Corporate Waqf in Indonesia: Implementation and Institutional Transformation

Huda, Miftahul and Santoso, Lukman and Rofiah, Khusniati (2024) Corporate Waqf in Indonesia: Implementation and Institutional Transformation. In: The Collection of Multidisciplinary Waqf Studies I: Debates in Waqf Management and Finance. 1 . Ibn Haldun Üniversitesi Yayınları, Istanbul, pp. 85-101. ISBN 978-625-6055-34-6

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Abstract

Waqf development in the contemporary era is increasingly dynamic, including in Indonesia. The dynamism, for example, can be seen from the diversity of waqf development models in various Muslim countries, such as Türkiye, Malaysia, Saudi Arabia, and others. In addition, the transformation towards productive waqf is improving in the form of cash, stock, and
corporate waqf. Optimizing the development and management of waqf assets in Indonesia must be done productively and innovatively, one of which is through corporate waqf. Therefore, adjustments and strengthening are needed on
the regulatory side, as well as an integrative and holistic understanding among scholars in developing corporate waqf to catch up with other countries. Some integrative corporate waqf development models include financial business-based waqf, corporate business-based waqf, university business-based waqf, and pesantren business-based waqf. Corporate waqf seeks to strengthen the development of waqf in an in-
tegrative manner, not only by strengthening the institutional nāẓir but also by ensuring that company shares, as an alternative waqf asset, can provide sustainable benefits. In other words, corporate waqf can be a strategic alternative to accelerate the national economy and sustainably improve people’s socio-economic situation

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