JAKARTA — General Manager of Wakaf Dompet Dhuafa, Bobby Manulang, explained that waqf can be defined in the form of assets. Cash and goods waqf become waqf assets such as cash, securities, gold, land, and buildings. Forms of cash waqf investment include Sukuk (Sharia bonds).
For a clearer understanding of Cash Waqf Linked Sukuk (CWLS), which offers waqf benefits, it is a cash waqf investment in government sukuk, where the returns are channeled by the Nazhir (waqf fund manager and activity administrator) to fund social programs and economic empowerment initiatives for the community.
“When CWLS is issued, only the principal investment is returned to the investor. Meanwhile, the returns are channeled in the form of social programs and are considered as waqf surplus. This provision is stated at the beginning during the offering period,” explained Bobby on Friday (September 2, 2022).
Read also: https://www.dompetdhuafa.org/wakaf-produktif-sumber-dana-abadi-bagi-kebutuhan-umat/
CWLS changed its name to Sukuk Wakaf Retail in the next round and now targets individual retailers. When CWLS was first issued, its target was corporations and institutions, such as Islamic banks, including Dompet Dhuafa. In this case, Dompet Dhuafa acts as Nazhir, who is trusted to manage the proceeds from the waqf money model.
“CWLS is a sharia-compliant financial instrument issued by the government. The returns from this investment are then channeled to the Nazhir (wakaf manager) to fund social programs and empowerment initiatives. This optimizes the potential of wakaf through the CWLS instrument, with the aim of providing the widest possible benefits to the community,” he explained further.
CWLS in its first issuance raised Rp52.4 billion, with total returns received amounting to approximately Rp8 billion. The next round, Retail Sukuk, has been running for five series. Retail Sukuk, with an offering period of two to three months, raised an average of Rp24 billion. Meanwhile, CWLS has been running for more than one year.
“Nevertheless, this indicates that the public response to Sukuk Wakaf has been quite positive. The challenge, however, lies in integrating the sukuk product with wakaf, which requires time for the public to become more familiar with it,” added Bobby.
Read Also: https://www.dompetdhuafa.org/padu-padan-aset-wakaf-hingga-sarana-aktualisasinya/
Meanwhile, under the CWLS mechanism, the Ministry of Finance has appointed banks to be distribution partners for these waqf sukuk. These banks will open offers to customers and the public. All types of transactions are available online through each bank. Then, the total public funds collected from these sukuk transactions are reported by the banks to the Ministry of Finance, which then deposits the funds with the Ministry of Finance.
The Ministry of Finance then responds in the form of a Sukuk certificate, providing a report and handing over the surplus to the banks every month. Every month, the Nazhir, who are partners in the distribution of the wakaf surplus, receive the funds from the Islamic banks that are their partners. In this case, Dompet Dhuafa partners with CIMB Niaga Syariah, and the benefits of the waqf will be distributed for the waqf of medical equipment for the Hasyim Asy’ari Dompet Dhuafa Hospital in Jombang and scholarships for students of SMART Ekselensia and e-Tahfidz students in Bogor.
Held at SMART Ekselensia Indonesia, Bogor, alhamdulillah, the handover of CWLS coupon funds series SWR 002 and 003 between CIMB Niaga Syariah and Tabung Wakaf Dompet Dhuafa was conducted on August 25, 2022.
Read also:
https://tabungwakaf.com/cash-waqf-linked-sukuk-cimb-niaga-syariah-dan-tabung-wakaf-dompet-dhuafa/ (Dompet Dhuafa / Dhika Prabowo)