PRIBUMI ONLINE, TANJUNG ENIM – By: Sabila Djauhari Sharia Financial Student PSKTTI-UI
Have you ever heard of the term waqf money? The term Waqf must have been very often heard before, whereas the money waqf can be very rare or may have never been heard. So what is money wakaf? Is it okay to do it with money?
Practice berwakaf with money is fairly not so popular in the country. Public perception of waqf still ranges from land grant for mosque construction, pesantren or burial ground. Wakaf money is the activity berwakaf that use money as objects that are represented (ma’quf alaih). Furthermore, money will be allocated into economic activities that can generate profits. This profit is then used for the good of the people.
Wakaf Money Law
Wakaf itself in language means al-habs (holding) and Al-man’u (blocking). This means that in the waqf there is an object (maquf alaih) which is held by the right of its use by a wakif (giver of wakaf) whose use of the object is given for the good of the people.
Malikiyah scholars approve wakaf in the form of moving objects including dinars and dirhams as currency. The hanafiyah cleric also approves the money wakaf on the condition of the existence of money conversion (conversion) with the immovable object. Pro contra opinions of these fuqaha no other question about the basic property of waqf that must not be easy to run out.
Wakaf practice in Indonesia has occurred long before Indonesia became independent. It was only in 2004 that the law No. 41 on the government issued wakaf followed by the Indonesian government regulation no. 42 of 2006 on the implementation of Law No. 41. The law of money waqf is regulated in the Regulation of the Minister of Religious Affairs No. 4 of 2009 on the Administration of Wakaf Money Registration.
Indonesian Waqf Board as a regulator of wakaf institution in Indonesia regulates the management of waqf (Nazhir) property to remain professional in PBWI (Indonesian Wakaf Board Regulation).
Potential of money waqf
Now with the money wakaf the community can berwakaf land without having to wait for rich rich first with the purchase of collective land. Endowments of money can also be allocated into the financial markets while maintaining the principles of sharia.
In this case of course required a reliable and master Nazhir financial management. But do not worry because there are already professional fundraising fundraising institutions that are transparently oprasional and audited by the Public Auditor. The financial statements are regularly posted on the official website of the concerned institution so that it is easily accessible to the public.
In 2009 the journal of Indonesian Waqf Board noted that there is a huge potential of money waqf in Indonesia. If 10 million Muslims represent 1% of their monthly income, they will get 3 trillion rupiah in cash every year. Of course, this figure can be even greater if it is multiplied by the current number of Muslim population in Indonesia which is more than 200 million people.
You can imagine how many people will be helped with the benefits of money waqf. The productive nature of wakaf money enables the continuous flow of social funds generated from wakaf’s principal. The number of endowments itself continues to increase in line with the growing awareness of Muslims of the importance of wakaf for the welfare of the ummah.
Endowment money can be allocated to various sharia-based finance products. One of them is investment in property sector with financing of cash waqf berakad mudharabah (profit share) for developer. Home buyers can buy a house with a riba-free contract and a lower price.
This may be the case because developers are not targeted for high and fluctuating spread margins such as interest-based financing in Conventional Banks. The results of this investment benefit can be distributed to improve social and humanitarian problems, channeled to 8 asnaf that are not touched by zakat and even help build public facilities with government cooperation.
The amount of benefits that can be given money waqf, should be the consideration of the people to be able to help each other for the establishment of a strong and prosperous Indonesian Muslims