SUKUK LINKED WAKAF (SLW) MODEL:  OPTIMIZATION OF UNDERLYING WAKAF  ASSETS THROUGH SUKUK ISSUANCE

Rowiyah Asengbaramae

Rowiyah Asengbaramae Fatoni University, Thailand

Abstract

The potential for land waqf in Indonesia reaches 414,829 locations with an area of 55,259.87 hectares, then according to the Indonesian Waqf Agency (BWI) the potential for cash waqf in Indonesia reaches Rp. 180 trillion per year. However, most of the waqf have not been optimized properly so that the benefits have not been felt by the people. On the other hand, the deepening of Islamic financial products needs to be developed by providing new product variations. This paper provides a model of sharia financial product sukuk that connects it with waqf land. By using a musyarakah mutanaqisah (minimized musharaka) contract, waqf land can be empowered without having to sell its ownership and Nadzir will return to get waqf land and project assets after a certain period of time. Sukuk Linked Waqf provides a variety of new sharia investment products to investors with business motivations as well as social religious backgrounds. The methodology in this research uses literature study, quantitative analysis and qualitative analysis. The results show that Sukuk Linked Waqf can be a solution in optimizing waqf assets to be productive while contributing to the deepening of Islamic financial markets and real sector activities. Keywords:Sukuk; productive; Waqf

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