Cash Waqf Optimalization of Baitul Maal wat Tamwil in Indonesia: A Business Model Canvas Strategy

Khoirul Umam; Syofi Aruni Mafaza; Suyoto Arif; Rusyda Afifah Ahmad

Cash Waqf Optimalization of Baitul Maal wat Tamwil in Indonesia: A Business Model Canvas Strategy

Khoirul Umam, Syofi Aruni Mafaza, Suyoto Arif, Rusyda Afifah Ahmad

Abstract

This research aims to create a cash waqf model using a canvas model approach that can be applied to Islamic microfinance institutions (BMT), taking into account opportunities and challenges. The Analytic Network Process (ANP) method was employed in this research through interviews, Focus Group Discussions (FGD), and questionnaires processed with SuperDecision software. The research results indicate, first, the researcher proposes a cash waqf microfinance fund model for BMT. Second, respondents showed a high level of agreement in selecting the criteria for the cash waqf model. Third, in its implementation, BMT will face opportunities such as: the use of IT in management systems, the ability to reach out to the poor, special financing schemes, emotional closeness to customers, ease of customer access to offices, and MSME interest in this cash waqf micro fund model. The challenges faced include low public trust, lack of management certification, limited customer identification, competition with moneylenders, limited financing amounts, and suboptimal customer identification.

Keywords

Cash waqf; Business Model Canvas; Financing; Islamic Microfinance

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DOI: 10.15408/aiq.v16i1.35401