The harsh reality of the early drive for the GNWU is very ironic given the potential amount touted by waqf stakeholders, which has been estimated at Rp 180 trillion. Why is this so, and how should this situation be addressed to avoid a failure like that of the first GNWU, which was launched in 2010?

Waqf stakeholders have to find better solutions to unlock the potential of cash waqf, instead of relying on the normal formula of increasing waqf literacy and raising public awareness about participating in cash waqf through various platforms.

As far as we are concerned, three important programs should be implemented immediately to address the lackluster response to the GNWU. They are waqf of sultans, temporary waqf from rich people and the conversion of corporate social responsibility (CSR) funds from state-owned enterprises (SOEs) into waqf.

One of the most important features in the past success of the institution of waqf was the widespread practice of waqf by prominent people such as ministers, princes, their wives and mothers. This type of waqf is known as Awqaf al-Salatiyn (waqf of sultans). As an example, Harun al-Rashid’s wife created many waqf assets in the form of roads, bridges, land and water supply for pilgrims. One of those assets is known as the well of Zubaidah in Mecca, which was named after her.

In the Indonesian context, waqf stakeholders must be able to convince the President, Vice President, Cabinet ministers, boards of directors and boards of commissioners of SOEs, governors, mayors and other high-ranking officials, as well as prominent persons nationwide to create cash waqf. It is recommended that these prominent people give away at least one month of their salary as cash waqf. The creation of cash waqf by these individuals will ensure that the quantity of cash waqf collections is enormous, while at the same time encouraging the masses to follow the example set by these people.

The second program is the creation of a temporary cash waqf by rich people. One of the unique features of waqf is the ruling that waqf can be temporary. This opens up many opportunities to unlock the potential of cash waqf. Rich people can create a cash waqf, say for three to five years, by giving their money to waqf institutions to be invested accordingly. The profit or revenue generated can be distributed to the specified beneficiaries and be used to create new waqf projects. The percentage of revenue utilization is flexible and can be specified upfront by the people who create the temporary cash waqf.

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