The development of Wakaf Deposits in Indonesia holds significant potential in strengthening Islamic finance and maximizing waqf fund utilization. However, challenges related to regulatory alignment, risk management, transparency, and operational standardization hinder its effective implementation across Islamic Financial Institutions. This study aims to develop a prototype and Standard Operating Procedure (SOP) for Waqf Deposit products in Islamic Financial Institutions, with an emphasis on Islamic Banks, Islamic Cooperatives, and Islamic Fintech. This Waqf Deposit product is designed to support the optimal potential of waqf through an innovation-based and collaborative approach. This study targets the study of Islamic law and positive law related to waqf, the development of a BMC (Business Model Canvas)-based business model, the design of operational stages, and cost and benefit analysis. In addition, risk and prevention analysis is carried out in accordance with sharia principles and OJK (Financial Services Authority) regulations, including the preparation of RAC (Risk Acceptance Criteria) and waqf audit guidelines. The results of this study are expected to provide practical guidance for Islamic Financial Institutions in implementing Waqf Deposit products, as well as stimulating synergy between the banking, cooperative, and fintech sectors in supporting community empowerment and the development and improvement of the halal industry. This study contributes to the Islamic finance sector by proposing a sustainable business model, operational workflow, risk mitigation strategies, and a waqf audit framework based on Waqf Core Principles to enhance transparency and accountability. The implications of this research extend to policymakers, financial regulators, and Islamic Financial Institutions, offering a comprehensive technical guideline for the systematic implementation of Wakaf Deposits.
Penelitian
Business-Industry Collaboration in Developing Waqf Deposit Prototypes and SOPs in Islamic Financial Institution
SINTA 3
Index Akreditasi Jurnal: Sinta 3-4
Tanggal Publikasi: 30 Jun 2025
Abstrak
Keyword
Wakaf Deposit, Islamic Finance, Risk Management, Participatory Action Research, Islamic Financial Institutions, Waqf Core Principles, Financial Innovation
Sitasi
Al-Daihani, M., Dirie, K. A., Alam, M. M., & Abdullah, A. S. (2023). Business process model for “crowdfunding cash waqf model.” Journal of Islamic Accounting and Business Research, 16(1), 147–169. https://doi.org/10.1108/JIABR-02-2023-0046/FULL/XML
Aldeen, K. N., Ratih, I. S., & Herianingrum, S. (2020). Contemporary Issues on Cash Waqf: A Thematic Literature Review. International Journal of Islamic Economics and Finance (IJIEF), 3(3). https://doi.org/10.18196/ijief.3236
Aldi, Andika, & Yodi. (2020, July 10). Peran Sosial BMT Lewat Wakaf Uang. KNEKS. https://kneks.go.id/berita/273/peran-sosial-bmt-lewat-wakafuang?category=1
Ascarya, A., & Masrifah, A. R. (2023). Strategies implementing cash waqf system for Baitul Maal wat Tamwil to improve its commercial and social activities. International Journal of Islamic and Middle Eastern Finance and Management, 16(1), 130–153. https://doi.org/10.1108/IMEFM-10-2020-0504/FULL/XML
Bank Indonesia, BWI, & IRTI-IDB. (2018). Core Principles For Effective Waqf Operation and Supervision (pp. 1–194). https://www.bwi.go.id/wpcontent/uploads/2019/10/102018-Core-Pinciples-for-Effective-WaqfOperation-and-Supervision.pdf
Berakon, I., Aji, H. M., & Hafizi, M. R. (2022). Impact of digital Sharia banking systems on cash-waqf among Indonesian Muslim youth. Journal of Islamic Marketing, 13(7), 1551–1573. https://doi.org/10.1108/JIMA-11-2020-0337
BMI Group. (2023). Koperasi Syariah Benteng Mikro Indonesia. BMI Group. https://kopsyahbmi.co.id/ziswaf
Bonang, D., Ismail, S., & Sukmana, R. (2024). Empowering The Future of Cash Waqf Through Digitalisation: An Insight Into The Philanthropic Intention of The Indonesian Muslim Community. ISRA International Journal of Islamic Finance, 16(S1), 94–117. https://doi.org/10.55188/ijif.v16iS1.586
CNBC. (2019, April 7). Ammana Genjot Program Wakaf Produktif. CNBC Indonesia. https://www.cnbcindonesia.com/tech/20190405144558-39-64907/ammanagenjot-program-wakaf-produktif
Gani, I. M., & Bahari, Z. (2021). Islamic banking’s contribution to the Malaysian real economy. ISRA International Journal of Islamic Finance, ahead-ofprint(ahead-of-print). https://doi.org/10.1108/ijif-01-2019-0004
Hadiningdyah, D. I. (2022, October). CWLS Sebagai Investasi Wakaf Yang Aman. Direktorat Jenderal Pengelolaan Pembiayaan dan Risiko. https://www.bwi.go.id/wp-content/uploads/2022/10/CWLS-BahanWakaf-BWI.pdf
Hassan, N., Rahman, A. A.-, & Yazid, Z. (2018). Developing a New Framework of Waqf Management. International Journal of Academic Research in Business and Social Sciences, 8(2). https://doi.org/10.6007/IJARBSS/V8-I2/3872
Idogawa, J., Bizarrias, F. S., & Câmara, R. (2023). Critical success factors for change management in business process management. Business Process Management Journal, 29(7), 2009–2033. https://doi.org/10.1108/BPMJ-11-2022- 0625/FULL/XML
Ikatan Akuntansi Indonesia. (2018). PSAK 112: Akuntasi Wakaf. http://iaiglobal.or.id/v03/files/file_berita/DE%20PSAK%20112%20(1).pdf
Ismal, R. (2013). The Islamic gracious monetary instruments: a theoretical approach. Journal of Economic and Administrative Sciences, 29(1), 63–80. https://doi.org/10.1108/10264111311319231/FULL/PDF
Khan, I. U., Hameed, Z., Khan, S. U., & Khan, M. A. (2023). Green Banking Practices, Bank Reputation, and Environmental Awareness: Evidence From Islamic Banks in a Developing Economy. Environment Development and Sustainability, 26(6), 16073–16093. https://doi.org/10.1007/s10668-023-03288- 9
KNEKS. (2019). Indonesia Islamic Economic Masterplan 2019-2024 (Issue August). https://kneks.go.id/storage/upload/1560308022- Indonesia%20Islamic%20Economic%20Masterplan%202019-2024.pdf
Law No. 25/1992 Re Cooperatives, Pub. L. No. No. 25 (1992). https://www.fao.org/faolex/results/details/en/c/LEX-FAOC003953/
Mohsin, M. M. A. (2019). Waqfintech and Sustainable Socio-Economic Development. International Journal of Management and Applied Research, 6(3), 130–141. https://doi.org/10.18646/2056.63.19-009
Molnár, B., Pisoni, G., Kherbouche, M., & Zghal, Y. (2023). Blockchain-Based Business Process Management (BPM) for Finance: The Case of Credit and
Claim Requests. Smart Cities 2023, Vol. 6, Pages 1254-1278, 6(3), 1254–1278. https://doi.org/10.3390/SMARTCITIES6030061
Nielsen, R. P. (2016). Action Research As an Ethics Praxis Method. Journal of Business Ethics, 135(3), 419–428. https://doi.org/10.1007/S10551-014-2482- 3/METRICS
Osterwalder, A., & Pigneur, Y. (2010). Business Model Generation: A Handbook for Visionaries, Game Changers, and Challengers. Wiley. https://vace.uky.edu/sites/vace/files/downloads/9_business_model_gen eration.pdf
Pitchay, A. A., Thaker, M. A. M. T., Mydin, A. A., Azhar, Z., & Latiff, A. R. A. (2018). Cooperative-waqf model: a proposal to develop idle waqf lands in Malaysia. ISRA International Journal of Islamic Finance, 10(2), 225–236. https://doi.org/10.1108/IJIF-07-2017-0012/FULL/PDF
POJK No, 77 2016 on Information Technology-Based Peer to Peer Lending Services, Pub. L. No. 77, OJK (2016). https://ojk.go.id/id/regulasi/Pages/POJK-tentang-Layanan-PinjamMeminjam-Uang-Berbasis-Teknologi-Informasi.aspx
Rahman, M. M., & Sohel, M. N. I. (2019). Cash Waqf Deposit Product: An Innovative Instrument of Islamic Banks for Socio-Economic Development in Bangladesh. In Revitalization of Waqf for Socio-Economic Development, Volume I (Vol. 1, pp. 135–167). Springer International Publishing. https://doi.org/10.1007/978-3-030-18445-2_8
Rohim, A. N., Priyatno, P. D., & Sari, L. P. (2022). Transformation of Waqf Management in The Digital Era: A Meta Synthesis Study. AL-FALAH : Journal of Islamic Economics, 7(2), 209–226. https://doi.org/10.29240/ALFALAH.V7I2.5421
Rulindo, R., Wirdayanti, Y., & Ariyana, F. (2020). Concept Note: Sharia Restricted Intermediaries Account (SRIA). KNEKS.
Saiti, B., Dembele, A., & Bulut, M. (2021). The global cash waqf: a tool against poverty in Muslim countries. Qualitative Research in Financial Markets, 13(3), 277–294. https://doi.org/10.1108/QRFM-05-2020-0085/FULL/XML
Satifa, S. A. ., Marenza, S. E. ., & Riyadi, M. I. . (2024). Innovation of Cash Waqf Optimization Model through EBA Syariah. Tazkia Islamic Finance and Business Review, 17(2), 102–121. https://doi.org/10.30993/tifbr.v17i2.320
Susanti, S. D. (2023, November 27). BSI luncurkan Deposito Wakaf . Antara News. https://www.antaranews.com/berita/3842463/bsi-luncurkan-depositowakaf
Syamlan, Y. T., & Rahman, H. A. (2023). Analyzing the Volatility of Non-Core Deposits in Indonesian Islamic Banks: Sharia Restricted Intermediaries Accounts (SRIA) as Stabilizer? Journal of Accounting Research, Organization and Economics, 6(3), 303–321. https://doi.org/10.24815/JAROE.V6I3.34618
Syamlan, Y. T., Sakinah, S., Mursalmina, M., & Asfiah, A. (2020). Term - Deposit Waqf Linked Isthisna (TDWLI): Proposed Models, Accounting Aspects, and Risk Management Analysis. Economica: Jurnal Ekonomi Islam, 11(1), 79–105. https://doi.org/10.21580/ECONOMICA.2020.11.1.4410
Thaker, M. A. M. T., Amin, M. F., Mohd Thas Thaker, H., Khaliq, A., & Allah Pitchay, A. (2021). Cash waqf model for micro enterprises’ human capital development. ISRA International Journal of Islamic Finance, 13(1), 66–83. https://doi.org/10.1108/ijif-08-2018-0091
Undang-Undang No.41 Tahun 2004 Tentang Wakaf , Badan Wakaf Indonesia (2004).
Undang-Undang Nomor 21 Tahun 2008 Tentang Perbankan Syariah (2008).
Wei, Z., & Lin, M. (2017). Market Mechanisms in Online Peer-to-Peer Lending. SSRN Electronic Journal. https://doi.org/10.2139/SSRN.2328468
Widiastuti, T., Mawardi, I., Samer Ali, A. S., Atiya, N., Rani, L. N., Robani, A. B., & Al Mustofa, M. U. (2024). Determinant factors for online cash waqf intention
among Muslim millennial generation. Journal of Islamic Marketing, ahead-ofprint(ahead-of-print). https://doi.org/10.1108/JIMA-12-2023- 0408/FULL/XML
Yoshida, E. (2019). FinTech-Enabled Cash Waqf: Effective Intermediary of Social Finance. In Revitalization of Waqf for Socio-Economic Development, Volume I (Vol. 1, pp. 43–58). Palgrave Macmillan. https://doi.org/10.1007/978-3-030-18445- 2_4