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Cash Waqf Optimization and the Improvement of Higher Education Quality: A Comparative Study between the Islamic University of Indonesia and IPB University Fikri Hilmansyah; Yuli Yasin; Mualimin Mochammad Sahid
Mauriduna : Journal of Islamic Studies Vol. 7 No. 2 (2026): Mauriduna : Journal of Islamic Studies, May 2026
Publisher : Institut Muslim Cendekia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.37274/mauriduna.v7i2.177

Abstract

This study analyzed  the optimization of cash waqf in improving the quality of higher education, using Universitas Islam Indonesia (UII) as a case study from the perspective of Islamic Economic Law. This study employed a qualitative normative-empirical approach with analysis of the 2024 Financial Report of the UII Waqf Board Foundation and a comparative study with Bogor Agricultural Institute (IPB), this research identified cash waqf management strategies and their implications for social goals. The reserach findings indicated that cash waqf management at UII reflected a structured management system oriented toward the sustainability of funds. These practices have successfully maintained the sustainability of the principal funds (hifz al-mal), yet have resulted in a limited proportion of benefit distribution. A comparison with IPB revealed a strategic difference in balancing the goals of sustainability and social impact, with IPB demonstrating more diverse program innovation and impact-oriented reporting. This study contributed by presenting a comparative analysis model for the implementation of cash waqf, providing insights into the strategic balance between investment and distribution to optimize the achievement of maqāṣid al-sharī‘ah and SDG-4. The application of these findings can serve as a reference for higher education waqf institutions in formulating more innovative and impact-oriented management strategies.
Al-Raisuni's Maqasid al-Shari’ah as an Audit Framework for Indonesian Green Sukuk Hasby Cholili; Aep Saepullah; Mualimin Mochammad Sahid
Mauriduna : Journal of Islamic Studies Vol. 7 No. 2 (2026): Mauriduna : Journal of Islamic Studies, May 2026
Publisher : Institut Muslim Cendekia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.37274/mauriduna.v7i2.197

Abstract

This study evaluated Indonesia's Sovereign Green Sukuk through Ahmad Al-Raisuni's tripartite Maqāṣid al-Sharī'ah framework, examining whether the instrument achieved substantive environmental objectives or merely fulfilled administrative compliance. Employing normative-juridical documentary analysis, the research examined three primary source categories: POJK No. 18/2023 governing issuance requirements; Al-Raisuni's foundational Arabic texts; and the Ministry of Finance's Green Sukuk Allocation and Impact Reports (2018–2022). Content analysis with deductive reasoning was applied to assess operational effectiveness, governance architecture, and reporting mechanisms relevant to greenwashing mitigation. The findings indicated that Indonesia's framework exhibited stronger impact-measurement alignment than market-centric models, as evidenced by a government-reported cumulative emission reduction of 10.6 million tonnes of CO₂ across 2018–2022, through infrastructure projects in remote 3T regions including flood control systems and solar PV installations at disaster monitoring posts. The study contributed a hierarchical audit framework that operationalised Al-Raisuni's Partial, Special, and General Maqāṣid Objectives as evaluative checkpoints for assessing use-of-proceeds governance and greenwashing resilience.