Juridical Review of the role of Nazhir and LKS-PWU in Cash Waqf Linked Sukuk According to Law concerning Waqf

Abstract

The rapid development of technology and economy has spread into waqf sector, by giving convenience to conduct cash waqf transactions. Cash waqf sector in Indonesia has developed and linked into securities sectors. This instrument is called Cash Waqf Linked Sukuk (CWLS). CWLS involves wakif, Nazhir, LKS-PWU, Badan Wakaf Indonesia, Ministry of Religion, Ministry of Finance, and Mauquf Alaih. The peoples involved are larger than conventional cash waqf, specially by dividing General and Special Nazhir. Either general or special Nazhir are having cooperation with LKS-PWU, according to BWI Regulations number 1/2020. This research will analyze the type of contract on General and Special Nazhir cooperation with LKS-PWU.

This research employs normative legal research methods. Normative legal research methods is used to examine the regulations. This research also provides practice regarding the relation between CWLS Nazhir and LKS-PWU. To examine the regulations and practice, this research used Waqf act, implementing regulations, CWLS regulations, and BWI regulations. Besides regulations, this thesis also conducts primary data by interviewing general and special Nazhir regarding the between CWLS Nazhir and LKS-PWU.