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Implementation of Corporate Waqf Core Principles in the Development of Waqf in Indonesia

Author

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  • Miftahul Huda
  • Lukman Santoso

Abstract

The development of corporate waqf in Indonesia is relevant in creating an alternative model for the sustainability of waqf benefits and contributing to the national economic growth. This study aims to explore the implementation of Corporate Waqf Core Principles (CWCP), a set of sharia principles for corporate waqf implemented in the growth of waqf in Indonesia. This study uses qualitative research with a specific focus on comparative analysis of the advantages of waqf management at two different institutions that develop corporate waqf, Waqf Board Foundation of Universitas Islam Indonesia (YBW UII) Yogyakarta and Pesantren Tebuireng in Jombang. YBW UII Yogyakarta has developed productive waqf assets and immovable objects through professional and profitable multi-company institutions, ensuring that the waqf’s results expand and the benefits fly. Pesantren Tebuireng, on the other hand, understands the implementation of CWCP in the framework of productive waqf administration and management by conceptualizing the productivity of waqf assets through corporate and institutional management. The two models of waqf management methods ensure that waqf management within the corporate institutional framework is more productive and produces long-term outcomes and benefits. However, there are certain deviations in the implementation of the CWCP which has not used shares as waqf assets. The development of this waqf model in Indonesia can accelerate community economic development.

Suggested Citation

  • Miftahul Huda & Lukman Santoso, 2022. "Implementation of Corporate Waqf Core Principles in the Development of Waqf in Indonesia," Academic Journal of Interdisciplinary Studies, Richtmann Publishing Ltd, vol. 11, September.
    • Handle: RePEc:bjz:ajisjr:2290
    DOI: https://doi.org/10.36941/ajis-2022-0129
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    References listed on IDEAS

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    1. Çizakça, Murat, 1998. "Awqaf In History And Its Implications For Modern Islamic Economies," Islamic Economic Studies, The Islamic Research and Training Institute (IRTI), vol. 6, pages 43-70.
    2. Fathullah Asni & Mohd Amirul Mahamud & Jasni Sulong, 2020. "Socio-economics and management of Muslim cemeterywaqfusing istibdal and GIS method in Penang state," Journal of Islamic Accounting and Business Research, Emerald Group Publishing Limited, vol. 11(7), pages 1343-1362, February.
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