Cash Waqf Linked Sukuk: Potential Mapping of Cash Waqf in Micro, Small and Medium Enterprises (MSMEs)

  • Muhsin Universitas Islam Nusantara
  • Irni Sri Cahyanti Universitas Islam Nusantara
  • Fadhila Dhiyaul Wafa Universitas Islam Nusantara
Keywords: Cash Waqf; CWLS; MSMEs


MSMEs are one of the industrial sectors that support the country's economic development because they not only play a role in business activities but also as community empowerment. Therefore, assistance from various parties is needed, including by being part of the distribution of cash waqf through CWLS SWR002 in the form of capital assistance. This study aims to analyze the mapping of CWLS potential for the development of the MSME sector assisted by LazisNU West Java. This research uses a qualitative approach with descriptive analysis methods. The results showed that with the increase in the number of wakif and the nominal amount of cash waqf in CWLS SWR002 so that in its management one of them can be allocated for MSME capital provision. LazisNU as a nazhir has an important role in this matter, considering that MSMEs around West Java based on BI survey data in 2020, only around 12.5% of MSMEs are not affected by the pandemic economically. So it is necessary to map the potential of money endowments in CWLS in the MSME sector, especially in West Java.


Ahmad, M. (2015). Cash_Waqf_Historical_Evolution_Nature_an. 4(1), 63–74.

Amirah, & Al Fu’adah, Z. (2021). Pengaruh Program Cash Wakaf Link Sukuk (CWLS) di Badan Wakaf Indonesia Terhadap Kesejahteraan Masyarakat. Al-Mizan : Jurnal Hukum Dan Ekonomi Islam, 5(2), 62–83.

B Suryadi, N., & Yusnelly, A. (2019). Pengelolaan Wakaf Uang di Indonesia. Syarikat: Jurnal Rumpun Ekonomi Syariah, 2(1), 27–36.

Badan Wakaf Indonesia. (2021, June 9). Di Tengah Kondisi Pandemi CWLS Ritel seri SWR002 Sukses Menarik 91,03 Persen Wakif Baru. Https://Www.Bwi.Go.Id/.

Bakri, M. H., Md Sahiq, A. N. B., Ismail, S., Husin, A., Ali, R., & Rajiani, I. (2016). Waqf effeciency framework in Malaysia. Proceedings of the 27th International Business Information Management Association Conference - Innovation Management and Education Excellence Vision 2020: From Regional Development Sustainability to Global Economic Growth, 2258–2264.

Berakon, I., Aji, H. M., & Hafizi, M. R. (2022). Impact Of Digital Sharia Banking Systems On Cash-Waqf Among Indonesian Muslim Youth. Journal of Islamic Marketing, 13(7), 1551–1573.

DJJPR, D. J. P. P. D. R. (2021). Cash Waqf Linked Sukuk Seri SWR002 “Mengalirkan Berkah Untuk Ekonomi Ummah.” Kementrian Keuangan Republik Indonesia.

Hadiningdyah, D. I. (2022). CWLS Sebagai Investasi Wakaf yang Aman. Direktorat Jenderal Pengelolaan Pembiayaan dan Risiko Kementerian Keuangan.

Hasan, H., Azmi, N. F., Mud, N. N. N., & Ahmad, I. (2020). Waqf efficiency: CRS, VRS and malmquist total factor productivity index via data envelopment analysis (DEA). International Journal of Innovation, Creativity and Change, 10(10), 71–83.

Hassan, N., Abdul-Rahman, A., & Yazid, Z. (2018). Developing A New Framework Of Waqf Management. International Journal of Academic Research in Business and Social Sciences, 8(2), 287–305.

Indonesian Waqf Board Regulations Number 01 of 2020 About Management and Development Guidlines Waqf Property, (2020).

Iskandar, A., Possumah, B. T., & Aqbar, K. (2020). Peran Ekonomi dan Keuangan Sosial Islam saat Pandemi Covid-19. SALAM: Jurnal Sosial Dan Budaya Syar-I, 7(7), 625–638.

Islahi, A. A. (2003). Waqf: A Bibliography. Scientific Publishing Centre.

Java, C. S. A. of W. (2020). Jumlah Penduduk Menurut Kabupaten/Kota (Jiwa), 2018-2020.

Lahsasna, A. (2010). The role of cash waqf in financing micro and medium sized enterprises (MMES): A new Islamic financial approach by using cash waqf model. Paper Presented at 7th International Conference – The Tawhidi Epistemology: Zakat and Waqf Economy, xxxiii–xxxiii.

Mohd Thas Thaker, M. A. Bin, & Allah Pitchay, A. (2018). Developing waqf land through crowdfunding-waqf model (CWM): the case of Malaysia. Journal of Islamic Accounting and Business Research, 9(3), 448–456.

Noordin, N. H., Haron, S. N., & Kassim, S. (2017). Developing A Comprehensive Performance Measurement System For Waqf Institutions. International Journal of Social Economics, 44(7), 921–936.

Puspaningtyas, L., & Yolandha, F. (2021). KNEKS: Waqf Ecosystem Continues to Be Improved. Ekonomi.Republika.Co.Id.

Putra, T. W., & Fildayanti, D. A. (2021). Revitalization of Waqf Management for Social Economic Development of East Luwu. Al-Risalah, 12(2), 297–311.

Pyeman, J., Hasan, H., & Ahmad, I. (2016). Modernizing Waqf Performance Evaluation By Waqf Management Efficiency Index. Asia-Pacific Management Accounting Journal, 11(2), 1–7.

Rahayu, R. D., & Agustianto, Moh. A. (2020). Analisis Implementasi Cash Waqf Linked Sukuk (CWLS) Perspektif Prinsip Ekonomi Syariah. Management of Zakat and Waqf Journal (MAZAWA), 1(2), 145–161.

Rahman, M. I. F., Nurwahidin, N., & Adnan, N. (2021). Analisis Model Cash Waqf Linked Sukuk (CWLS) Sebagai Instrumen Pembiayaan Pemulihan Dampak Pandemi Covid-19. Jurnal Bimas Islam, 14(1), 77–102.

Rahmatul Fadhil, & Nurbalqis. (2021). Analisis Cash Waqf Linked Sukuk (Cwls) Dalam Perspektif Maqâshid Asy-Syarî’ah. Al-Mizan: Jurnal Hukum Dan Ekonomi Islam, 5(2), 1–18.

Realita, T. N., & Anggoro, Y. (2019). Assessing the Urgency of Commercialization of Waqf Assets in an Effort to Increase the Value of Waqf Asset Benefits and Their Contribution to the Economy. Seminar Nasional Manajemen, Ekonomi, Akuntansi, 1(1).

Ridwan, M. (2012). Nazhir Profesional Kunci Kesuksesan Wakaf Produktif. Muqtasid : Jurnal Ekonomi Dan Perbankan Syariah, 3(1), 91–109.

Sadeq, A. H. M. (2002). Waqf, Perpetual Charity And Poverty Alleviation. International Journal of Social Economics, 29(1), 135–151.

Slamet Rusydiana, A., Riani, R., & Mi’raj, D. (2022). Cash Waqf through Islamic Banks. International Journal of Waqf, 2(2).

Yusof, M. F. M., Yusof, M. F. M., Hasarudin, M. H., & Romli, N. (2014). Cash Waqf and Infaq: A Proposed E-Philanthropy In Malaysia. Jurnal Kemanusiaan, 12(1), 1–10.

Zainal, V. R. (2016). Pengelolaan dan pengembangan wakaf produktif. Al-Awqaf: Jurnal Wakaf Dan Ekonomi Islam, 9(1), 1–16.

How to Cite
Muhsin, Sri Cahyanti, I., & Dhiyaul Wafa, F. (2023). Cash Waqf Linked Sukuk: Potential Mapping of Cash Waqf in Micro, Small and Medium Enterprises (MSMEs) . LAA MAISYIR : Jurnal Ekonomi Islam, 10(1), 25-43.
Abstract viewed = 120 times