Al-Awqāf Al-Muntijah Wa Ta'ṡiruhā 'Alā At-Tanmiyah Al-Istiṣādiyah Fī Indunisiya (Idāratu Waqfi An-Nuqūd Fī Bank Mega Syariah Unmūdajan)

Abstract

The present research is aimed at investigating the productive waqf (endowment) and its impact to Indonesia’s economic growth. This qualitative research uses an inductive analysis approach, which comprises discussions on the position of productive waqf within the sharia law, the reality of productive waqf in Indonesia, and the description of productive waqf management at Mega Syariah Bank. At least there are three most important results of the research. First, the productive waqf has become one of the key driving forces of Indonesia’s economic growth, mainly because Indonesia is the largest muslim-populous country in the world. Next, sharia financial institutions in Indonesia, amongst them is Mega Syariah Bank, play a strategic role in developing the cash waqf management that later earned the best Sharia Financial Institution – Recipient of Cash Waqf (LKS-PWU) award from the Indonesian Endowment Authority in 2023. Further, the potential benefits of cash waqf through the Cash Waqf Linked Sukuk (CWLS) program at Mega Syariah Bank are considered large enough with a revenue of about IDR372.016.125 a month