International Lecture: STEI SEBI Discusses the Development of Cash Waqf in Malaysia and Indonesia

On Thursday, June 6, 2024, STEI SEBI in collaboration with Universiti Islam Selangor (UIS), Malaysia, held an International Lecture with the theme "Development of Cash Waqf in Malaysia and Indonesia". The event was held at STEI SEBI and was attended by 40 lecturers and students.

Dr. Noor Aimi Binti Mohamad Puad, Head of Postgraduate from the Faculty of Management and Muamalah, UIS, and Rio Erismen Armen, Ph.D, Head of the Sharia Economic Law Study Program at STEI SEBI, presented the materials in this public lecture.

Dr. Noor Aimi began by introducing the Cash Waqf Management in Malaysia. She explained that in 2004, the Malaysian government established the Department of Waqf, Zakat, and Hajj (known as JAWHAR), and in 2008, a waqf foundation known as Yayasan Wakaf Malaysia (YWM) was established. However, Dr. Noor stated that Malaysia still faces several challenges in managing cash waqf, including the lack of comprehensive regulations, lack of transparency and accountable governance, as well as the lack of mechanisms to ensure the collection and distribution of cash waqf.

Dr. Rio from STEI SEBI then explained the management of cash waqf in Indonesia, which is regulated in Law No. 41 on Waqf. In the MUI fatwa, it is stated that cash waqf is waqf in the form of cash, where the principal must be preserved. However, Indonesia is also still facing similar challenges, including the gap between the potential and the realization of cash waqf collection. "The potential of cash waqf in Indonesia reaches Rp180 trillion per year. However, as of March 2022, the collection has only reached Rp1.4 trillion," explained Dr. Rio.

The public lecture activity was concluded with a question and answer session, plaque presentation, and a group photo. The Vice-Chairman I for Academic Affairs presented the plaque to the speakers as a recognition of their contribution to the International Lecture. Hopefully, such activities can be continuously carried out to provide added value and strengthen the international academic network.