ISSN: 2222-6990
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Waqf is an Islamic social finance which is quite different in character from other Islamic social finance such as Zakat and infaq. Zakat has a consumable nature and its distribution is limited to 8 asnaf (Fakir, poor, amil, ghorim, Muallaf, fi sabilillah, Ibnushabil&Riqab). Meanwhile, waqf has a sustainable nature and its utilization is more extensive. Waqf assets need to be managed first and the results of their management are distributed to Mauqufalaih which are broader in nature according to needs.Waqf is not defined by unproductive assets only, but also productive ones. Indonesia has a great amount of unproductive waqfland.To make it productive, cash waqf is needed because in Indonesia waqf land cannot be used as collateral. One of the waqf products that is currently widely socialized is waqf through the benefits of sharia insurance.Waqf from sharia insurance is believed to play roles in raising the fund resources of cashwaqf. A significant waqf fund number is needed in order to optimize and build the land to fulfill the main goal of waqf, which is to give back the ownership of an asset to Allah Almighty through an institution to for the sake of ummah. In Indonesia, the potential of waqf as strong tool to expand the sharia economics is believed to be high, with the majority of Muslims as many as 87% of the total population. Indonesia Waqf Board (BWI) stated that cash waqf could reach 180 trillion Rupiahs annually, although in fact, it only went up to 1,4 trillion so far. The aim of this article is to review further about cash waqf through sharia insurance in cash waqf and to find the methods of developing productive waqf through the benefits of sharia life insurance.
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In-Text Citation: (Susiatin & Haji-Othman, 2023)
To Cite this Article: Susiatin, S., & Haji-Othman, Y. (2023). Optimization of Cash Waqf Development Through Sharia Life Insurance. International Journal of Academic Research in Business and Social Sciences, 13(9), 347– 353.
Copyright: © 2023 The Author(s)
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