CASH WAQF LINKED SUKUK : POTENTIAL AND CHALLENGES

Waqf as an instrument of Islamic economics in the modern era as it is today. Indonesia with the most Muslims in the world has a very large potential for waqf, with a nominal potential of approximately Rp. 2,000 Trillion and it would be a shame if that great potential could not be optimized as well as possible. Then CWLS is expected as an alternative instrument for optimizing the potential of waqf and examining the obstacles that will be faced . The purpose of this research is Cash Waqf Linked Sukuk as an instrument for optimizing the potential of waqf in Indonesia. CWLS is a productive cash waqf which is expected to improve the national economy. The research method used is library research where by reviewing all articles, books, and writings of experts to strengthen CWLS, you can maximize the potential of waqf in Indonesia. The results obtained are that CWLS is able to be an alternative for optimizing the potential of waqf, then the obstacles faced are the level of literacy as community insight in doing waqf and the level of religiosity of the community in doing waqf.


INTRODUCTION
The Muslim population in Indonesia has increased, it is noted that Indonesia is the country with the largest Muslim population in the world. In 2010, Global Religious Futures explained that the Muslim population of Indonesia reached 209.12 million or about 87% of the total population in Indonesia. Then the GRF projects that by 2020 Muslims in Indonesia will increase to 229.62 million and will continue to grow until 2050 by 256.82 million people. With a very large Muslim population, Indonesia has great potential in implementing the concepts of raising funds contained in the Qur'an, namely Zakat and Waqf.
We already know that the potential for zakat in Indonesia is very large, based on the Outlook on Zakat Indonesia, the potential for zakat in Indonesia until 2020 is 233.84 trillion rupiah, but from the collection of ZIS by BAZNAS and LAZ it is only 8.2 trillion in 2019. That is very far from expectations considering the Muslim population in Indonesia is very high. Then in the aspect of waqf in February 2020, BWI released that Indonesia has a total potential of 2,000 trillion which is divided into two fields, namely the first, the potential area of waqf land is around 420,000 hectares and the second is the potential for cash waqf of around 280 trillion, but in reality in 2017 only about 400 billion have just been collected.
It takes innovations to maximize this enormous potential. Cash Waqf Linked Sukuk (CWLS) is present as a form of government innovation in maximizing the potential of waqf in Indonesia. The CWLS program was launched by Bank Indonesia together with the Islamic Development Bank (IDB) at the annual meeting (IMF-World Bank) Bali (12 -14 October 2018). In the National Waqf Caring Day (NWCD) CWLS activities supported by 9 institutions that donated money, the funds collected were Rp. 13.5 billion (Kontan.co,id, 2019). After one year the CWLS program was launched, the data recorded on the official website of the bank that was officially appointed to collect CWLS funds directly from the public and corporations was still quite low, reaching only Rp. 55,873,851 (collected by Bank BNI Syariah with a total wakif of 64 people). listed on the website)) and Rp. 88,382,251 (collected by Bank Muamalat Indonesia listed on the website)), from the target in 2019 of Rp. 50 Billion. So CWLS as a potential in order to maximize and also the challenges in running it will be discussed in this paper.

Cash Waqf
Definition ofendowment in terms of Personality ', the general endowment is a kind of gift that the implementation is done by retaining (ownership) of origin (tahsibul Ashli), and then make its benefits are generally accepted. Tahsibul ashli is to hold goods to be waqf so that they are not inherited, sold, donated, pawned, rented, and the like. How to use it by using according to the will of wakif / without compensation (Rusdian, 2018 Bonds which require the Issuer to pay income to the holders of the Syari'ah Bonds in the form of profit sharing/ margin/fee, as well as repaying bond funds at maturity".
Sukuk or Islamic bonds originated from bonds that are identical with interest, also contradictory because interest is one aspect that is highly avoided by Muslim communities.
Getting to know the bond that was originally known asinstrument fixed income because it provides a coupon with fixed interest (fixed) during the tenor. Then also developed "bonds with floating interest coupons (floating)" so that the interest received by bondholders is no longer fixed. In the case of Islamic bonds, the coupons given are no longer based on interest, but profit sharing or margin/fee.
It is interesting to note that the Fatwa of the National Syari'ah Council No: 32/DSN-MUI/IX/2002 provides an initial consideration that the bonds that have been defined so far (conventionally) are still not in accordance with sharia. Therefore, bonds that are justified according to sharia, namely bonds that are based on sharia principles.
In subsequent developments, bonds in Islam are known as "sukuk". Sukuk is a new term introduced as a substitute for the term Islamic bonds (Islamic Bonds). Sukuk are certificates that show the same value after closing the subscription, receipt of the value of the certificate and putting it to use as planned, ownership of shares and rights to visible assets, uses and services, and equity on the mentioned project or equity on certain investment activities ( AAOIFI, 2002).
This waqf-based sukuk is an integration of waqf with sukuk. In fiqh, this waqfbased sukuk is called the al-intifa' sukuk. Waqf assets are used as the underlying (support) for the issuance of sukuk. Where sukuk is a certificate of equal value which is proof of ownership that is not shared over an asset, benefit rights, and services or ownership of a particular project or investment activity (Khaerul, 2013).
The issuer of this waqf-based sukuk can be from various market players and even the private sector. Even in terms of cost, the issuance of waqf-based sukuk will be more efficient, because the underlying asset in the form of land is provided by the waqf manager (nadzir), both waqf managed by the government and the private sector.

Method used in this study is qualitative research using aapproachlibrary research,
where the data used are secondary from existing research literature and by reviewing studies from books, journals, articles and other literature, in order to conduct analysis. indepth information about Cash Waqf Linked Sukuk as an innovation in maximizing the potential of waqf and the obstacles that will be faced.

RESULTS AND DISCUSSION
Potential of waqf in Indonesia is very large, the Indonesian Waqf Board has released the potential of waqf in February 2020 the total potential of waqf reaches Rp.
2,000 Trillion with details of waqf in the form of 420,000 hectares of land and cash waqf of Rp. 180 trillion (validnews.id, feb 2020). In this data, we can see how great the potential of waqf and waqf is not only about land which is identical to the construction of mosques, schools or other social places. But waqf has offered, namely productive waqf in the form of cash waqf which can be managed and can create profits that can be much greater.
Cash waqf emerged as an alternative to facilitate waqf, previously in his writing, Suganda (2014) explained that cash waqf are funds collected by waqf managers (nadzir) through the issuance of cash waqf certificates purchased by the public. Cash waqf can also be interpreted as waqf property in the form of money or securities managed by institutions (banks or sharia financial institutions) whose profits will be donated, provided that the capital cannot be reduced for alms, while the collected waqf funds can then be rolled out and invested by nadzir into various halal and productive business sectors, so that the profits can be utilized for the development of the people and the nation as a whole.
The The product of cash waqf is sukuk waqf, although Sukuk and waqf are two different instruments but are collaborated into one through waqf sukuk with the aim of obtaining a greater benefit value. Sukuk built on ijarah contracts that have a business nature, while waqf built on social contracts have no yield.
The intended waqf sukuk are sukuk based on an ijarah contract, because ijarah has good flexibility and potential, the characteristics of ijarah are that the sukuk holder jointly bears the risk of the assets, the costs associated with ownership and the proceeds from the rent are distributed to the sukuk holders. The emergence of additional costs or unexpected costs on leased assets as well as the possibility of failure and absolute profits remain, although many investors respond that profits remain absolute contrary to the Islamic financial system.
Then came Cash Waqf Linked Sukuk (CWLS) a form of the Government's seriousness in supporting waqf and make it easier for people to do waqf. With the mechanism offered by CWLS (Paul and Razhmad, 2020). waqf can propose projects/social activities to be carried out/financed; f) BWI is exempt from taxation, so investment returns are competitive.
CWLS is an alternative instrument of waqf in the modern era because people rarely own assets in the form of land and other immovable objects, now most people have assets in the form of cash because nowadays young people and society in general are literate about investment. CWLS is present as an investment instrument that can provide social effects to improve the national economy.
CWLS comes not only smooth, its existence is still common and causes obstacles in its implementation. According to an article by Hiyanti, et al (2020) explaining that in offering CWLS as a solution in optimizing waqf, there are obstacles, namely the literacy and religiosity factors.
The results of the discussion in the paper of Hiyanti, et. al. First, literacy is a constraint for the community which is still low, because with low waqf literacy, it will reduce motivation/intensity in using CWLS as a charity medium. Where in Amirul Faiz (2012) literacy Literacy becomes an important thing that affects someone to waqf, based on the results of a survey that has been carried out stating that cash waqf and sukuk are still low, namely at values 2 and 3 of the 5 scales listed in the questionnaire. The results of this survey are also in line with the findings of researchers in the field at LKSPWU in big city branches in Indonesia, which shows that the delivery of information about CWLS from the LKSPWU is still not optimal.
Then the second level of religiosity is still low. According to Lamman and Gabler (2012) that religiosity is an important social determinant in charity. This religiosity is influential from within and can encourage someone to do charity, where the high religiosity of the community will increase the intention of waqf in CWLS, then the low level of community religiosity will reduce the motivation/intention of waqf in CWLS. waqf which is movable which is not only in the form of charitable activities but can increase the national economy.

CONCLUSION
There are two obstacles in the implementation of CWLS as a waqf instrument, namely the first level of literacy, because literacy is very important in people's insight in starting CWLS waqf and the level of community literacy about CWLS is still low. Then the second is the level of religiosity of the community, because the level of religiosity greatly affects the community in doing waqf, if religiosity is low then there will be no sense of wanting to do waqf.
The author's suggestion for the government to continue to socialize about CWLS is to introduce that waqf is not only about land and buildings, but also through cash waqf, one example of which is CWLS. And appealed to the public about the importance of charity for economic progress by means of productive endowments.