Proceedings of the Conference on SDGs Transformation through the Creative Economy: Encouraging Innovation and Sustainability (TCEEIS 2023)

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Analysing The Effectiveness of Stock Waqf Management in Indonesia and Malaysia: Regulation Practices and Nadzir Readiness

Authors
Suyoto Arief1, *, Nurul Adilah Binti Hasbullah2, Vina Fithriana Wibisono3, Arizqia Nurfattah4, Nurmayunita1
1Islamic Economics Law Department, Postgraduate Program, Universitas Darussalam Gontor, Ponorogo, Indonesia
2Faculty of Economics and Muamalat, Universiti Sains Islam Malaysia, Nilai, Negeri Sembilan, Malaysia
3Islamic Economics Law Department, Faculty of Sharia, Universitas Darussalam Gontor, Ponorogo, Indonesia
4Waqf Nazhir Training and Empowerment Division, International Center for Awqaf Studies Universitas Darussalam Gontor, Ponorogo, Indonesia
*Corresponding author. Email: suyoto.arief@unida.gontor.ac.id
Corresponding Author
Suyoto Arief
Available Online 11 January 2024.
DOI
10.2991/978-94-6463-346-7_17How to use a DOI?
Keywords
Stock Waqf; Waqf Management; Regulations; Nadzir Readiness; Indonesia and Malaysia
Abstract

Stock Waqf, an innovative concept in the realm of endowments, offers significant advantages and is considered permissible. In Indonesia, Stock Waqf is a collaborative effort involving the appointed nadzir (waqf asset manager), the Indonesian Waqf Board (BWI), and the Indonesia Stock Exchange (IDX). Officially established in 2019, this initiative has attracted a growing number of investors in Islamic securities, with an expected 93,870 participants in the Islamic capital market in 2021. In 2019, Malaysia also recorded 67,000 investors in stock waqf, as the Johor State Islamic Religious Council (MAINJ) reported. This qualitative study investigates how Indonesia and Malaysia manage stock waqf, emphasizing the application of waqf regulations and the readiness of nadzirs. The research employs content analysis and secondary data from authoritative sources, including waqf regulations in both countries. The study's findings encompass various aspects, such as waqf regulations, regulatory bodies, methods for collecting stock waqf, and the preparedness of nadzirs to administer stock waqf in accordance with Islamic principles. The research highlights the importance of reevaluating existing waqf regulations in both nations and advocates for increased governmental support in the collection, management, oversight, and equitable distribution of share-based waqf assets to maximize their societal benefits.

Copyright
© 2023 The Author(s)
Open Access
Open Access This chapter is licensed under the terms of the Creative Commons Attribution-NonCommercial 4.0 International License (http://creativecommons.org/licenses/by-nc/4.0/), which permits any noncommercial use, sharing, adaptation, distribution and reproduction in any medium or format, as long as you give appropriate credit to the original author(s) and the source, provide a link to the Creative Commons license and indicate if changes were made.

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Volume Title
Proceedings of the Conference on SDGs Transformation through the Creative Economy: Encouraging Innovation and Sustainability (TCEEIS 2023)
Series
Advances in Economics, Business and Management Research
Publication Date
11 January 2024
ISBN
978-94-6463-346-7
ISSN
2352-5428
DOI
10.2991/978-94-6463-346-7_17How to use a DOI?
Copyright
© 2023 The Author(s)
Open Access
Open Access This chapter is licensed under the terms of the Creative Commons Attribution-NonCommercial 4.0 International License (http://creativecommons.org/licenses/by-nc/4.0/), which permits any noncommercial use, sharing, adaptation, distribution and reproduction in any medium or format, as long as you give appropriate credit to the original author(s) and the source, provide a link to the Creative Commons license and indicate if changes were made.

Cite this article

risenwbib
TY  - CONF
AU  - Suyoto Arief
AU  - Nurul Adilah Binti Hasbullah
AU  - Vina Fithriana Wibisono
AU  - Arizqia Nurfattah
AU  - Nurmayunita
PY  - 2024
DA  - 2024/01/11
TI  - Analysing The Effectiveness of Stock Waqf Management in Indonesia and Malaysia: Regulation Practices and Nadzir Readiness
BT  - Proceedings of the Conference on SDGs Transformation through the Creative Economy: Encouraging Innovation and Sustainability (TCEEIS 2023)
PB  - Atlantis Press
SP  - 85
EP  - 91
SN  - 2352-5428
UR  - https://doi.org/10.2991/978-94-6463-346-7_17
DO  - 10.2991/978-94-6463-346-7_17
ID  - Arief2024
ER  -