Getting to Know Money Waqf, BWI
Getting to Know Money Waqf
The term cash waqf was not known at the time of the Prophet.
Cash waqf has only been practiced since the beginning of the second century Hijriyah. Imam az Zuhri (died 124 H), one of the leading scholars and the founder of tadwin al-hadith, gave a fatwa, they recommended that dinar and dirham waqf for the construction of propaganda, social and educational facilities for Muslims.
In Turkey, in the 15th century H the practice of cash waqf has become a familiar term in the community. Cash waqf usually refers to cash deposits in financial institutions such as banks, where cash waqf is usually invested in profitable business activities. We use the profits from the investment for everything that is socially and religiously beneficial.
In the 20th century, various ideas emerged to implement the great ideas of Islam in the economic field, various financial institutions were born such as banks, insurance, capital markets, zakat institutions, waqf institutions, Hajj savings institutions etc. Islamic financial institutions have become a familiar term in both the Islamic and non-Islamic worlds.
It is at this stage that the ideas of scholars and practitioners are born to make cash waqf one basis in building the economy of the people. From various seminars conducted by the Islamic community, the ideas for cash waqf are increasingly rolling. Islamic countries in the Middle East, Africa, and Southeast Asia themselves started in various ways.
In Indonesia, before the birth of Law no. 41 of 2004, the Indonesian Ulema Council has issued a fatwa on Cash Waqf, (11/5/2002).
Cash Waqf/Wagf al-Nuqud is a waqf that is carried out by a person, group of people, institutions or legal entities as cash.
Included in the definition of money are securities.
Qash Waqf is legal (maybe)
Cash waqf can only be distributed and used for things that are permitted by syar'i.
The principal value of cash waqf must be guaranteed for its sustainability, it may not be sold, donated, and/or inherited.
Regarding the permissibility of this type of waqf, there are several opinions that strengthen the fatwa.
First, the opinion of Imam al-Zuhri (d. 124H.) that it is permissible to make waqf legal services, by making the dinar as business capital then the profits are distributed to mauquf 'alaih (Abu Su'ud Muhammad. Risalah fi Jawazi Waqf al-Nuqud, [ Beirut: Dar Ibn Hazm, 1997], pp. 20-2 1).
Second, the mutaqaddin of Hanafi scholars (see Wahbah al-Zuhaili, al-Fiqh al-Islam wa Adillatuhu, [Damsyiq: Dar al-Fikr, 1985], juz VIII, p. 162) allow dinar and dirham cash waqf as an exception, based on Istihsan bi al-'Urfi, based on the atsar Abdullah bin Mas'ud ra: "What is good by the Muslims is good in the sight of Allah, and what is seen as bad by the Muslims is also bad in the sight of Allah".
Third, the opinion of some scholars of the al-Shafi'i school: "Abu Tsyar narrated from Imam al-Shafi'i about the permissibility of waqf dinars and dirhams (money)". (al-Mawardi, al-Hawi al-Kabir, tahqiq Dr. Mahmud Mathraji, [Beirut: Dar al-Fikr, 1994[, juz IX, m h. 379).
Source: BWI