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Cash Waqf Linked Deposit in Indonesia: A Conceptual and Legal Review

Al-Muamalat · Vol. 12 No. 2 (2025) · hlm. 252–266

DOI
10.15575/am.v12i2.46612
ISSN
2716-0610, 2086-3225
Terbit
2025-09-09
Penerbit
Department of Sharia Economic Law, Faculty Sharia and Law, UIN Sunan Gunung Djati Bandung
Bahasa
eng
Lisensi
creativecommons.org/licenses/by-sa/4.0

Abstrak

This research aims to examine Cash Waqf Linked Deposit (CWLD) within the context of Indonesia’s Islamic finance industry, with a focus on its principles, regulatory framework, and implementation challenges. Although CWLD has recently been introduced as an innovative financial instrument, legal and conceptual studies on the topic remain limited, particularly within the scope of national regulations. This study adopts a qualitative method with a descriptive-analytical approach. Data were obtained from Law No. 41 of 2004 on Waqf, Government Regulation No. 25 of 2018, relevant fatwas issued by the Indonesian Ulema Council, and academic literature. The findings indicate that CWLD integrates cash waqf with sharia-compliant deposit products. The collected waqf funds are placed in deposits, and the returns are allocated to social programs and economic empowerment initiatives. However, CWLD implementation faces several challenges, including the absence of specific regulations and low levels of public awareness. This study concludes that CWLD has significant potential to strengthen the waqf ecosystem and promote Islamic financial inclusion. To optimize its role in socio-economic development, regulatory support, public education, and cross-agency collaboration are essential.

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  • Hasanuddin University
  • National Research and Innovation Agency
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Rekan penulisOrganisasiArtikel bersama
Andi Adri AriefHasanuddin University6
Amiluddin AmiluddinHasanuddin University5
Abdul WahidHasanuddin University4
Arie Syahruni CangaraHasanuddin University4
Mardiana Ethrawaty FachryHasanuddin University3
Muh. Chasyim HasaniHasanuddin University3
Muhammad Dalvi MustafaHasanuddin University3
Benny Audy Jaya GosariHasanuddin University3
Hamzah TahangHasanuddin University2
Abdul WahidHasanuddin University2
Abd. WahidHasanuddin University2
Reza RahmatullohAfiliasi tidak diketahui1
Mukhammad Iqbal IbrahimAfiliasi tidak diketahui1
Maya Rini HandayaniAfiliasi tidak diketahui1
Nur Cahyo Hendro WibowoAfiliasi tidak diketahui1
Bismar HimawanAfiliasi tidak diketahui1
Nisfah Ainun MardiyahHasanuddin University1
Yaumil Atia A. A. OmarAfiliasi tidak diketahui1
Asrul Rahadi RamlanHasanuddin University1
Indrya SariHasanuddin University1
Abdul WahidHasanuddin University1
Firman FirmanHasanuddin University1
Rezki Inta FawaidHasanuddin University1
Suhada SuhadaHasanuddin University1
Nur Amaliyah NasruddinHasanuddin University1
Ayu Dwi Saputri Wahab AyuHasanuddin University1
Hamzah HamzahHasanuddin University1
Nur Citra AynunHasanuddin University1
Nur Fariza WarisHasanuddin University1
Firman FirmanHasanuddin University1
Asrina AsrinaHasanuddin University1
Esther Sanda ManapaAfiliasi tidak diketahui1
Benny Audy Jaya GosariAfiliasi tidak diketahui1
Arum FaindahAfiliasi tidak diketahui1
Sulaiman GosalamAfiliasi tidak diketahui1
Sitti FakhriyyahHasanuddin University1
Iman SudrajatNational Research and Innovation Agency1

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Sumber metadata: OAI-PMH (metadata jurnal) https://journal.uinsgd.ac.id/index.php/mua/oai, pertama di-harvest 7 Nov 2026, terakhir terlihat 8 Nov 2026.
Metadata asli (oai_dc) 
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	<dc:title xml:lang="en-US">Cash Waqf Linked Deposit in Indonesia: A Conceptual and Legal Review</dc:title>
	<dc:creator>Nurhasanah, Elis</dc:creator>
	<dc:creator>Umam, Khotibul</dc:creator>
	<dc:creator>Amri, Andi</dc:creator>
	<dc:subject xml:lang="en-US">Cash Waqf Linked Deposit</dc:subject>
	<dc:subject xml:lang="en-US">Waqf Regulation</dc:subject>
	<dc:subject xml:lang="en-US">Islamic Finance </dc:subject>
	<dc:description xml:lang="en-US">This research aims to examine Cash Waqf Linked Deposit (CWLD) within the context of Indonesia’s Islamic finance industry, with a focus on its principles, regulatory framework, and implementation challenges. Although CWLD has recently been introduced as an innovative financial instrument, legal and conceptual studies on the topic remain limited, particularly within the scope of national regulations. This study adopts a qualitative method with a descriptive-analytical approach. Data were obtained from Law No. 41 of 2004 on Waqf, Government Regulation No. 25 of 2018, relevant fatwas issued by the Indonesian Ulema Council, and academic literature. The findings indicate that CWLD integrates cash waqf with sharia-compliant deposit products. The collected waqf funds are placed in deposits, and the returns are allocated to social programs and economic empowerment initiatives. However, CWLD implementation faces several challenges, including the absence of specific regulations and low levels of public awareness. This study concludes that CWLD has significant potential to strengthen the waqf ecosystem and promote Islamic financial inclusion. To optimize its role in socio-economic development, regulatory support, public education, and cross-agency collaboration are essential.</dc:description>
	<dc:publisher xml:lang="en-US">Department of Sharia Economic Law, Faculty Sharia and Law, UIN Sunan Gunung Djati Bandung</dc:publisher>
	<dc:date>2025-09-09</dc:date>
	<dc:type>info:eu-repo/semantics/article</dc:type>
	<dc:type>info:eu-repo/semantics/publishedVersion</dc:type>
	<dc:format>application/pdf</dc:format>
	<dc:identifier>https://journal.uinsgd.ac.id/index.php/mua/article/view/46612</dc:identifier>
	<dc:identifier>10.15575/am.v12i2.46612</dc:identifier>
	<dc:source xml:lang="en-US">Al-Muamalat; Vol. 12 No. 2 (2025): July; 252-266</dc:source>
	<dc:source>2716-0610</dc:source>
	<dc:source>2086-3225</dc:source>
	<dc:source>10.15575/am.v12i2</dc:source>
	<dc:language>eng</dc:language>
	<dc:relation>https://journal.uinsgd.ac.id/index.php/mua/article/view/46612/15163</dc:relation>
	<dc:rights xml:lang="en-US">Copyright (c) 2025 Elis Nurhasanah, Khotibul Umam, Andi Amri</dc:rights>
	<dc:rights xml:lang="en-US">https://creativecommons.org/licenses/by-sa/4.0</dc:rights>
</oai_dc:dc>