The “Nusantara” Cash-Waqf Model: Designing Alternative Scheme for Infrastructure Financing

Raditya Hendra Pratama; Resi Ariyasa Qadri; Akhmad Khabibi

The “Nusantara” Cash-Waqf Model: Designing Alternative Scheme for Infrastructure Financing

Raditya Hendra Pratama, Resi Ariyasa Qadri, Akhmad Khabibi

Abstract

The objective of this study is to design a cash waqf management framework for financing infrastructure in Indonesia's new capital, Nusantara. The scoping review methodology is used in this study to accomplish both research goals. The Publish or Perish application is used to collect scientific journal articles as part of the data collection process. A constructivist scoping review analysis procedure was used as the data analysis technique. The waqf program can be used to fund capital city infrastructure development projects, according to the study's findings. Our findings offer a cash waqf model that is linked to the mudharabah contract to pay for the state capital's relocation. The government can utilize this information as a springboard for developing financing regulations based on Islamic finance. By integrating pertinent stakeholders, further studies can employ the model created through the use of grounded theory. By conceiving of a cash Waqf system for funding the development of public infrastructure, our article advances Islamic finance literature.

Keywords

cash-waqf; infrastructure; capital relocation; scoping review; Indonesia

References

Adhasara, A., Qadri, R. A., & Aprilia, R. (2022). Disaster Risk Financing and Insurance: How Far Have We Known? Bina Ekonomi, 26(1), 76–96.

Arifin, S. R., & Wisudanto. (2017). Crowdfunding Sebagai Alternatif Pembiayaan Pembangunan Infrastruktur. Prosiding Simposium II – UNIID, 1–20.

Ascarya, A., Hosen, M. N., & Rahmawati, S. (2022). Designing simple productive waqf models for Indonesia. International Journal of Ethics and Systems, 38(3), 380–401. https://doi.org/10.1108/IJOES-07-2020-0101

BAPPENAS. (2021). Naskah Akademik Rancangan Undang-Undang Tentang Ibu Kota NEgara.

Bulut, M., & Korkut, C. E. M. (2019). Ottoman cash waqfs: An alternative financial system. Insight Turkey, 21(3), 91–111. https://doi.org/10.25253/99.2018EV.07

Che, S. N. A. H., & Rahman, A. A. (2018). The Potential of Cash Waqf in the Socio-economic Development of Society in Kelantan: A Stakeholder’s Perspective. In New Developments in Islamic Economics: Examples from Southeast Asia (pp. 67–82). Emerald Group Publishing Ltd. https://doi.org/10.1108/978-1-78756-283-720181005

Hendrik, M., & Mufidah, M. (2019). Peran Badan Wakaf Indonesia Pasca Terbitnya Undang-Undang Nomor 41 Tahun 2004 Tentang Wakaf. SALAM: Jurnal Sosial Dan Budaya Syar-i, 6(5), 2–18. https://doi.org/10.15408/sjsbs.v6i5.20830

Iqlima, I. I., Syahrizal, S., & Ilyas, I. (2018). Penukaran Harta Wakaf Menurut Hukum Islam dan Undang-Undang Nomor 41 Tahun 2004 Tentang Wakaf. Syiah Kuala Law Journal, 1(1), 140–156. https://doi.org/10.24815/sklj.v1i1.12271

Ishenda, D. K., & Guoqing, S. (2019). Determinants in Relocation of Capital Cities. Journal of Public Administration and Governance, 9(4), 200. https://doi.org/10.5296/jpag.v9i4.15983

Ismail Abdel Mohsin, M. (2013). Financing through cash-waqf: a revitalization to finance different needs. International Journal of Islamic and Middle Eastern Finance and Management, 6(4), 304–321. https://doi.org/10.1108/IMEFM-08-2013-0094

Kironde, J. M. L. (1993). Will Dodoma ever be the new capital of Tanzania? Geoforum, 24(4), 435–453. https://doi.org/10.1016/0016-7185(93)90006-4

Koch, N. (2013). The ‘heart’ of Eurasia? Kazakhstan’s centrally located capital city. Central Asian Survey, 32(2), 134–147. https://doi.org/10.1080/02634937.2013.802487

Koldobskaya, N. A. (2022). Environmental Consequences Of the Capital Relocation In the Republic Of Kazakhstan. GEOGRAPHY, ENVIRONMENT, SUSTAINABILITY, 15(1), 150–158. https://doi.org/10.24057/2071-9388-2021-110

Köppen, B. (2013). The production of a new Eurasian capital on the Kazakh steppe: Architecture, urban design, and identity in Astana. Nationalities Papers, 41(4), 590–605. https://doi.org/10.1080/00905992.2013.767791

Macedo, J., & Tran, L. v. (2013). Brasília and Putrajaya: using urban morphology to represent identity and power in national capitals. Journal of Urbanism: International Research on Placemaking and Urban Sustainability, 6(2), 139–159. https://doi.org/10.1080/17549175.2013.820209

Maulina, R. (2022). Factors Influencing the Success of Retail Cash Waqf Linked Ṣukūk (CWLS) Issuance: A Lesson from Indonesia. Journal of King Abdulaziz University, Islamic Economics, 35(1), 57–74. https://doi.org/10.4197/Islec.35-1.4

Moser, S. (2010). Putrajaya: Malaysia’s new federal administrative capital. Cities, 27(4), 285–297. https://doi.org/10.1016/j.cities.2009.11.002

Mubaroq, M., & Solikin, A. (2019). Review on the Financing Scheme of Indonesia’s Capital City Relocation Plan: Lessons Learned from Brazil, Malaysia, and Tanzania. Proceedings of the Proceedings of the 1st International Conference on Finance Economics and Business, ICOFEB 2018, 12-13 November 2018, Lhokseumawe, Aceh, Indonesia. https://doi.org/10.4108/eai.12-11-2018.2288767

Nurfalah, I., & Rusydiana, A. S. (2021). The Regime Switching of Cycle Instability of Islamic Banking and The Economy: Evidence from Indonesia, Malaysia, and Pakistan. Journal of Islamic Monetary Economics and Finance, 7(2). https://doi.org/10.21098/jimf.v7i2.1362

Potts, D. (1985). Capital Relocation in Africa: The Case of Lilongwe in Malawi. The Geographical Journal, 151(2), 182. https://doi.org/10.2307/633532

Pratama, R. H., Azizah, H. N., Kuswendah, N. F., & Putri, O. E. (2020). Potential of Sharia finance in financing a budget deficit by adopting an electronic money transaction scheme in Indonesia. In Public Sector Accountants and Quantum Leap: How Far We Can Survive in Industrial Revolution 4.0? https://doi.org/10.1201/9780367822965-23

Qadri, R. A. (2019). Menakar model pembelian langsung rumah negara di indonesia. Jurnal Pajak Dan Keuangan Negara, 1(1), 1–20.

Rachmawati, R., Haryono, E., Ghiffari, R. A., Reinhart, H., Permatasari, F. D., & Rohmah, A. A. (2021). Best Practices of Capital City Relocation in Various Countries: Literature Review. E3S Web of Conferences, 325, 07004. https://doi.org/10.1051/e3sconf/202132507004

Rahmati, A., Husnurrosyidah, H., & Ruhamak, M. D. (2020). Pesantrenpreneur: Strategi Entrepreneurship di Pondok Pesantren Melalui Komoditas Talas Satoimo. Equilibrium: Jurnal Ekonomi Syariah, 8(2), 9–19. https://doi.org/10.21043/equilibrium.v8i2.8971

Rossman, V. (2018). Capital Cities: Varieties and Patterns of Development and Relocation. Routledge. https://doi.org/10.4324/9781315735061

Seekins, D. M. (2009). ‘Runaway chickens’ and Myanmar identity. City, 13(1), 63–70. https://doi.org/10.1080/13604810902726202

Shidiq, G. (2009). Teori Maqashid Al-Syari’ah Dalam Hukum Islam. Sultan Agung, XLIV(118), 118–132.

Solventiani, B., & Amaliah, I. (2022). Pengaruh antara Penerbitan Sukuk Negara terhadap Defisit APBN Indonesia Tahun 2008-2019. Jurnal Riset Ilmu Ekonomi Dan Bisnis, 1(2), 2–12. https://doi.org/10.29313/jrieb.v1i2.511

Suliaman, I., & Yaakob, M. A. Z. (2020). Analysis on Textual Hadith of Waqf Infrastructure in al-Kutub al-Sittah and Its Applications from the Perspective of Maqasid al-Sunnah. In Legal History Review (Vol. 17, Issue 2, pp. 221–245). Brill Nijhoff. https://doi.org/10.1163/22321969-12340077

Thaker, M. A. bin M. T. (2018). A qualitative inquiry into cash waqf model as a source of financing for micro enterprises. ISRA International Journal of Islamic Finance, 10(1), 19–35. https://doi.org/10.1108/IJIF-07-2017-0013

Thaker, M. A. bin M. T., Mohammed, M. O., Duasa, J., & Abdullah, M. A. (2016). Developing cash waqf model as an alternative source of financing for micro enterprises in Malaysia. Journal of Islamic Accounting and Business Research, 7(4), 254–267. https://doi.org/10.1108/JIABR-09-2014-0029

Yacher, L. (2011). Astana, Kazakhstan: Megadream, Megacity, Megadestiny? In Engineering Earth (pp. 1001–1020). Springer Netherlands. https://doi.org/10.1007/978-90-481-9920-4_57

Yasni, R., & Erlanda, A. R. R. (2020). Challenges of Zakat Integration as Source of State Revenue. International Journal of Islamic Economics and Finance (IJIEF), 3(3). https://doi.org/10.18196/ijief.3238

Full Text: PDF

DOI: 10.15408/aiq.v1i1.32032