Strategy of BMT Bima Magelang in Improving Public Welfare through Cash Waqf
Keywords:
Cash Waqf, Management, Public Welfare
Abstract
Cash waqf is one of the methods used to help people with various activities and overcome challenges such as poverty reduction. The goal of this study was to determine excellent and proper cash waqf administration in line with Sharia and the standards of good waqf governance to increase social welfare, particularly in Baitul Maal Wa Tamwil Bima Magelang. This study employs qualitative research, with data gathered through structured interviews, passive participant observation, and recording. After that, the data was examined using qualitative descriptive analysis. The qualitative descriptive research approach describes the features of phenomena in the field and explains the study object. The findings of this study show that Baitul Maal Wa Tamwil Bima Magelang uses waqf management with the mudharabah system, with mudharabah financing allocated to goat farmers and Micro, small, and Medium Enterprises (MSMEs), and that in the management of cash waqf, BMT Bima Magelang implements good waqf governance, which improves social welfare through social programs. Profits from finance are then utilized to fund businesses and make loans. The revenues from the mudharabah are then utilized for financing (scholarships) for BMT members, financing for child circumcision, and rehabilitation of locals' houses that are unsuited for habitation. These several factors indicate that BMT Bima Magelang's cash waqf management is in conformity with cash standardization, good waqf governance, and sharia management. Implications of the findings that Islamic finance practices can be effective instruments in achieving sustainable social and economic development goals.
References
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Ashafa, S. (2021). Poverty Alleviation In Nigeria Through Waqf: Adopting A Crowdfunding-Sadaqah Model (CSM). Journal of Islamic Banking & Finance, 38(1).
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Hossain, M. S., & Nepa, F. H. (2022). Cash Waqf Development through Private Banks in Bangladesh: Challenges and Prospects toward Building Sustainable Society. International Journal of Civil Law and Legal Research, 2(1), 01–10.
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Loudghiri, K., & Fazouane, A. (2022). The Concept of Well-being in Arab-Muslim Thought: Some Literature Review from the Africa to Southeast Asia. Journal of Islamic Thought and Civilization, 12(1), 23–47.
Mohamad, S. R., & Sulong, Z. (2022). Cash Waqf in Kelantan: Prospects and Challenges. Journal of Islamic, Social, Economics and Development (JISED). http://myscholar.umk.edu.my/handle/123456789/4281
Murdiyanto, E. (2020). Metode Penelitian Kualitatif. UPN Veteran Yogyakarta Press.
Ndubisi, N. O., Zhai, X. A., & Lai, K. (2021). Small and medium manufacturing enterprises and Asia’s sustainable economic development. International Journal of Production Economics, 233, 107971.
Nisa, F. C., Medias, F., & Triyanto, A. (2022). Opportunities and Challenges of Waqf Management in Indonesia: A Narrative Review. 3rd Borobudur International Symposium on Humanities and Social Science 2021 (BIS-HSS 2021), 144–149.
Nor, M. Z. M., & Mohamad, A. M. (2023). Waqf in Medieval Islam: An Overview. Russian Law Journal, 11(4s). https://russianlawjournal.org/index.php/journal/article/view/801
Novianti, D., & Alamsyah, A. (2023). Literature Review On Waqaf’s Role In Influencing Social Welfare. Economic and Business Management International Journal (EABMIJ), 5(2), 171–178.
Nurchaliza, V., & Wirdyaningsih, W. (2019). General Welfare Improvement through Optimization of Hajj Funds with Productive Waqf. Proceedings of AICS-Social Sciences, 9, 47–54.
Oladapo, H. B., Norma, S. M., Mustafa, O. M., & Gapur, O. (2017). Cash Waqf as an Alternative Panacea to Poverty Alleviation An Overview of Human Development in Nigeria. Turkish Journal of Islamic Economics, 4(2), 83–90.
Qurrata, V. A., Yusida, E., Hussain, N. E., Merlinda, S., Purnamasari, V., & Seprillina, L. (2021). Effectiveness of cash waqf management in improving community welfare: Challenges and opportunities. Review of Integrative Business and Economics Research, 10, 342–359.
Ratnasari, R. T., Septiarini, D. F., Sukmana, R., Kirana, K. C., Herianingrum, S., & Purbasari, L. T. (2019). Optimalization cash waqf for Indonesian welfare. Editorial Board, 267.
Reddy, H. B. S., Reddy, R. R. S., & Jonnalagadda, R. (2022). Literature review process: Measuring the effective usage of knowledge management systems in customer support organizations. Journal Homepage: Www. Ijrpr. Com ISSN, 2582, 7421.
Rofiqoh, S. N. I., Ratnasari, R. T., Sukmana, R., Ala’uddin, M., & Ritonga, I. (2020). Sustainable, Pro-Poor and Humane Waqf Management: A Literature Study of Evidence-Based Success Criteria of Waqf Managers. Systematic Reviews in Pharmacy, 11(10).
Saiti, B., Dembele, A., & Bulut, M. (2021). The global cash waqf: A tool against poverty in Muslim countries. Qualitative Research in Financial Markets, 13(3), 277–294.
Sariyanto. (2021). Personal Communication about BMT Bima Magelang [Personal communication].
Tiron-Tudor, A., Deliu, D., Farcane, N., & Dontu, A. (2021). Managing change with and through blockchain in accountancy organizations: A systematic literature review. Journal of Organizational Change Management, 34(2), 477–506.
Tsabit, A. M. (2019). Peningkatan Kesejahteraan Ekonomi Masyarakat Melalui Zakat. Amal: Jurnal Ekonomi Syariah, 1(1), 1–17. https://doi.org/10.33477/eksy.v1i01.920
Valecha, N. (2022). A Study on Importance of Ethical Responsibilities in HR Management. International Journal for Global Academic & Scientific Research, 1(1), 13–22.
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Yurista, D. Y., & Ardi, M. N. (2020). Analysis of the Role of Mudharabah Principle in Developing Islamic Financial Instrument. Conference on Islamic Studies FAI 2019, 0, Article 0. https://doi.org/10.30659/cois.v0i0.7999
Zailani, M. N., Satar, N. H. M., & Zakaria, R. H. (2022). Maqasid Al-Shariah based index of socio-economic development: A literature review. Journal of Muamalat and Islamic Finance Research. https://oarep.usim.edu.my/jspui/handle/123456789/20105
Ahmad, Z. A., & Rusdianto, R. (2020). Impact of Transparency and Accountability on Trust and Intention to Donate Cash Waqf in Islamic Microfinance Institutions. Shirkah: Journal of Economics and Business, 5(2), Article 2. https://doi.org/10.22515/shirkah.v5i2.317
Ajib, W. H. M. (2022). A Review on Cash Waqf for Education in Malaysia: Challenges and Impacts. Ihtifaz: Journal of Islamic Economics, Finance, and Banking, 5(2). http://journal2.uad.ac.id/index.php/ijiefb/article/view/5923
Akpa, V. O., Asikhia, O. U., & Nneji, N. E. (2021). Organizational culture and organizational performance: A review of literature. International Journal of Advances in Engineering and Management, 3(1), 361–372.
Aldeen, K. N., Ratih, I. S., & Herianingrum, S. (2020). Contemporary issues on cash waqf: A review of the literature. International Journal of Islamic Economics and Finance (IJIEF), 3(2), 119–144.
Ashafa, S. (2021). Poverty Alleviation In Nigeria Through Waqf: Adopting A Crowdfunding-Sadaqah Model (CSM). Journal of Islamic Banking & Finance, 38(1).
Atan, N. A., & Johari, F. (2017). A review on literature of Waqf for poverty alleviation between 2006-2016. Library Philosophy and Practice, 1486.
Azrak, T. (2022). The roles of cash waqf in improving the economic welfare: Case study of Turkey. The Journal of Management Theory and Practice (JMTP), 3(1), 42–47.
Chalabi, H., & Moutahaddib, A. (2020). Cash Waqf in Morocco: Opportunities and Challenges. The International Revue of Entrepreneurial Finance, 3(1). https://revues.imist.ma/index.php/IREF/article/view/19390
Charles, M., & Ochieng, S. B. (2023). Strategic outsourcing and firm performance: A review of literature. International Journal of Social Science and Humanities Research (IJSSHR) ISSN 2959-7056 (o); 2959-7048 (p), 1(1), 20–29.
Choirunnisak. (2021). Konsep Pengelolaan Wakaf Uang Di Indonesia. Ekonomica Sharia: Jurnal Pemikiran Dan Pengembangan Ekonomi Syariah, 7(1), 67–82.
Enny, S. (2021). Personal Communication about BMT Bima Magelang [Personal communication].
Fitria, L. (2023). Harmonization of the Concept of Maqashid Shariah and SDGs: A Review. Management and Sustainability, 2(1).
Gzahli, N., Abd Mutalib, H., & Noor, A. M. (2023). Factors that Affect Community in Contributing to Cash Waqf for Economic Development: A Structured Review. Proceedings of the 4th International Conference on the Future of Asean 2023 (ICoFA 2023), 759, 5.
Harisudin, M. N. (2021). The Study Of Australian Government Policies on Maqasid Al-Shari’a Perspective. Justicia Islamica: Jurnal Kajian Hukum Dan Sosial, 18(2), 227–242. https://doi.org/10.21154/justicia.v18i2.2772
Hasbulah, M. H., Noor, A. M., Hafiz, M., Hassan, M. H. H., Sabri, M. A. Z., & Hashom, H. (2023). Acceptance and Public Awareness of Cash Waqf in Malaysia: Literature Analysis.
Hossain, M. S., & Nepa, F. H. (2022). Cash Waqf Development through Private Banks in Bangladesh: Challenges and Prospects toward Building Sustainable Society. International Journal of Civil Law and Legal Research, 2(1), 01–10.
Iman, A. K. N., Najiyah, F., & Asshiddiqi, M. (2021). Unfolding the possibility to develop share-waqf in Indonesia through the concepts, opportunities & challenges. Journal of Islamic Economic Laws, 4(1). https://journals.ums.ac.id/index.php/jisel/article/view/12510
Izzah, N., & Soemitra, A. (2022). The Role Of Cash Waqf In Alleviating Poverty: Literature Study. Jurnal Ilmiah Ekonomi Islam, 8(3), 3459–3465.
Kulenović, M., Folta, M., & Veselinović, L. (2021). The analysis of total quality management critical success factors. Quality Innovation Prosperity, 25(1), 88–102.
Loudghiri, K., & Fazouane, A. (2022). The Concept of Well-being in Arab-Muslim Thought: Some Literature Review from the Africa to Southeast Asia. Journal of Islamic Thought and Civilization, 12(1), 23–47.
Mohamad, S. R., & Sulong, Z. (2022). Cash Waqf in Kelantan: Prospects and Challenges. Journal of Islamic, Social, Economics and Development (JISED). http://myscholar.umk.edu.my/handle/123456789/4281
Murdiyanto, E. (2020). Metode Penelitian Kualitatif. UPN Veteran Yogyakarta Press.
Ndubisi, N. O., Zhai, X. A., & Lai, K. (2021). Small and medium manufacturing enterprises and Asia’s sustainable economic development. International Journal of Production Economics, 233, 107971.
Nisa, F. C., Medias, F., & Triyanto, A. (2022). Opportunities and Challenges of Waqf Management in Indonesia: A Narrative Review. 3rd Borobudur International Symposium on Humanities and Social Science 2021 (BIS-HSS 2021), 144–149.
Nor, M. Z. M., & Mohamad, A. M. (2023). Waqf in Medieval Islam: An Overview. Russian Law Journal, 11(4s). https://russianlawjournal.org/index.php/journal/article/view/801
Novianti, D., & Alamsyah, A. (2023). Literature Review On Waqaf’s Role In Influencing Social Welfare. Economic and Business Management International Journal (EABMIJ), 5(2), 171–178.
Nurchaliza, V., & Wirdyaningsih, W. (2019). General Welfare Improvement through Optimization of Hajj Funds with Productive Waqf. Proceedings of AICS-Social Sciences, 9, 47–54.
Oladapo, H. B., Norma, S. M., Mustafa, O. M., & Gapur, O. (2017). Cash Waqf as an Alternative Panacea to Poverty Alleviation An Overview of Human Development in Nigeria. Turkish Journal of Islamic Economics, 4(2), 83–90.
Qurrata, V. A., Yusida, E., Hussain, N. E., Merlinda, S., Purnamasari, V., & Seprillina, L. (2021). Effectiveness of cash waqf management in improving community welfare: Challenges and opportunities. Review of Integrative Business and Economics Research, 10, 342–359.
Ratnasari, R. T., Septiarini, D. F., Sukmana, R., Kirana, K. C., Herianingrum, S., & Purbasari, L. T. (2019). Optimalization cash waqf for Indonesian welfare. Editorial Board, 267.
Reddy, H. B. S., Reddy, R. R. S., & Jonnalagadda, R. (2022). Literature review process: Measuring the effective usage of knowledge management systems in customer support organizations. Journal Homepage: Www. Ijrpr. Com ISSN, 2582, 7421.
Rofiqoh, S. N. I., Ratnasari, R. T., Sukmana, R., Ala’uddin, M., & Ritonga, I. (2020). Sustainable, Pro-Poor and Humane Waqf Management: A Literature Study of Evidence-Based Success Criteria of Waqf Managers. Systematic Reviews in Pharmacy, 11(10).
Saiti, B., Dembele, A., & Bulut, M. (2021). The global cash waqf: A tool against poverty in Muslim countries. Qualitative Research in Financial Markets, 13(3), 277–294.
Sariyanto. (2021). Personal Communication about BMT Bima Magelang [Personal communication].
Tiron-Tudor, A., Deliu, D., Farcane, N., & Dontu, A. (2021). Managing change with and through blockchain in accountancy organizations: A systematic literature review. Journal of Organizational Change Management, 34(2), 477–506.
Tsabit, A. M. (2019). Peningkatan Kesejahteraan Ekonomi Masyarakat Melalui Zakat. Amal: Jurnal Ekonomi Syariah, 1(1), 1–17. https://doi.org/10.33477/eksy.v1i01.920
Valecha, N. (2022). A Study on Importance of Ethical Responsibilities in HR Management. International Journal for Global Academic & Scientific Research, 1(1), 13–22.
Walker, C. C., Druckman, A., & Jackson, T. (2021). Welfare systems without economic growth: A review of the challenges and next steps for the field. Ecological Economics, 186, 107066.
Yurista, D. Y., & Ardi, M. N. (2020). Analysis of the Role of Mudharabah Principle in Developing Islamic Financial Instrument. Conference on Islamic Studies FAI 2019, 0, Article 0. https://doi.org/10.30659/cois.v0i0.7999
Zailani, M. N., Satar, N. H. M., & Zakaria, R. H. (2022). Maqasid Al-Shariah based index of socio-economic development: A literature review. Journal of Muamalat and Islamic Finance Research. https://oarep.usim.edu.my/jspui/handle/123456789/20105
Published
2023-11-26
Section
Articles
Copyright (c) 2023 Muhamad Budi Wicaksono, Hartomi Hartomi
This work is licensed under a Creative Commons Attribution-NonCommercial 4.0 International License.
