Financial Planning of Inalienable Charitable Endowment for Muslim Professional through Islamic Financial Institutions in Indonesia

Nurlaila, Sugianto,Nurwani and Dan Fauzi Arif Lubis

Several different categories of charity are defined in Islam. One of them is waqf (inaliable charitable endowment under Islamic law). In Islamic terms, waqf refers to a religious endowment i.e. a voluntary and irrevocable dedication of one's wealth or a portion of it - in cash or kind (such as a house or a garden), and its disbursement for sharia compliant projects (such as mosques or religious schools. Waqf is a form of charity for the sake of Allah. It is lawful because it aids in the sustainable development. It also seeks to empower the Muslim society. Because of this, waqf financial planning becomes significant to realize both the benefits of waqf. This study aims to analyze the implementation of Muslim professional financial planning of waqf through Islamic financial institutions (IFIs) in Indonesia from the perspective of Islamic Wealth Management. This research had conducted using qualitative descriptive research methods. Data collected by distributing questionnaires through social media. The results showed that caused by several factors such as socialization, education and use of technology as well as variations in waqf financial planning products through IFI, both Islamic banks, Islamic insurance, shares or CWLS have not been optimal.

Volume 12 | Issue 5

Pages: 509-513

DOI: 10.5373/JARDCS/V12I5/20201968