Developing Sustainable Hajj Funds: Innovative Cash Waqf Investment Models

Nasrul Fahmi Zaki Fuadi; Dessy Noor Farida; Naili Saadah; Cintya Cindy Melania Ramadhani; Ali Imron

doi:10.21580/economica.2022.13.2.19026

Authors

Nasrul Fahmi Zaki Fuadi (Scopus ID 58808760100) Universitas Islam Negeri Walisongo Semarang, Indonesia https://orcid.org/0000-0001-5176-632X
Dessy Noor Farida Universitas Islam Negeri Walisongo Semarang, Indonesia
Naili Saadah Universitas Islam Negeri Walisongo Semarang, Indonesia
Cintya Cindy Melania Ramadhani Universitas Islam Negeri Walisongo Semarang, Indonesia
Ali Imron (Scopus ID 58559707500) Universitas Islam Negeri Walisongo Semarang, Indonesia

DOI:

https://doi.org/10.21580/economica.2022.13.2.19026

Keywords:

Cash Waqf, Hajj Fund, Sharia-Compliant, Sukuk, Sustainable Finansial Models

Abstract

The Indonesian Sharia Economic Masterplan (MEKSI) 2019-2024 presents a detailed plan for the growth of the Islamic financial industry. It focuses on combining the fiscal, commercial, and ZISWAF (Zakat, Infaq, Sadaqah, and Waqf) sectors to promote economic inclusivity. The objective of this study is to assess the management mechanism of the Hajj Fund by BPKH and investigate alternative investment models that make use of cash waqf to enhance the efficiency of fund management. The technique encompasses an extensive examination of existing literature, both qualitative and quantitative evaluations, interviews with relevant stakeholders, and a comparative analysis of successful models implemented in other countries. Financial modeling is utilized to simulate the effects of various asset allocation methods. The results suggest that integrating cash waqf into BPKH's current procedures can lead to considerable improvements. Cash waqf offers higher financial returns and larger social welfare benefits through targeted investments in Sharia-compliant financial instruments such as Sukuk. The iterative process of allocating and reinvesting income guarantees the long-term viability and expansion of Hajj funds. The study highlights the capacity of cash waqf to strengthen financial stability and social influence, in accordance with Islamic principles and promoting economic growth. These findings have significant ramifications for politicians and financial managers in enhancing the management of Hajj funds to more effectively cater to the needs of the Muslim community.

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Author Biographies

Nasrul Fahmi Zaki Fuadi, (Scopus ID 58808760100) Universitas Islam Negeri Walisongo Semarang

ORCHID ID: https://orcid.org/0000-0001-5176-632X
Google Scholar Profile: https://scholar.google.co.id/citations?user=Ya-XkM8AAAAJ&hl=id
ResearchGate: https://www.researchgate.net/profile/Nasrul_Fahmi_Zaki_Fuadi
Sinta ID: 6030721

Web of Science ResearcherID: AAV-8620-2020

Cintya Cindy Melania Ramadhani, Universitas Islam Negeri Walisongo Semarang

Coba
Lagi
Saja

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