International Journal of Islamic Economics and Finance (IJIEF)

Vol. 3(2), page 119-144, Special Issue: Islamic Social Finance and Ethics

Contemporary Issues on Cash Waqf: A Review of the Literature

Khaled Nour Aldeen
Airlangga University, Indonesia, Damascus University, Syria
Corresponding email: khaled.knd@hotmail.com
Inayah Swasti Ratih
Airlangga University, Indonesia, inayah.swasti.ratih-2018@pasca.unair.ac.id
Sri Herianingrum
Airlangga University, Indonesia, sri.herianingrum@feb.unair.ac.id
Article History
th th
Received: May 30 , 2020 Revised: July 17 , 2020 Accepted: August 28th, 2020

Abstract

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.

JEL Classification : I31, I30, P36

@ IJIEF 2020 published by Universitas Muhammadiyah Yogyakarta, Indonesia

All rights reserved

DOI: Web:
https://doi.org/10.18196/ijief.3236 https://journal.umy.ac.id/index.php/ijief/article/view/8923

Citation:
Aldeen, K. N., Ratih, I. S., & . Herianingrum, S. (2020). Contemporary issues on cash waqf: A review of the
literature. International Journal of Islamic Economics and Finance (IJIEF), 3(2), 119-144. DOI:
https://doi.org/10.18196/ijief.3236
Aldeen, Ratih & Herianingrum│ Contemporary Issues on Cash Waqf: A Review of the Literature

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.

Mubyarto (1988) stated that welfare indicators are as follows,

clothing, sufficient food, health maintenance, shelter, feeling of being
treated fairly in life, and educational achievement of children all effectively
addressed by Waqf institutions. Furthermore, Waqf has performed well in
the field of the assurance of the five essentials (Al-Daruriyaat al-Khams):
protection of life on the essentials; protection of the religion and religious
activities; protection of the body; human intellect with sound and
harmonious mind’s development, and soul through educational services;
protection of widows and orphans; and protection of income; wealth and
reallocation of wealth through economic activities (Alam et al., 2018; Kahf,
1999; Abdullah, 2018). The most common and discussed aspect of the
Islamic economy and banking is the prohibition of usury (Riba). The Islamic
scripture (Qur’an) stresses on the prohibition of usury in several verses
(Qur’an, 3:130-131).

Islamic economics work differently from the traditional framework. The

Islamic one, however, refers to a system that operates according to Islamic
law (Shariah), which predominantly prevents charging extra money for the
borrowed money, it is based on (PLS) profit-loss sharing where all the
financial transactions are assets-backed. Furthermore, it does not permit

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Aldeen, Ratih & Herianingrum│ Contemporary Issues on Cash Waqf: A Review of the Literature

investments in any prohibited products, for example, pork (Qur’an, 1:173)

and alcohol as the in (Qur’an, 1:219).

The main dimensions of Islamic economics are to enhance the social welfare,
social security, debt, management and distribution of wealth, consumption,
taxation, debts, monetary policies, market exchange and investment
(Shinkafi and Ali, 2017). The subject matter has received and contemporary
researches’ attention worldwide. Especially in the last decades. Waqf is
considered as an effective socio-economic tool represent part of Islamic
ethical values of Islam and counted among financing vehicle that serves Islam
and society.

The implementation of cash Waqf has attracted many researchers' attention

to consider the potential and influences of this method of finance. However,
to the best of authors’ knowledge there is no previous study addressed
thoroughly what have been done in this area. Among the reason of the
recent comeback of cash Waqf in the temporary context is due to its
flexibility, it allows all Muslims segments to participate in Waqf activity
regardless to the amount of money. Moreover, more practical to distribute
its benefits among the wider segments of receivers, uncomplicated to
manage and easy to utilize for the beneficiary’s daily necessities.

Waqf issues have taken this significant place due to the efforts have been
done by contemporary scholars, revealing the benefits associated
with Waqf practices including its applications in contemporary society plus
addressing associated challenges. Most of the reviewed research stressed
that cash Waqf is an efficient instrument can be an alternative for poverty
alleviation, since such an initiative require a tremendous amount of money
that could not be attained totally by the government. Hence, seeking for a
sustainable source if fund is inevitable. An indispensable part of Islamic socio-
economics, cash Waqf is a social fund politically and economically free of
charge. Moreover, it more powerful, permanent and pervasive since it is
cardinally voluntary activity characterized by perpetuity. Upon to the
aforesaid, this research is an attempt to address what has been done in this
area, subsequently will open new doors for scholar to address the potentials
and challenges related to the field. For instance, find innovative ways to
manage cash waqf systems and create a hybrid-sustainable cash Waqf model
to generate more benefits for all involving parties. Therefore, it is crucial to
seek for the enhancement of Waqf institutions role in the current socio-
economic conditions.

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Aldeen, Ratih & Herianingrum│ Contemporary Issues on Cash Waqf: A Review of the Literature

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).

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Aldeen, Ratih & Herianingrum│ Contemporary Issues on Cash Waqf: A Review of the Literature

It is one of the essential components in Islam in mitigating poverty through

granting primary needs to improve the universal welfare of people and or
has the strong economic dynamism to pave the path of growth to facilitate
the society's growth (Aliyu, 2019; Kahf, 1999). Apart from the relationship
between mankind and Allah (SWT), Waqf also relates to people’s affairs
among each other’s (Aliyu, 2019). According to Nadwi, (2015) Waqf
institution serves two purposes. On the one hand, provide a perpetual
reward for the donor. On the other, it is in the interest of the whole
community in general. Alam, Shahriar, Said & Monzur-E-Elahi (2018)
stressed that through Waqf institutions the living standards of Ummah can
be uplifted. Moreover, reduce the poverty and difficulties among the needy
and poor.

Through Islamic history, Waqf has witnessed tremendous development,

since its early stages in the prophet Muhammed era until the present
moment. To be mentioned, the very first Waqf in Islam was Quba mosque in
Al Madinah, it was established upon the profit Muhammed (SAW) arrival in
622 A.D (Laldin, 2005). Throughout the reign of the Khulafa’ al-Rashidin and
the subsequent period of Islamic ruling Waqf activities were further
extended. This kind of Waqf referred to a type of Waqf, which essentially
concern the religious, philanthropic, posterity of family and educational
purposes.

Since the very beginning, numerous educational institutions have been

financed employing Waqf funds, for instance, there were 60 Awqaf schools
established by Awqaf properties in Palestine. Moreover, Syria and Turkiye (of
which 40 had been established by Ayubite governors (Kahf, 2003). The
University of al-Azhar in Cairo alone is financed by numbers of Awqaf
(established in October 975 AD) (Aliyu, 2019).

2.1.2 The Term of Cash Waqf

Typically, Waqf practices ordinarily centered on the building or land.

However, many donors cannot afford an asset to participate in Waqf. Hence,
cash Waqf has come as a good option for donors who do not have a fixed
asset but rather have movable assets i.e. cash for donating. Thus, all the
strata of the society are able to perform sustainable charity activities through
cash Waqf as long as they keen on doing it voluntarily only for the sake of
Allah SWT blessing (Mohsin, 2008). Cash Waqf practices could be categorized
into two ones, the first so-called is the direct one, for instance, channel waqf
money to redevelop an old waqf property. The indirect form of cash Waqf
where the fund invested in a particular permissible project and distributing
its profit (Mohsin, 2013).

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Aldeen, Ratih & Herianingrum│ Contemporary Issues on Cash Waqf: A Review of the Literature

A sizable number of present scholars accept that participation in Waqf in the

form of cash becomes crucial (Mohsin, 2008). However, over the years, the
role of Waqf in the socio-economic area has decreased significantly
(Saifuddin, Kadibi, Polat, Fidan, & Kayadibi 2014). The practice of cash
Waqf is not a new phenomenon. The first cash Waqf in Islam has been
approved by Imam Zufar in the eighth century (Sanusi and Shafiai, 2015). It
was effectively employed during the Ottoman era. Pitchay, Meera, &
Saleem (2015) showed that by the end of the 16th century, the term of cash
Waqf was fully accepted by the whole Antonia and the European territories
of the Ottoman Empire which correspondingly managed some parts of the
Middle East, South-Eastern Europe and North Africa. During that time, the
collections in the cash Waqf were used to acquire and improve several
models of fixed assets.

Saifuddin et al. (2014) highlighted four notable implementations of

Cash Waqf: i) It is accessible since it only requires a small amount of cash,
which enables those who cannot afford to endow an asset; ii) Creating a
backup fund for educational institutions that face a cash flow problem; iii)
Generate funds for the improvement of Waqf assets (Waqf lands); and iv)
Boosting Islamic institutions to be more independent, and release the
pressure from the government back. Furthermore, cash Waqf can be
employed for financing purposes, such as the development of Waqf
properties through acting as medium such as musharkah and mudarabah
contracts.

2.1.3 Legitimacy of Waqf

Flashback to the legitimate (Waqf), we find that the scholars have been
rooted Waqf with many evidences of the Qur’an and the Sunnah (the
teachings and practices of Muhammad) and the consensus. Although they do
not indicate the subject of the endowment directly, it urges the acts of
righteousness and goodness. There is no single verse in Qur’an refer to
endowment (Waqf) in a strict way, but Waqf activities can be associated to
many verses indicate the philanthropy and charity (Qur’an,1:280; Qur’an,
3:116; Qur’an, 5:35 Qur’an; 2:276; Qur’an 2:261 Qur’an, 2:110 Qur’an, 73 :20
Qur’an, 2:43 Qur’an, 3:92 Qur’an, 2:273).

What is more, Islam has several (Ahadeeth) narrated from Prophet

Muhammad (SAWS) indicates the importance of Waqf, and his Waqf
contribution for instance:

“A single sadaqa closes seventy gates of evil (al-Ghazali, n-d).

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Additional to (Sunnah), prophet Muhammed companions have recorded a

notable Waqf contribution. For instance, Uthman bin Affan R.A. It was
narrated that the Prophet (SAW) called upon Muslims to buy the well and
provide the water free for the public upon realizing that water was traded at
a high price. Uthman bin Affan R.A responded to the Prophet Muhammed
(SAW) call by acquiring the well and rendering the water for the public free
(Saifuddin et al., 2014). The granting of benefit to the detainees is based on
its contribution to preserving the donator dignity to draw closer to God
Almighty. This giving is expressed by the charity that the Prophet (SAWS) has
urged. The charity based on endowment Waqf is sustainable, on the other
hand, the charity, which intended to expire, its works as paracetamol. Same
as all Islamic activities, Waqf activities must not contravene the roles of
almighty Allah. The Shari’ah scholars: Imam Hanafi, Imam Hanbali, Imam
Maliki’s and Imam Shafi’i and concur on perpetual Waqf. However, from
Imam Maliki’s point of view, it is permissible to be temporary (Aliyu, 2019).
The Malikis, for instance, establishes that the Waqif has the right to
determine a particular period for the contract, which by its end, the property
returns to him after a defined period of time. To be mentioned, Waqf
practices is only deemed to be only for Muslims, while it could be donated by
non-Muslins as well (Puad, Rafdi, & Shahar 2014).

2.1.4 Legitimacy of cash Waqf

Hanafi, Maliki, Shafi'i, Hanbali schools have confirmed the legitimacy of

moveable Waqf (Mohsin, 2013). However, jurists differ on the permissibility
of cash Waqf even though it is counted under moveable Waqf. The Hanafis
and Shafi’is fix that cash Waqf is impermissible, the Hanbalis and Malikis say
it is permissible (Aliyu, 2019). Al-mujamma’ al-fiqhi (Islamic Fiqh Academy) in
its fifteenth meeting, issued a statement No. 140 that countersigns that cash
Waqf is permissible. Likewise, on May 11 2002, “Ulama Council” in Indonesia
issued a fatwa declaring that cash Waqf is allowed (endowment cash/waqf
al-nuqud) on condition that the principal value of endowments must be
guaranteed sustainability (Aliyu, 2019). They attributed their fatwa to general
dalil in the Qur’an which related to the managing cash Waqf in indirect way,
Surah al-Baqarah 215, 254 and 267, Surah al-Imran 92, in addition to hadith
narrated by Ibn Umar (Muslim, Hadith No. 1632), as well as to the ijtihad
(independent reasoning). In 2007, the Malaysian National Fatwa Council
concluded that cash Waqf is permitted in Islam (Rahman, 2009).

All Muslims jurists fix that once a property is confirmed as Waqf, it will be
under three restrictions (Al-Zuhaili, 2004). The same should be implemented
in the case of Cash Waqf (Mohsin, 2013), namely: i) Irrevocability: when a

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Aldeen, Ratih & Herianingrum│ Contemporary Issues on Cash Waqf: A Review of the Literature

founder endows a cash Waqf, he cannot revoke it, in some special cases ca
take enjoy part of the profit; ii) perpetuity; and iii) inalienability: it cannot be
the subject to any, inheritance, gift, or any alienation whatsoever.

Figure.1 The categories of Waqf according to (Hanfi, Maliki, Shaf’I, Hanbali)

2.2 Previous Studies

In this section we attempt to present the outlines of the studied literature

plus related reviews has been done in this area. A detailed explanation will
be presented in the next section since this article is a literature review one.

The early presence of cash waqf studies mainly addressed the poverty
eradication through this sustainable instrument. Masyita, Tasrif, & Telaga
(2005) study was among the early studies that suggested cash waqf tool to
eradicate poverty. However, there are a wide range of research addressing
cash Waqf. Previous studies mainly attempted to associate Cash Waqf with
microfinance (Zabri and Mohammed, 2018), small- and medium-sized
enterprises (Amuda, Embi, & Babatunde 2014), education (Aziz, Johari, &
Yusof, 2013), factors influence the contributors (Witjaksono, 2018) ,
management (Siswantoro, Rosdiana, and Fathurahman, 2018), E-cash
Waqf (Yusof et al., 2014), and socio-economics development (Sanusi and
Shafiai, 2015). Atan and Johari (2017) aim to examine the 2006-2016
literature of Waqf dealing with the topic poverty alleviation; the writers
concentrate on the publications’ years, the number of the contributors, and
the country of a study. They use the open access Mendeley database to
retrieve relevant information. As hundreds of studies they confirmed that
Waqf is an efficient method to alleviate poverty. On the other hand, the
contemporary scholars are focusing on maximizing the benefits of cash waqf,
for example Nadya, Alwyni, Hadiyati, & Iqbal (2019); while others
concentrate on the Waqf manager accountability (Siswantoro et al., 2018).

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Aldeen, Ratih & Herianingrum│ Contemporary Issues on Cash Waqf: A Review of the Literature

Our study differs in many aspects; the firs, is the in-hand study concentrate
on the cash Waqf; we attempt to narrow the research topic to end up with
reliable conclusion. Secondly, this study not only counting the article rather
than it summarizes the conclusion of the research counted in the results.
This research is a distinct attempt in nature since there is no previous study
presented what has been done in this area. This research will highlight the
main areas has been associated to Cash waqf practices and highlighting what
has been missed in the literature.

III. Methodology
3.1. Data

This study relied on the finding based on the selected keywords mainly “Cash
Waqf” and “Waqf” “Islamic socio-economics” “Zakat, Infaq, Sadaqah”. Prior
to the review phase all the recovered documents relevancy was evaluated
based on the title, abstract, conclusion, and addition to bibliography. Some
papers seem not relevant to the main topic “Cash Waqf” but these papers
were used in the next phase, which is reviewing the reference list thoroughly
seeking for further articles related to the subject of “Cash Waqf”. All the
selected article has to include information suggests its relevance to the topic
of “Cash Waqf”. To be mentioned, documents that do not indicate the
subject of “Cash Waqf” has been excluded. The main purpose beyond
narrowing the research question to cash Waqf, is to end up with, exhaustive
summary of current evidence relevant to “Cash Waqf”. Generally, all article
dose not research cash Waqf in direct or indirect way plus article are not
written in English were excluded from the in-hand study. Wholly, published
studies were downloaded employing Google Scholar. However, only articles
were considered relevance significantly to be scored as part of this result.
The idea of Cash Waqf is thus relatively brand-new as compared to its
common applications (Siswantoro and Dewi, 2007). Research that shed lights
on cash Waqf implementation and opportunities has been commenced in
the last decade, resulted from newly allowing cash Waqf practices in
countries, for instance, Indonesia “Ulama Council” in 2002 (Aliyu, 2019).
Followed by another fatwa from the “Malaysian National Fatwa Council” in
2007 (Rahman, 2009). Therefore, the span of this study was (2002-2019). In
all, 74 references were used in this research, while only 57 references were
found significantly related to the subject of cash Waqf to be scored the part
of the result.

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Aldeen, Ratih & Herianingrum│ Contemporary Issues on Cash Waqf: A Review of the Literature

3.2. 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.

Figure 2 shows the number of the accessed documents each year spanning
2002-2019, the result during the stated period present a significant
advancement after the declaring the permissibility of cash Waqf in Indonesia
and Malaysia, and started increase significantly starting from 2006, that
could be attributed those two announcements have spotted the light of the
cash Waqf. The period 2012-2018 witnessed extraordinary growth, most of
the contemporary scholars moved to the socio-finance due to its positive
consequences. However, in 2019 the number slightly declined, probably
many related articles have been accepted and not published yet.

Figure 3 illustrates the contribution of each theme during the study period.
Title 5 and 7 have the highest percentage of 23% and 21% respectively,
revealing that the contemporary scholars concerning the management of
cash Waqf and the factor influence cash Waqf contributions rather than

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Aldeen, Ratih & Herianingrum│ Contemporary Issues on Cash Waqf: A Review of the Literature

other aspects. Title 1 and 8 recorded a significant result compared with titles
3, 4 and 6. Whereas, title 2 recorded the least effect with 3%.

9
8
7
6
5
4
3
2
1
0
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

Figure 2. Number of the articles per year.

Title 8 Title 1 Title 2

16% 14% 3%
Title 3
7%
Title 7
21% Title 4
7%

Title 6 Title 5
9% 23%

Figure 3. Documents’ analysis per title.

The consequence of systematic literature review could be categorized

into several themes as follows:

 Cash Waqf for microfinance (4 articles)

 Cash Waqf for small- and medium-sized enterprises (8 articles)
 Cash Waqf for education (2 articles)
 Cash Waqf for poverty alleviation (4 articles)
 Factors influence the contributors of Cash Waqf (13 articles)
 Management of the cash Waqf (12 articles)
 E-cash Waqf (5 articles)
 Cash Waqf for socio-economics development (9articles)

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Aldeen, Ratih & Herianingrum│ Contemporary Issues on Cash Waqf: A Review of the Literature

Cash Waqf for

microfinance

for socio- for small- and

economics medium-sized
development enterprises

E-cash Waqf Cash Waqf education

for poverty
Management
alleviation

Factors
influence the
contributers

Figure 4. Structuring exogenous research topics

Cash Waqf for microfinance

Islamic microfinance institutions lacking the economic and financial

sustainability of the financing modalities employed. Hence, produce
often very little social impact (Nadwi and Kroessin, 2013). Cash waqf
can enhance the accessibility of microfinance institutions to access
financial markets. Zarka (2007) stresses that cash Waqf is an efficient
method to alleviate poverty through bridging cash Waqf donations to
relieve the poverty of those who cannot fully support themselves.
Furthermore, he confirmed that cash Waqf is a proper way to combat
poverty fulfills a major economic goal in Islam. Kachkar (2017)
introduced cash Waqf microfinance fund (CWRMF) in order to bridge
microfinance facilities to refugee entrepreneurs who are capable to
run their businesses. This model employed cash Waqf donations to
serve microfinance facilities. Zabri and Mohammed, (2018) examined
the behavior intention to participate in {Cash Waqf-Financial
Cooperative-Musharakah Mutanaqisah (CWFCMM)} home financing
model with four different form of normative influence namely;
subjective norm, attitude, perceived cost benefits, perceived
behavioral control of the proposed model, their results showed that
subjective norm was determined to be as a significant factor in
measuring the intention of the homeowners in Malaysia to participate
in the model. Nadwi and Kroessin (2013) reviewed the socio-economic

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Aldeen, Ratih & Herianingrum│ Contemporary Issues on Cash Waqf: A Review of the Literature

and fiqh (Islamic jurisprudence) issues about cash Waqf permissibility.

Moreover, he stresses that hybridization of cash Waqf and
microfinance can offer an innovative way to enhance access to
development finance.

Cash Waqf for small- and medium-sized enterprises

Mohsin (2013) addresses a new model that CWFI cash Waqf financial
institution can be employed by any Muslim societies to fulfill a social
need and uplift their living standards, without depending on the
governments. CWFI can assess entrepreneurs with Qard Hassan
loan/free-interest loans in order to commence their businesses. Duasa
and Thaker (2016) stressed that through cash Waqf a country’s GDP
can be accelerated by bridging the donations of cash Waqf to micro-
enterprise financing. Furthermore, it has been found a high level of
readiness of the micro-enterprises in accepting the model as a source
of financial and human capital development. Another model as source
for small enterprises has been approached by Duasa and Thaker (2015
& 2016) and Thaker et al. (2016) the proposed a new financing model
{cash Waqf micro-enterprises investment (ICWME-I)} for micro-
enterprise through an agreement between cash Waqf institutions and
micro enterprises through musharaka mutinaqisa to finance projects
and businesses. Nevertheless, Thaker et al. (2016) confirm the
feasibility of this model by interviewing experts from different
backgrounds. Another study addressing this model by Thaker et al.
(2016) to examines the intention of micro-enterprise to adopt such a
model ICWME-I the findings indicate that both the subjective norms
and attitude are seen to have a positive significant impact on the
intention of micro-entrepreneurs to use the ICWME-I Model in
Malaysian context. Another study by Lahsasna, (2010) addressed the
role of cash Waqf to enhance and develop the financial services for
micro and medium-sized enterprises (MMEs). An interesting study by
Amuda et al. (2014) discussed the possibility of using cash Waqf funds
between nations (Malaysia-Nigeria) relaying on the excelled Nigerian
agriculture sector.

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Cash Waqf for education

As a result of the importance of education for the development of

human capital and its impact on the economic growth (Wafa, 2010).
Wafa (2010) promotes the third sector of Islamic economics through
benevolent and educational programs. Aziz et al. (2013) design a new
cash Waqf model for education financing through Waqf bank, waqf
bank can be entrusted to with cash Waqf and collecting it from public
and cannel it for education purposes. To ensure the perpetuity of the
fund, a reserve account can be established to cover any default since
the given loans are interest-free with minimum service charge.

Cash Waqf for poverty alleviation

Most of the reviewed studies indicated directly or indirectly that Waqf

could be considered among the effective method to alleviate poverty,
due to its sustainability. Saifuddin et al. (2014) attempted to examine
the potential of cash Waqf to alleviate poverty in Malaysia due to the
Malaysian government policies to alleviate poverty, their findings
show that cash Waqf can be used as an effective tool to eradicate
poverty because cash Waqf reached great lengths in these recent
years. In the case of OIC countries Amuda and Embi (2013) analyze the
forms and extent of funding that may be spent in established
voluntary organizations such as Waqf properties, public funding, and
sadaqah to create employment to decrease the poverty rate in OIC
countries. Masyita et al. (2005) developed a cash Waqf model in order
to assess SME’s as an alternative to alleviate poverty in Indonesia.

Factors influence the contributors of Cash Waqf

Witjaksono (2018) attempted to examine the customers’ intention to

donate cash Waqf through Islamic banks in Indonesia, the author
stressed that Behavior, Religious Commitment, Subjective, Attitudes,
influence cash Waqf donation through Islamic banks. Affandi and
Nufus (2010) find that cash Waqf contributions still far from its
expectations.

Rizal and Amin (2017) investigated the role of Islamic religiosity,

Islamic egalitarian and perceived ihsan on cash Waqf contribution in

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Aldeen, Ratih & Herianingrum│ Contemporary Issues on Cash Waqf: A Review of the Literature

Malaysia, their findings indicate a significant relationship between the

studied factors and cash Waqf contribution. Shukor et al. (2017a) in
the case of Malaysia find that demographic can predict the donor/non-
donor. Furthermore, they extended their study to confirm that trust
and religiosity in Awqaf institution are predictors of Muslims’
participation in cash Waqf (Shukor et al., 2017b). Osman, Mohammed, &
Amin (2012) tried to explain the role of demographic factor, religious
satisfaction, trustworthiness, tax incentive, and efficient management
to increase cash Waqf contributions. Another study that addresses the
Malaysian context is done by Pitchay et al. (2015) who tried to explain
the factors influents the employee to contribute in Waqf through
salary deduction, verified the structural relationship between
subjective norms, attitude and behavioral intentions of Muslim
workers. In addition, the individuals’ mindset will inspire Waqf
endowers. It has been stated that the effect of attitude on behavioral
intent is instrumental in understanding acceptance of cash Waqf
(Shukor et al., 2015). Haron, Kamarudin, Fauzi, Ariff, & Zainuddin
(2016) recommended the increase of cash Waqf promotion in order to
gain more collections since his findings illustrate the factors to
influence this collection authority, promotion, method, place, and
stuff. Concerning the theory of planned behavior, Osman et al. (2016);
Ratnasari and Arifin (2017); Osman et al. (2014) confirm the validation
of the theory to explain cash Waqf giving behavior. Adeyemi, Ismail, &
Hassan (2016) indicate that the level of awareness in Malaysia is in its
low levels, awareness level was explained by the lack of promotion and
lack of understanding. Johari, Alias, Aziz, Ridhwan, Kefeli, Ahmad, &
Ibrahim (2015) attempted to give insight about continuous cash Waqf
contribution, they suggest that the popularity of contributing to cash
Waqf continuity is more prevalent among married males of 36 to 40
years old and reside in the rural area.

Management of the cash Waqf

After the announcement of both Malaysian and Indonesian

government, many Waqf institutions have been established (Nahar
and Yaacob, 2011). Nadya et al. (2019) indicated that cash Waqf in
Indonesia facing three main difficulties to reach its optimal level,
regulations, Nazhir, and socialization. Another study addressed the
Indonesian context by Nahar and Yaacob (2011) established that the

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Aldeen, Ratih & Herianingrum│ Contemporary Issues on Cash Waqf: A Review of the Literature

Indonesian Awqaf institutions have a unique characteristic. Hence,

they attempted to reconstruct the accountability of Waqf institutions
in Indonesia. On the other hand, Chowdhury, et al., (2011); Nahar and
Yaacob, (2011). In the case of Malaysia, attempted to examine the
accountability, they stress that the accountability system in the
country needs to be enhanced and uplifted. Further study in Malaysia
examining the operation of cash Waqf and Its limitations, Mokhtar,
Sidin, & Abd Razak (2015) concluded that the lack of
qualified Nadzir plus the multi decision-making process should be
addressed to maximize the performance of a cash Waqf institution. In
the same context Yaacob (2013) investigates some cash Waqf cases
when civil law violates the Shariah law. Khademolhoseini, (2008)
attempted to approach new models (mutual fund and cooperative) to
maximize cash Waqf management. Since cash, Waqf practices were
significant in the Ottoman Empire (Ibrahim, Amir, & Masron, 2013;
Toraman et al., 2007). Toraman et al. (2007) attempted to present
cash Waqf accounting practices in the Ottman Empire era. A sole study
concerned the case of Singapore by Karim (2007) discussing the
administration and the management in the country, indicating that the
country lacks expertise in the Waqf. It seems the same in the
Indonesian context when Rusydiana and Devi (2018) state that
Indonesian cash waqf institutions lack qualified human resources,
efficient system, trust and fulfilled Waqf covenants. Mauluddin and
Rahman (2018) discuss the permissibility of cash Waqf in Aceh (well-
known as Islamic district in Indonesia), they noted that the Aceh’s
scholars do not declare the permissibility of cash Waqf if it is not going
to be linked with a fixed asset. Sulaiman et al. (2019) proposed unit
trust model to enhance the performance of cash Waqf plus enlarge
the base of cash Waqf collection.

E-cash Waqf

Lately, e-waqf increases the collection of Waqf electronically; motivate

existing Internet banking users to contribute to Waqf activities.
Moreover, enabling the collectors to make more funds to be invested
to serve the development of the ummah (Yusof et al., 2014). Amin et
al. (2014) attempted to investigate the factors influence the
contribution of cash Waqf, perceived ease of use, religiosity, and
usefulness plus the amount of information play a vital role in the

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contribution of cash Waqf. (Yusof et al., 2014) attempted to identify

the challenges and the limitation of the conventional way of cash
Waqf collection, he proposed that e-cash Waqf in Malaysia has great
potential since the country enjoys advanced information
technology. Only age among the demographic factors influence e-cash
Waqf contribution in Malaysia (Perlis et al., 2014). A sole study in the
Indonesian context by Victoria and Ong, (2019) stressing on the
potential of the E-Waqf in Indonesia if and only if managed properly.

Cash Waqf for socio-economics development

Several studies pointed the potential of cash Waqf for socio-economic

development, but in this section, we will discuss only articles which
discussed thoroughly cash Waqf potentials for socio-economics
development. Nurrachmi, (2012) and Suhaimi et al. (2014) discuss that
through cash attained by committees of a mosque can be bridged to
provide financing facilities. Alam et al. (2018) based on literature
review, indicated that all types of Waqf including cash Waqf can be an
effective tool for social welfare if utilized properly through
synthesizing models to address current contexts. While Nurrachmi
(2012) stresses the importance of availability of qualified nadzir to
meet cash Waqf objectives. Ibrahim et al. (2013) indicate the
potentials of cash Waqf to uplift ummah living standards using
evidence from Ottoman Empire cash Waqf implications. Sanusi and
Shafiai (2015) provide an evidence in Malaysia based on literature and
interviews that cash Waqf is the alternative method toward societal
development. Che Hassan and Rahman (2018) confirms that through
cash Waqf can improve the development factors of Malaysian
economy such as well-being, education, health, agriculture and
religious affairs. Mohammad (2011) discussed the permissibility of
establishment of Waqf bank based on cash endowments to serve the
ummah national and internationally. Aliyu (2019) and Mohammad
(2009) discussed all types of Waqf and its potentials enhance socio-
economics, but he insisted that cash Waqf should be priorities due to
its flexibility and ease of collection.

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4.2. 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.

Since management systems are facing number of challenges to make it

productive, transparent, dynamic and innovative in the utilization of
the Waqf properties recommended solution for these problems are
good governance, creating secondary projects to generate a regular
flow of incomes for insufficient project (Mokhtar et al., 2015). To be
said, accounting and reporting practices seem to exist in
the Awqaf entity, notable changes remain essential to guarantee
accountability that could be continuously enhanced and uphold.
Sharing the reports with the contributors, this might prompt them to
increase their contribution. Furthermore, they will be an indispensable
part of the advertisement campaign when Mutawallis address the
purpose of Waqf properly (Shukor et al., 2015).

Aside from perceived behavioral control and religiosity other factors

should be addressed which for example cash Waqf awareness and
cash Waqf (dakwa) “peer influence”, “self-efficacy”, impact, this will
open new broaden insight how waqif performs. Moreover, factors that
influence individuals to donate continually should be examined,
because the information will enable the Nadzir (Waqf manger) to set
future plans based on reliable forecast (taking into consideration
Muslims occasions such as (Ramadan, Iduladha, Idulfitri, and Milad).
Awareness and willingness towards technological Waqf in the 4.0 era,
In addition to contemporary issues related to encrypted cash Waqf

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Aldeen, Ratih & Herianingrum│ Contemporary Issues on Cash Waqf: A Review of the Literature

must be enhanced (Amin et al., 2014). Studies on transferring cash

Waqf from country to another is highly encouraged, since Muslim and
non-Muslim endowment for conflicted countries could be managed in
sustainable way.

Since cash been started in those countries at present, countries that

accept and practice cash Waqf are Pakistan, Iraq, Turkey, Iran, Syria,
India, Egypt, and Burma (Rashid, 2003). However, we have found no
previous study addressed the context of the above-mentioned
countries. It is crucial to learn from their experience since the cash
Waqf initiative has been highlighted in these counties. It has been
discussed thoroughly that public literacy about cash Waqf is on its low
level, which is vital to be enhanced since they are the main
contributors. Convincing and enhancing public awareness is crucial to
uplift cash Waqf potential to a higher level. Some potential factors
such as Waqf awareness and cash Waqkf dakwa impact could provide
new insights on how Waqif perform such divine giving in order to
address the aforesaid limitation. Moreover, an intensive
advertisement campaign is highly recommended and this could be
started from Friday prayer Minbar (Pulpit).

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.

Same with any study, our study has several limitations which is
focusing on and addressing the literature related to cash Waqf,
disregarding other Waqf practices such as Waqf Istibdal, Sukuk
Waqf, and Waqf assets. In addition, reviewing only articles published

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Aldeen, Ratih & Herianingrum│ Contemporary Issues on Cash Waqf: A Review of the Literature

in English. In adherence to our systematic review features, the in-hand

research handles all related studies to cash Waqf irrespective of their
type and status. To ensure the so-called “publication equality”. All the
unpublished attempts have been excluded from this study, as it is
difficult to be accessed. This study accepted all the published articles
irrespective to the location and landmass as long the article presented
in English, and during the study period spanning 2002-2019. This study
dose not only identify the gaps for the contemporary scholars but
provide a venue to establish more comprehensive work based on the
presented information.

5.2. 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.

For academia and theoretical, more proposed models addressing he

sustainable development goal (SDGs) should be taken into
consideration, since cash Waqf enjoy high flexibility and could be
directed to the desired way. Waqf in Muslim minority countries,
usually studies focus to measure the impact of religiosity and other
factor but they do not consider how to increase and propose a new
hybrid cash Waqf model to enhance the participation in such an
activity. Moreover, proposed model or the ones will be proposed in
the future should be validated through interviews and surveys to
assess the stakeholders’ intentions to apply such a model. Seeking for
people’s preferred types of Waqf is crucial; it will help to develop the
proper cash Waqf model.

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