Development and Productivity Waqf in Sharia Insurance in Indonesia and Egypt: A Comparative Analysis

Authors

  • Suhada Setiawan Department of Islamic Economics Law, Faculty of Sharia, Universitas Darussalam Gontor, Indonesia
  • Muhammad Bagus Saputro Department of Islamic Economics Law, Faculty of Sharia, Universitas Darussalam Gontor, Indonesia
  • Mufti Afif Senior Researcher, International Centre for Awqaf Studies (ICAST), Universitas Darussalam Gontor, Indonesia
  • Khurun’in Zahro Senior Researcher, International Centre for Awqaf Studies (ICAST), Universitas Darussalam Gontor, Indonesia

Abstract

Professional management of waqf funds will facilitate its growth and development. This article aims to shed light on the development and potential of Islamic insurance waqf in Indonesia, with a view to increasing its productivity and scope of development. Following the issuance of the DSN-MUI fatwa in 2016, which addresses the issue of Waqf of Insurance Benefits and Waqf of Investment Benefits on the subject of sharia-compliant life insurance, Indonesia can benefit from the examples provided by countries in the Middle East, such as Egypt, which has long been a pioneer in the development of its waqf, which has become a permanent provision in Egyptian law. This research utilises a qualitative descriptive research design. The data collected is analysed by providing a comprehensive picture of the development of Islamic insurance waqf. The findings of this study indicate that the development of Islamic insurance waqf is positive and has significant potential in the future. This is due to the large Muslim population in Indonesia, which provides a great opportunity for the growth of this form of Islamic finance. Provided that the conceptual and concrete barriers that may hinder its development can be effectively addressed by the relevant authorities and the general public, its growth potential is quite significant.

References

Abdullah, A. (2020). “Waqf and State Interference: A Phenomenology Study in Al-Azhar University, Egypt”. Journal of Finance and Islamic Banking. Vol. 3 No. 1 January-June, 38-56. https://doi.org/10.22515/jfib.v3i1.2625

Achfas, A. (2016). “Model Manajemen Wakaf di Negara Islam.” https://id.scribd.com/doc/315637708/Model-Manajemen-Wakaf-di-Negara-Islam-rtf, accessed on December 2024.

Al-Amri, K., & Hossain, M. Z. (2017). A Survey of the Islamic Insurance Literature-Takaful. International Journal of Economic Research, 14(9), 173-185.

Amrullah, H., Jamal, M., Cahyo, E.N., Khakim, U., Zahro’, K. (2022). The Concept of Waqf from Worldview Theory: the study of Sharia-Philosophy. ULUL ALBAB: Jurnal Studi Islam, 23(1), 22-41. https://doi.org/10.18860/ua.v23i1.15694

Arno, A.K. (2018). “Wakaf Produktif Sebagai Instrumen Kesejahteran Sosial Dan Pemberdayaan Ekonomi Umat (Potensi Dan Tantangan.” DINAMIS-Journal of Islamic Management and Bussines 1, no. 2. http://dx.doi.org/10.13140/RG.2.2.20642.27841

Creswell, John W. (2019). Research Design Pendekatan Metode Kualitatif, Kuantitafif, Dan Campuran. Yogyakarta: Pustaka Pelajar.

Effendi, A. (2016). “Asuransi Syariah Di Indonesia (Studi Tentang Peluang Ke Depan Industri Asuransi Syariah).” Wahana Akademika: Jurnal Studi Islam dan Sosial 3, no. 2:71.

Effendi, B. (2024). Wakaf Tunai dalam Sistem Keuangan Islam: Konsep, Regulasi dan Implementasi. Tasyri’: Journal of Islamic Law, 3(1), 155–173. https://doi.org/10.53038/tsyr.v3i1.103

Eriyanto, A., Niamy, F.M., Sania, Z.F., and Asytuti, R. (2023). Islamic Insurance and Conventional Insurance: What’s The Difference? JASIE - Journal of Aswaja and Islamic Economics Vol. 02 No. 02, http://dx.doi.org/10.31942/jse.v2i2.10134

Fadilah, A., & Makhrus. (2019). Pengelolaan dana Tabarru’ pada Asuransi Syariah dan Relasinya dengan Fatwa Dewan Syariah Nasional. Jurnal Hukum Ekonomi Syariah, 2(1), 87-103. https://dx.doi.org/10.30595/jhes.v2i1.4416

Gustani, G., & Ernawan, D. A. (2016). Cash Waqf as an Alternative Source of Islamic Microfinance Institution’s Capital in Indonesia. Journal of Islamic Economics Lariba, 2(2), 15–24. https://doi.org/10.20885/jielariba.vol2.iss2.art2

Hakim, M. L., & Asiyah, S. (2020). Perkembangan Wakaf Asuransi Syariah di Indonesia Pasca Terbitnya Fatwa DSN-MUI No. 106 Tahun 2016. Islamic Review: Jurnal Riset Dan Kajian Keislaman, 9(2), 191-208. https://doi.org/https://doi.org/10.35878/islamicreview.v9i2.223

Hasan, R., Hassan, M. K., & Rashid, M. (2019). Cash Waqf Investment and Poverty Alleviation: Case of Tabung Masjids in Malaysia. Journal of Islamic Monetary Economics and Finance, 4(2), 333-346. https://doi.org/10.21098/jimf.v4i2.1006

Hasanah, U. (2009). Wakaf Produktif untuk Kesejahteraan dalam Perspektif Hukum Islam di Indonesia. Jakarta: Naskah Pidato Pengukuhan Guru Besar di UI, 6 April 2—9.

Hazami, B. (2016). Peran dan Aplikasi Wakaf dalam Mewujudkan Kesejahteraan Umat di Indonesia, Analisis, Vol. 16, No. 1, Juni.

Hiswi, P.A., Helza Nova Lita, & Hazar Kusmayanti. (2020). Sinergi Pengelolaan Wakaf Tanah Dan Wakaf Uang Untuk Pembangunan Rumah Sakit Dihubungkan Dengan Undang-Undang Nomor 41 Tahun 2004 Tentang Wakaf. Jurnal Hukum Ekonomi Islam, 4(2), 178-196. https://www.jhei.appheisi.or.id/index.php/jhei/article/view/41

Jamal, M., Sirajulhuda, M. H., & Saleh, M. A. M. A. (2023). Tanmiyah Waqf al-Manāfi min Ajl al-Istiqlāliyah fī Majāli al-Iqtiṣād: Dirāsah fī Ma’had Tazakkā al-Aṣrī. Al-Ahkam, 33(1), 89-112. https://doi.org/10.21580/ahkam.2023.33.1.13586

Kasdi, A. (2018). Dinamika Pengelolaan Wakaf Di Negara-Negara Muslim. ZISWAF: Jurnal Zakat dan Wakaf 4, no. 1: 73. https://doi.org/10.21043/ziswaf.v4i1.3032

Kurniawan, C. S., & Mohiddin, M. N. B. H. (2020). Meningkatkan keberkesanan peranan waqf dalam bidang pendidikan di era revolusi industri 4.0. International Journal of Modern Trends in Social Sciences (IJMTSS), 3(2), 53-63. https://gaexcellence.com/ijmtss/article/view/730

Malik, Z.A., Ifa Hanifia Senjiati, Ibnu Muhammad Zibran, and Sabila Azzahra. (2020). Analisis Fatwa (MUI) NO:106/DSN-MUI/X/2016 Terhadap Implementasi Wakaf Asuransi Di Lembaga Prudential Indonesia. Tahkim (Jurnal Peradaban dan Hukum Islam) 3, no. 1. https://doi.org/10.29313/tahkim.v3i1.5662

Mu’allim, A. (2015). Pengaruh Pengelolaan Wakaf di Mesir Terhadap Pengelolaan Harta Wakaf Pendidikan di Indonesia: Studi terhadap Ijtihad dalam Pengelolaan Wakaf Pendidikan di UII dan Pondok Modern Gontor. AKADEMIKA: Jurnal Pemikiran Islam, Vol. 20. No. 1.

Nizar, M.A. (2016). Pengembangan Wakaf Produktif dan Peranan Sektor Keuangan di Indonesia. Kajian Pusat Kebijakan Sektor Keuangan Badan Kebijakan Fiskal Kementerian Keuangan.

Nopriansyah, W., and Sigit Suyantoro. (2016). Asuransi Syariah Berkah Terakhir yang Tak Terduga. Yogyakarta: C.V Andi Offset.

Primadhany, E.F., Angelia, N.M., Angraeni, N., and Jarkani, B. (2022). Maḥāsin al-Syarī‘ah on The Implementation of Mahḍah Worship: Overview of Islamic Legal Philosophy. Samarah: Jurnal Hukum Keluarga dan Hukum Islam, Vol. 6, No. 2, http://dx.doi.org/10.22373/sjhk.v6i2.12394

Rajuli, A. D., Hafidhuddin, D., & Tanjung, H. (2020). Studi Analisis Ayat-Ayat Wakaf Dalam Tafsir Al-Azhar. Kasaba: Jurnal Ekonomi Islam, 13(1), 61–76. https://doi.org/10.32832/kasaba.v13i1.3399

Rashid, S.K. (2018). Potential of Waqf in Contemporary World. JKAU: Journal of King Abdulaziz University-Islamic Economics, 31(2), 53-69. http://dx.doi.org/10.4197/Islec.31-2.4

Redzuan, H., Sakinah, S., & Aidid, S.H. (2009). Economic Determinants of Family Takaful Consumption: Evidence from Malaysia.

Saidon, R., Rani, M. A. M., Muhamad, M. D., & Ishak, A. H. (2019). Examining the practice of waqf-based education in Indonesia. International Journal of Civil Engineering and Technology, 10(2), 814-819.

Subhan, Moh. (2023). Wakaf Asuransi Syariah Perspektif Maqashid al-Shariah al-Ghazali. ASASI: Journal of Islamic Family Law 3, no. 2:157–74. https://doi.org/10.36420/asasi.v3i2.284

Suwaidi, A. (2011). Wakaf Dan Penerapannya Di Negara Muslim. Economic: Jurnal Ekonomi dan Hukum Islam, Vol. 1, No. 2.

Ulum, B. (2024). Cash Waqf According to the Views of Four Madzhabs (Study of the Book Al-Fiqh Al-Islami Wa Adillatuhu). Iqtishodia: Jurnal Ekonomi Syariah, 9(2). https://doi.org/10.35897/iqtishodia.v9i2.1500

Zahro’, K., Sup, D.FA., Wulandari. Y., & Putri, S.F.R.A. (2024). The Concept of Fatwa DSN-MUI on Waqf Insurance Benefits and Investment Benefits in Sharia Life Insurance: Historical Study. International Journal of Islamic Business, 9(1), 30–38. https://doi.org/10.32890/ijib2024.9.1.2

Badan Wakaf Indonesia. (2017). Wakaf Manfaat Asuransi? Ini Fatwa DSN-MUI, https://www.bwi.go.id/1531/2017/02/24/wakaf-manfaat-asuransi-ini-fatwa-dsn-mui/, accessed on December 2024.

DSN-MUI. (2001). Fatwa DSN-MUI No.21/DSN-MUI/X/2001 tentang Pedoman Umum Asuransi Syariah. https://putusan3.mahkamahagung.go.id/peraturan/detail/11eae9c9dafade408a1d313433323535.html, accessed on December 2024.

DSN-MUI. (2016). Fatwa DSN-MUI No: l06/DSN-MU/X/2016 tentang Wakaf Manfaat Asuransi Dan Manfaat Investasi Pada Asuransi Jiwa Syariah. https://putusan3.mahkamahagung.go.id/peraturan/detail/11eb3f6dbfd89f6aad45313431303136.html, accessed on December 2024.

Tohor, T. (2021). Gerakan Wakaf Uang Nasional Sebagai Momentum Kebangkitan Wakaf Uang. Webinar Nasional Wakaf Uang. https://www.bwi.go.id/wp-content/uploads/2021/01/Kemenag-Dit-Zakat-dan-Wakaf-Tarmizi-Tohor.pdf, accessed on December 2024.

Downloads

Published

2024-12-22

How to Cite

Suhada Setiawan, Muhammad Bagus Saputro, Mufti Afif, & Khurun’in Zahro. (2024). Development and Productivity Waqf in Sharia Insurance in Indonesia and Egypt: A Comparative Analysis. Proceedings of Femfest International Conference on Economics, Management, and Business, 2(2), 181–196. Retrieved from https://ejournal.unida.gontor.ac.id/index.php/FICCOMSS/article/view/13436

Issue

Vol. 2 No. 2 (2024): Special Issue, The Proceeding of International Conference on Islamic Human Resources Management

Section

Articles