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All Journal Jurnal Indo-Islamika Gadjah Mada International Journal of Business Walisongo: Jurnal Penelitian Sosial Keagamaan HUMAN FALAH: Jurnal Ekonomi dan Bisnis Islam Tazkia Islamic Finance and Business Review al-Uqud : Journal of Islamic Economics International Journal of Islamic Economics and Finance (IJIEF) Al-Muzara'ah Aptisi Transactions on Technopreneurship (ATT) Airlangga International Journal of Islamic Economics and Finance Share: Jurnal Ekonomi dan Keuangan Islam Maqdis: Jurnal Kajian Ekonomi Islam International Journal of Economics (IJEC) INOVASI: Jurnal Ekonomi, Keuangan, dan Manajemen
Rifki Ismal
Faculty of Economics, University of Indonesia
Religion Humanities Computer Science & IT Economics, Econometrics & Finance Education Law, Crime, Criminology & Criminal Justice Social Sciences Other

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Revisiting Mudharabah Investment Account and Proposal for Improvement – Case of Indonesia Wibisono, Afrid; Siregar, Hermanto; Ismal, Rifki; Ratnawati, Nirdukita; Ismail, Ahmad Faizal
AL-MUZARA'AH Vol. 12 No. 2 (2024): AL-MUZARA'AH (December 2024)
Publisher : Department of Islamic Economics, IPB University

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.29244/jam.12.2.195-216

Abstract

The rapid growth of Islamic banks is accompanied by various innovations in Islamic financial transactions which generally seem to follow the product diversity and risk profile of conventional banks. This innovation is also carried out in the application of mudharabah particularly in the Profit-Sharing Investment Account (PSIA). Mudharabah, whose original form is equity, has been adapted by Islamic banks by treating it just like a normal deposit whith the exception that the profit is calcualted based on a ratio, resulting difficulties to distinguish it from conventional bank deposits which are debt in nature. This research aims to evaluate the implementation of mudharabah in PSIA in Indonesia, by conducting field survey and interviews with parties whom responsible for managing it and comparing it with Sharia Standard issued by Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) and fatwas of National Sharia Council of Indonesian Ulama Council (DSN-MUI). The research revealed that although PSIA return is calculated using profit distribution ratio (as mudharabah core feature), it lacks other main features of mudharabah, be it in its nature or profit or loss determination method. To rectify this deviation, this research proposes an operational model of mudharabah termed “the Quasi Equity Model", which meets the main features of mudharabah as envisaged by AAOIFI and DSN-MUI. This study contributes to the field of Islamic finance by not only identifying existing discrepancies but also proposing a practical model for addressing them, thus aligning it back to sharia principles within Islamic banking practices.
Analisis keputusan investor dalam berinvestasi pada cash waqf linked sukuk SW001 Kuntoro, Dwi Cahyono; Ismal, Rifki; Anwar, Saiful
INOVASI: Jurnal Ekonomi, Keuangan, dan Manajemen Vol. 19 No. 3 (2023): Agustus
Publisher : Fakultas Ekonomi dan Bisnis Universitas Mulawarman

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.30872/jinv.v19i3.2977

Abstract

Penelitian ini berfokus kepada CWLS untuk menganalisa faktor yang mempengaruhi investor dalam berinvestasi pada CWLS seri SW001. Metode analisis data dalam penelitian ini menggunakan Analytic Network Process (ANP). Responden penelitian ini berjumlah 12 orang ahli yang terdiri dari akademisi, regulator, dan praktisi. Berdasarkan hasil penelitian yang telah dilakukan, aspek preferensi merupakan prioritas utama yang memengaruhi investor dalam membeli CWLS dengan nilai sebesar 0,346. Selanjutnya untuk prioritas kedua adalah faktor fitur investasi dengan nilai 0,338. Selanjutnya untuk prioritas ketiga adalah faktor persepsi dengan nilai 0,287. Dalam menentukan urutan prioritas tersebut responden memiliki kesepakatan (W) sebesar 0,020. Berdasarkan hasil olah data seluruh cluster, menurut seluruh responden, dari seluruh faktor yang menjadi prioritas utama dalam memengaruhi keputusan berinvestasi pada instrumen CWLS adalah jenis CWLS, sistem distribusi dan dukungan peraturan atau undang-undang. Faktor-faktor tersebut memiliki nilai masing-masing sebesar 0,079; 0,069 dan 0,063. Penelitian terkait faktor-faktor yang memengaruhi investor merupakan hal yang penting. Hal ini karena dapat membantu regulator dan penerbit CWLS untuk meningkatkan pembelian CWLS oleh masyarakat
Islamic Social Finance Innovation: Strategic Integrationof Waqf-Linked Sukuk for Sustainable Cooperative Development Aris, Diba Anggraini; Siregar, Hermanto; Mariyanti, Tatik; Ismal, Rifki; M. Suryadinata, M. Suryadinata
JURNAL INDO-ISLAMIKA Vol. 15 No. 1 (2025): (JUNE) INDO-ISLAMIKA: Journal of Interdisciplinary Studies on Islam in Indones
Publisher : Graduate School of UIN Syarif Hidayatullah Jakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15408/jii.v15i1.46998

Abstract

The study aims to formulate strategies for utilizing waqf linked sukuk in cooperatives to accelerate economic recovery using the Tawhidi String Relation (TSR) approach. Qualitative descriptive approaches are use in this study with Analytical Network Process (ANP) and interview from multi stakeholders in each field, library studies as the data collection techniques. The findings of this research identify various strategies, including strengthening the professionalism of Sharia cooperatives as Nazhir; strengthening coordination between regulators; Strengthening education and literacy effectiveness; accommodate the effectiveness of the legislation; and strengthening regulations to support effectiveness. The main strategy in developing effectiveness for strengthening of sharia cooperatives to accelerate economic recovery lies in strengthening the professionalism of sharia cooperatives as nazhir, so it must be the main concern for the effectiveness development strategy. This study might only benefit Indonesian policymakers, but it may also benefit other countries which have similar character.
Tawhidi String Relationship (TSR) Approach to Entrepreneurial Growth in Waqf Linked Sukuk Nasution, Lokot Zein; Siregar, Hermanto; Ismal, Rifki; Mariyanti, Tatik
Aptisi Transactions On Technopreneurship (ATT) Vol 7 No 3 (2025): November
Publisher : Pandawan

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.34306/att.v7i3.638

Abstract

This paper is motivated by the still weak bargaining position of Islamic finance in the development policy constellation. In fact, Islamic finance has a variety of advantages compared to conventional, and has a variety of instruments that can be developed. One of the innovations in the development of Islamic financial instruments is the combination of sukuk and waqf or called sukuk linked waqf. The development of waqf-linked sukuk is one of the innovations and a manifestation of the importance of formulating objectives derived from religious and divine values or known as the Tawhidi String Relation (TSR). The TSR approach emphasizes the truth that comes from God, while at the same time emphasizing the importance of trying to achieve the benefit of the world. The principle of TSR is the oneness of Allah SWT which is known as Tawhid which acts as the main method for the development of Islamic finance. The oneness of Allah SWT is represented in the Al-Qur'an which is then juxtaposed with As-Sunnah. Based on the TSR approach, this paper suggests that there are many arguments or basic arguments for the importance of returning the financial sector back to the sharia economy which originates from the Al-Qur'an and As-Sunnah. This weak correlation causes the innovation results in the ecosystem for the development of waqf-linked sukuk to be weak. Therefore, it is necessary to strengthen the Islamic financial conclusion which must truly base its ecosystem on the basis of the Al-Qur'an and As-Sunnah as the foundation for the development of sukuk linked waqf.
Measuring The Trust of Corporate Waqifs to Donate Cash Waqf to The Indonesian Waqf Board Dewi, Sri Yanita; Ismal, Rifki; Tanjung, Hendri
International Journal of Economics (IJEC) Vol. 3 No. 1 (2024): January-June
Publisher : PT Inovasi Pratama Internasional

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.55299/ijec.v3i1.791

Abstract

This research aims to measure the trust of institutional waqif to distribute waqf to waqf institutions, in this case, the Indonesian Waqf Board (BWI), in the form of an index referring to the Waqf Core Principles (WCP). This study measures the trust of institutional waqif to distribute cash waqf through BWI based on WCP using an index (100 scale), which composed of individual index of waqf supervision, nazhir governance, risk management, sharia governance, and the overall trust index. The institutional waqif trust index to distribute waqf to BWI is “trust” (53.36). Based on components: a. waqf supervision index is trust (13.49), b. nazhir governance index is trust (3.18), risk management index is trust (25.24), and sharia governance index is trust (11.45). Increasing the trust of institutional waqf in BWI can be done through the improvement and management of waqf from large-scale institutional waqf, preparation of BWI communication strategies which include implementation of waqf and policies, and transfer of knowledge from waqf institutions to institutional waqif. This thesis will provide additional knowledge to academics regarding the potential of institutional waqif and the implementation of WCP in Indonesia. In addition, this research practically provides recommendations for regulators, waqf institutions, and related parties to optimize the collection, management, and supervision of waqf in Indonesia. Based on the author's knowledge, this is the first paper to measure the trustworthiness of institutional waqif. This paper is expected to provide novelty regarding the level of trust of a institutional waqif to a waqf institution in the form of an index.
Cash Waqf Linked Deposit Potential for Revitalizing Islamic Banking in Indonesia Utomo, Gunawan Setyo; Ismal, Rifki
Share: Jurnal Ekonomi dan Keuangan Islam Vol. 13 No. 1 (2024)
Publisher : Faculty of Islamic Economics and Business, Universitas Islam Negeri Ar-Raniry

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.22373/share.v13i1.22087

Abstract

Despite existing for over two decades, the market share of Islamic banking remains stagnant. Conversely, Indonesia possesses immense, yet underutilized, potential for cash waqf (charitable endowments). This study investigates the Cash Waqf Linked Deposit (CWLD) product, an initiative by OJK, focusing on its potential to enhance Islamic bank participation in cash waqf management. The research explores the responses of cash waqf participants through in-depth interviews and Focus Group Discussions (FGDs) with seven key figures: two waqif (donors), three representatives from LKS PWU (waqf collecting institutions), and two nazir (managers). Descriptive qualitative analysis facilitated by NVivo software is employed to understand the responses. The findings reveal a high level of alignment (70% average word similarity) between the proposed CWLD product design and stakeholder expectations. All stakeholders expressed positive responses and support for CWLD. They perceive CWLD as a facilitator for waqf contributions through Islamic banks, a means to expand existing waqf assets, and an attractive option due to the temporary nature of the deposits with eventual return to the waqf. This study highlights the potential of CWLD to bridge the gap between Islamic banking and cash waqf in Indonesia, potentially contributing to a more dynamic Islamic banking landscape.==============================================================================================================ABSTRAK – Potensi Cash Waqf Linked Deposit dalam Revitalisasi Perbankan Syariah di Indonesia. Pangsa pasar perbankan syariah menunjukkan stagnasi meskipun sudah beroperasi selama lebih dari dua dekade. Di sisi lain, potensi wakaf uang di Indonesia sangat besar, namun belum difasilitasi secara optimal oleh perbankan syariah. Penelitian ini bertujuan untuk mengevaluasi produk Cash Waqf Linked Deposit (CWLD) yang diinisiasi oleh OJK, dengan fokus pada respons para pemangku kepentingan wakaf uang. Data penelitian dikumpulkan melalui wawancara mendalam dan Focus Group Discussion (FGD) dengan tujuh narasumber kunci, yaitu dua waqif (pemberi wakaf), tiga perwakilan LKS PWU (lembaga pengumpul wakaf uang), dan dua nazir (pengelola wakaf). Untuk memahami tanggapan responden, penelitian ini menggunakan analisis kualitatif deskriptif dengan bantuan perangkat lunak NVivo. Hasil penelitian menunjukkan bahwa desain dan usulan produk CWLD yang diinisiasi oleh OJK telah sangat mengakomodasi aspirasi dan harapan para pemangku kepentingan. Analisis kesamaan kata antar wawancara menunjukkan rata-rata 70%, yang mengindikasikan kesesuaian produk dengan kebutuhan pemangku kepentingan. Para pemangku kepentingan memberikan respons positif dan dukungan terhadap usulan produk CWLD. Mereka memandang CWLD sebagai fasilitator bagi waqif untuk melakukan wakaf melalui bank syariah, produk alternatif untuk meningkatkan aset wakaf yang sudah ada, dan pilihan menarik bagi waqif karena dana wakaf bersifat sementara dan akan kembali kepada waqif. Hasil kajian ini menggarisbawahi besarnya potensi CWLD dalam menjawab persoalan stagnasi pangsa pasar perbankan syariah dengan memanfaatkan potensi wakaf uang yang besar di Indonesia.
Co-Authors Achmad Firdaus Anriza Witi Nasution Arip Rahman Aris, Diba Anggraini Ascarya Ascarya Chuzaimah Batubara, Chuzaimah Dewi, Sri Yanita Dida Nurhaida Fakhri, Ulumuddin Nurul Farida Jasfar, Farida Hendri Tanjung Hermanto Siregar Irfan Syauqi Beik Ismail, Ahmad Faizal Jayaprawira, Acep Riana Kuntoro, Dwi Cahyono Lokot Zein Nasution, Lokot Zein M. Suryadinata, M. Suryadinata nirdukita ratnawati, nirdukita Nur Shabrina, Rina Priyadi, Rohman Ramadani, Dwi Putri Saiful Anwar Tambunan, Khairina Tatik Mariyanti, Tatik Taufik Awaludin, Taufik Utomo, Gunawan Setyo Wibisono, Afrid