CASH WAQF LINK SUKUK COLLECTION: EXPLORING INTENTIONS, OBSTACLES, SOLUTIONS, AND STRATEGIES FOR INSTITUTIONAL WAQIFS

Abstract

The low intention of waqf through the new type of government Islamic bond of Indonesia (Cash Waqf Linked Sukuk) CWLS has resulted in the collection failing to reach the target. This study aims to explore intentions, problems, solutions, and strategy about CWLS, and determine and rank each of its clusters and elements.

The method used is a qualitative method with the Analytical Network Process (ANP) approach. Research informants from BWI, KNEKS, Islamic Banks, BPKH, Nazir, and the government.

This research found four aspect that influence the decision to invest in CWLS and the problems related. The knowledge aspect most influenced by the low understanding and low literacy. The conformity aspect most problems caused by complicated and non-standardized accounting treatment. Ineffective CWLS management services influence the environment aspect. Last, the negative views of fund owners mostly affect the fourth aspect, behaviour aspects.

The highest influence for the solution cluster on intention is the socialization elements. The chosen most important strategy is the CSR leverage channel strategy in SOEs or government agencies for placement in CWLS. The second and third levels are standardization report, transparency, discussion policy of one nazir for several CWLS distribution partners and expanding marketing to conventional banks.