Muqorobin, Ahmad and zahro, khuruin and Arif, Achmad and Hidayah, Akmal COMPARISON OF WAQF-LINKED SUKUK REGULATIONS IN ASEAN: AN ANALYSIS OF MAQĀṢID AL-SYARĪ’AH ACCORDING TO AL-SHĀṬIBĪ. Proceeding International Seminar on Islamic Studies. ISSN 272 27626‬

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Abstract

Waqf-linked sukuk has enormous potential for developing Islamic finance and economic empowerment of the Muslim community in ASEAN. Data from the last five years show the rapid development of waqf-linked sukuk in ASEAN countries. However, a comprehensive study has not compared regulations on Waqf-linked sukuk in ASEAN countries from the perspective of maqāṣid al-syarī’ah. Appropriate regulations must support this rapid development. In managing waqf, ethics and Islamic economic values based on monotheism, morality, humanity, and equality must be considered rather than just productivity and value addition. This study aims to compare regulations on Waqf-linked sukuk in ASEAN countries (Indonesia, Malaysia, Singapore, and Brunei Darussalam) and analyze them from the perspective of maqāṣid al-syarī’ah. This is a qualitative study using normative legal research with a conceptual approach. The primary data used are laws and regulations, fatwas, official documents, and related literature from various ASEAN countries. In analyzing, the researcher uses comparative methods and interpretation of maqāṣid al-syarī’ah based on al-Shāṭibī's theory. This study's results indicate variations in the implementation of Waqf-linked sukuk regulations in ASEAN countries. Indonesia has a relatively comprehensive regulatory framework, Malaysia focuses on product development, Singapore emphasizes innovation and digitalization, while Brunei Darussalam is still in the early stages of regulatory development. In maqāṣid al-syarī’ah, according to al-Shāṭibī, it is explained that regulations in these countries have generally fulfilled the principles of Kulliyāt al-dīn al-khams, namely hifż al-dīn, hifż al-'aql, and hifż al-māl. However, there is potential to improve hifż al-nasl and hifż al-nafs by optimizing the distribution of waqf proceeds for social programs and economic empowerment of the people. This research is expected to provide a role model for policymakers, especially in waqf-linked sukuk regulations in ASEAN, by referring to maqāṣid al-syarī’ah to achieve more optimal waqf goals.

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