CASH WAQF PRACTICES IN MALAYSIA AND INDONESIA

This paper is a study of the practice of Waqf-Al-Nuqud in Malaysia and Indonesia. How is the practice of cash waqf in each of these countries by looking at the results and allocations. This problem is described by comparative research, namely research conducted to compare a variable (object of research), between different subjects and find a causal relationship. The research is directed to find out whether between two or more groups there are differences in the aspects or variables studied. Based on the results of the discussion, the author understands that the waqf practice carried out by Malaysia and Indonesia can be seen the difference. The practice of cash waqf in Malaysia is better known as stock waqf where cash waqf is collected from various circles of society with a stock waqf system by setting a minimum number of share prices that can be purchased by the public which will later be used as a property waqf that is utilized according to the purpose of waqf according to sharia. As for Indonesia, the practice of classical waqf is still very widespread. Regulations have been adequate even with the rules for managing it, but it seems that not many people know about cash waqf which is easier and more affordable. However, the presence of TWI has become a breath of fresh air for the development and socialization of cash waqf in Indonesia. TWI also issued a cash waqf certificate as a form of eternal cash waqf. It can


INTRODUCTION
Waqf is a religious institution in Islam that has a direct functional relationship with efforts to solve social and humanitarian problems, such as poverty alleviation and economic empowerment of the people. 1 The first appearance of waqf since the time of the Prophet Muhammad (pbuh) was in the second year of hijriyah. Rasulullah (pbuh) gave a plot of land which was used to build a mosque. 2 Along with the development of the waqf paradigm which was originally only as a fulfillment of personal worship needs, to the productive waqf paradigm which can be one of the supporters of the economic life of Muslims, now al-Nuqud waqf has developed which is also one of the public financial instruments.
Money has a very strategic position in economic traffic. Today money not only functions as a medium of exchange, but also an object that can be produced. Therefore, some scholars do not hesitate to define money as an object of waqf in terms of cash waqf, waqf alnuqud, which in Indonesian is translated as cash waqf and some others translate it as cash waqf. It is undeniable that cash waqf has great potential in the economic development of the people, because it is flexible and can be reached by most people.
Currently waqf can not only be done by landowners who a while ago only those who owned large lands were able to waqf, but currently with a certain nominal limit a person can waqf through this cash waqf. The development of this waqf has given birth to the concept of a cash waqf certificate which was presented for the first time by Prof. Mannan at the Third Harvard University Forum on Islamic Finance in October 1999. In Bangladesh the concept of Islamic public finance was introduced to the public in December 1997 and SIBL only formally issued it on January 12, 1998. The idea of cash waqf is managed by Social Investment Bank ltd (SIBL) by developing social capital markets through the development of Islamic financial instruments such as waqf properties, development bonds, cash waqf deposits, waqf certificates, and dozens of other business institutions. This breakthrough is allegedly a guide in developing the concept of cash waqf in several Muslim countries in the world.
Muslim countries that have developed cash waqf include Indonesia and Malaysia. Indonesia is one of the countries that has practiced cash waqf. In Indonesia, cash waqf has started to bloom since the Joko Widodo and Ma'ruf Amin governments launched the National Cash Waqf Movement (GNWU) on January 25, 2021, which became a steppingstone for the introduction of cash waqf in the community. The waqf movement is actually not a new thing introduced to the public by the government. The same thing was done in the era of Susilo Bambang Yudhoyono in 2010. 3 The movement also has a similar vision, namely, to become cash waqf as one of the mainstays in the future economic development of the people in improving the welfare and progress of the nation. For this reason, it is important that cash waqf can be managed and developed properly, transparently, and accountably. Even though the response from the community was not as warm as today. At least with the existence of this movement, it proves our government's concern for the economic empowerment of the community in Islam. Endowment Fund (DAU) model, namely funds collected from various sources in various legal and lawful ways, then the funds collected in large volumes are invested with a high level of security. valid through a sharia guarantee institution (LPS).
Apart from Indonesia, another Muslim country that has developed cash waqf is Malaysia. The 77th Malaysian National Assembly Fatwa Authority for Religious Affairs, which convened on 10-12 April 2007 in Kuala Terengganu, has decided that waqf in the form of cash is permissible in Islam 4 . With this fatwa, the Islamic community in Malaysia can pay waqf. The waqf made is in the form of purchasing waqf shares issued by the State Islamic Religious Councils, certain institutions and also waqf money in the form of participation in takaful waqf plans. This cash waqf can be made more widely where all groups can afford waqf because the value of one waqf share is a minimum of RM 2.00, for example the nominal limit of cash waqf in Melaka (Malaysian Waqf Foundation). 5 By looking at the discussion, the author feels the need to discuss further regarding the practice of cash waqf in the two countries, namely Indonesia and Malaysia.

METHOD
Comparative research is research conducted to compare a variable (object of research), between different subjects and find a causal relationship. The research is directed to find out whether between two or more groups there are differences in the aspects or variables studied. 6 The purpose of comparative research, according to Aswani Sudjud (in Suharsimi Arikunto), is to find similarities and differences about things, about people, about work procedures, about ideas, criticism of other people, groups, and ideas or work procedures. It can also compare common views and changes in views of people, groups,

RESULT AND DISCUSSION Cash Waqf Practices in Indonesia
Indonesia, with a Muslim majority population, is very prospective to develop the potential of cash waqf, because economically with this cash waqf model and concept the mobilization range will be more evenly distributed to the target community in need compared to the conventional traditional waqf concept, namely in the form of physical assets that are usually carried out by an established and wealthy family. This all aims to make it easier for people to infaq and waqf, so cash waqf was developed.
One of the cash waqf strategies that can be developed in mobilizing cash waqf is the Community Endowment Fund (DAU) model, namely funds collected from various sources in various legal and lawful ways, then the funds collected in large volumes are invested with a valid level of security. through a shari'ah guarantor institution which covers at least two main aspects, namely: First, Security Aspect; namely ensuring the security of the principal value of the Eternal Fund so that there is no depreciation and reduction (integrity guarantee). Second, Aspects of Benefit or Productivity; namely the investment from the Abadi funds must be useful and productive that is able to bring in results or income that is guaranteed halal (incoming gererating allocation), because from this income the financing of activities and programs of the waqf organization is carried out. 8 Cash waqf is very strategic to be developed. Therefore, cash waqf should receive more attention to finance various social projects through the empowerment of immovable waqf which has been a burden and can also be channeled through economic empowerment institutions. One of the efforts is to channel waqf funds in the form of productive financing to the real sector that can be mobilized namely by providing microcredit through a collective investment contract mechanism such as Sharia mutual funds (a kind of insurance) which are collected through Cash Waqf Certificates (SWT) to the middle to lower class people in order to have business opportunities and little by little they can rise from poverty and adversity due to prolonged crisis. 9 In order to develop waqf optimally, as mandated by Law Number 41 of 2004 concerning waqf, a professional waqf management institution is needed. Unfortunately, not many institutions are able to carry out this great mandate. However, in the midst of this concern, a non-profit organization that focuses on this field was born, namely Indonesian Waqf Savings or Tabung Wakaf Indonesia (TWI). One of the advantages of TWI is that it deserves to be used as an example in the management of cash waqf. TWI is a waqf institution founded by Dompet Dhuafa and inaugurated on July 14, 2005. 10 TWI acts as an institution that socializes, educates, and advocates for waqf to the community as well as acts as an institution to accommodate and manage waqf assets.
The Vision & Mission of TWI is to become a globally oriented waqf institution capable of making waqf as one of the pillars of the people's economic revival based on a just economic system. In addition, TWI wishes to encourage the economic growth of the people and optimize the role of waqf in the productive social and economic sector. 11 According to BWI records, the cash waqf collected until 2020 reached Rp 391 billion. Whereas the potential waqf per year reaches Rp 180 trillion. This is due to the lack of literacy, governance, waqf portfolio, to the ease of waqf. Meanwhile, according to BWI data, as of January 20, 2021, the accumulated cash waqf reached Rp 819.36 billion. Consisting of waqf through cash of Rp 580.53 billion and cash waqf of Rp 238.83 billion. Meanwhile, the number of nazir cash waqf in Indonesia reached 264 institutions, while the number of LKS-PWU reached 23 Islamic banks. In addition, the waqf index in 2020 has only reached 50.48 and is in the low category. Meanwhile, the number of wakif or people who offered their property to be waqf through BWI reached 1,041 people. 12 The funds are obtained from the community directly and distributed to objects that have been prepared by TWI.
TWI issues a Cash Waqf Certificate (SWT) as evidence for the wakif that he has waqf. In managing waqf, TWI uses an asset management pattern, which treats waqf as an asset that generates a surplus, so that waqf becomes a "friend" of the community and is able to become a driver of social justice.
However, in terms of issuing cash waqf certificates by TWI, it seems inappropriate because in the law on waqf it has been stated that LKS PWU is an authorized institution and legally issues cash waqf certificates. The role of the Indonesian Waqf Board (BWI), as an independent institution that was born based on the mandate of Law no. 41 of 2004 concerning Waqf, has a great responsibility in advancing and developing waqf in Indonesia (Article 47).
In addition, the Indonesian Waqf Board is also responsible for fostering nazhir to become more professional. For example, by organizing a number of waqf asset management trainings, publishing waqf books and others. Moreover, the development of in assisting, both in financing, coaching and supervising the nazhir to be able to manage waqf more productively. The pattern of organization and institutions of the Indonesian Waqf Board (BWI) must be able to respond to the problems faced by society in general and Muslims in particular.
At the community level, the most basic problem is poverty, both in a special sense, as reflected by the level of community income, as well as in a broad sense that includes aspects of health, education, or the fulfillment of human rights in general. For an alternative source of funds, waqf managed by a national institution such as the Indonesian Waqf Agency, for example, should be a potential source of funds in overcoming social problems such as poverty and aspects of its decline.
Social problems are not only the responsibility of the State as the highest institution of governance, but also become a common problem that must be resolved together as well. Islamic-based community organizations are also responsible for building a more realistic social movement in overcoming this problem. Access to waqf resources should also be given and widely opened to socially affiliated Islamic and non-Islamic organizations so that the existing poverty problem can be resolved. The role of the Indonesian Waqf Board is becoming increasingly important in playing its role. The main tasks such as administration to the management of waqf funds must be in line with the program that has been created. 14 National waqf institutions, such as the Indonesian Waqf Board, should have started to collaborate with the private sector in waqf management for the productivity of the waqf objects they manage. Existing waqf assets can be differentiated collectively with private professionals to work on projects that include waqf assets as the main part of business activities, such as in agriculture.
Looking further at the main factors why the potential of waqf in Indonesia has not been productive, in principle this problem lies in the hands of nazhir, as the holder of the mandate of waqif (the person who gives waqf) to manage and develop waqf assets. This means that the management of waqf assets has not been carried out professionally.
Judging from the way it has been managed so far, there are three types of nazhir in Indonesia. First, it is managed traditionally. Waqf assets are still managed and placed as pure teachings that are included in the category of worship only. Such as for the sake of building mosques, madrasas, prayer rooms and cemeteries. Second, waqf assets are managed semi-professionally. The management method is still traditional, but the administrators (nazhir) have begun to understand how to develop waqf assets more productively. However, Nazhir's ability and managerial level are still limited. Third, waqf assets are managed professionally. Nazhir is required to be able to maximize waqf assets for more productive interests and be managed professionally and independently. 15 The management of waqf in Islamic countries has made significant progress, both immovable waqf and movable (cash) waqf. However, this is not the case in Indonesia. In fact, if you look at the number, waqf assets throughout Indonesia are quite large. In its concept, waqf is often considered as a source of assets that provide eternal use. The problem that developed later was the problem of collecting, managing, and utilizing and utilizing productive waqf assets in Indonesia which required serious handling. The utilization of cash waqf in Indonesia must learn from other developed Islamic countries. As the world's largest Muslim country, Indonesia has the potential to develop cash waqf. However, until now the potential of waqf as a means of doing good for the benefit of the community has not been managed and empowered optimally in the national scope.
If waqf in Indonesia can be handled properly in terms of management, then surely the problems faced by our nation today and in the future will be easy to overcome, because at the end of the day the problems of society in general revolve around financial problems. Thus, in order for Indonesian waqf to provide social welfare for the community, it is necessary to optimally manage waqf by waqf managers Selangor. In 2012, Bank Mu'āmalāt Malaysia Bhd and PWS joined forces to increase waqf collection under Waqf Selangor Mu'āmalāt (Amilah Awang Abd. Rahman, and Abdul Bari Awang). 17 The Selangor Stock Waqf is an investment through cash by purchasing units of shares offered by MAIS. Participation in this scheme is open to all Muslims, minimum limit is RM 10.00 (per unit) with no maximum limit. The Selangor Stock Waqf has managed to attract a large number of contributions which continue to increase every year. As stipulated in the fatwa issued by the Selangor Fatwa Board on 5 September 2009, profits from the Selangor Share Waqf Scheme must be used to purchase permanent assets. The proceeds can be used for charitable purposes and other transactions that benefit the public as approved by the Selangor Islamic Religious Council. A number of projects have been successfully funded from cash waqf. 18 In addition, there are also known terms, general and special waqf as referred to by PWS which are distinguished based on the purpose of waqf. According to scholars, there are two kinds of waqf, namely waqf ahli (special) and waqf khairi (general). Waqf ahli is also called family waqf or special waqf. That is, waqf is addressed to certain people, both to their families and to other parties. Waqf ahli is sometimes referred to as waqf 'alal aulad, which is waqf intended for social interests and security within the family environment. 19 Special waqf based on conditional encouragement, which occurs when someone is abandoned by his family, so that no one bears it, like a nomad who leaves his family far away. Waqf khairi, explicitly intended for the benefit of religion or the general public. Such as waqf that was handed over for the construction of mosques, hospitals, orphanages and so on. By means of waqf, the wakif can channel his wealth to support these health services to those in need, not differentiated between Muslims and non-Muslims. 22 JCorp realized this effort by establishing the An-Nur Waqf Clinic Fund for the purpose of building a hospital and An-Nur Waqf Clinic. In Malaysia, apart from cash waqf managed by the State Islamic Religious Council, there are also waqf stock trust institutions. This waqf stock trust is operated through a bank. They offer these shares to the public at a certain price. People who buy these shares do not get any profit and the charity money used to buy the shares is completely handed over to the manager without them being able to ask for it back. The profits obtained will be managed by the government for the public interest. The main objectives of the collected cash waqf are; building profitable facilities so that they can be used as capital again, on existing waqf lands, buying new facilities that will be used as waqf assets, investing them in safe sectors so that the nominal value of waqf assets is not lost.
Waqf has the unique characteristics of contributing to the welfare of society, especially through economic activities. Legal experts agree that the most important criterion is the lasting benefit. This means that the most important task of the nadzir (Mutawalli) is to maintain the waqf property, neither moving nor moving productively and not being exhausted after being utilized.
The efforts of institutions in Malaysia to expand waqf activities beyond traditional practices such as waqf of land, houses and plantations and include cash should be regarded as a commendable initiative. Introducing share waqf is an honorable endeavor that should be supported by the Muslim community. This is an infinite charity (ṣadaqah jārīah) even though it is made in a new form for the welfare of Muslims.
Malaysia has a different cash waqf practice from Indonesia. Malaysia as seen in its regulations seems to be more inclined towards istibdal practice, namely replacing. Malaysia is more familiar with stock waqf where cash waqf is collected from various circles of society with a