CASH WAQF IN INDONESIA : A MINI REVIEW

Putri Humaira 180420004

Ismatuddini 180420070
Aisyah Harahap 180420074
Elsa Tri Saswita 180420024

Abstract
Cash waqf is an Islamic financial instrument which recently is developed by most
Muslim scholars. This Islamic financial instrument is believed to be one alternative to solicit
social funds from people, other than zakat, with a purpose to gain sustainable benefits without
reducing the amount of used fund. In this regard, this paper will provide a mini review of
available literature about Cash Waqf In Indonesia from various sources summarized results
and conclusions based on the findings. The mini-review about cash waqf in Indonesia was
conducted by reading through and analyzing 40 peer-reviewed journal articles. These articles
are summarized in two tables below. The first table contains information about the journal
article regarding the title, authors, publishers, and the year of publication. The second table
represents the contents of the journal articles, including the objectives of the study, the
findings, and the recommendations. Various findings were then documented. First, Cash
Waqf institution in Indonesia has unique and different logical characteristics, which is neither
unitary nor pluralist. The Indonesian waqf agency has the all opportunities to develop more
for the cash waqf potential, within the fact tendency of increasing receipt for cash waqf along
the periods.. The inhibiting factor for this potential is the lack of literacy socialization of the
cash waqf instrument to the public. Many people do not know that waqf might be in the form
of financial assets, and not just applicable for fixed assets only. The waqf management has to
be repaired in two strategies internally, namely transparent fund management and separate
with donations or other community assistance schemes. While from the external side, there
needs to be a strengthening of understanding that cash waqf does not have to be in significant
amounts but still benefits from waqf. This study enriches the literature on the effective
management of waqf to improve society's perceptions of waqf.

Introduction
Cash wakaf is a fund collected by the wakaf manager (nadzir) through the issuance of
cash wakaf certificates purchased by the community. Cash waqf can also be defined as waqf
property in the form of money or securities managed by an institution (banking or sharia
financial institution) whose profits will be donated, provided the capital can not be reduced
for charity, while the accumulated waqf funds can then be rolled over and invested by nadzir
into various sectors of halal and productive business, so that its profits can be utilized for the
development of the people and the nation as a whole. Cash waqf can open up opportunities to
introcreate an investment that has great potential to be developed, because not only the rich
can have the opportunity to waqf but all strata of society who are overweight can waqf
according to their ability.
In Indonesia, cash waqf has become a new source of funding for Islam in
microfinance. Cash waqf is one of the Islamic financial instruments that can be used as a
solution to eradicate the economic crisis in Indonesia. The importance of cash waqf is useful
for socio-economic improvement which is concentrated in 3 sectors namely education, health
and environmental welfare. The results obtained from cash waqf can be used to finance
projects for public purposes such as the construction of school buildings, mosques, bridges
and providing food for the needy. With this cash waqf, it is hoped that waqf can be a form of
wealth transfer in order to achieve economic equity. Thus, it is expected to achieve prosperity
for the whole community.
he Indonesian Waqf Board (BWI) and Islamic finance institutions can work together
to develop waqf management in Indonesia. However, the management of cash waqf has not
yet reached its peak. The practice of waqf in Indonesia faces many problems, especially for
cash waqf, namely management problems, unprofessional nadzir, ineffective socialization,
unproductive waste of waqf, and public perception that waqf must be in the form of
immovable objects such as land or buildings. Therefore, it is necessary to socialize and
manage fundraising strategies in cash waqf, introduce cash waqf to the public and manage it
properly and correctly. A professional cash waqf management system still needs to be
assisted by the government in order to achieve Sustainable Development Goals (SDG)
Indonesia.
The core problems and challenges faced in the development of cash waqf institutions
are system aspects, products, regulations and information technology. The core strategies or
foundations needed for the development of cash waqf are transparency and accountability of
waqf institutions, development of nadzir quality, and innovative marketing strategies of
institutional waqf. In this regard, this paper will provide a mini review of the available
literature on cash waqf from various sources and produce a summary of the results and
conclusions based on the findings.

Method
The mini-review about Cash Waqf In Indonesia was conducted by reading through
and analyzing 40 peer-reviewed journal articles. These articles are summarized in the tables
below. The first table presents the information about the journal article regarding the title,
authors, publishers, and the year of publication. The second table represents the contents of
the journal articles, including the objectives of the study, the findings, and the
recommendations.

Tabel 1 : Journal and Publisher Distribution

No Judul Author (s) Year Publisher

1 Reconstructing DodikSiswantoro, 2017 Emerald Publisher
accountability of the cash HaulaRosdiana and
waqf (endowment) HeriFathurahman
institution in Indonesia
2 Forecasting The Potential AnggariMaryaKresno 2017 Global Review of
Role Of Cash Waqf As a wati , IzraBerakon Islamic Economics and
Islamic Social Fund In Business
Eradicating Poverty And
Improving Social Welfare:
The Use Of Weighted
Moving Average Method
Study at Special Region of
Yogyakarta (DIY)
3 Exploring Strategies To RizantiKhairunisa, 2017 IQTISHADIA : Jurnal
Enhance Islamic Banking’s Nashr Akbar and Kajian Ekonomi dan
Role To Raise Cash Waqf Abrista Devi Bisnis Islam
Funds

4 An analysis of cash waqf Aam S. Rusydiana 2018 Journal of Islamic

development in Indonesia Economics Lariba
using Interpretive
Structural Modeling (ISM)
5 Strategy Of Optimalization P.S. Nadya, F.A. 2018 JurnalSyarikah
Cash Waqf In Indonesia Alwyni, P. Hadiyati,
and M. Iqbal

6 Cash Waqf in Sustaining Sukami 2018 IIUM Press

Of Indonesian Society “In
Legal & Economic
Perspective”
7 Problematic Analysis of Nil Firdaus, 2019 Budapest International
Cash Waqf Management in AmiurNuruddin, and Research and Critics
West Sumatera through FifiHasmawati InstituteJournal
Analytic Network Process (BIRCIJournal).
(ANP) Approach

8 Juridical Study on the TeguhTresna Puja 2019 Padjadjaran Journal Of

Optimization of Cash Asmara Law
Waqf Management by amdLastutiAbubakar
Islamic Bank in Indonesia
9 Planned Behavior Theory Purnama Putra and 2020 JHSS (Journal of
In Paying Cash Waqf Isfandayani Humanities and Social
Studies)
10 Accounting Procedure And Laela Fitria Perdana, 2018 Soedirman Accounting
Management Cash Waqf Dewi Susilowati, Review
In Indonesian Waqf Christina Tri
Institutions Setyorini.
11 Elaborating Cash Waqf AamSlametRusydiana 2018 IJIBEC (International
Development in Indonesia and Abrista Devi Journal of Islamic
Using Analytic Network Business and
Process Economics)
12 Structuring Model for BambangTutukoa , 2017 IIUM Institute of
Corporate Productive Ahmad Islamic Banking and
Cash-Waqf in Indonesia HudaifahbAndiZulfik Finance
(A Case Study of PT. ar
Semen Indonesia)
13 Cash Waqf Fundraising at Fauziah1 , Umul 2020 EAI
Indonesian Waqf Agency Hidayati2
(BWI
14 Cash Waqf As A Solution ElsiMersiliaHanesti 2018 Management and
Of Food Need Problem In Riana Economics Journal
Indonesia AflihaEkaKurnia
Sri Herianingrum
15 Measurement of IndraSuwandi 2019 JFB (Journal of
Cigarette Consumption Of Finance and Islamic
Indonesian People as Banking)
Approach to Measurement
Of Cash Waqf Potential
16 The Role of Cash Waqf as SantiMerlinda 2021 GMP Press and
a Source of Micro VikaAnnisaQurrata Printing
Business Financing for ErmitaYusida, dkk
Strengthening the Local
Economy: A Case Study in
GunungKawi District,
Malang Regency
17 Determinants of Cash VidyaPurnamasari 2021 GMP Press and
Waqf Awareness in ErmitaYusida Printing
Indonesia: An SEM VikaAnnisaQurrata
Approach SantiMerlinda
 Linda Seprillina
Wen-Chi Huang
18 Increasing Community Muhammad Iqbal 2019 Economica:
Awareness and Intention in PrameswaraSamofaNa JurnalEkonomi Islam
Encouraging The Growth dya
of Cash Waq Saripudin
PujiHadiyati
19 Cash Waqf As A Solution Martini DwiPusparini 2020 Tasharruf: Journal
To Overcome Drought In Soya Sobaya Economics and
GunungKidulRegerency In Sri Business of Islam
Yogyakarta Provience SusantiAgustinaLubis
20 The Effect Religiosity, ArdityaFaridSetyawan 2021 Dinasti Publisher
Knowledge, And Service
Quality To Peopels’s
Interest In Implementing
Cash Waqf
21 The Problem Of Perpetuity YusepRafiqi 2018 International Journal Of
In Cash Waqf
Nusantara Islam
22 Factor Influencing Ahmad Hudzaifah 2019 KITABAH
Willingness To Contribute
In Cash Waqf: Case Of
South Tanggerang,
Indonesia
23 The View Of The Experts RahmiAmalia 2020 Falah
On The Currency
Depreciation Of Cash
Waqf Value
24 Cash Waqf Economic Nurjannah, M. 2020 Fitrah
Solution During The Wahyuddin Abdullah
Covid-19 Pandemic
25 Encourage People’s PujiHadiyati, Annisa 2020 Islamiconomic
Interest To Do Cash Waqf Indah Gladys,
Muhammad Iqbal
26 Wakif Preferences In Kurniawati 2020 IKONOMIKA
Selecting Cash Waqf: A Meylianingrum ,
Case of Badan Wakaf Muhammad Muhajir
Indonesia at Yogyakarta Aminy , Mohd. Mizan
City Aslam
27 The Implementation And VicaAnnisaQurrata, 2019 Narmadytia et al
Development Of BagusShandyNarmadi
 Productive Waqf In tya, Linda Seprilina,
Indonesia: Cash At Malang Nor
Islamic Hospital ErmawatiBintiHussain
28 Wakif's Behavior in Nurul Imana,, Adi 2021 Ekuilibrium: Jurnal
Money Waqf: an Approach Santosob, Edi Ilmiah Bidang Ilmu
to Theory of Planned Kurniawan Ekonomi
Behavior
29 Case Waqf Linked Sukuk Patria Yunita 2020 Al-Awqaf
(CWLS) Model: For
Indonesia Sustainable
Food Security
30 Cash Waqf for Developing AamSlametRusydiana 2021 Al-Uqud
Islamic Economy: Case , YayatHidayat,
Study in Indonesia TikaWidiastuti,
Solihah Sari Rahayu
31 Kajian Hukum dan Girindra Mega Paksi, 2018 Islamiconomic
Implementasi Wakaf Harta Asfi Manzilati,
Bergerak di Indonesia: Marlina Ekawaty
Wakaf Uang dan Saham
32 Cash Waqf Linked Sukuk Eka Nur Baiti, Syufaat 2021 HES
sebagai Instrumen
Pemulihan Ekonomi
Nasional Akibat
Covid-19 di Indonesia
33 Wakaf tunai untuk Ayi Puspita Fajariah, 2020 Published by
optimalisasi pembiayaan Sudana, dan Aam Universitas
usaha mikro kecil dan Rusydiana Airlangga, Department
menengah (UMKM) of Management
melalui koperasi syariah di
Indonesia
34 Pengaruh literasi dan Hida Hiyanti; Tettet 2020 JIMEA
religiusitas terhadap intensi Fitrijanti; Citra
berwakaf pada cash waqf Sukmadilaga
linked sukuk (CWLS) di
Indonesia
35 Pengaruh Penerapan Yuliafitri dan Rivaldi 2017 InFestasi
 Prinsip-Prinsip Good
Governance dan Promosi
Terhadap Penerimaan
Wakaf Tunai (Pada
Lembaga Pengelola Wakaf
Di Indonesia)
36 Potensi Dan Realisasi Hiyanti, Afiyana, & 2020 JIMEA
Wakaf Uang di Indonesia Fazriah
37 Analisis Fundarising Julianto Nugroho 2019 FINANSIA
Wakaf Uang Pada
Lembaga Keuangan
Syariah (Studi Kasus pada
Bank Muamalat Indonesia
KCP Metro)
38 Faktor-Faktor Yang Ida Nuraini, Erika 2018 MARO
Mempengaruhi Intensi Takidah, Achmad
Dalam Membayar Wakaf Fauzi
Uang Pada Pegawai
Kantor Wilayah
Kementerian Agama
Provinsi Dki Jakarta
39 Sosialisai Regulasi Etty Mulyati, Nun 2021 Dharmakarya
Financial Technology Harrieti dan Eidy
Syariah Dan Wakaf Uang Sandr
Dalam Pelaksanaan Waqf
Fintech Di Indonesia
40 Model Pengelolaan Wakaf Tamimah 2021 Filantropi
Uang Di Lembaga Sinergi
Foundation Dalam
Mencapai SDGs
(Sustainable Development
Goals) di Indonesia

Tabel 2 :Article’s Category Based on the Subject

No Article Name Objectives Findings Recommendations
1 Reconstructing To reconstruct the The result shows that the Concerning the
accountability accountability of cash waqf institution in government
of the cash the cash waqf Indonesia has unique and evaluation, it requires
waqf institution in different logical regularly scheduled
(endowment) Indonesia, characteristics, which is reporting and site
institution in including the logic neither unitary nor visits. With regard to
Indonesia which may refer to pluralist. the purposes and
the accountability boundaries of
objective. accountability, it
involves society
planning strategic
issues, and requires a
priority scale and cost-
benefit evaluation. At
last, to ensure Shariah
compliance and audit,
Shariah audits should
also be conducted and
reported. The cash
waqf institution must
set up a target.
Equally important, it
also plans to prepare
and create good
accountability.

2 Forecasting This research The results of this study Indonesian Waqf

The Potential investigates the has succesfully answered Board (BWI), should
Role Of Cash role of cash waqf the progress of cash publish waqf data per
Waqf As a as a Islamic social waqf, the support of year. this is deemed
Islamic Social fund in eradicating stakeholders veryimportant because
Fund In poverty in Special (government, financial as a government
Eradicating Region of institutions and society) agency it must report
Poverty And Yogyakarta. to achieve target of cash waqf funds that have
Improving waqf. been accepted as a
Social form of reporting
Welfare: The agencies to the public.
Use Of . In the future, it is
Weighted hoped that data
Moving collection of waqf
Average funds can be more
Method Study accountable and
at Special accessible for all
Region of circles. Cash waqf
Yogyakarta data is very important
(DIY) because as a reference
progress waqf
nationally.

3 Exploring To design systems The result shows that Strengthening the

 Strategies To that may enchance experts and practitioners coordination among
Enhance the role of Islamic agreed that the strong some parties namely
Islamic banks in cash waqf legal support on cash BWI, Kemenag,LKS-
Banking’s fund raising. waqf is necessary to PWU and nazhir.
Role To Raise enhance the role of designing an
Cash Waqf Islamic Banks to raise integrated information
Funds cash waqf funds. systemthaymay be
monitored by BWI,
Kemenag, nazhir and
LKS- PWU. The
system should also be
able to help
transparancy of cash
waqf management
towards people as
waqif. Cash waqf
programs must be
more promoted.

4 An analysis of This study aims to The result shows that the The core strategies or
cash waqf identify the main core problems and foundations that are
development factors that were challenges faced in the needed in a
in Indonesia obstacles to development of cash framework of cash
using develop the waqf institution are: waqf development are
Interpretive implementation of System aspect, product, Transparency and
Structural cash waqf in regulation and accountability of waqf
Modeling Indonesia using information technology. institutions, Quality
(ISM) Interpretive development of
Structural nadzir, and Innovative
Modeling (ISM) marketing strategy
method. from waqf institution.

5 Strategy Of This study aims to Based on the research, it Waqf in Indonesia

Optimalization identify various was identified that there needs Nazhirwho is
Cash Waqf In problems of cash were three main skilled in fund
Indonesia waqf management obstacles in the process mobilization
in Indonesia. of optimizing cash waqf, activities, while
Identification of namely socialization, understanding aspects
these various regulations and Nazhir, of Sharia in managing
problems is all of which were broken financial assets.
expected to be down in several sub-
formulated by problems.
various alternative
solutions.
6 Cash Waqf in This article aims to Findings indicate that the To manage and
Sustaining Of make an overview cash waqf has been develop the cash waqf
Indonesian on the rule and legalized by both Islamic properly, it takes a
Society “In significance of cash scholar and national law trustyhuman
Legal & waqf (waqf al- of Indonesia so that resources,
Economic nuqūd) in Muslims have a chance professional,
 Perspective” Indonesia as a new to maximize the economic perspective,
social tool to utilization of their waqf diligent and strong
alleviate poverty through a well-organized commitment.
endowment and waqf
organization.

7 Problematic To know what are The results of the Cash waqf institutions
Analysis of the priority issues strategy in the order of need to develop the
Cash Waqf of cash waqf collaboration with the values of local
Management management, TungkuTigoSajarangan wisdom, especially the
in West priority solutions are the top priority with a family leadership
Sumatera for cash waqf value (0.366), public system in
through management and education about cash Minangkabau. Besides
Analytic the cash waqf waqf (0.324) and nazhir that it also teaches the
Network management guidance and importance of
Process (ANP) strategy in West mauqufalaih (0.308). The cooperation inter
Approach Sumatra. rater agreement value is institutions so that the
equal to (W: 0.111). potential for cash
waqf can be absorbed
as much as possible.
8 Juridical Study This study aims to The results reveal that The social function of
on the analyze the the role of the Islamic Islamic bank is limited
Optimization revision of Financial Institution, only to raising funds.
of Cash Waqf regulations to Islamic bank, as collector It has not been able to
Management facilitate the can actually be optimize the cash
by Islamic Islamic bank to expanded. Thus, it covers waqf in Indonesia. In
Bank in become Nazhir as the management and addition to be
Indonesia an effort to distribution roles like a collected by trusted
optimize cash waqf Waqf Bank in and professional
in Indonesia. Bangladesh, the Social institutions, cash waqf
Islami Bank Ltd. must also be managed
and distributed by a
trusted and
professional
institution, one of
which can be done by
Islamic bank.
Assigning authority to
Islamic bank as a
nazhir can be a
greatest solution
toovercome the
problem of cash waqf
that has not been
managed optimally
nowadays. By
becoming nazhir,
Islamic bank can raise
the funds and have the
authority to manage
 and distribute the cash
waqf. Furthermore,
this system enables
the advantages of
bank to be maximized,
in terms of
professional ability in
fund management,
public trust, and
networking.

9 Planned To analyze public The results showed that The potential of Waqf
Behavior behavior in the the attitude and control in Indonesia which is
Theory In performance of ofbehaviour significantly in the movement of
Paying Cash cash waqf by influence the intention to followers of the
Waqf basing on the pay cash waqf. While largest Muslim
planned behavior subjective norms do not religion in the World
theory (TPB) significantly influence that is equal to 85%
regarding the the intention to pay cash since the days of Pre-
application of TPB waqf. Independence.
in pay zakat and legality in the form of
regarding the regulations and the
factors that Law provide a more
influence the certain legal basis for
entrepreneurial increasing public trust
spirit of and guarantee of waqf
Postgraduate assets. It became the
students. starting point for the
management of
waqfand the collection
of waqf funds in
Indonesia.

10 Accounting To explore the The results of this study This research was
Procedure And management and indicate that the only
Management reporting of cash management of cash conducted in one (1)
Cash Waqf In waqf in Indonesia waqf in DompetDhuafa waqf institution. So it
Indonesian Waqf Institutions. has fulfilled the waqf does not have a
Waqf principle that adopted comparison and does
Institutions from the principle of not reflect the waqf
BCPs corresponds to management in
laws and regulations. Indonesia widely. For
further research, it can
be performed at
several other waqf
institutions. Waqf
authority
representative, namely
Indonesia waqf board
 representative of
Banyumas Regency is
still 1 (one) year old.
So, researcher founds
some findings of the
tasks implementation
that has not run
properly. For further
research, research can
be performed on
finding of waqf
development in the
head or provincial
representative of
Indonesian Waqf
Board for a wider
explanation.

11 Elaborating This research is The results of this study Some suggestions and
Cash Waqf aim to identify the show that the problems recommendations
Development priority factors that occurring in the make are
in Indonesia being barrier to development of cash a. should be a mutual
Using Analytic develop the waqf in Indonesia agreement among
Network practice of cash consist of 4 important decision-makers in
Process waqf in Indonesia aspects, i.e.: trust, human supporting and
using Analytic resources, system, and promoting the effort
Network Process sharia. The analysis of to develop waqf
(ANP) method the problems as a whole institutions,
resulted in a priority list especially those
as follows: 1) trust involved in cash
problems (the first waqf.
priority for the trust sub- b. This study should
criterion is the donators’ help broaden
lack of trust), 2) sharia academic studies
problems (unfulfilled related to waqf.
waqf covenants), 3) Prioritizations of
human resource problems and
problems solutions for the
(misappropriation of development of
waqf funds), and 4) cash waqf should
system problems (the give accurate input
weaknesses in the for all the related
managerial system) parties of what
problems should be
dealt with first and
which solution is
best.
c. Further studies
using a similar
approach (ANP) are
 suggested in order
to increase the
number of
respondents from
related parties
which are
considered as
knowledgeable of
waqf issues in
Indonesia.

12 Structuring The productive The fund accumulation is Cash Waqf

Model for cash Waqf model managed in profitable accumulated is
Corporate has been recently investment around managed by a special
Productive developed for Semen Indonesia and purpose vehicle (SPV)
Cash-Waqf in corporate society environment. The working together with
Indonesia (A Waqfequipped with financial and managerial an Islamic bank and
Case Study of information system of Semen supervised by
PT. Semen technology Indonesia Company and the Department of
Indonesia Systems like E- holding is possibly Finance of PT Semen
Waqf applications adopting the productive Indonesia. The SPV
to encourage cash Waqf concept when must identify
Semen Indonesia’s managed properly and profitable and socially
big community to transparently. responsible means
donate to the cash such as: financing
Waqf program small and medium
enterprises (SMEs),
land and property
development,
consumer financing
products, and Islamic
securities products

13 Cash Waqf the study aims to This research proves that1. The government is
Fundraising at analyze the the Indonesian waqf advised to be more
Indonesian application of cash agency has the all active in disseminating
Waqf Agency waqf and its opportunities to develop information on cash
(BWI) supporting or more for the cash faqf waqf or forming waqf
inhibiting factors potential, within the fact ambassadors and
within the tendency of increasing making a review of the
management of receipt for cash waqf existing regulations of
Indonesian waqf along the periods.. The cash waqf institutions
agency (BWI). inhibiting factor for this in Indonesia
 Researchers potential is the lack of2. Nadzir is expected to
designed a literacy socialization of be more innovative
qualitative the cash waqf instrument and active in designing
descriptive to the public. Many cash waqf fundraising
approach to people do not know that strategies.
contribute to the waqf might be in the3. It is hoped that the
agency of form of financial assets, government may
knowledge of and not just applicable facilitate regulations
economics and for fixed assets only. which can
social sciences. accommodate cash
waqf fundraising
problems
4.

14 Cash Waqf As how effective is the literature study The central

A Solution Of solution to conducted government must
Food Need overcome the in-depth analysis with improve the domestic
Problem In problems of ilustration model, the industry so that it does
indonesia agriculture and authors found that the not depend on
animal husbandry application of cash waqf imports, one of which
in in the development of is by developing cash
Indonesia? With agriculture and animal waqf
the method of husbandry in certain To initiate and
writing and regions in Indonesia can implement this cash
literature study help to solve the waqf coordination of
conducted in-depth problem of the the central
analysis with fulfillment of food needs government
ilustration model, of Indonesian society. The reformation of
the authors found With this Indonesian laws
that the concept, every region in regarding cash waqf
application of cash Indonesia can increase should be done
waqf in the their agriculture and continuously. And
development of animal husbandry the study of theories
agriculture and potential output (quality and concepts without
animal and quantity). sustainable
Subsequent realization is
impact and the expected pointless.
development of the real
sector are that every
region in Indonesia can
distribute their
agriculture and animal
husbandry potential
output to meet the food
needs of Indonesian
society as a whole,
minimize the need for
food shortage, build
society
welfare, and increase
 GDP, followed by rising
national income.

15 Measurement This article aims to Calculation of the

of Cigarette provide an potential for cash
Consumption alternative waqf with a more
Of Indonesian approach to appropriate approach
People as measuring the waqf will provide
Approach to potential that is stronger and more
Measurement clearly measured, useful information for
Of Cash Waqf by paying attention policy makers and
Potential to economic community
behavior guidelines Measurement of
in an Islamic Cigarette
perspective while Consumption of
being able to reveal Indonesian People as .
some of the 160 economic
fundamental This study has obtained development
problems of the the measurement of strategies. Even more
people, especially cigarette consumption as important because
Muslims in tabdzir/israf behavior as there is a large task
Indonesia an alternative approach that is the joint
to measuring the responsibility of
potential of waqf that is experts, academics
clearly measured and and stakeholders,
meets good measurement namely how to
needs. An Islamic prevent the most
consumption model that disadvantaged groups
at the same time can of the community,
provide awareness of the both from the socio-
problems of the Ummah economic, health and
has also been developed intellectual aspects,
from falling into the
trap of waste that
endangers them and
his famil

16 The Role of This study aims to The results of this study This study explains
Cash Waqf as analyze the role of indicate that the role and the role of cash waqf
a Source of cash waqf in contribution from the as alternative
Micro strengthening the community through cash financing for micro-
Business local economy waqf can increase local businesses in
Financing for through community economic movements Indonesia, in this case,
Strengthening empowerment. according to regional duck farming in
the Local This study used a potential. In addition, GunungKawi District.
Economy: A qualitative method there is a multiplier The cash waqf model
Case Study in with a case study effect in strengthening in this study helps the
GunungKawi approach. The other sectors. The results community and
District, object is duck of this study contribute to stimulates
Malang farming and the increasing beneficiaries to
 Regency processing business empowerment and become beneficiaries.
in the community strengthening of the local Also, business
of GunungKawi economy that will partners are carried
District, Malang increase the distribution out to increase the
Regency. The of cash waqf in Malang added value of the
method used in this Regency and other areas. product, not only as a
research is dish for the
qualitative based surrounding
on the Holding community but also as
Company model a souvenir for tourists
and one of the
superior products in
GunungKawi District.
Then, the
development of this
sector will have an
impact on other
sectors in the
surrounding
environment.

17 Determinants this study attempts The result strongly The waqf institution
of Cash Waqf to capture the suggests that building must promote the
Awareness in significant trust between community credibility of the waqf
Indonesia: An relationship and waqf institutions institution it manages.
SEM between could increase cash waqf Second, waqf
Approach promotion, trust to fundraising. Through institutions must be
waqf institution, survey results, it is creative and
waqf programs, known that trust in waqf innovative in making
and knowledge in institutions is a crucial cash waqf
Indonesia. factor in increasing the management
potential for cash waqf programs. Third, in its
acceptance in Indonesia management, waqf
institutions need to
maintain
accountability and
transparency in
managing cash waqf
because this will have
a significant effect on
public trust.

18 Increasing This study aims to The results obtained Forming a social

Community identify factors that show that the social environment can be
Awareness and determine the environment and started from the
Intention in awareness, understanding affect activities of Islamic
Encouraging intention and one's awareness and studies in which
The Growth of decision of the interest in cash waqf. The discussing about cash
Cash Waq Indonesian people emergence of awareness waqf specifically
to cash waqf and intention will more specifically the
 benefits and uses. The
discussion should not
only be limited to law
encourage the person to or ushulfiqh, but
carry out cash waqf. rather emphasizes the
While the promotion of method of making
cash waqf does not affect cash waqf, its benefits
awareness and intentions and uses. Optimizing
which in the end will not the existing amil zakat
encourage someone to and waqf institutions
cash waqf. should be made
partners in shaping a
conducive social
environment and
encouraging public
understanding of cash
waqf.
19 Effectiveness This study aims to The waqf management To conclude, cash
of Cash Waqf analyze the has to be repaired in two waqf is essential to
Management effectiveness of strategies internally, help the poor develop.
in Improving cash waqf namely transparent fund When considering the
Community management in management and cash waqf models in
Welfare: improving separate with donations selected countries, the
Challenges and community welfare or other community study indicates a
Opportunities using the SWOT assistance schemes. similar Indonesia
method. While from the external experience if the
side, there needs to be a above
strengthening of recommendations are
understanding implemented
that cash waqf does not correctly.
have to be in significant Consequently, if each
amounts but still benefits institution can avoid
from waqf. This study the problems faced by
enriches the literature on the studied countries'
the effective structures, they will
management of waqf to achieve greater
improve society's benefits. Lastly,
perceptions of waqf. effective cash waqf
There is a need to management can
prepare well-trained improve the
human resource to community welfare
handle cash waqf to and standard of living
make it a robust and reduce Indonesia's
institution. The cash poverty level.
waqf management has
developing managerial
skills, advertising waqf,
and making sound
investment plans while
using knowledgeable
 persons in all the fields
involved. They should
take advantage of the
flexibility in Islamic law
and not be confined to
previous opinions

20 The Effect This research has These following Elicited from the
Religiosity, the purpose to statements are some of conclusions, so the
Knowledge, reveal the impact the main conclusions as suggestions that could
And Service which is caused by an answers to research be made from this
Quality To religiosity, objectives which has research are: 1)
Peopels’s knowledge and been explained Knowledge about
Interest In service quality on previously, such as: 1) waqf is needed for the
Implementing people's interest in Religiosity did not have a government, related
Cash Waqf implementing cash positive impact towards institutions and all
waqf people's interest in levels of society need
implementing cash waqf. to educate each other
2) Knowledge had a about cash waqf. 2)
positive and significant Service quality from
impact towards people's its organizer should be
interest in implementing improved, particularly
cash waqf 3) Service for waqf institutions,
quality had a positive and so all the waqf
significant impact on institutions, both
people's interest in professional and
implementing cash waqf. traditional will
4)Religiosity, knowledge provide good services.
and service quality
together had a positive
and significant impact on
people's interest in
implementing cash waqf.

21 The Problem To know how Cash waqf can only be it is necessary to

Of Perpetuity nominal or real run with gold and silver establish
In Cash Waqf value is contained criteria (nuqûd/full standardization of real
in the currency bodied money), not fulus value to gold and
when it is used as a criteria (paper money or silver in the cash
waqf representative bodied waqf.
money) due to
fluctuations in value.
Thus, it is necessary to
establish standardization
of real value to gold and
silver in cash waqf.
Nazhir as a party that
receives wakaf
possessions to be
managed has the
 authority to use cash
waqf to productive
efforts provided that
according to sharia.

22 Factor The main objective The Findings indicate Recommendations

Influencing of this study is to that all factors contingent on
Willingness To evaluate significantly affect a research findings were
Contribute In empirically the person’s willingness to offered
Cash Waqf: level of willingness do caswaqf
Case Of South to pay cash waqf
Tanggerang, among Muslims in
Indonesia South Tangerang,
Indonesia.

23 The View Of The Study aims to the result of this study Future Research may
The Experts analyze the view of found that the experts all add wider scope of
On The the expert on the agreed that the risk of expert from various
Currency currency decreasing currency baground of the study
Depreciation depreciation of value will have an impact to find more ideal
Of Cash Waqf cash waqf value on the value of cash model of the research
Value waqf. and more realible and
valid result
24 Cash Waqf Muslim If there were It is hoped that further
Economic Populations in the beneficiaries of cash researchers will be
Solution World waqf (al-mauqufalaih) able to develop this
During The who were not limited to paper by conducting
Covid-19 religious provisions, field research related
Pandemic there would equal to the effectiveness of
distribution of aid to help managing and
slow economic recovery distributing cash waqf
during a pandemic
carried out by related
institutions or being
able to describe the
impact of cash waqf
on the benefit for the
recipient

25 Encourage This study aims to The results show that to increase community
People’s identify the knowledge and interest in cash waqf
Interest To Do community interest understanding do not is still needed
Cash Waqf to cash waqf have an influence on the continuous and
community interest to massive promotion
doo cash waqf, while the and socialization
awareness and promotion program so that the
 society’s knowledge
variables affect the and understanding
community interest to do increase progressively
cash waqf. as well as the
awareness.

26 Wakif To analyse the The The nazhir or waqf

Preferences In influence of four findings showed a managers have an
Selecting Cash independent positive significant official duty from
Waqf: A Case variables, namely impact, simultaneously Badan Wakaf
of Badan religiosity, trust, and partially, from Indonesia to collect
Wakaf service quality, and all observed independent and to distribute cash
Indonesia at promotion factor variables toward the waqf in the region.
Yogyakarta on wakif decision dependent variable. Badan Wakaf
City to select Indonesia as the waqf
cash waqf product institution only
in Badan Wakaf supervised and gave
Indonesia region of instruction to the
Yogyakarta City. nazhir regarding cash
waqf management.
27 The This study intended The findings showed that In its development,
Implementatio to analysis the the implementation of productive waqf
n And implementation productive waqf has management should
Development and development of shown favorable consider potential
Of Productive productive waqf in outcomes in attaining factors such as human
Waqf In Malang, Indonesia. local community’s needs resources and
Indonesia: that lead to the economic community awareness
Cash At welfare of communities.
Malang
Islamic
Hospital

28 Wakif's to find empirical The results of this study the higher a person's
Behavior in evidence of the found that attitudes, religious level, the
Money Waqf: Theory of Planned subjective norms, and higher his behavior
an Approach to Behavior and values of religiosity were will be in carrying out
Theory of religiosity in able to influence waqf and obeying religious
Planned influencing the behavior in making orders so that the
Behavior behavior of Muslim decisions to do cash behavior he shows
communities to waqf. will be better in
conduct cash waqf participating in
in Indonesia. carrying out cash
waqf.
29 Case Waqf This study aims to The Cash Waqf Linked a. Recommendation
Linked Sukuk build an integrated Sukuk (CWLS) model for Government
(CWLS) model between under salam contract can The government of
Model: For Islamic social be used to provide Indonesia can use the
Indonesia finance, Indonesia sustainable Cash Waqf Linked
Sustainable government sukuk food security after Sukuk (CWLS) model
 Food Security financing and under salam contract
Indonesian food pandemic. The Cash to alleviate proverty in
security Waqf Linked Sukuk Indonesia and to
(CWLS) model under create sustainable
salam contract is food security in the
categorized as green new normal life.
sukuk model. b. Recommendation
for practitioners
The Indonesia Waqf
Board should actively
manage the potential
waqf in Indonesia.
The Cash Waqf
Linked Sukuk
(CWLS) model should
be implemented in
order to alleviate
proverty in Indonesia
and to create
sustainable food
security in the new
normal life

30 Cash Waqf for This study attempts Based on the results of It is expected that
Developing to identify the IFE analysis, the highest- there will be a joint
Islamic causes and rank of strengths is the commitment from
Economy: dominant factors ability of cash waqf in various parties, both
Case Study in that hinder the expanding the base of from policymakers
Indonesia development of waqf fund sources and academics and
cash waqf in followed by the ease and practitioners to
Indonesia zero cost of funds. support and encourage
efforts to develop the
Islamic (social)
finance industry,
especially in
developing cash waqf
in Indonesia.
31 Kajian Hukum Tujuan dari Metode Meta-synthesis Secara umum model
dan penelitian ini diterapkan sebagai alat pengelolaan wakaf
Implementasi adalah untuk analisis. Hasilnya uang dan wakaf saham
Wakaf Harta menganalisis kas menunjukkan bahwa sama
Bergerak di dan share wakaf sebagian besar ulama yaitumengumpulkan
Indonesia: dan Islam mengizinkan uang dana untuk kemudian
Wakaf Uang implementasinya. tunai dan saham untuk dikonversikan ke
dan Saham digunakan sebagai objek dalam bentuk aset
wakaf. Baik kas dan tetap atau
share wakaf dapat diinvestasikan ke
diimplementasikan ke dalam instrumen
dalam dua model. Wakaf keuangan. Hanya saja
uang tunai dapat dalam pembahasan
 diimplementasikan wakaf saham, sumber
sebagai reksadana atau dana wakaf secara
dikonversi menjadi aset spesifik berasal dari
tetap lainnya. Sedangkan saham
pelaksanaan wakaf danpengelolaannya.
saham dapat dilakukan Adapun hambatan
melalui wakaf korporat utama
dan wakaf saham dariimplementasi
individu. wakaf uang dan saham
adalah pola pikir
masyarakat yang
masih terpaku pada
jenis aset dan model
pengelolaan wakaf
tradisional.

32 Cash Waqf Penelitian ini Dari hasil penelitian Return yang

Linked Sukuk bertujuan ntuk diketahui bahwa peran dihasilkan
(CWLS) mengetahui peran Cash Waqf Linked dari CWLS agar dapat
sebagai Cash Waqf Linked Sukuk dalam membantu digunakan untuk
Instrumen Sukuk pemerintah memulihkan melaksanakan
Pemulihan sebagai salah satu ekonomi nasional adalah program sosial untuk
Ekonomi inovasi baru dari bahwa hasil penjualan masyarakat yang
Nasional islamic social Cash Waqf Linked membutuhkan
Akibat finance dalam Sukuk ini dapat dijadikan terutama mereka yang
Covid-19 di membantu program sebagai sumber kesulitan di bidang
Indonesia pemulihan pembiayaan baru untuk ekonomi akibat
ekonomi nasional pembangunan nasional pandemi COVID-19
yang dilakukan dengan biaya yang
oleh pemerintah murah, selain itu imbal
di tengah pandemi hasil dari Cash Waqf
COVID-19 di Linked Sukuk ini dapat
Indonesia. digunakan untuk
program sosial yang
ditujukan bagi
masyarakat yang
membutuhkan terutama
masyarakat yang
terdampak pandemi
COVID-19.

33 Wakaf tunai Penelitian ini Hasil penelitian Sifat wakaf yang

untuk bertujuan untuk menunjukkan bahwa harus produktif maka
optimalisasi mengidentifikasi permasalahan yang salah satu bentuk
pembiayaan faktor-faktor muncul dalam pendayagunaan wakaf
usaha mikro penghambat dalam pengelolaan wakaf tunai uang di Indonesia
kecil dan pengembangan di Indonesia terbagi adalah dengan
menengah praktik wakaf menjadi dua aspek memberikan peluang
(UMKM) tunai pada UMKM penting, yaitu: perluasan akses
melalui melalui Koperasi aspek internal dan pembiayaan bagi
 koperasi Syariah di eksternal. Prioritas dalam sektor Usaha Mikro
syariah di Indonesia aspek internal adalah Kecil dan Menengah
Indonesia menggunakan aspek akuntabilitas, (UMKM) melalui
metode Analytic sumber daya manusia, koperasi syariah.
Network Process dan masalah
(ANP). kelembagaan. Sementara
itu masalah eksternal
berdasarkan hasil
prioritas adalah aspek
otoritas dan aspek public
.
34 Pengaruh Penelitian ini Hasil penelitian Hasil yang
literasi dan bertujuan untuk berdasarkan 239 sampel menunjukan masih
religiusitas menguji pengaruh menunjukkan bahwa belum maksimalnya
terhadap literasi dan literasi dan religiusitas literasi masyarakat
intensi religiusitas pada mempengaruhi intensi mengenai CWLS
berwakaf pada cash waqf linked berwakaf pada CWLS dapat menjadi suatu
cash waqf sukuk (CWLS). signifikan dan positif. bahan evaluasi bahwa
linked sukuk Hasil tersebut walaupun forum-
(CWLS) di menunjukan bahwa forum
Indonesia tingginya literas dan terkait wakaf sudah
religiusitas masyarakat sering dilakukan
maka akan meningkatkan namun masih belum
intensi dalam berwakaf bisa tersebar secara
pada CWLS. merata ilmu nya
kepada seluruh
masyarakat. Media
penyebaran yang lebih
maksimal serta
promosi yang lebih
maksimal juga dapat
dilakukan oleh Bank
Syariah yang ditunjuk
sebagai LKPSWU
dalam memberikan
literasi dan indormasi
mengenai produk
CWLS.

35 Pengaruh Tujuan dari Hasil penelitian Penerapan prinsip

Penerapan penelitian ini menunjukkan bahwa prinsip good
Prinsip-Prinsip adalah untuk penerapan prinsip-prinsip governance pada
Good mengetahui apakah good governance lembaga pengelola
Governance terdapat pengaruh berpengaruh positif wakaf masih harus
dan Promosi dari penerapan namun tidak signifikan ditingkatkan.
Terhadap prinsip-prinsip terhadap penerimaan Beberapa poin dalam
Penerimaan good wakaf tunai. Promosi penerapan prinsip-
Wakaf Tunai governance dan memiliki pengaruh prinsip good
(Pada promosi terhadap positif yang signifikan governance yang
Lembaga penerimaan wakaf terhadap masih perlu
 Pengelola tunai di lembaga penerimaan wakaf tunai, ditingkatkan
Wakaf Di pengelola kemudian secara berdasarkan jawaban
Indonesia) wakaf di Indonesia simultan penerapan responden adalah
dan seberapa besar prinsip-prinsip good kejelasan informasi
pengaruh governance dan promosi dalam laporan
penerapan prinsip- memiliki pengaruh keuangan, publikasi
prinsip good positif yang signifikan laporan keuangan,
governance dan terhadap pengungkapan secara
promosi terhadap penerimaan wakaf tunai. penuh (full
penerimaan wakaf disclosure),
tunai di lembaga komparabilitas agar
pengelola laporan keuangan
wakaf di Indonesia. dapat diperbandingkan
dengan lembaga
wakaf
lain, serta sistem
reward and
punishment
yang merata.

36 Potensi Dan Tujuan dari Hasil dari penelitian ini Solusi dari
Realisasi penelitian ini mengungkapkan permasalahan ini bisa
Wakaf Uang di adalah untuk bahwasanya ada dengan melakukan
Indonesia mengetahui potensi ketimpangan antara kerjasama antara
wakaf dan juga jumlah potensi wakaf pihak nadzhir dengan
berapa realisasi yang diharapkan dengan bank Syariah yang
atas realisasi dana wakaf yang mana hal ini sudah
penghimpunan berhasil dilakukan
yang berhasil dihimpun. Penyebab oleh beberapa bank
dihimpun di ketimpangan ini Syariah di Indonesia
beberapa Lembaga dikarenakan oleh banyak
amal yang faktor diantaranya karena
menyediakan jasa seperti masalah
titipan dana wakaf kepercayaan dalam
di Indonesia mengelola dana,
masalah, masalah sumber
daya manusia, masalah
sistem, unit manajemen
wakaf (nazhir) yang
masih kurang
kompetensinya dalam
mengelola wakaf.

37 Analisis Penelitian ini Hasil dari peneletian ini Bank Muamalat

Fundarising bertujuan untuk mengungkapkan bahwa Indonesia KCP Metro
Wakaf Uang mengetahui terdapat dua faktor yang tidak memberikan
Pada Lembaga penyebab belum menjadi kendala pelayanan kepada
Keuangan optimalnya fundrising wakaf uang, calon waqif yang
Syariah (Studi fundrising wakaf pertama adalah Bank hendak melakukan
Kasus pada uang pada Bank Muamalat Indonesia wakaf uang mulai dari
 Bank Muamalat KCP Metro tidak tidak adanya blangko
Muamalat Indonesia KCP memberikan pelayanan formulir wakaf uang
Indonesia KCP Metro. wakaf sebagaimana hingga melakukan
Metro) mestinya sosialisasi tentang
wakaf yang
sekedarnya saja.
Seharusnya, Bank
Muamalat Indonesia
melakukan upaya
untuk menanggulangi
kendala-kendala yang
ada dengan cara
bekerjasama dengan
BMT Surya Abadi
sebagai rekanan yang
diberikan kewenangan
sebagai LKS-PWU.
38 Faktor-Faktor Faktor-faktor yang Hasil penelitian ini Hendaknya Lembaga
Yang dimaksudkan dan menunjukkan bahwa Wakaf Uang, terutama
Mempengaruhi menjadi tujuan secara parsial, sikap, Badan Wakaf
Intensi Dalam penelitian ini norma dan kepercayaan Indonesia terus
Membayar adalah pengaruh subjektif memiliki meningkatkan
Wakaf Uang secara parsial dari pengaruh positif dan sosialisasi wakaf uang
Pada Pegawai sikap, norma signifikan terhadap niat secara massif dengan
Kantor subyektif dan membayar uang tunai cara dan media yang
Wilayah kepercayaan pada wakaf. dapat menjangkau
Kementerian niat dalam banyak lapisan
Agama membayar uang masyarakat. Sehingga,
Provinsi Dki tunai-waqf pada diharapkan
Jakarta karyawan. pengetahuan
masyarakat bawah,
menengah hingga atas
dapat meningkat dan
dapat membuat
mereka mau
berkontribusi dalam
wakaf uang.
39 Sosialisai Adapun tujuan dari Hasil penelitian Pemahaman regulasi
Regulasi pemanfaatan menunjukkan peranan terkait financial
Financial teknologi informasi internet dalam teknologi technology syariah
Technology ini untuk informasi saat ini dan wakaf uang
Syariah Dan mengembangkan digunakan untuk beserta perkembangan
Wakaf Uang bangsa, mengembangkan industri di dalam praktiknya
Dalam perdagangan dan keuangan yang dikenal diharapkan dapat
Pelaksanaan perekonomian dengan teknologi menambah wawasan
Waqf Fintech nasional, finansial (FinTech). masyarakat mengenai
Di Indonesia membuka FinTech merupakan financial
kesempatan seluas- produk dan layanan technology syariah
luasnya kepada jasa keuangan melalui dan wakaf uang dan
setiap orang untuk kombinasi platform diharapkan
 memajukan teknologi dan model masyarakat mampu
pemikiran dan bisnis yang inovatif. memanfaatkan potensi
kemampuan Perkembangan teknologi financial technology
di bidang finansial memudahkan syariah dan wakaf
penggunaan dan masyarakat untuk uang dalam
pemanfaatan serta melakukan kegiatan peningkatan bisnis
memberikan rasa ekonomi, juga membuka kelautan dan
aman, keadilan, peluang untuk pendirian pariwisata di desa
dan kepastian berbagai platform yang Masawah sesuai
hukum bagi memudahkan orang dengan konteks
pengguna dan untuk melakukan pengembangan.
penyelenggara kegiatan keuangan. Partisipasi aktif
teknologi Sehingga pada era yang masyarakat menjadi
informasi. berada pada digitalisasi faktor pendorong
ini perekonomian mulai keberhasilan kegiatan
terintegrasi melalui sosialiasi ini.
sistem online.

40 Model Penelitian ini Hasil menunjukkan Implikasi penelitian

Pengelolaan bertujuan untuk bahwa Lembaga ini dapat digunakan
Wakaf Uang mengetahui model Sinergi Foundation telah sebagai pedoman bagi
Di Lembaga pengelolaan wakaf mengimplementasikan lembaga wakaf yang
Sinergi uang di lembaga penyaluran dana wakaf ada di Indonesia untuk
Foundation wakaf dalam uang untuk berkontribusi mengembangkan
Dalam mencapai SDGs dalam pembangunan pengelolaan dana
Mencapai (Sustainable berkelanjutan. wakaf produktif untuk
SDGs Development mengurangi
(Sustainable Goals) dengan ketimpangan ekonomi
Development menggunakan data dan lembaga ini dapat
Goals) di kepustakaan karena dijadikan acuan
Indonesia penelitian ini pengelolaan dana
bersifat library wakaf uang dalam
research yaitu mencapai
berupa data yang pembangunan
berasal dari buku, berkelanjutan di
catatan mauppun Indonesia.
laporan hasil
penelitian

Results and Discussion

The journal articles were summarized through a systematic review to determine the
context and the implication of the article on the mini-review. Various results were obtained.
First, Cash Waqf institution in Indonesia has unique and different logical characteristics,
which is neither unitary nor pluralist. The Indonesian waqf agency has the all opportunities to
develop more for the cash waqf potential, within the fact tendency of increasing receipt for
cash waqf along the periods.. The inhibiting factor for this potential is the lack of literacy
socialization of the cash waqf instrument to the public. Many people do not know that waqf
might be in the form of financial assets, and not just applicable for fixed assets only.
Core problems and challenges faced in the development of cash waqf institution are:
System aspect, product, regulation and information technology. The core strategies or
foundations that are needed in a framework of cash waqf development are Transparency and
accountability of waqf institutions, Quality development of nadzir, and Innovative marketing
strategy from waqf institution.
Cash waqf has been legalized by both Islamic scholar and national law of Indonesia
so that Muslims have a chance to maximize the utilization of their waqf through a well-
organized endowment and waqf organization. To manage and develop the cash waqf
properly, it takes a trustyhuman resources, professional, economic perspective, diligent and
strong commitment.
The problems occurring in the development of cash waqf in Indonesia consist of 4
important aspects, i.e.: trust, human resources, system, and sharia. The analysis of the
problems as a whole resulted in a priority list as follows: 1) trust problems (the first priority
for the trust sub-criterion is the donators’ lack of trust), 2) sharia problems (unfulfilled waqf
covenants), 3) human resource problems (misappropriation of waqf funds), and 4) system
problems (the weaknesses in the managerial system).
The waqf management has to be repaired in two strategies internally, namely
transparent fund management and separate with donations or other community assistance
schemes. While from the external side, there needs to be a strengthening of understanding
that cash waqf does not have to be in significant amounts but still benefits from waqf. This
study enriches the literature on the effective management of waqf to improve society's
perceptions of waqf. There is a need to prepare well-trained human resource to handle cash
waqf to make it a robust institution. The cash waqf management has developing managerial
skills, advertising waqf, and making sound investment plans while using knowledgeable
persons in all the fields involved. They should take advantage of the flexibility in Islamic
law.

Conclusion
Cash waqf is an Islamic financial instrument that has recently been developed by most
Muslim scholars. This Islamic financial instrument is believed to be an alternative to collect
social funds from the public, in addition, with the aim of obtaining sustainable benefits
without reducing the amount of funds used. Many people do not know that waqf can be in the
form of financial assets, and does not only apply to fixed assets. Waqf management must be
improved in two internal strategies, namely transparent and separate fund management from
donations or other assistance schemes. Meanwhile, from the external side, there needs to be a
strengthening of understanding that cash waqf is not in a significant amount but still benefits
from waqf. This study examines the literature on effective waqf management to increase
public perception of waqf. The core strategies or foundations needed for the development of
cash waqf are transparency and accountability of waqf institutions, development of the
quality of nadzir, and innovative marketing strategies of waqf institutions. Cash waqf has
been legalized by ulama and Indonesian national law so that Muslims have the opportunity to
maximize the utilization of their waqf through well-organized waqf and waqf organizations.
To properly manage and develop cash waqf, human resources are needed who are
trustworthy, professional, have an economic perspective, are diligent and have a strong
commitment.

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