AN INTEGRATION OF WAQF AND VENTURA CAPITAL: A PROPOSED MODEL FOR INDONESIA

  • Hendri Tanjung Ibn Khaldun University Bogor, Indonesia
Keywords: Integration, Waqf, Venture Capital, Indonesia

Abstract

This study aims to find the appropriate model for the modus operandi of a financial institution called Waqf-Ventura Capital Syariah (WVCS). WVCS is integration between social finance (waqf) and commercial finance (Ventura capital). This WVCS has been adopted in Indonesia but the right form of operation is still yet to be found. In addition, this study also looks for appropriate contracts able to be practiced within the WVCS itself. WVCS is conceptualized based on the content analysis of cash waqf operations, profit and loss sharing modes and venture capital strategies.  It has been found that there are at least 3 alternative models of operation for this WVCS. Firstly, the waqf fund is pooled into the capital; secondly, the waqf fund is pooled into a third-party fund; and thirdly, the waqf fund is pooled into both the capital and third party-fund.  These unique operandi of WVCS could be adopted, as long as there are mudharabah dan musharakah contracts for development of the Indonesian Economy.

Author Biography

Hendri Tanjung, Ibn Khaldun University Bogor, Indonesia

Senior Lecturer, Ibn Khaldun University Bogor, Indonesia

References

Cizacka, Murat. (1998). Awqaf in History and its implications for modern Islamic Economies. Islamic Economies Studies, 6(1), pp. 43-70.

Chowdhury, M. S. R., Chowdhury, I. A., Mohd Zulkifli Muhammad, & Mohd

Rushdan Yasoa. (2012). Problems of waqf administration and proposals for improvement: A study in Malaysia. Journal of Internet Banking and Commerce, 17(1), 1-8.

Chepkwony, K. C. (2008). Islamic Philanthropy: The case of Waqf in poverty alleviation and social economic development. Bologna University.

Dahlia and Haslindar. (2013). Revitalization of Islamic Trust Institution through Corporate waqf, 4th international conference on business and economic research proceeding, Bandung, Indonesia, pp 192-202.

Hafidhuddin, D. and Hendri T. (2003). Manajemen Syariah Dalam Praktek. Jakarta: Gema Insani Press.

Hamber, N. M. and Haneef, M. A. (2017). Waqf-based Social Micro Venture Fund: A Proposal for Malay-Muslim Community in Singapore. JKAU: Islamic Economics, 30(1), pp. 37-60.

Ibdalsyah and Hendri Tanjung. (2014). Fiqh Muamalah Konsep dan Praktek. Bogor: Penerbit Azam Dunya.

Mahardika, Dewa P.K. (2015). Mengenal Lembaga Keuangan. Bekasi: Penerbit Gramata Publishing.

Mansoori, Muhammad Tahir. (2010). Kaidah-kaidah Fiqh keuangan dan Transaksi Bisnis, Terjemahan. Bogor: Ulil Albaab Institut, Universitas Ibn Khaldun Bogor.

Mohammad, M. T. S. H. (2011). Towards an Islamic Social (Waqf) Bank. International Journal of Trade, Economics and Finance, 2(5), pp. 381.

Mannan, M. A. (1999). Cash Waqf Certicficate: Global Opportunities for developing the social capital market in the 21st-century voluntary- sector banking. Proceeding of the third Harvard university forum on Islamic Finance: Local Challenges, Global opportunities, Cambridge Massaschucet, Centre for Middle Eastern studies, Harvard University, 1999. pp 243-256.

Nurrachmi, R. (2013). The implication of Cash Waqf in the society, MPRA Paper No. 44605. Retrieved from http://mpra.ub.uni-muenchen.de/44605/ (Accessed at February, 27, 2013 14:26 UTC).

Perwataatmadja, K. and Tanjung, H. (2007). Bank Syariah, Teori, Praktek dan Penerapannya. Jakarta: Penerbit Celestial Publishing.

Tanjung, H. and Devi, A. (2013). Metode Penelitian Ekonomi Islam. Bekasi: Penerbit Gramata.
Published
2018-05-31
How to Cite
Tanjung, H. (2018). AN INTEGRATION OF WAQF AND VENTURA CAPITAL: A PROPOSED MODEL FOR INDONESIA. Journal of Islamic Monetary Economics and Finance, 3, 125 - 140. https://doi.org/10.21098/jimf.v3i0.910
Section
Articles