Contemporary Issues of Waqf in Indonesia

Abstract

Islamic economics and finance in Indonesia have recently developed rapidly. Therefore, this conceptual paper aims to find out the realization, potential, and solution of waqf fund collection in Indonesia. The method used in this research is qualitative with a study approach based on secondary data and previous research, which aims to answer the formulation of the problem, namely how the realization, potential, and solution of waqf fund collection in Indonesia. The result of this conceptual paper is that there is still a significant gap between the realization of waqf fund collection and its potential. Therefore, some solutions should be done, which include (i) The Indonesian government should intensify the socialization of Cash Waqf Linked Sukuk; (ii) The Indonesian government must continue to intensify the national cash waqf movement; (iii) There is collaboration in collecting waqf funds with Islamic financial institutions such as Islamic banking. Thus, the implication of this research is as information and reference for both academics and practitioners in the field of waqf related to the realization, potential, and collection solutions of waqf funds in Indonesia. The novelty of this conceptual paper is related to information on the condition of waqf funds in Indonesia in the 2020 period.