REVIEW

MATERI BERSUMBER DARI PAPARAN PROF RADITYA SUKMANA DALAM ICIEBP

https://www.sciencedirect.com/science/article/pii/S2405844020319174
 Presents an extensive survey of the available
literature on Islamic endowment funds in
reputable journals

The Goal of Research

To provide input for government policies
in accommodating individual’s fund to
support development and further
researcher
 How to do the Research?
Literature Review Paper Classification
• Scopus Journal Databases Main Topics
• Science Direct, Emerald Insight, • Finance
JSTOR, SpringerLink, Oxford • Economic Development
Journal Academic, Cambridge • Law and Norms
Core, and Sage • Accountability
• Keywords • History
• “Waqf,”“Awqaf,” and “Islamic
Endowment Fund” Sub Topics
• Type of Paper • Islamic Micro-Finance
• research article • Banking
• Year Published • Non-bank Finance
• 2010 • Financing Agriculture
• Financing Education
 7 Databases
“WAQF” “AWQAF” “Islamic Endowment Fund”
8,452 2,564 42,035

7 Databases-filtered-Research Article
“WAQF” “AWQAF” “Islamic Endowment Fund”
5,867 1,521 23,316

7 Databases-filtered-Research Article-2010
“WAQF” “AWQAF” “Islamic Endowment Fund”
1,105 442 8,968

Scopus Index-Predator Journal-Waqf Domination Criteria

Economic
Finance Law and Norms Accountability History
Development
22 12 9 4
16
Explains the current status on waqf research

Benefits from Research

Based on Aguinis and Glavas (2012),
Who
Government
How
Provides suggestions on the utilization of the waqf as a
government policy and alternative development tool
 Existing Study: Finance
Microfinance Banking Non-Bank Finance
Previous Studies Previous Studies Previous Studies
• Integration Waqf and Microfinance in • Collaboration between corporations with • Islamic Real Estate Investment Trusts (I-
alleviating poverty and (Micro) Enterprise the Islamic banking industry on Waqf REITs) and Musharakah Bonds for Waqf
Investment • Corporate Social Responsibility Asset Development
• Integration of financial inclusion and • Efficient Cash Waqf Investment Structure • Integration of Waqf and Takaful
financial planning, financial literacy with • Cash Waqf for Waqf Bank Operation • Islamic Capital Market and Waqf
zakat and waqf concept • Issues in Waqf Share
• Integration Cash Waqf Institutions (CWIs) • Unit Trust Waqf for Sustainable
and Financial Cooperatives (FCs) for Development
affordable housing

Education Financing Agriculture Financing

Previous Studies Previous Studies
• Financing Educational Institutions • Financing Instrument for Agricultural
including a proposed model for cross- Development
country financing • Waqf Institution for facilitating
agricultural development

Sukmana 2020.Critical assessment of Islamic endowment funds (Waqf) literature: lesson for government and future directions
 Lesson to Learn and Further Study:
Finance
Lesson to Learn
• Collaboration between awqaf and MFI may have a significant impact on development
• Evaluations, strategies, and innovations related to waqf-based financing need to be
conducted

Lesson for Government

• Create policies to introduce a new cash waqf for MFI for micro-enterprise
• Integration between CSR and Waq
• Waqf for Affordable Housing
• Create policies to attract more awqaf by providing incentives, such as tax rebates

Further Study
• Comparison between normal and cash waqf financing entrepreneur
• Proposed model for the integration of cash awqaf and I-REITs
• Islamic contract underlying cash waqf financing for basic needs sectors, such as
agriculture and education

Sukmana 2020.Critical assessment of Islamic endowment funds (Waqf) literature: lesson for government and future directions
 Existing Study:
Economic Development
Economic Development
Previous Studies
• In-Line objectives between SDGs and Sharia. Possible Development of waqf
based on SDGs Framework
• Waqf Role in supporting Sustainable Economic and Human Development
• Model for Waqf Land Development:
• Build, Operate, and Transfer
• Crowdfunding Waqf Model
• Cooperative Waqf Model
• Waqf Land Categorization in 4 sectors; Agriculture, Commercial, Residential,
and Religious
• Advantage of Wqqf Fkexibility of use
• Cash Waqf:
• Practice and Possibility of the role in Socio-Economic Development
• Literacy of Cash Waqf

Sukmana 2020.Critical assessment of Islamic endowment funds (Waqf) literature: lesson for government and future directions
 Waqf Role in Socio-Economic • Job
Opportunity
Development: Literature Review •
Creation
Waqf
integration
with ISF

Poverty
Religious Alleviation
Facility
• Waqf for
Financial Access
• CSR
• Facilitie • Protection for
s and
Health Service Social Welfare Parentless
Access
Childeren

Education Entrepreneurship
• Cash waqf
• Learning
for capital
infrastructur
and
e
business
• Scholarships
infrastructur
• Learning
e
Center

Rahman 2021. A systematic literature review on the socio-economic roles of waqf : evidence from organization of the Islamic cooperation ( OIC ) countries
 Lesson to Learn:
Economic Development
Lesson to Learn
• Waqf is in line with SDGs
• Awareness of Waqf is important and requires a proper socialization program

Lesson for Government

• Treat Waqf as mainstream instrument for SDGs
• Create policies on utilizing idle strategic waqf land and establish commercial properties using BOT
• Introduce Waqf Concept at elementary and High School

Sukmana 2020.Critical assessment of Islamic endowment funds (Waqf) literature: lesson for government and future directions
 Further Study:
Economic Development
Sustainable Development
State Budget Goals
Further Study • Discussion on the role of • Waqf Model
Study on the use of waqf on health and waqf in reducing state Development to Achieve
• spending other Goals in SDGs
education • Preventing deficits in • Study on practical
• Study on people awareness state financing and debt application for
• Improving income sustainable development
distribution and building
national economies

Waqf 4.0 Nazhir

• Waqf fintech Development of models to

• Waqf chains increase the effectiveness and
• Electronic waqf efficiency of nazhirs
• Crowdfunding waqf
Increasing funds and financing
socio-economic projects by
increasing penetration among
muslims

Sukmana 2020; Rahman 2021; Alshater 2021

 Existing Study: Law and Norms

Law Norms
Previous Studies Previous Studies
• Need for improvement in temporary cash waqf • Influence of Muslim labor relative to the subjective
implementation norm over their contribution via salary deduction
• Waqf role in tax deduction • Waqf Preference of Donator
• Similarity between waqf and trust • Importance of Performance Measurement System
• Requirement in specific legal structure for • Factor influencing donation:
endowment management • Compassionate perception
• Egalitarian
• Trust
• Basic, financial, and governance information

Sukmana 2020.Critical assessment of Islamic endowment funds (Waqf) literature: lesson for government and future directions
 Lesson to Learn and Further Study:
Law and Norms
Lesson to Learn
• Laws on awqaf should be in line with the laws that are regulated by each country
• Religiosity and morality aspect of waqf governance
• Issue of establishment of standard-setting for waqf governance

Lesson for Government

• Provide performance measurement
• Establish environment to attract people donating waqf

Further Study
• Propose a performance measurement of waqf that has been validated by experts on waqf
• Waqf and Taxation and its impact on economy

Sukmana 2020.Critical assessment of Islamic endowment funds (Waqf) literature: lesson for government and future directions
 Existing Study: Accountability

Accountability
Previous Studies
• Importance of Accounting in Waqf Administration and Management
• Islamic Governance in Waqf Report
• Need for Improvement of Waqf accountability in Malaysia
• Accountability proposal for current management
• Accountability comparation between institutions
• Practice of Waqf Accountability:
• Accountability Integration in Dompet Dhuafa
• Successful waqf manager

Sukmana 2020.Critical assessment of Islamic endowment funds (Waqf) literature: lesson for government and future directions
 Lesson to Learn and Further Study:
Accountability
Lesson to Learn
• Accountability is vital for the waqf institution as an aspect of transparency
• Transparency has been accomplished in the past
• Transparency and accountability need to be improved and be the forefront in performance
indicator

Lesson for Government

• Issue waqf accounting standards for waqf institutions
• Establish standard-setting body for waqf institution

Further Study
• Comparison of accounting treatment from different waqf institution
• Comparison of accountability between waqf and similar instrument
• Conceptual and empirical analysis to establish a uniform Islamic accountability framework for Waqf
institutions

Sukmana 2020; Alshater 2021

 Lesson Learnt and Further Study:
History
History
Previous Studies
• Description of Waqf Document Collection in National Archive of Uzbekistan in
Tashkent (CGA)
• Waqf Research on Historical Perspective
• Analysis of Zanzibar historical building based on Islamic Waqf
• Analysis of Waqf Document by Qijmas Al-Ishaqi. Found that Waqf system has
multidimension and complex function

Lesson to Learn Lesson for Government Further Study

• Awqaf were central to • Establish historical focus on • Research of waqf on
socioeconomic waqf golden age era of islam
development
• Limited research on this
topic

Sukmana 2020.Critical assessment of Islamic endowment funds (Waqf) literature: lesson for government and future directions
TERIMA KASIH
EKONOMI DAN MANAJEMEN ZISWAF