Masrifah, Atika (2019) Integrated Sukuk based Waqf in Pesantren: A Modified Model. Proceedings of the 7th ASEAN Universities International Conference on Islamic Finance (7th AICIF 2019) - Revival of Islamic Social Finance to Strengthen Economic Development Towards a Global Industrial Revolution, 1. pp. 5-10. ISSN 978-989-758-473-2

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Abstract

Waqf and Sukuk are not seemingly equal things to compare, one is filled with a spiritual and social aspect, the other with a commercial aspect. But time proves that the development of Islamic economic concerns is complimentary not only to commercial issues but also to social issues. Besides, Pesantren is serious about empowering a potential business unit through waqf to enhance the economic development of Pesantren. The purpose of this study is to propose models of integrated Sukuk based waqf model in Pesantren using a qualitative approach, accompanied by scholars, academicians, and practitioners with surveys and focus groups discussion. The results show that Sukuk has an important role to play in supporting Pesantren's waqf quality. This type of Sukuk will generate a new source of fund for Pesantren based on the ijarah theory, which can generate own profit for primary pesantren projects. This model shows the way Pesantren maintains and develops waqf assets toward a self-financing waqf institution. Pesantren is responsible for both the primary and secondary projects through its two divisions: Pesantren Financing Corporation and Pesantren Production Corporation. Finally, as a conclusion, the author expects that this model would be an alternative model that could be more beneficial to Pesantren in need.

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