VOI - Voice of Indonesia | RRI - Radio Republik Indonesia

Central Bank of Indonesia (BI) is encouraging the cross-country waqf initiative because as many as 59 percent of Islamic countries have low and middle income income based on World Bank data in June 2020.

 

 "Observing the various economic conditions among Islamic countries, it is permissible and recommended for Muslims to help each other across countries. One of the charitable deeds for Muslims is waqf," BI Deputy Governor Doni P Joewono said in an international webinar on waqf in Jakarta, Friday.

 

 According to him, based on World Bank data, as many as 30 percent of the member countries of the World Islamic Organization (OIC) are low-income countries, 29 percent are low-middle-income countries, 29 percent are upper middle-income countries and 13 percent are high-income countries.

 

 Even so, he continued, there were still different views regarding the rules and implementation of waqf which could differ across countries and jurisdictions.

 

 For that, he said, the Core Principles of Waqf (WCP) have been made so that there are standards in support of waqf that can be accepted worldwide.

 

 The WCP was initiated by the Islamic Research and Training Institute-Islamic Development Bank (IRTI-IsDB), Bank Indonesia and the Indonesian Waqf Board (BWI).

 

 An international working group within the WCP was also established to formulate a general regulatory framework for the management of waqf.

 

 This working group, he continued, consisted of a number of cross-border institutions namely IRTI-IsDB, BI, BWI, as well as related institutions from New Zealand, Australia, South Africa, Kuwait and Bosnia Herzegovina.

 

 Doni added that the purpose of establishing the WCP is to introduce regulatory standards and supervision of waqf governance and system supervision.

 

 Cross-country waqf supervision, he said, has also been integrated into the WCP.

 

 One of the principles contained in the WCP is related to the priority scale for donated recipient countries, namely regarding the level of poverty, the impact of disasters, and the proximity of the region to donor countries.

 

 "The waqf system that is well managed and supported by technology and in line with other programs is expected to become an engine to mobilize funds to support the government's economic development programs, especially in reducing poverty and human development," he said. (Antaranews)