"Taking into account the fact that waqf is usually channeled by those, who are socially and economically established, the professional management of waqf is expected to attract people, who donate from the middle and upper classes, such as corporations, individuals holding large assets, socialites, and millennials," Vice President Amin stated at the launch of the National Movement for Cash Waqf (GNWU) at the State Palace in Jakarta, Monday.
The vice president noted that cash waqf, as a form of productive waqf, not just offers flexibility in investment development.
"Cash waqf also offers flexibility in the form of distribution of benefits, where the principal of the waqf can be maintained, so that it does not decrease or disappear. It is important for us to manage cash waqf in a more professional and modern way,” he noted.
With more people participating in cash waqf activities, the vice president expressed belief that the empowerment program and community economic improvement could develop favorably.
"It is expected that improving the management of cash waqf to be more professional and modern will encourage the simultaneous mobilization of economic resources that can be used to encourage investment and economic activity in the community," the vice president expounded.
Sharia financial institutions that receive cash waqf also should be expanded, especially by activating the role of Islamic financial institutions that receive cash waqf in various regions.
“Islamic microfinance institutions can function as venues for receiving community-based cash waqf. Thus, their existence and active role must be expanded and evenly distributed to serve people keen on doing waqf," he explained.
President Joko Widodo had earlier highlighted that the potential for waqf in Indonesia was huge, including for waqf in the form of money, which can reach Rp188 trillion.
"In our country, the potential for waqf assets per year reaches Rp2,000 trillion, and the potential for cash waqf can exceed Rp188 trillion," President Jokowi stated at the launch of the National Movement for Cash Waqf and inauguration of the 2021 Sharia Economic Brand at the State Palace, Jakarta, Monday.
With this vast potential, the president stressed on the need for Indonesia to make breakthroughs, particularly in developing Islamic financial institutions that are managed using the waqf system.
The utilization of waqf assets also should be expanded. The head of state reiterated that waqf assets can be managed for socio-economic purposes that have a significant impact on reducing poverty and social inequality in society.
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