Strategy for Disbursing Cash Waqf Linked Sukuk Funds in Waqf Asset Development: An Analytic Network Process Approach
DOI:
https://doi.org/10.59966/setyaki.v4i3.2881Keywords:
Cash Waqf Linked Sukuk, wakaf produktif, nazhir, Analytic Network Process, keuangan sosial IslamAbstract
Cash Waqf Linked Sukuk (CWLS) integrates cash waqf with Indonesian sovereign sukuk to preserve the waqf principal while generating social benefits, yet its contribution to productive waqf asset development remains under-examined. This study analyses the CWLS fund disbursement mechanism for waqf asset development and formulates priority strategies. A mixed qualitative-quantitative design combining a case study and the Analytic Network Process (ANP) was applied to 20 experts from the Indonesian Waqf Board, Nazhir IPB University, PT BPRS Botani Bina Rahmah, academics, and practitioners; data were processed with Super Decisions. Asset development follows five stages: budgeting, project selection, cooperation agreements, staged disbursement, and monitoring and reporting. Nazhir capacity and professionalism is the priority cluster (0.46303), followed by fund disbursement (0.28022) and governance and asset development (0.25675). Knowledge of Islamic investment, public benefit (maslahah), and investment risk management rank highest in the final synthesis. Three strategies are proposed: strengthening nazhir capacity, building project portfolios in priority sectors, and Waqf Core Principles-based project selection and supervision. The novelty lies in modelling the interdependence of managers, sectors, and project feasibility, showing that nazhir quality matters more than fund size.
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