With Cash Waqf, No Need to be Wealthy to Donate Your Waqf

The flexibility of Cash Waqf makes this type of waqf able to be done at anytime, by anyone, in anywhere with affordable amount..

The received Cash Waqf can be used for the construction and management of the waqf assets. One of them is the Waqf Water Well.
Illustration. The received Cash Waqf can be used for the construction and management of waqf assets, one of them is the Waqf Water Well. (ACTNews)

ACTNews, JAKARTA – Lately, the massive waqf movements have brought hopes from several parties to make this moment a way to educate about waqf. Furthermore, the community can directly participate especially in cash waqf.

According to Dr. Irfan Syauqi Beik, the IPB University (Bogor Agricultural Institute) lecturer for the Department of Islamic Economics Faculty of Economics and Management, cash waqf is an instrument that enables all levels of the community to participate, both the rich and the poor.

“It’s possible to donate waqf without having permanent assets such as land or building in the first place. Moreover, the habituation to donate waqf can be taught from an early age to the children by donating some of their allowances,” explained Dr. Irfan in his release in the middle of last January.

Through cash waqf, he continued, all levels of ummah had the same opportunity to do shodaqoh jariyah with perpetual rewards even if the donor had died. “This is the advantage of cash waqf which continuously needs to be socialized,” added Dr. Irfan.

On the other hand, the Head of Indonesian Waqf Board (BWI) M. Nuh explained that a waqif (donor) could donate any amount for waqf, anytime and anywhere. This is different from the inflexible land waqf

“Because if we want to donate for a land waqf, it’s impossible to donate only 10 square meters of land. Meanwhile, it’s possible with cash waqf, for example, to donate IDR 5,000, IDR 10,000, and so on. Hence, it’s very flexible,” said Nuh.

He added that it could also ease the nazir (the administrator) to manage the cash waqf. "It doesn't have to be physical or cash but it can be done through banking, and we can get proceeds from money that has been managed, either through banking instruments, deposits, or financial instruments, Sukuk (Islamic obligations), and others," he said.

It is also convenient for the beneficiaries. They can receive the benefits anywhere from everywhere even though the waqf donor is from far away. “For example, the cash waqf managed in Jakarta, can benefit the development in Papua,” explained Nuh.[]