Evaluating the Fundraising Process of the World’s First Cash Waqf-Linked Sukuk in Indonesia

Muhamad Nadratuzzaman Hosen (Universitas Islam Negeri Syarif Hidayatullah, Jakarta)
Agung Maulana (Nusa Putra University)
Muhammad Zaid Farhand (Universitas Islam Negeri Syarif Hidayatullah, Jakarta)
Muhammad Fudhail Rahman (Universitas Islam Negeri Syarif Hidayatullah Jakarta)

QIJIS (Qudus International Journal Of Islamic Studies)
Vol 10, No 1 (2022)

Cash Waqf-Linked Sukuk (CWLS) is Indonesia’s new social and financial engineering product integrating cash waqf with Sukuk investment. Considering the low performance of the CWLS fundraising, this study aims to identify and evaluate the most critical factors contributing to the slowdown fundraising process. The study provides an expert-based alternative strategy to stakeholders to make this instrument could be better in the future. Mixed method analysis was used and based on SWOT analysis compounding an expert-based interview and questionnaire survey as data collecting method in this research. The authors elaborate on the fundraising evaluation and alternative strategies for the Internal Factor Analysis Strategy (IFAS) and External Factors Analysis Strategy factors (EFAS). The results show that the IFAS and EFAS values suggested a progressive Strength and Opportunity (S-O) strategy as the priority strategy that needs to be implemented. The (S-O) plans offered the digitization of the CWLS’s fundraising process to attract intention and facilitate access for investors/waqif from the internet user sector. Thus, the stakeholders should utilize retail collection to reach more investors.