Implementation of Islamic Bond Linked to Endowments (Cash Waqf Linked Sukuk; CWLS) in Indonesia

  • Dini Handayani,
  • Gemala Dewi,
  • Palmawati Tahir and Heru Susetyo
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  • Dini Handayani

    Doctoral student at Faculty of Law, University of Indonesia. Indonesia

  • Gemala Dewi

    Associate Professor at Faculty of Law, University of Indonesia, Indonesia

  • Palmawati Tahir

    Professor at Faculty of Law, University of Sultan Ageng Tirtayasa, Indonesia

  • Heru Susetyo

    Associate Professor at Faculty of Law, University of Indonesia, Indonesia

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Cash waqf possesses a promising potential in Indonesia, yet its benefits are still on a limited scale. Among those reasons causing these problems are that the limitation of understanding toward cash waqf is possessed by public society; a waqf manager (a person responsible for managing waqf; Nadzir) experiences difficulty to carrying out the mandate in the regulations of waqf to invest cash waqf accompanied by risk insurance; and the packaging of cash waqf has not attracted potential waqf givers (wakif). Based on these problems, the integration of cash waqf and sovereign sukuk as a social investment is emerged. It is equally recognized as Cash Waqf Linked Sukuk (CWLS). This study aims at discovering the implementation of the first CWLS in Indonesia. Data employed were secondary data supported by library research and interview techniques. Then, the data are analyzed qualitatively and presented descriptively. This study discussed the implementation of CWLS as an instrument that can ensure the integrity of cash waqf, is free of risk, can provide significant benefits for the beneficiaries of waqf and can support national development. Exactly on March 10, 2020 the government has issued a special series Sovereign Sukuk SW001 with a nominal value of IDR 50.849,000,000.00.


Research Paper


International Journal of Law Management and Humanities, Volume 6, Issue 1, Page 1775 - 1790


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