Integrated Cash Waqf and Islamic Microfinance to Poverty Alleviate
Abstract views: 425
,
PDF downloads: 462
Abstract
Cash Waqf is a trust fund established with money to support services to humankind on behalf of Allah SWT. Efforts to maximize the use of cash waqf funds have the potential to improve the welfare of the community, especially in alleviating the poor. One of the institutions in this field is the Islamic microfinance institution. These Islamic microfinance institutions include Baitul Maal (social funds) and Baitu Tamwil (commercial) and cooperatives. This Islamic microfinance institution is a facility for the poor to develop their business. The research method used in this research is a literature survey of more than 20 articles. Not only analyzing empirically and comparatively but also provide recommendations and suggestions with several theoretical works. The results of this study indicate that cash waqf has been widely practiced and could become a financing facility for MSMEs to alleviate poverty.
Wakaf Tunai adalah dana amanah yang didirikan dengan uang untuk mendukung layanan kepada umat manusia atas nama Allah SWT. Upaya memaksimalkan penggunaan dana wakaf tunai berpotensi untuk meningkatkan kesejahteraan masyarakat, terutama dalam pengentasan masyarakat miskin. Salah satu lembaga di bidang ini adalah lembaga keuangan mikro syariah. Lembaga keuangan mikro syariah tersebut antara lain Baitul Maal (dana sosial) dan Baitu Tamwil (komersial) serta koperasi. Lembaga keuangan mikro syariah ini merupakan sarana bagi masyarakat miskin untuk mengembangkan usahanya. Metode penelitian yang digunakan dalam penelitian ini adalah survey literatur lebih dari 20 artikel, tidak hanya menganalisis secara empiris dan komparatif tetapi juga rekomendasi dan saran dengan beberapa karya teoritis. Hasil penelitian ini menunjukkan bahwa wakaf tunai telah banyak dilakukan dan mampu menjadi sarana pembiayaan bagi UMKM dengan tujuan untuk mengentaskan kemiskinan.
References
Abdelkader, Ines Ben. 2013. “Islamic vs Conventional Microfinance Institutions : Performance Analysis in MENA Countries Islamic vs Conventional Microfinance Institutions : Performance Analysis in MENA Countries.” (August 2015).
Abdul-Majeed Alaro, Abdul Razzaq, and Abdulrahman Habeeb Alalubosa. 2019. “Potential of Sharī’ah Compliant Microfinance in Alleviating Poverty in Nigeria: A Lesson from Bangladesh.” International Journal of Islamic and Middle Eastern Finance and Management 12(1): 115–29.
Abdullah, Rose et al. 2017. “International Journal of Social Economics Taking Stock of the Waqf-Based Islamic Microfinance Model Taking Stock of the Waqf-Based Islamic Microfinance Model.” International Journal of Social Economics ISRA International Journal of Islamic Finance Iss International Journal of Social Economics.
Ahamad, Shamsuddin, Rosni Bakar, and Zulkarnain Lubis. 2016. “Islamic Microfinance and Its Impacts on Borrowers: A Systematic Review From 1995-2015.” Mediterranean Journal of Social Sciences.
Amuda, Y. J., D. A. Razak, and A. A. Ahmed. 2016. “Application of Cash Waqf in the Empowerment of Widows in Malaysia.” Journal of Advanced Management Science.
Ascarya, Siti Rahmawati, and Raditya Sukmana. 2017. “Determining Cash Waqf Models of Baitul Maal Wat Tamwil and Their Roles in Achieving Triple Bottom-Line •.” International Conference and Call For Paper: Waqf And Economic Growth”, organized by Trisakti University and Badan Wakaf Indonesia, Jakarta, Indonesia, November 9-11, 2016. It received First Best Paper Award (2).
Chakrabarty, AK. 2015. “Islamic Microfinance: An Interest Free Microfinance Model for Poverty Alleviation.” Journal of Economics and Business Research.
Chapra, M.U. 1992. Islam and Economics Challenge,. 1st Editio. The Islamic Foundation, Leicester.
Choudhury, Ariful Haque, Atanu Das, and Ashiqur Rahman. 2017. “The Effectiveness of Micro-Credit Programmes Focusing on Household Income, Expenditure and Savings: Evidence From Bangladesh.” Journal of Competitiveness 9(2): 34–44.
Cizakca, Murat. 2013. “A History of Philanthropic Foundations: The Islamic World From the Seventh Century To the Present.” Journal of Chemical Information and Modeling.
Dhaoui, Iyad. 2015. “The Role of Islamic Microfinance in Poverty Alleviation: Lessons from Bangladesh Experience.” Humanomics 31(67323).
Duasa, Jarita, and Mohamed Asmy Bin Mohd Thas Thaker. 2016. “A CASH WAQF INVESTMENT MODEL: AN ALTERNATIVE MODEL FOR FINANCING MICRO-ENTERPRISES IN MALAYSIA.” Journal of Islamic Monetary Economics and Finance.
Enjiang Cheng, Abdullahi D. Ahmed. 2014. “The Demand for Credit , Credit Rationing and the Role of Microfinance Evidence from Poor Rural Counties of China.” China Agricultural Economic Review 6(2).
Hamdan, Hamdino, Pazim Othman, Wan Sabri, and Wan Hussin. 2012. “Is Microfinance Program in Malaysia Really Effective in Helping the Poor ?” World Review of Business Research.
Hamid, Abdul, and Mar Iman. 2017. “Waqf as a Framework for Entrepreneurship.” Humanomics Humanomics International Journal of Islamic and Middle Eastern Finance and Management Iss International Journal of Islamic and Middle Eastern Finance and Management 33(4): 419–40.
Haryanto, Rudy. 2012. “Pengentasan Kemiskinan Melalui Pendekatan Wakaf Tunai.” Al-Ihkam 7(1): 178–200.
Hassan, Abul. 2014. “The Challenge in Poverty Alleviation: Role of Islamic Microfinance and Social Capital.” Humanomics 30(1): 76–90.
Hermawan, Hari. 2012. “PENGUATAN KELEMBAGAAN DAN PEMBIAYAAN PERTANIAN DI PERDESAAN Agribusiness Micro Finance : Strengthening Rural Agricultural Institution and Finance PENDAHULUAN Modal Merupakan Penggerak Pokok Bagi Pengembangan Usaha . Dalam Usahatani , Kredit Pertanian Meru.” : 143–58.
Ismail Abdel Mohsin, Magda. 2013. “Financing through Cash-Waqf: A Revitalization to Finance Different Needs.” International Journal of Islamic and Middle Eastern Finance and Management.
Kahf, Monzer. 1999. “Towards the Revival of Awqaf: A Few Fiqhi Issues to Reconsider.” Harvard Forum on Islamic Finance and Economics.
———. 2003. “The Role of Waqf In Improving The Ummah Welfare.” The International Seminar on “Waqf as a Private Legal Body.”
Khademolhoseini, Majid. 2011. “Cash-Waqf a New Financial Instrument for Financing Issues : An Analysis of Structure and Islamic Justification of Its Commercialization.” Imam Sadiq University.
Md. Shahedur Rahaman Chowdhury. 2011. “Economics of Cash WAQF Management in Malaysia: A Proposed Cash WAQF Model for Practitioners and Future Researchers.” AFRICAN JOURNAL OF BUSINESS MANAGEMENT.
Mohamed, Erna Farina, and Neneng Ela Fauziyyah. 2020. “Islamic Microfinance for Poverty Alleviation : A Systematic Literature.” International Journal of Economics, Management and Accounting 28(1): 141–63.
Mohd Thas Thaker, Mohamed Asmy Bin. 2018. “A Qualitative Inquiry into Cash Waqf Model as a Source of Financing for Micro Enterprises.” ISRA International Journal of Islamic Finance.
Pitchay, Anwar Allah, Ahamed Kameel Mydin Meera, and Muhammad Yusuf Saleem. 2014. “Priority of Waqf Development Among Malaysian Cash Waqf Donors : An AHP Approach.” Journal of Islamic Finance.
Quraisy, Muhammad, Shaikh Hamzah, and Abdul Razak. 2017. “THE IMPACT OF ISLAMIC MICROFINANCE IN ENHANCING THE WELL-BEING AND QUALITY OF LIFE : CASE STUDY OF ISLAMIC FINANCIAL COOPERATIVE ( BMT ) IN INDONESIA.” South East Asia Journal of Contemporary Business, Economics and Law 13(3).
Rahim Abdul Rahman, Abdul. 2010. “Islamic Microfinance: An Ethical Alternative to Poverty Alleviation.” Humanomics 26(4): 284–95.
Rashid, Md. Harun Ur, Mohammed Jashim Uddin, and Shah Asadullah Mohd. Zobair. 2018. “Islamic Microfinance and Sustainable Development Goals in Bangladesh.” International Journal of Islamic Business & Management 2(1): 67–80.
Rokhman, Wahibur. 2014. “BAITUL MAL WAT TAMWIL (BMT) AND POVERTY EMPOWERMENT.” QIJIS (Qudus International Journal of Islamic Studies) 1(2).
Sabirin, Sabirin, and Dini Ayuning Sukimin. 2017. “Islamic Micro Finance Melati: Sebuah Upaya Penguatan Permodalan Bagi Pedagang Pasar Tradisional.” Economica: Jurnal Ekonomi Islam 8(1): 27.
Samad, Mohammed Abdul. 2014. “Islamic Micro Finance: Tool for Economic Stability and Social Change.” Humanomics 30(3): 199–226.
Sanyinna, Abubakar Yusuf, Hydzulkifli Hashim, and Muhammad Farihal Osman. 2018a. “Cash Waqf as an Effective Tool of Financing MSMEs for Sustainable Poverty Alleviation: A Nigerian Perspective.” International Journal of Islamic Business.
———. 2018b. “Cash Waqf as an Effective Tool of Financing MSMEs for Sustainable Poverty Alleviation: A Nigerian Perspective.” International Journal of Islamic Business 13(1): 70–90.
Shaikh, Salman Ahmed. 2017. “Application of Waqf for Social and Development Fi Nance.” 9(1): 5–14.
Shirazi, Nasim Shah, Mohammed Obaidullah, and Mohamed Aslam Haneef. 2015. “IRTI Working Paper Series Integration of Waqf and Islamic Microfinance for Poverty Reduction : Case of Pakistan.”
Shukran, Khaled, and Farhana Rahman. 2011. “A Grameen Bank Concept: Micro-Credit and Poverty Alleviation Program in Bangladesh.” Internationa lConference on Emerging Trends in Computer and Image Processing (January): 47–51.
Siswantoro, Dodik, and Haula Rosdiana. 2016. “Sustainability of Cash Waqf Development in Indonesia: A Quintuple Helix Perspective.” Sains Humanika.
Tammili, Fatin Najiha M., Zainalabidin Mohamed, and Rika Terano. 2017. “Effectiveness of the Microcredit Program in Enhancing Micro-Enterprise Entrepreneurs’ Income in Selangor.” Asian Social Science.
Wulandari, Permata, and Salina Kassim. 2016. “Issues and Challenges in Financing the Poor: Case of Baitul Maal Wa Tamwil in Indonesia.” International Journal of Bank Marketing.
Wulandari, Permata, Salina Kassim, Liyu Adhi Kasari Sulung, and Niken Iwani Surya Putri. 2016. “Unique Aspects of the Islamic Microfinance Financing Process: Experience of Baitul Maal Wa Tamwil in Indonesia.” Humanomics.
Copyright (c) 2021 Rusyda Afifah Ahmad, Syofi Aruni Mafaza, Resi Handayani
This work is licensed under a Creative Commons Attribution-NonCommercial 4.0 International License.
El-Barka: Journal of Islamic Economics and Business allow the author(s) to hold the copyright without restrictions and allow the author(s) to retain publishing rights without restrictions, also the owner of the commercial rights to the article is the author.
