IMPLEMENTATION OF CASH WAQF LINK SUKUK (CWLS) IN THE SUSTAINABLE DEVELOPMENT OF THE UMMAH ACCORDING TO THE PERSPECTIVE OF CONTEMPORARY SCHOLARS

Abstract

Waqf plays two very important roles in Islamic history, namely economic and social. Providing innovation in developing waqf is Cash Waqf Linked Sukuk (CWLS) provides integration to the waqf funding itself by securitizing through State Sharia Securities (SBSN) or Sukuk. This research aims to know and understand the role of CWLS in economic, social and emphasizes the sustainable development of the ummah itself. The implementation of CWLS has been carried out and started to develop more sustainable development for the community to realize the importance of this productive waqf. The results of this study found that waqf has great urgency and significance in the sustainable development of the people. CWLS is an instrument in social finance and its implications in the economy. From this finding, it is suggested that when the country experiences high poverty, then CWLS is developed and manage waqf to provide benefits to the wider community and grow and actively contribute to the National economy to realize the welfare of the community and the sustainable development of the people.