Strengthening Waqf Institution to Develop Intellectual Property as a Waqf Asset

Abstract

Purpose of the study: This study aims to provide a proposed model for intellectual property as a waqf asset with the perspective of legal substance and legal structure.
 Methodology: This study was conducted by examining various regulations in the field of waqf. In-depth Interviews with the Indonesian Waqf Board and D.G.I.P. are used to identify obstacles to the implementation of I.P.R. Waqf. The data obtained were analyzed using a qualitative approach and presented in the descriptive form.
 Main Findings: The results show that B.W.I., P.P.A.I.W., Appraisal, and Commercial Court play an important role in establishing a legal structure for the implementation of I.P.R. waqf. P.P.P.A.I.W. directly pertains to success in the administration of I.P.R. waqf. B.W.I., as a Nazir advisor, is needed in the socialization and enhancement of Nazir competencies, especially Intellectual Property Rights. Commercial Court, as a judicial institution that has the authority to provide the determination, can be involved in the process of implementing I.P.R. waqf. Meanwhile, to find out the economic value of I.P.R., an appraisal can also be involved.
 Applications of this study: This study is useful for the Indonesian Government to make implementing regulations regarding Waqf with I.P.R. assets.

Development of Islamic Bank-based Cash Waqf Management in Indonesia

“…The results of the research above show that in the first rank, the most important variable in the aspect of the LKS-PWU cash waqf is 'professional management' with an average value of 8,364 and convergentconvergent consensus which shows that both the standard deviation and interquartile range agreement was found among the experts. The urgency of the variable aspect of 'professional management' is in line with the vision of establishing BWI where BWI was born to continue to support the development of waqf management in Indonesia that is more professional and modern so that the benefits of waqf can prosper the people (Praja et al, 2020).…”

“…The most important aspect variable in the LKS-PWU in the second rank is 'management productivity' with an average value of 8,091 and convergent-convergent consensus based on expert opinion. The importance of productive management has prompted the government to make this variable aspect one of its waqf development missions in Indonesia, namely by changing the paradigm of consumptive waqf assets into productive waqf (Praja et al, 2020).…”

“…In its development, cash waqf, which has been widely known since the time of the Ottoman empire in Turkey (Grosjean, 2011), began to be developed in Indonesia under the Indonesian Waqf Agency (BWI) as a government institution that specifically studies and focuses on the waqf sector. BWI states that the potential for cash waqf continues to increase every year and is predicted to become a new pillar in efforts to develop the Indonesian people's economy, the many waqf practices implemented and the increasing number of waqf objects are in line with the increasing academic studies conducted in the field of waqf in Indonesia (Praja et al, 2020;Rusydiana, 2018).…”

A Review on Islamic Social Finance

“…Additionally, it is allocated to empower the poor by providing constructive Islamic social finance in the form of funds for agricultural infrastructure, industry, education, and skills development for the poor to alleviate poverty (Sutrisno & Haron, 2020). The poor who deserve Islamic social finance include orphans who lack sufficient inheritance, the elderly, victims of natural catastrophes, homeless individuals and abandoned children, among others (Praja et al, 2020).…”

Finding Waqf Literacy Strategies for Millennials

“…During the Ottoman Empire, for example, financial partnerships such as cash waqf were widely applied in the community, waqf in Indonesia itself has been known since Islam began to spread and the Muslim population increased, one of which was funding educational institutions (Grosjean, 2011;Icimsoy & Erünsal, 2008;Rukanci & Anameric, 2006). Meanwhile, Indonesia has experienced achievements with the issuance of Law Number 41 of 2004 concerning Waqf along with Government Regulation Number 42, this regulation shows that the nature of waqf is more flexible and can be applied by anyone, be it individuals, communities, companies to the government (Ascarya et al, 2017;Jannah et al, 2020;Praja et al, 2020). However, at this time, waqf has become less well known among the Indonesian Muslim community, even in some areas, many waqf assets are neglected so that they are not properly recorded, or even lost.…”