Cash Waqf in the Halal Blue Economy Sector: A Comparative Study of Indonesia and Malaysia
Keywords:
Cash Waqf, Halal Industry, Blue Economy
Abstract
This study aims to investigate the potential and difficulties of using cash waqf-based sukuk in the growth of the halal industry in the maritime sectors of two nearby nations, Malaysia and Indonesia. Green and blue sukuk have been combined in both nations to aid in the government's endeavors to accomplish the Sustainable Development Goals (SDGs). The main topics of this study's comparative analysis of the policies and strategies in both nations are the implementation mechanisms of cash waqf in supporting blue economy projects and the opportunities and problems encountered. Direct stakeholder observations, interviews, and focus groups in Malaysia and Indonesia provided the research data. Although each nation has a unique method of implementation and regulation, the research findings demonstrate parallels in using cash waqf for sustainable economic growth. Although the integration of green sukuk into blue sukuk has not yet been optimally implemented due to political and theological factors, two Muslim nations with the largest populations and the largest maritime territories have also become pioneers in using cash waqf among Muslim nations worldwide.
References
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———. “Malaysia’s Approach Towards Nurturing Innovasion-Driven Islamic Fintech Ecosystem.” Fintech News Network, n.d.
———. “Malaysia’s Approach Towards Nurturing Innovasion-Driven Islamic Fintech Ecosystem.” Fintech News Network, 2021.
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Herdiansyah, Haris. Wawancara, Observasi Dan Focus Groups Sebagai Instrumen Penggalian Data Kualitatif. Jakarta: Rajawali Press, 2015.
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Ismatullah, Rikmat. “PARADIGMA EKONOMI KELAUTAN DALAM PERSPEKTIF EKONOMI ISLAM (Reinterpretasi Ayat-Ayat Kelautan Yang Berdimensi Ekonomi).” Jurnal Ekonomi Syariah Indonesia Vol. 1, no. No. 11 (2011): 95–110. https://doi.org/DOI: http://dx.doi.org/10.21927/jesi.2011.1(2).
Juliantono, Ferry J, and Aris Munandar. “Fenomena Kemiskinan Nelayan: Perspektif Teori Strukturasi.” Jurnal Politik Universitas Nasional Vol. 12, no. No. 2 (2016).
Kartinawati. “Peran ASEAN Maritime Forum (AMF) Dalam Keamanan Perairan Di Asia Tenggara.” EJournal Ilmu Hubungan Internasional 1, no. 3 (2013): 715–30.
Khairur Rijal, Najamuddin. “Kepentingan Nasional Indonesia Dalam Inisiasi ASEAN Maritime Forum (AMF).” Indonesian Perspective Vol. 3, no. No. 2 (n.d.): 159–79.
Krisna, Robi, and Mohammad Yusuf. “Halal Ecosystem Improevemnt Study Reviewed of Halal Product Regulations Halal.” International Journal of Research and Review Vol. 10, no. (2) (2023): 339–53. https://doi.org/DOI: https://doi.org/10.52403/ijrr.20230243.
Kunhibava, S, A Muneeza, Z Mustapha, M Khalid, and T Ming Sen. “Viability of Cash Waqf- Linked Ṣukūk in Malaysia.” ISRA International Journal of Islamic Finance 15, no. (4) (2023): 25–44. https://doi.org/https://doi.org/10.55188/ijif.v15i4.530.
Mohamad Ghazali, Nasrun, and Norazlina Mamat. “Discrepancy of Cash Waqf Meaning: A Critical Review with Special Focus on Selected Shariah Resolutions.” International Journal of Academic Research in Business and Social Sciences Vol. 13, no. No. 7 (2023). http://hrmars.com/index.php/pages/detail/publication-ethics.
N, Hasnan, Kohda Y, and Saad S. “Mapping the Future of Halal Supply Chain Management: A Biblioshiny R Application.” PaperASIA 40, no. (1)b (2024): 39–50. https://doi.org/https://doi.org/10.59953/paperasia.v40i1(b).
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Rodame Monitorir, Napitupulu, Raditya Sukmana, Aam Slamet Rusydiana, Utari Evi Cahyani, and Bento Mulia Wibawa. “The Nexus between Halal Industry and Islamic Green Finance: A Bibliometric Analysis.” Journal of Islamic Marketing Vol. 12, no. No. 10 (2024). https://doi.org/DOI: 10.1108/JIMA-06-2023-0192.
S, Alfidhatun. “Cash Waqf Linked Sukuk (CWLS) Sebagai Implementasi Filantropi Islam Berkelanjutan.” LABATILA: Jurnal Ilmu Ekonomi Islam 8, no. (1) (2024): 85–101. https://doi.org/https://doi.org/10.33507/lab.v8i01.1980.
S, Kunhibava, Muneeza A, Mustapha Z, Khalid M, and Ming Sen T. “Viability of Cash Waqf- Linked Ṣukūk in Malaysia.” ISRA International Journal of Islamic Finance 15, no. (4) (2023): 25–44. https://doi.org/https://doi.org/10.55188/ijif.v15i4.530.
S, Suhendro. “Halal Product Guarantee Law on Grab Food Application Services in Providing Protection to Consumers.” Journal of Law and Sustainable Development 11, no. (2) (2023): e2681. https://doi.org/https://doi.org/10.55908/sdgs.v11i12.2681.
Solehudin, Ending, and Hisam Ahyani. “Legal Compliance on Sharia Economics in Halal Tourism Regulations.” PETITA: Jurnal Kajian Ilmu Hukum Dan Syariah Vol. 9, no. (1) (2024). https://doi.org/DOI: https://doi.org/10.22373/petita.v9i1.224.
Sukoso et al. Ekosistem Industri Halal. Jakarta: Departemen Ekonomi dan Keuangan Syariah Bank Indonesia, 2020.
Taqi’uddin Mohd Hamzah, Muhammad, Syahnaz Sulaiman, Muhammad Iqmal Hisham Kamaruddin, and Aznan Hasan. “Applications of Waqf Featured Fund in the Malaysian Islamic Fud Management Industry: A Comparative Studi.” Global Journal Al-Thaqafah Universiti Sultan Azlan Shah Vol. 13, no. No. 1 (2023). https://doi.org/DOI: https://doi.org/10.7187/GTAT072023-7.
Taqi’uddin, Muhammad, Mohd Hamzah, Syahnaz Sulaiman, Muhammad Iqmal, Hisham Kamaruddin, and Aznan Hasan. “Applications of Waqf Featured Fund in the Malaysian Islamic Fud Management Industry: A Comparative Studi.” Global Journal Al-Thaqafah Universiti Sultan Azlan Shah Vol. 13, no. No. 1 (2023). https://doi.org/https://doi.org/10.7187/GTAT072023-7.
Tinambunan, Hezron Sabar Rotua. “Model Pemberdayaan Wilayah Pesisir Dalam Menghadapi Pasar Bebas Masyarakat Ekonomi ASEAN.” Mimbar Hukum Vo. 28, no. No. 2 (2016): 250–65.
Ulfa, Nadia. Exchange Traded Fund (ETF) Syariah Di Pasar Modal (Studi Komparasi Antara Indonesia Dan Malaysia). Depok: Fakultas Hukum Universitas Indonesia, 2023. uri: https://lib.ui.ac.id/detail.
UNHCR. “Supporting Refugees and Internally Displaced Persons with Zakat” Dalam Mohammad Mahyuddin Khalid , Dkk (Ed), Pemerkasaan Filantropi Islam Di Malaysia. Malaysia: Akademi PengkajianIslam Kontemporer UiTM, 2019.
Youssef, Marwan. “Blue Economy Literature Review.” Internasional Journal of Business and Management Vol. 18, no. (3) (2023). https://doi.org/DOI:10.5539/ijbm.v18n3p12.
Interview with Mohd Khairezan Rahmat, Dean of Islamic Studies UiTM, Malaysia, as a source person for FGD/Simposium (Shah Alam, 2024),
Interview with Aishath Muneeza, Dean of the INCEIF Associaton Malaysia, as a source person for the FGD/Simposium (Jakarta, 2024).
Interview with Yono Haryono, Deputy Director at the Department of Islamic Economics and Finance, Bank Indonesia, as a source person for the FGD/Simposium (Jakarta, 2024).
Interview with Nasokah Abee Ezra, Consulting Group of SGDs UNDP, as a source person for the FGD/Simposium (Indonesia, 2024).
Al-Jasir, Sulaiman. Al-Waqf Wa Ahkamuh Fi Dhau’iy Al-Syariat Al-Islamiyyat. Riyad: Madar al-Wathani li al-Nasyar, 2012.
Al-Mishri, Rafiq Yunus. Al-Awqaf Fiqhan Wa Iqtishadan. Syiria: Dar al-Maktabi, 1999.
Al-Saud, Abu. Waqf Al-Nuqud. Beirut: Dar ibn Hazm, 1997.
Arifai, Samsul. “The Role of The Halal Industry in Improving The Economy and Alleviating Poverty Post-COVID-19 Pandemic in Indonesia.” International Journal Mathla’ul Anwar of Halal Issues 3, no. (1) (2023): 21–38. https://doi.org/https://doi.org/10.30653/ijma.202331.70.
D, Darmawati, Hardiana D, Mainata D, and Nuryadin M. “Halal Industry: A Literature Bibliometric Review on Halal Studies.” Mazahib 22, no. (1) (2023): 175–211. https://doi.org/https://doi.org/10.21093/mj.v22i1.5477.
Devanesan, Johanan. “Malaysia’s Approach Towards Nurturing Innovasion-Driven Islamic Fintech Ecosystem,” Fintech News Network, July 21, 2023.
———. “Malaysia’s Approach Towards Nurturing Innovasion-Driven Islamic Fintech Ecosystem.” Fintech News Network, n.d.
———. “Malaysia’s Approach Towards Nurturing Innovasion-Driven Islamic Fintech Ecosystem.” Fintech News Network, 2021.
E.R, Kismawadi. “Halal Food Industry and Sustainability. In C. Popescu, J. Martínez- Falcó, B. Marco-Lajara, E. Sánchez-García, & L. Millán-Tudela (Eds.), Economics and Environmental Responsibility in the Global Beverage Industry.” IGI Global, 2024, 170–97. https://doi.org/https://doi.org/10.4018/979-8-3693-2149-2.ch010.
et al, Anis Husna Abdul Halim. “Regulating Halal Laws in Eradicating Halal Issues.” International Journal of Islamic Economics and Finance Research Vol 5, no. (2) (2022). https://doi.org/DOI: https://doi.org/10.53840/ijiefer79.
et al, ASM Mahadi. “A Comparative Study of Blue Economy Status And Initiatives Between Bangladesh and China.” In Proceedings of the 13th International Conference on Marine Technology (MARTEC 2022), 2022. https://doi.org/http://dx.doi.org/10.2139/ssrn.4446255.
et al, M. Prathama. “Halal Traceability Systems in the Supply Chain for the Cosmetics Industry: Literature Review and Research Agenda.” In International Conference on Innovation and Intelligence for Informatics, Computing, and Technologies (3ICT), Sakheer, Bahrain, 209–14, 2023. https://doi.org/doi: 10.1109/3ICT60104.2023.10391540.
et al, Mohd Azim Sardan. “Blue Economy and Food Security The Way Forward : A Systematic Literature Review Analysis.” Internasional Journal of Asian Social Science Vol. 13, no. (9) (2023). https://doi.org/https://doi.org/10.55493/5007.v13i9.4886.
et Al, Mustafa Afifi Ab Halim. “Economic Growth of Halal Industry, Good Governance and the Sustainable Development Goals in Southeast Asia.” 1st Edition, Routledge, 2022.
https://www.taylorfrancis.com/chapters/edit/10.4324/9781003230724-13/economic-growth-halal- industry-mustafa-afifi-ab-halim-mohd-mahyeddin-mohd-salleh-azlin-alisa-ahmad-suhaimi-ab- rahman-muhammad-nusran.
et al, Siti N.Mahmudah. “Halal and Haram in The Clothing Industry.” JoIE Journal of Islamic Economics Vol. 2, no. (2) (2022). https://doi.org/https://doi.org/10.21154/joie.v2i2.5009.
Fageh, Achmad. “Building A Synergy Between The Halal Industry and The Green Industry in The Maqasid Syari’ah Review as The Basis of Islamic Economics.” Journal of Islamic Economic Laws Vol. 15, No. (1) (2022). https://doi.org/DOI: 10.23917/jisel.v5i1.17034.
Fitri, Rahmah. “Animo Masyarakat Untuk Berwakaf Semakin Besar, SWR004 Berhasil Mencapai Hasil Pemesanan Terbesar Sepanjang Penerbitan Sukuk Wakaf Ritel, 4 September,” 2023. https://www.djppr.kemenkeu.go.id/kphasilpenjualanswr004.
Hadiningdyah, Dwi Irianti. “‘Cash Wakaf Linked Sukuk:Pembangunan Nasional Dan Kesejahteraan Sosial,’ Disampaikan Dalam Acara Webinar Nasional Cash Waqaf Link Sukuk Pembangunan Nasional Dan Kesejahteraan Umat,” 2020.
Handayani, Dini. “Sukuk Negara Sebagai Instrumen Investasi Wakaf Uang Di Indonesia.” i-WIN Library, n.d. https://waqafilmunusantara.com/wp-content/uploads/2021/08/41_ART1.pdf.
Herdiansyah, Haris. Wawancara, Observasi Dan Focus Groups Sebagai Instrumen Penggalian Data Kualitatif. Jakarta: Rajawali Press, 2015.
Hidro Kelantan, RP. “KELANTAN SMALL HYDROPOWER PROJECT ASEAN GREEN SRI SUKUK WAKALAH FRAMEWORK,” n.d. https://rphk.com.my/wp-content/uploads/2023/02/2023-KSHP-ASEAN-GREEN-SRI-SUKUK-FRAMEWORK.pdf.
Indonesia, Badan Wakaf. “Potensi Wakaf Uang Di Indonesia, Menelisik Manfaat Potensi Wakaf Uang Untuk Bantu Kaum Dhuafa.” Badan Wakaf Indonesia, n.d. BWI.go.id, accessed on August 18, 2024.
Irwanto. Focused Group Discussion (FGD) Sebuah Pengantar Praktis. Jakarta: Yayasan Pustaka Obor Indonesia, 2006.
Ismatullah, Rikmat. “PARADIGMA EKONOMI KELAUTAN DALAM PERSPEKTIF EKONOMI ISLAM (Reinterpretasi Ayat-Ayat Kelautan Yang Berdimensi Ekonomi).” Jurnal Ekonomi Syariah Indonesia Vol. 1, no. No. 11 (2011): 95–110. https://doi.org/DOI: http://dx.doi.org/10.21927/jesi.2011.1(2).
Juliantono, Ferry J, and Aris Munandar. “Fenomena Kemiskinan Nelayan: Perspektif Teori Strukturasi.” Jurnal Politik Universitas Nasional Vol. 12, no. No. 2 (2016).
Kartinawati. “Peran ASEAN Maritime Forum (AMF) Dalam Keamanan Perairan Di Asia Tenggara.” EJournal Ilmu Hubungan Internasional 1, no. 3 (2013): 715–30.
Khairur Rijal, Najamuddin. “Kepentingan Nasional Indonesia Dalam Inisiasi ASEAN Maritime Forum (AMF).” Indonesian Perspective Vol. 3, no. No. 2 (n.d.): 159–79.
Krisna, Robi, and Mohammad Yusuf. “Halal Ecosystem Improevemnt Study Reviewed of Halal Product Regulations Halal.” International Journal of Research and Review Vol. 10, no. (2) (2023): 339–53. https://doi.org/DOI: https://doi.org/10.52403/ijrr.20230243.
Kunhibava, S, A Muneeza, Z Mustapha, M Khalid, and T Ming Sen. “Viability of Cash Waqf- Linked Ṣukūk in Malaysia.” ISRA International Journal of Islamic Finance 15, no. (4) (2023): 25–44. https://doi.org/https://doi.org/10.55188/ijif.v15i4.530.
Mohamad Ghazali, Nasrun, and Norazlina Mamat. “Discrepancy of Cash Waqf Meaning: A Critical Review with Special Focus on Selected Shariah Resolutions.” International Journal of Academic Research in Business and Social Sciences Vol. 13, no. No. 7 (2023). http://hrmars.com/index.php/pages/detail/publication-ethics.
N, Hasnan, Kohda Y, and Saad S. “Mapping the Future of Halal Supply Chain Management: A Biblioshiny R Application.” PaperASIA 40, no. (1)b (2024): 39–50. https://doi.org/https://doi.org/10.59953/paperasia.v40i1(b).
Noor Sahidi Bin Johari, Mohammad. “‘Kewangan Sosial Ke Arah Industri 4.0’ Dalam Mohammad Mahyuddin Khalid , Dkk (Ed).” Pemerkasaan Filantropi, n.d., 154–59.
Rahman, Taufiqur. “Sosialisasi Konsep Blue Economy Dalam Pembangunan Kawasan Wisata Pesisir Kota Makassar.” Jurnal Tepat Vol. 7, no. No. 1 (2024). https://doi.org/DOI: https://doi.org/10.25042/jurnal_tepat.v7i1.453.
Rodame Monitorir, Napitupulu, Raditya Sukmana, Aam Slamet Rusydiana, Utari Evi Cahyani, and Bento Mulia Wibawa. “The Nexus between Halal Industry and Islamic Green Finance: A Bibliometric Analysis.” Journal of Islamic Marketing Vol. 12, no. No. 10 (2024). https://doi.org/DOI: 10.1108/JIMA-06-2023-0192.
S, Alfidhatun. “Cash Waqf Linked Sukuk (CWLS) Sebagai Implementasi Filantropi Islam Berkelanjutan.” LABATILA: Jurnal Ilmu Ekonomi Islam 8, no. (1) (2024): 85–101. https://doi.org/https://doi.org/10.33507/lab.v8i01.1980.
S, Kunhibava, Muneeza A, Mustapha Z, Khalid M, and Ming Sen T. “Viability of Cash Waqf- Linked Ṣukūk in Malaysia.” ISRA International Journal of Islamic Finance 15, no. (4) (2023): 25–44. https://doi.org/https://doi.org/10.55188/ijif.v15i4.530.
S, Suhendro. “Halal Product Guarantee Law on Grab Food Application Services in Providing Protection to Consumers.” Journal of Law and Sustainable Development 11, no. (2) (2023): e2681. https://doi.org/https://doi.org/10.55908/sdgs.v11i12.2681.
Solehudin, Ending, and Hisam Ahyani. “Legal Compliance on Sharia Economics in Halal Tourism Regulations.” PETITA: Jurnal Kajian Ilmu Hukum Dan Syariah Vol. 9, no. (1) (2024). https://doi.org/DOI: https://doi.org/10.22373/petita.v9i1.224.
Sukoso et al. Ekosistem Industri Halal. Jakarta: Departemen Ekonomi dan Keuangan Syariah Bank Indonesia, 2020.
Taqi’uddin Mohd Hamzah, Muhammad, Syahnaz Sulaiman, Muhammad Iqmal Hisham Kamaruddin, and Aznan Hasan. “Applications of Waqf Featured Fund in the Malaysian Islamic Fud Management Industry: A Comparative Studi.” Global Journal Al-Thaqafah Universiti Sultan Azlan Shah Vol. 13, no. No. 1 (2023). https://doi.org/DOI: https://doi.org/10.7187/GTAT072023-7.
Taqi’uddin, Muhammad, Mohd Hamzah, Syahnaz Sulaiman, Muhammad Iqmal, Hisham Kamaruddin, and Aznan Hasan. “Applications of Waqf Featured Fund in the Malaysian Islamic Fud Management Industry: A Comparative Studi.” Global Journal Al-Thaqafah Universiti Sultan Azlan Shah Vol. 13, no. No. 1 (2023). https://doi.org/https://doi.org/10.7187/GTAT072023-7.
Tinambunan, Hezron Sabar Rotua. “Model Pemberdayaan Wilayah Pesisir Dalam Menghadapi Pasar Bebas Masyarakat Ekonomi ASEAN.” Mimbar Hukum Vo. 28, no. No. 2 (2016): 250–65.
Ulfa, Nadia. Exchange Traded Fund (ETF) Syariah Di Pasar Modal (Studi Komparasi Antara Indonesia Dan Malaysia). Depok: Fakultas Hukum Universitas Indonesia, 2023. uri: https://lib.ui.ac.id/detail.
UNHCR. “Supporting Refugees and Internally Displaced Persons with Zakat” Dalam Mohammad Mahyuddin Khalid , Dkk (Ed), Pemerkasaan Filantropi Islam Di Malaysia. Malaysia: Akademi PengkajianIslam Kontemporer UiTM, 2019.
Youssef, Marwan. “Blue Economy Literature Review.” Internasional Journal of Business and Management Vol. 18, no. (3) (2023). https://doi.org/DOI:10.5539/ijbm.v18n3p12.
Interview with Mohd Khairezan Rahmat, Dean of Islamic Studies UiTM, Malaysia, as a source person for FGD/Simposium (Shah Alam, 2024),
Interview with Aishath Muneeza, Dean of the INCEIF Associaton Malaysia, as a source person for the FGD/Simposium (Jakarta, 2024).
Interview with Yono Haryono, Deputy Director at the Department of Islamic Economics and Finance, Bank Indonesia, as a source person for the FGD/Simposium (Jakarta, 2024).
Interview with Nasokah Abee Ezra, Consulting Group of SGDs UNDP, as a source person for the FGD/Simposium (Indonesia, 2024).
Published
2025-06-17
How to Cite
Ishom, M., Muttaqin, E., Atikah, I., Ghazali, N., & Rohmawati, C. (2025). Cash Waqf in the Halal Blue Economy Sector: A Comparative Study of Indonesia and Malaysia. Mazahib, 24(1), 156-181. https://doi.org/10.21093/mj.v24i1.10035
Section
Articles
Copyright (c) 2025 Muhammad Ishom, Entol Zainal Muttaqin, Ika Atikah, Nasrun Mohamad Ghazali; Cucum Rohmawati
This work is licensed under a Creative Commons Attribution 4.0 International License.
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