Global Waqf (Endowments)
Waqf is a form of a unique instrument that bases its function on the elements of virtue (birr), kindness (ihsan) and fraternity (ukhuwah). The main characteristics of waqf are very different, when waqf is done there is a shift from private ownership towards people’s ownership which is expected lasting and provides sustainable benefits. Through waqf is expected to occur in a long distribution process for a wider public, of the benefits of a personal (private benefit) to the benefit of society (social benefits).
"O you who have believed! Spend (in the way of Allah) from the good things which you have earned and from that which WE have produced for you from the earth..." (Surah Al-Baqarah: 267)
"Never will you attain good (reward) until you spend (in the way of Allah) from that which you love." (Surah Al-Imran: 92)
"The example of (the sustenance which is incurred by) those who spend their wealth in the way of Allah is like a seed (of grain) which grows seven spikes. In each spike is a hundred grains. And Allah multiplies (His reward) for whom He wills, and Allah is all-Encompassing and Knowing." (Surah Al-Baqarah: 261)
Cash waqf is a waqf done by a person, a group, an institution or a legal entity in the form of cash. Also included in the understanding of money is securities, such as stocks, checks and other. Waqf aiming to provide benefits or avail treasure that being waqf to those who are entitled to and used in accordance with the teachings of Islamic Sharia. Money waqf should only be channeled and used for things that are allowed in syar'i.
The principal amount of money waqf must be guaranteed its preservation, may not be sold, assigned, or inherited. There is a disagreement among scholars related to waqf, but the opinions are closer to the truth is the notion that cash waqf is permissible. For the purpose of waqf prescribed is to keep the principal and distribute the benefits from it. Money waqf that is meant is not the physical money but its value, so it can be replaced with other money, as long as it has the same value.
THE ADVANTAGES OF CASH WAQF
Cash Waqf give an opportunity to everyone to do 'sadaqah jariyah' and gaining reward that is uninterrupted without having to wait being a landlord or a rich merchant. People can do waqf just by buying a certificate issued by the cash waqf management institutions (nadzir). It is different from zakat (alms), in which to be a muzakki (a person who do waqf), a person must meet a number of requirements among which are his wealth must exceed the nishab. This waqf funds that have been collected can then be rolled out and invested by nadzir into various business sectors that halal and productive, so that profits can be used for the development of the people and the nation overall. It is conceivable, if 20 million Muslims in Indonesia would collect cash waqf for IDR 100 thousand per month, then the collected fund amounted IDR 24 trillion annually. If 50 million people who do waqf, each year will accumulate waqf fund amounted IDR 60 trillion. What a tremendous potential!
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