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All Journal Dalwa Islamic Economic Studies: Jurnal Ekonomi Syariah Demokrasi: Jurnal Ilmu Sosial, Politik, dan Hukum
Mushaq Syamsuar
Universitas Darussalam Gontor, Ponorogo
Religion Economics, Econometrics & Finance Other

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Bridging the Financing Gap in Halal Tourism Infrastructure: A Legal and Economic Reconstruction of Cash Waqf Linked Deposit (CWLD) Imam Kamaluddin; Ahmad Zaki Al Fanani; Mushaq Syamsuar; Abdul Nafi' Nur Fauzan; Irawan Irawan
Dalwa Islamic Economic Studies: Jurnal Ekonomi Syariah Vol. 5 No. 1 (2026): June
Publisher : Program Studi Ekonomi Syariah Institut Agama Islam Darullughah Wadda'wah

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.38073/dies.v5i1.4952

Abstract

The global halal tourism industry serves as a strategic pillar that substantially contributes to Indonesia's Gross Domestic Product. Nevertheless, its development remains impeded by fundamental constraints, particularly a significant financing gap in infrastructure provision. This study aims to conceptually reconstruct the Cash Waqf Linked Deposit (CWLD) instrument to serve as an alternative legal and Islamic economic framework for financing macro-scale halal tourism infrastructure. Employing a qualitative library research approach, this study evaluates data sourced from academic journals, scholarly literature, and regulations of the Financial Services Authority through thematic analysis. The findings propose a multi-contract scheme encompassing Wadi'ah or Mudharabah Mutlaqah during the fund accumulation phase, Mudharabah Muqayyadah for project investment disbursement, and Wakalah bil Ujrah for the Nazhir. This model ensures the preservation of the waqf principal while facilitating highly cost-effective funding for developers. Furthermore, the investment yields are allocated to subsidize halal certification for local Micro, Small, and Medium Enterprises (MSMEs), thereby fostering an integrated and sustainable socio-economic ecosystem within the halal value chain. As a conceptual study, this proposed model has yet to undergo empirical validation. However, the study suggests that CWLD has the potential to serve as an alternative Islamic social finance instrument for supporting halal tourism infrastructure, provided that regulatory safeguards, professional nazhir governance, and project risk mitigation mechanisms are properly established. Future empirical validation utilizing Interpretive Structural Modeling (ISM) or Analytic Network Process (ANP) methodologies is highly recommended to operationalize this framework.
Harmonisasi Fatwa DSN-MUI dan Prinsip Akuntabilitas Wakaf: Pendekatan Tematik terhadap Keadilan, Amanah, dan Transparansi Syariah Mushaq Syamsuar; Syaikha Nisa Az Zahra
Demokrasi: Jurnal Ilmu Sosial, Politik, dan Hukum Vol. 1 No. 3 (2026): September: Demokrasi: Jurnal Ilmu Sosial, Politik, dan Hukum
Publisher : Lembaga Penerbit Penelitian Multidisipliner

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.67096/demokrasi.v1i3.415

Abstract

Penelitian ini mengeksplorasi kesenjangan struktural antara potensi besar wakaf di Indonesia dan realisasi yang rendah akibat lemahnya akuntabilitas dan transparansi lembaga pengelola wakaf (nazhir). Meskipun Dewan Syariah Nasional-Majelis Ulama Indonesia (DSN-MUI) telah menerbitkan berbagai fatwa progresif sejak 2002 hingga 2025, integrasi antara norma fatwa tersebut dengan standar akuntansi praktis masih bersifat parsial. Artikel ini bertujuan mengembangkan kerangka konseptual harmonisasi antara fatwa DSN-MUI dan prinsip akuntabilitas wakaf berbasis tiga dimensi syariah fundamental: keadilan (‘adalah), amanah, dan transparansi. Melalui analisis sistematis, penelitian menemukan bahwa akuntabilitas merupakan manifestasi natural ekonomi Islam yang dioperasionalisasi dalam fatwa melalui pembatasan biaya operasional, transparansi keputusan, dan pengawasan syariah berkelanjutan. Studi ini menyimpulkan bahwa model harmonisasi ideal berbentuk "hierarki komplementer," di mana fatwa memberikan legitimasi religius dan fleksibilitas, sementara regulasi negara memberikan kepastian hukum dan daya paksa. Implikasi harmonisasi ini terbukti strategis dalam meningkatkan kepercayaan publik dan pertumbuhan aset wakaf.
Co-Authors Abdul Nafi' Nur Fauzan Ahmad Zaki Al Fanani Imam Kamaluddin Irawan Irawan Syaikha Nisa Az Zahra