TIMESINDONESIA, SURABAYA – Revolutionizing Waqf: Indonesia’s New ApproachIn a significant move to bolster the practice of endowment in Indonesia, PT Bank Pembangunan Daerah Jawa Timur Tbk (Bank Jatim) has teamed up with the Indonesian Waqf Board (BWI). This partnership was formalized through the signing of a Letter Of Intent (LOI) at the "Gebyar Wakaf Ramadhan" event held at Aryaduta Hotel Jakarta on Wednesday, March 27, 2024.
The LOI was signed by Bank Jatim’s Director of Finance, Treasury & Global Services, Edi Masrianto, and the Chairman of the Indonesian Waqf Board, Prof. Muhammad Nuh. The event also saw the presence of Indonesia's Minister of Religious Affairs, Yaqut Cholil Qoumas.
Edi Masrianto shared that this collaboration aims to develop waqf (endowment) products in Indonesia, hoping to increase the number of monetary or productive endowments beneficial to the community. He emphasized the value increment of endowed assets, which positively impacts many, especially those in need.
Edi explained, "The power of giving has a far-reaching impact, extending to the lower and middle economic classes. Endowment is not just a heavenly investment, but it can also serve as a worldly benefit for both the individual and the wider community."
Bank Jatim strongly supports the development of waqf in Indonesia, viewing it as a significant driver for economic growth and societal welfare. Edi expressed hopes that the LOI signing would enable Bank Jatim to make a tangible contribution to society, particularly in enhancing the quality of life and prosperity of the people.
On his part, Yaqut Cholil Qoumas highlighted the substantial potential of waqf in Indonesia, estimating it to be around IDR 180 trillion (approximately USD 12 billion) annually. He pointed out that if managed and developed properly, waqf could play a crucial role in alleviating poverty.
Yaqut stressed the importance of increasing awareness and understanding of waqf, along with the government's role in its promotion. He mentioned the government's strategies for waqf development, including a Memorandum of Understanding (MoU) signed in 2022 with the Ministry of Agrarian Affairs and Spatial Planning/National Land Agency to expedite waqf land certification, with about 400,000 waqf land points already certified.
Prof. Mohammad Nuh also emphasized the need for serious efforts to make waqf a trend and a main policy of the government in the future to combat poverty. He introduced an innovative concept, the "Prospective Bridal Endowment," allowing couples to participate in waqf before their marriage ceremony.
The funds collected through this scheme are managed jointly by the BWI and the Ministry of Religious Affairs, ultimately used for public welfare, such as assisting children of divorced parents.
This collaboration between Bank Jatim and the Indonesian Waqf Board signifies a promising step toward enhancing the waqf ecosystem in Indonesia, aiming to harness its potential for broader social and economic benefits.
This partnership represents a strategic effort to integrate financial services with charitable practices, reflecting a growing trend of social responsibility in the financial sector. The initiative is expected to create a sustainable model for waqf contributions, where individuals can contribute to societal welfare while also potentially reaping benefits for themselves. (*)
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| Editor | : Khodijah Siti |
| Publisher | : Ahmad Rizki Mubarok |
