Lutfiah, Asti (2024) ANALYSIS ON THE CHALLENGES OF IMPLEMENTING CASH WAQF LINKED DEPOSIT IN INDONESIA: STAKEHOLDERS PERSPECTIVE. S2 Masters thesis, Universitas Darussalam Gontor.

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Abstract

The launch of the CWLD Islamic banking program is a synergy between deposit banking and waqf benefits, as a new program initiated by OJK. Challenges in implementation have been based on stakeholders’ views for approximately one year since the issuance of this program. Stakeholders in the implementation of CWLD are the LKS-PWU or Islamic banks that have met the requirements, Nazhir waqf, Wakif, and regulators. The establishment and implementation of CWLD are based on a legal basis, along with cash waqf regulations and sharia deposits articulated in legislation, fatwas, and guidelines. The purpose of this study is to determine and investigate the challenges in implementation CWLD, as well as the opportunities and future directions in implementation CWLD, from the views of stakeholders. This research seeks to find coherence among stakeholders on the challenges and future opportunities in implementation CWLD based on cash waqf regulations and sharia deposits with a review of empirical findings in the field. This type of research is descriptive qualitative with a thematic approach. The thematic approach is used to find groups of similar themes based on the opinions of the interviewees. Primary data is obtained from interviews and documentation, while secondary data comes from legislation, journal articles, books, and other relevant sources. This research was conducted with several stakeholders through several instances. This research was conducted with several stakeholders through several agencies in Indonesia (OJK, BWI, KNEKS, IPB, UNIDA, Bank Jatim Syariah Madiun, and BMM). The data analysis method used Braun and Clarke's thematic approach starting from theme categorization, determination, and analysis. Atlas.ti software version 9.0 was used by researchers as a tool to analyze the data. The results showed that: 1) Challenges in the implementation of CWLD based on stakeholders' views are four points, namely the low literacy of cash waqf, the low value of profit sharing for mauquf alaih and nazir, the low understanding of human resources in CWLD practices, and regulatory issues, 2) opportunities from CWLD implementation are three important points including existing regulatory standards, the benefits received by mauquf alaih, nazir, wakif, and the sustainability of the CWLD program.

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