Jurnal Keislaman, Sosial, hukum dan Pendidikan, 8(2), 181-181.

Rahayu, R. D., & Agustianto, M. A. (2020). Analisis implementasi Cash Waqf Linked Sukuk (CWLS) perspektif prinsip ekonomi syariah. Management of Zakat and Waqf Journal (MAZAWA), 1(2), 145-161.

Rapida, R., Abbas, I., Muchtari, N., & Ajrun, A. (2024). Contribution of Cash Waqf Linked Sukuk to the Development of Philanthropy-Based Fintech in Indonesia. PKM-P, 8(1), 176-185.

Rashid, S. K. (2018). Potential of waqf in contemporary world. Journal of King Abdulaziz University: Islamic Economics, 31(2).

Rimanto, R., Zulhuda, S., & Hermanto, A. (2021). Repositioning the Independence of The Indonesian Waqf Board in the Development of National Waqf: A Critical Review of Law No. 41 of 2004 Concerning Waqf. Justicia Islamica, 18(1), 59-78.

Rochma, R. S., & Nur, I. (2024, January). Waqaf Sukuk in Indonesia Perspective of Maqashid Syariah Al Najjar (Legal Analysis Study on Waqf Sukuk Series SWR003). In Proceeding International Conference On Islam, Law, And Society (Vol. 3, No. 1).

Rofiq, A. (2021). Hukum Perdata Islam di Indonesia Revised Edition (5th Edition). Rajagrafindo Persada.

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.

Sasongko, F. N., Astuti, T. W., & Muttaqin, M. S. (2021). Cash Waqf Linked Sukuk: Potential and Challenges. Indonesian Interdisciplinary Journal of Sharia Economics (IIJSE), 4(1), 190-200.

Sukmadilaga, C., Puspitasari, E., Yunita, D., Nugroho, L., & Ghani, E. K. (2021). Priority Factor Analysis on Cash Waqf Linked Sukuk (CWLS) Utilization in Indonesian Shariah Capital Market. Academy of Accounting and Financial Studies Journal, 25(5), 1-14.

Sulaiman, S., Hamzah, M. T. U. M., & Hasan, A. (2022). Waqf-Linked Unit Trust Funds: A Qualitative Analysis of Recent Application in Malaysia. Ulum Islamiyyah, 34(3), 128-140.

Syaichoni, A., & Suminto, S. (2021). Sukuk Linked Waqf Perspective Abu Zahra’s Maqashid Sharia Model as Financial Investment Product. IQTISHADUNA, 12(2), 294-303.

Arti, D. K. (2023). CROWDFUNDING WAKAF DI TINJAU DARI MAQASHID SYARIAH MENURUT IMAM SYATIBI. El-Iqthisady: Jurnal Hukum Ekonomi Syariah, 207-219.

Syamsuri, Kurniawan, M. I., & Arti, D. K. (2023). Crowdfunding Wakaf Di Tinjau Dari Maqashid Syariah Menurut Imam Syatibi. El-Iqthisady: Jurnal Hukum Ekonomi Syariah, 207–219.

Wijaya, R. P. (2023). Cash Waqf Linked Dinfra (CWL-FRA) as waqf innovation model integrated with infrastructure instrument for national economic recovery and sustainability. Malaysian Journal of Syariah and Law, 11(2), 330-343.

Yasin, R. M. (2021). Cash Waqf Linked Sukuk: Issues, Challenges, and Future Direction in Indonesia. JEBIS: Jurnal Ekonomi dan Bisnis Islam, 7(1).

Zain, S., & Muhamad Sobri, Z. (2017). Musharakah SRI Sukuk & Development of Waqf Properties/Assets in Malaysia.

Zaki, E. (2006). A Summary of Waqf Regulations. Kuwait: Kuwait Awqaf Public Foundation.




DOI: https://doi.org/10.3059/insis.v0i0.23013

DOI (PDF): https://doi.org/10.3059/insis.v0i0.23013.g13153

Refbacks

  • There are currently no refbacks.