Syafada, Pragita (2024) ANALYSIS OF THE MANAGEMENT OF CASH WAQF LINKED SUKUK RETURNS SERIES SWR004 AT THE INDONESIAN WAQF AGENCY (BWI) IN TERMS OF FIQH MUAMALAH. S1 Undergraduate thesis, Universitas Darussalam Gontor.

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Abstract

Cash Waqf Linked Sukuk (CWLS) is a waqf innovation that combines cash waqf and sukuk. SWR stands for retail waqf sukuk in which the organizer of this sukuk is the state, so that the security of the investment is guaranteed. This SWR proves that CWLS has succeeded in connecting waqifs with an increase in each SWR product issued. And most recently in July 2023 (the offering period) there is SWR004 launched by the government until September 10, 2025 (the expiration period) with a yield of 5, 85% annually. The conjecture that the researcher found to be a problem in this research is the element of usury and speculation in managing of the SWR004 series CWLS yield. Because it uses a floating with floor rate in taking coupons or yields, where the benchmark interest rate is a consideration for taking yields in this SWR004 series retail sukuk endowment. So from that, researchers will find out how the management of CWLS series SWR004 return at BWI is reviewed from the Fiqh Muamalah concept. The research method that researchers use is a descriptive qualitative field analysis approach. The Data collection techniques from primary and secondary data taken from various references to journals, books and official websites, assisted by observation, surveys, documentation and structured and unstructured interviews with the trustees of the central BWI. By checking the validity of the data using the data source triangulation method will help gain in-depth insights. The results of the research can be concluded that the management of yields in the SWR004 series CWLS is not contrary to the principles of muamalah fiqh. And free from allegations of usury and speculation because the BI benchmark interest rate is only a benchmark in achieving returns. The existence of benchmark interest rates is also to control inflation and the macroeconomic system in Indonesia, which aims for the benefit of the people. However, the contract used is still a matter of consideration because the ijarah contract should have a fixed yield, but in SWR004 the yield fluctuates because it uses a floating with floor rate. Which is more harmonious with the use of profit loss sharing contracts, namely musyarakah and mudharabah, because there are fluctuations in the return because it is based on the BI-7DRRR benchmark interest rate. The researcher hopes that this research can be a suggestion in BWI's future programs.

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