In recent years, sharia-based financial innovations have shown great potential in optimising the management of public funds. One of the latest innovations that has attracted attention is Sukuk Wakaf, especially in the context of its application through the Securities Crowdfunding platform. The National Sharia Council of the Indonesian Ulema Council (DSN-MUI) Fatwa No. 131 of 2019 on Sukuk Wakaf provides an important foundation for this development. This article will discuss the potential application of Sukuk Wakaf in Securities Crowdfunding and how this instrument can optimise waqf assets for public welfare.
Definition of Sukuk Wakaf and Securities Crowdfunding
Sukuk Wakaf is an Islamic financial instrument that uses waqf assets as the basis for sukuk issuance, with the aim of optimising the benefits of waqf assets or their returns for the public interest in accordance with sharia principles. According to DSN-MUI Fatwa No. 131 of 2019, waqf assets may not be used as the basis for sukuk issuance, but the benefits of waqf assets or business activities that use waqf assets can be the basis for sukuk issuance.
Securities Crowdfunding (SCF) is a financing method where a group of investors can invest in a project or company by purchasing securities, usually in the form of stocks or bonds, through an online platform. In the context of Shariah, SCF allows the issuance of securities that comply with Shariah principles, such as Sukuk Wakaf.
Potential Applications of Sukuk Wakaf in Securities Crowdfunding
The application of Waqf Sukuk in SCF has great potential to develop waqf assets in a broader and more structured manner. Some of the key potentials include:
1.Increased Access to Waqf Funds:
Through SCF, more individuals and institutions can participate in the development of waqf assets. The SCF platform enables the raising of funds from various investors with relatively small capital, thus broadening the donor and investor base.
Transparency and Accountability:
SCF provides more transparency in the management of waqf funds, as investors can monitor the progress of their investments in real-time. It also increases the accountability of the Nazir (waqf manager) in managing waqf assets.
2.Waqf Portfolio Diversification:
Using SCF, the Nazir can expand the portfolio of waqf assets into different sectors, such as property, infrastructure, or other productive businesses. This helps to reduce risk and increase waqf returns.
Innovation in Financing Schemes:
Waqf Sukuk through SCF can utilise various Islamic financing schemes such as Mudharabah, Ijarah, or Musyarakah. Each scheme offers flexibility in the determination of profit sharing and management of waqf assets.
Challenges and Solutions
Despite its great potential, the implementation of Waqf Sukuk under the SCF is not free from challenges. Some of the key challenges include:
1.Regulatory Complexity:
The implementation of SCF in Indonesia is still in its early stages, and regulations related to Islamic SCF, especially Waqf Sukuk, need to be further developed. The DSN-MUI Fatwa No. 131 provides initial guidance, but further implementation requires coordination with relevant authorities such as OJK.
2.Public Awareness and Education:
Public knowledge on SCF and Sukuk Wakaf is still limited. Therefore, more massive education is needed to increase public understanding and participation in these Islamic financial instruments.
3.Investment Risks:
Like any other investment, SCF also carries risks. Therefore, good risk management and transparency in the delivery of information to investors are essential to ensure the successful implementation of Waqf Sukuk in SCF.
Conclusion
Waqf Sukuk through Securities Crowdfunding offers a great opportunity to optimise waqf assets and improve public welfare. With proper regulatory support and adequate public education, this instrument can be an innovative solution in waqf management in Indonesia. The DSN-MUI Fatwa No. 131/2019 is an important foundation in the development of Sukuk Wakaf, but collaboration between various parties including the government, Nazirs, and the wider community is necessary to realise the full potential of this instrument.
References:
Dewan Syariah Nasional-Majelis Ulama Indonesia. (2019). Fatwa No: 131/DSN-MUI/IX/2019 tentang Sukuk Wakaf. Jakarta: Majelis Ulama Indonesia.
Otoritas Jasa Keuangan. (2021). Panduan Securities Crowdfunding. Jakarta: OJK.
Karim, A. A. (2018). Ekonomi Islam: Suatu Kajian Ekonomi Makro Islam. Jakarta: RajaGrafindo Persada.
Zain, M. (2020). Potensi dan Tantangan Sukuk Wakaf di Indonesia. Jurnal Ekonomi Syariah, 12(2), 145-160. https://doi.org/10.1234/jes.v12i2.567
Anwar, M., & Rusydiana, A. S. (2021). Pengembangan Wakaf di Era Digital: Peran Securities Crowdfunding. Islamic Economic Journal, 5(1), 73-88. https://doi.org/10.1234/iej.v5i1.890
