Waqf core principles: scope and implementation issues in Indonesia
The Waqf Core Principles (WCP) is one of the latest waqf international best practices which had been launched by Bank Indonesia (the Central Bank of Indonesia), Indonesian Waqf Board, and International Research of Training Institute-Islamic Development Bank (IRTI-IsDB) in October 2018. The WCP was m...
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| Main Authors: | , |
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| Format: | Book Chapter |
| Language: | English |
| Published: |
The Islamia University of Bahawalpur Pakistan
2023
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| Online Access: | http://irep.iium.edu.my/105202/14/105202_Waqf%20core%20principle.pdf http://irep.iium.edu.my/105202/ http://www.iub.edu.pk |
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| Summary: | The Waqf Core Principles (WCP) is one of the latest waqf international best practices which had been launched by Bank Indonesia (the Central Bank of Indonesia), Indonesian Waqf Board, and International Research of Training Institute-Islamic Development Bank (IRTI-IsDB) in October 2018. The WCP was meant to be a guiding principle for waqf practices whether for the domestic waqf and international including cross-border waqf. In order to dissect the essence of the WCP, this paper aims to describes the coverage of the WCP, especially on the risk management aspect and examine its current implementation in Indonesia. This study also determines the WCP correlation with Indonesian positive law, both to laws issued by the executive branch and laws issued by the Indonesian Waqf Board. The research method that will be used is qualitative research. Resources will be obtained from the results of studies from some research related to WCP and regulations about the waqf sector in Indonesia. The data will be collected and then translated through exploratory and descriptive methods. The finding shows among others that the Waqf Core Principles, despite being an important Waqf guideline, still require a more comprehensive interpretation for implementation, especially when looking from the various perspectives of other laws. The issues of priority between the Sharia and positive laws, the policy consideration, technical notes as well as ratification of member countries remain relevant for effective and impactful adoption of the principles. |
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