The implementation of waqf planning and development through Islamic financial institutions in Indonesia

Abstract

There is assumption in the community that waqf are physically permanent, and handed over directly to Nazir, even though there are also cash waqf through Islamic financial institutions (IFI). The present research was conducted using a qualitative approach This study aims to analyze the implementation of waqf planning by waqif, waqf development by waqf bodies and the structuring of IFI products in Indonesia related to waqf. This study used a qualitative descriptive method using an online questionnaire to waqif and in-depth interviews with waqf institutions and IFI, then analyzed descriptively qualitatively. The results showed that the development of endowments through Islamic financial institutions are carried out by two methods; namely, the development of endowments initiated by LKS and are offered to Waqf Board, and the development of waqf was initiated and offered to LKS by the Waqf Board and the structure of the waqf products consists of two models. One model is not directly made specifically for waqf products, but is linked to the needs of Nazir who have collaborated, and the other one is that LKS products are specifically structured for endowments devoted to mobilizing endowments that are either self-structured by LKS or upon the request by Nazhir.

Implementation of the Principle of Openness in the Village Government

“…In line with Notoadmodjo, (2010) revealed that the development of human resources can be seen from two aspects, namely improving nutrition and increasing non-physical aspects through the accumulation of education and (Soekanto, 2014).…”

“…According to (Sugianto et al, 2022) reveals that community ideas or ideas are the first step in the creation process. The idea runs deliberately and is developed into a work through processing based on observations of the surrounding environment.…”

Factors Affecting the Uptake of Life Insurance in Botswana

“…The endowment assurance policy is one of the most sought-after plans (Groll et al, 2022). According to Sugianto et al(2022), premiums are paid for a fixed term, and if the policyholder passes away during the term, the sum assured, along with the accumulated bonus, is paid to the nominee or beneficiary. However, if the policyholder survives the term, they receive the sum assured themselves.…”

The Development Strategy of Waqf Insurance Benefits and Investment Benefits in Islamic Life Insurance PT. Takaful Medan Branch

“…In the context of cash waqf, the involvement of Sharia Financial Institutions (LKS), particularly Cash Waqf Recipient LKS (PWU), is imperative. Islamic insurance is one such institution that has embraced waqf, developing insurance and investment products within Islamic life insurance to bolster growth and capitalize on Islamic insurance in Indonesia (Sugianto et al, 2022;Marsela et al, 2023). However, despite these efforts, there remains a lack of comprehensive understanding and acceptance of waqf, especially cash waqf, among Indonesians, leading to minimal public interest, particularly in regions like North Sumatra.…”

“…Despite the growing interest in waqf and its integration into financial systems, there is a dearth of comprehensive analyses of waqf products in the insurance sector, particularly in Indonesia (Sugianto et al, 2022;Arifin et al, 2022). This research aims to address this gap by examining waqf products for insurance and investment benefits in Islamic life insurance at PT Takaful Keluarga Medan.…”