REVIEW ARTIKEL

PENGANTAR EKONOMI ISLAM

Di Susun Oleh :
Nama : Fatimah Azzahra
Nim : 210410323
Kelas : III.B
Mk : Pengantar Ekonomi Islam

PROGRAM STUDI MANAJEMEN

FAKULTAS EKONOMI DAN BISNIS
UNIVERSITAS MALLIKUSSALEH
2022/2023
 Review papers : Contemporary Issues On Cash Waqf : A Review Of The
Literature
Fatimah azzahra
210410323
Fakultas Ekonomi Dan Bisnis Universitas Malikussaleh

* [email protected]

No Nama Penulis Nama Jurnal Tujuan Metedeologi Hasil

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NARRATIVE REVIEW

Review papers : Contemporary Issues On Cash Waqf : A Review Of The

Literature
Fatimah azzahra
210410323
Fakultas Ekonomi Dan Bisnis Universitas Malikussaleh

* [email protected]

Abstrat

This paper presents the most recent works on cash Waqf, focusing on
identifying contemporary scholars' work in this area, providing a novel
framework to indicate the existing gap, subsequently, it opens the door
wider for new research commitment. This research adopts the paradigm of
qualitative approach research, based on disk-based research. Google Scholar
was employed, searching through the passage. Only contemporary English
documents within the period of 2002-2019 were the subject of this study.
Lately, cash Waqf has been proven as a proper method for poverty
alleviation. Previous studies attempted to address several models in order to
enhance socio-economics issues. This research is a distinct attempt, as to the
best of our knowledge, there is no previous research addressed the subject
matter. Moreover, this study is expected to assist the interested scholars by
offering comprehensive conclusion about have been done in the field.
Hence, opens new doors for scholars to develop new innovative cash Waqf
models to bridge the socio-economic issues. Our findings depict that
Malaysian and Indonesian scholars show a robust research commitment on
cash Waqf during 2002-2019. Furthermore, this study highlights the existing
gap that must be researched to enrich the potentials of cash Waqf, future
research should address other countries practices in term of cash Waqf,
moreover, validating a proposed model through interviews to ensure that a
proposed model is applicable. In terms of cash Waqf awareness, research
might consider peer influence”, “self-efficacy in contributing to cash Waqf.

Keywords: Waqf, Cash Waqf, socio-economic, social welfare, sustainable

philanthropy.
I. Introduction

1.1. Background

Islamic finance is growing rapidly in the contemporary

world particularly during the last few decades. Many
countries are contesting in socio- economics sector to
enhance society’s well-being. For instance, Indonesia,
Malaysia, and Saudi Arabia as Muslim majority countries.
In addition to Singapore and Nigeria as Muslim minority.
Principally, Islamic economy not limited to the material
profit could be attained from the current life rather than
considering both the current world “Dunia” plus the
hereafter “Akhira” which is considered Muslims’ ultimate
goal (Kahf, 1999). Whereas, conventional economy is
materialistic and profit-oriented in its nature. This the core
difference between Islamic banking and economy
compared to its counterparts. The conventional economy
is man-made, it’s also the subject of being used against
him or rather being expired for a certain time. The main
reason that the Islamic economy and finance have
received this high consideration during the last few
decades is attributed to their, potential, certainty and
quality in uplifting economic development and growth of
the human being, aptitude in terms of poverty reduction
and socioeconomics welfare. Moreover, promoting
livelihood standards through special instruments so-called
Waqf, Zatakat, Sadaqah, and Infaq among of society
members.

1.2. Objectives

Mainly, our literature review aims to address three main

areas. First, presenting what has been done by scholars in
the field. Secondly, highlighting the main topics that
attracted the contemporary scholars’ attention. And lastly,
identifying the existing gap for future research.

The reminder of the paper is arranged in following

chronological order: first start with Waqf definition and its
legitimacy, followed by research methodology, next
discussion and ending up with the conclusion.
II. Literature Review
2.1 Background and Theory

2.1.1 The term Waqf

Before discussing the main research question, let us tackle

what is the essential characteristic of Waqf, and its
permissibility from Islamic perspective.

In the Arabic language, singular Waqf and the plural

Awakaf means to stop, preserve, or contain (Shukor,
Anwar, Aziz, & Sabri, 2017a). In the Islamic context,
Waqf Simply interpreted as holding an asset (Maal) and
limiting its consumption to frequently extract its usufruct
for the benefit of an objective representing
philanthropy/righteousness (Qudamah 1998; Kahf, 1999;
Mahamood, 2006). Waqf is endowing a property for
philanthropic goals seeking reward from Allah (SWT)
(Kahf, 2003). Hence, the control of Waqf property lies
outside the individual who endowed the Waqf property.
Waqf is permanent, neither refundable nor returnable, and
disposition of it outside the particular objective is
prohibited (Yusof, Hasarudin, & Romli, 2014). In other
words, Waqf is a gift that will keep giving until the Day of
Judgment. Two models of prominent Waqf are the
immovable property (`Aqar) and movable (Manqul)
property (Mahamood, 2006). Waqf is an endowment made
by the wealthy to serve the needy. Basically, four parties
contribute with Waqf property as follows
(Khademolhoseini, 2008):

 Waqif (endower);
 Nadzir (Waqf manager); (in the case of cash
Waqf, Nadzir he is obliged to maintain the fund in
a way that keep the original amount)
 Mawquf ‘alaih (Beneficiaries); and
 Mawquf (property or Cash as property).

III. Methodology
3.1. Method
The literature review is used in this study, collecting
secondary data, this is followed by synthesizing the data
qualitatively and quantitively. Hence, provide a
comprehensive summary of current literature related to the
“Cash Waqf”. The exploration processes started in
October and ended in November 2019. The research
phases employed in this study were used by Shinkafi and
Ali, (2017) as follows:

 Documents that match with the search keywords;

 Seeking for more relevant references in the
bibliography of the downloaded articles to expand
the retrieved data.

Rstudio software were employed to analyze the data and

extract the visuals. This software commonly used for
visual programming particularly in the case of literature
review studies (Aria, and Cuccurullo, 2017).

IV. Results and Analysis

4.1. Results

To present the result of this study, the full title of the 57

scored paper presented in figure.4 to identify its relevance
to the subject matter. To ease the analyses, eight themes
connected to cash Waqf were identified. To be said, some
papers correlated to more than one them, but to avoid
duplication the dominant content of the paper was mainly
considered to categories each article. After deciding these
eight themes, a second searching round employing
Google Scholar to ensure that no related articles are lifted
behind.
4.1. Analysis

This is unfortunate that most of the published papers

address the Indonesian and Malaysia context. However,
that cash Waqf had played a notable role in the
development of socio-economic of Muslims in history
(Aliyu, 2019). The principle of Waqf is to serve the well-
being of society to the large extent (Alam et al., 2018).
Furthermore, provide needs in a sustainable way to serve a
community. It attends by covering the social work, health,
education and economic activities such as business
expansion, and other areas of societal work without
depending on the government’s budget (Mohsin, 2013).
Hence, it goes beyond the religious activities. At the
present time, issues have urged contemporary scholars to
employ cash Waqf in such a way that can serve society’s
needs by highlighting the significance of cash Waqf as a
fundraising scheme. Moreover, shed some light on the
modus Operandi of investment for cash Waqf while
guaranteeing its perpetuity.

V. Conclusion and Recommendation

5.1. Conclusion

This research presents the most current literature on the

avenue addressed the cash Waqf for socio-economic
advancement; This It is also could be considered as an
eye-opener to encourage other researchers to work on cash
Waqf broadly in a developing nation not only in Malaysia
and Indonesia but extending it to rest of the world. Hence,
exchanging its positive vibes. However, most of the
studies addressed the Malaysian and Indonesian context,
duplicate the previous research ideas with expanding the
geographical limits of the previous research will be
recommended, subsequently, attaining more reliable
generalizable results.
5.1. Recommendations

Waqf activities should be given a wider attention. For

instance, extending the proposed models to cover a wider
range of SDGs. Waqf Manager should always stress on
the transparency in all the transitions, hence, enhancing
its credibility. An established/professional entity should
be considered to supervise and manage the cash funds.
Hence, avoiding any potentially fraudulent activity among
the Mutawallis as well as to perform evaluations on the
Nadzir’s performance. Moreover, the availability of such
an entity will ensure the proper allocation of cash Waqf
returns.
2.Hisbah adalah salah satu instrument pengawasan yang
dikenalkan oleh Islam. Untuk lebih menjamin berjalannya
mekanisme pasar secara sempurna peran pemerintah
sangat penting. Rasulullah SAW sendiri telah
menjalankan fungsi sebagi market supervisor atau hisbah,
yang kemudian dijadikan sebagai peran negara terhadap
pasar.
3.sebagai Alat Tukar (Medium of Exhange)

Fungsi uang yang pertama adalah sebagai alat tukar. Alat

tukar merupakan fungsi utama uang karena pada dasarnya
penggunaan uang adalah untuk memudahkan proses
pertukaran.
Sebagai satuan hitung, menunjukkan harga fungsi uang
yang ketiga yaitu sebagai media untuk menunjukkan
harga.
Sebagai alat pembayaran