Optimization of Cash Waqf Linked Sukuk Collection in Islamic Banks
Abstract
This study aims to identify optimization strategies in collecting Cash Waqf Linked Sukuk (CWLS). CWLS is a combination of financial and social instruments issued by the Indonesian government through the ministry of finance. This study uses a qualitative descriptive approach with data from interviews, then by using the IFAS-EFAS matrix method and SWOT analysis CWLS collection strategy is formulated. Research sources are 5 practitioners from Islamic banks as CWLS distribution partners: Bank Muamalat, Bank Syariah Indonesia, Bank Mega Syariah, Bank Bukopin Syariah, and Bank Jawa Banten Syariah. The SWOT analysis of CWLS funds collection results: the biggest strength is the bank's good reputation. The biggest weakness of Human Resources's understanding of cash waqf is still low. The main opportunity lies in a large number of middle-class Moslems in Indonesia and the main threat is that there are several substitute products for waqf/philanthropy types and the different priority programs from Nazir. The most appropriate strategy for raising CWLS funds is the SO (Strength-Opportunity) strategy, by socializing CWLS through social media and digital platforms owned by banks, as well as through talk shows and webinars. Islamic banks conduct CWLS marketing to priority customers, retail customers, corporate customers, and institutional customers, both government and private institutions through employees at Islamic bank’s branch offices. Another important thing to optimize the collection of CWLS, Islamic banks need to maximize the role and synergy with Nazir and regulators, especially in terms of socialization and marketing of CWLS.
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