VOI - Voice of Indonesia | RRI - Radio Republik Indonesia

VOInews, Jakarta: The Badan Wakaf Indonesia (BWI) recently welcomed a visit from the Department of Zakat, Waqf, and Baitulmal of the Ministry of Religious Affairs of Brunei Darussalam. The meeting aimed to deepen Brunei's understanding of the mechanisms for managing waqf in Indonesia, with the hope that these insights could be implemented as productive waqf programs in their own country.

Prof. Dr. Kamaruddin Amin, M.A., the Chairman of BWI, elaborated on the organization’s role as an independent authority overseeing national waqf management, directly accountable to the President of the Republic of Indonesia. “BWI functions as both the regulator and protector of waqf nazhir in Indonesia. While we work alongside the Ministry of Religious Affairs, which contributes through regulatory frameworks, our primary focus lies in the development and certification of nazhir,” he stated.

Rapid Growth of Productive Waqf Assets

During the session, Prof. Kamaruddin highlighted the remarkable growth of waqf assets in Indonesia, which span various sectors, including education, social facilities, mosques, and cemeteries. He noted, “Waqf assets in Indonesia are growing at approximately 6% annually and serve diverse functions in accordance with community needs.” Many of these assets are utilized productively to support social and economic programs.

Innovations in Cash Waqf and Cash Waqf Linked Sukuk (CWLS)

BWI also introduced its latest innovation, the Cash Waqf Linked Sukuk (CWLS), which allows individuals to invest in the form of cash waqf. “CWLS is a sharia-compliant investment instrument supported by the government and supervised by the National Sharia Council of the Indonesian Ulema Council (MUI),” Prof. Kamaruddin explained. This investment is managed productively through two categories: permanent waqf and temporary waqf, with the proceeds directed towards waqf purposes.

Challenges in Enhancing Waqf Literacy

Despite the advancements, significant challenges remain in enhancing community and nazhir literacy regarding productive waqf, particularly cash waqf. Prof. Kamaruddin revealed, “Waqf literacy in Indonesia is still relatively low, standing at only 0.43%. Our greatest challenge is to improve the literacy and competency of nazhir to ensure optimal management of productive waqf.”

In-Depth Discussions with Brunei Representatives

During the question-and-answer session, Brunei representatives expressed their keen interest in learning more about cash waqf management and CWLS in Indonesia. They noted that cash waqf is still relatively new in Brunei and sought to understand how BWI builds public trust and ensures the sustainability of waqf initiatives.

BWI also outlined the regulations governing the development of nazhir, emphasizing the need for certification and stringent oversight. “Nazhir must possess a robust institutional framework, certification, and a minimum of three years of experience in religious matters,” Prof. Kamaruddin added. He stressed the importance of regulations to prevent money laundering in waqf management.

Prospects for Waqf Development in Brunei

This visit is anticipated to serve as an initial step in strengthening ties between Indonesia and Brunei in the realm of waqf, particularly in the development of productive waqf initiatives. “Through the knowledge gained during this visit, we hope that Brunei can implement more advanced waqf management for the social and economic benefit of its communities,” stated Prof. Kamaruddin.

BWI is optimistic that this collaboration will yield significant benefits for both countries, enhancing the positive impact of waqf.

Source: bwi.go.id.