LEGAL ASPECTS OF WAQF FUND DEVELOPMENT THROUGH SHARIA SUKUK INVESTMENT: A PERSPECTIVE FROM INDONESIAN WAQF AND INVESTMENT LAW
Keywords:
Cash Waqf, Sharia Sukuk, Cash Waqf Linked Sukuk, Waqf Law, Investment Law.Abstract
Waqf is an instrument within the Sharia financial system that holds significant potential for fostering the economic empowerment of the Muslim community. However, the implementation of cash waqf in Indonesia has not yet matched its actual potential. In response to this situation, the Cash Waqf Linked Sukuk (CWLS) scheme emerged as an innovation in waqf fund management through investment in Sharia-compliant sukuk instruments. Under this mechanism, cash waqf funds are safely invested in State Sharia Securities (SBSN), and the investment returns are channeled to fund social programs. This study employs a normative legal research approach utilizing qualitative data analysis. Primary data were obtained from legal sources such as legislation and fatwas from the National Sharia Council of the Indonesian Ulema Council (DSN-MUI), while supporting data were derived from legal literature reviews, official institutional reports, and scholarly articles. The collected data were analyzed and presented using a descriptive-analytical method to understand the interplay between waqf law and investment law in Indonesia. The findings indicate that CWLS represents an integration of Islamic philanthropy concepts with Sharia capital market mechanisms. Although a sufficient legal foundation exists, there are gaps in technical regulations—specifically regarding the legal status of the nazhir(waqf manager) in the context of investment fund management. Such ambiguity could give rise to legal risks and hinder the development of productive waqf. Therefore, regulatory synchronization and institutional strengthening are essential to ensure that waqf management via sukuk is conducted transparently, responsibly, and in accordance with Sharia principles.
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References
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