The Applicability of Cash Waqf Linked Sukuk (CWLS) Through the Tafriqus Sufqah Al-Khatib Al-Sharbini Theory: An Approach to Sharia Compliance and Financial Innovation
DOI:
https://doi.org/10.22373/baspd111Keywords:
Cash Waqf Linked Sukuk (CWLS), Tafriqus Sufqah, Shariah Compliance, Financial InnovationAbstract
This research article delves into the examination of Cash Waqf Linked Sukuk (CWLS) within the framework of Islamic jurisprudence, particularly through the lens of Al-Khatib Al-Sharbini's Tafriqus Sufqah theory. Utilizing the guidance provided by the Fatwa DSN-MUI No. 131/DSN-MUI/X/2019, this study aims to scrutinize the Shariah compliance of CWLS, a contemporary Islamic financial instrument that amalgamates the concept of waqf (Islamic endowment) with sukuk (Islamic bonds), to foster economic and social development projects. The primary objective is to understand how CWLS adheres to Shariah principles by dissecting its structure and operations into separate contracts or agreements, in alignment with Tafriqus Sufqah theory, which advocates for clarity and segregation in financial dealings to avoid ambiguity (gharar), gambling (maysir), and interest (riba). Through qualitative analysis of the fatwa and relevant Islamic financial literature, the study explores the theoretical underpinnings of CWLS, evaluates its compliance with Islamic law, and assesses its innovative approach to integrating charitable giving with financial investments. The findings aim to contribute to the Islamic finance literature by offering insights on the application of Tafriqus Sufqah theory to modern financial instruments like CWLS, highlighting its potential for ethical investment and the challenges of ensuring Shariah compliance. This analysis not only enriches the understanding of Islamic financial products but also provides a model for developing future Shariah-compliant instruments that can meet the needs of contemporary Muslim societies.References
As Syarbini. Mughni Al Muhta>j. Vol. 2. Damaskus: Dar Al-Marefah, 2007.
Athoillah, Rizqi Ibnu. “Pemikiran Al Katib Al-Syarbini Tentang Akad Tafriqus Sufqah Dan Relevansinya Terhadap Hybrid Contract Pada Lembaga Keuangan Syariiah Di Indonesia.” IAIN Ponorogo, 2019. https://etheses.iainponorogo.ac.id/8497/.
Aufa, Imtiyaz Wizni, Anugrah Muhtarom Pratama, and Umi Khaerah Pati. “Cash Waqf Linked Sukuk Through Securities Crowdfunding in Indonesia.” Jambura Law Review 5, no. 1 (January 29, 2023): 98–117. https://doi.org/10.33756/jlr.v5i1.15225.
Berakon, Izra, Lu’liyatul Mutmainah, Abdul Qoyum, and Hendy Mustiko Aji. “MUSLIM INTENTION TO PARTICIPATE IN RETAIL CWLS: THE TEST OF MEDIATION AND MODERATION EFFECTS.” Journal of Islamic Monetary Economics and Finance 8 (December 29, 2022): 17–52. https://doi.org/10.21098/jimf.v8i0.1427.
Dian Lailatullailia, Arin Setiyowati, and Abdul Wahab. “The Role of Sharia Banks as Nazhir Partners in the Management of CWLS Retail SWR001 Investment Products.” Perisai : Islamic Banking and Finance Journal 5, no. 1 (May 6, 2021): 95. https://doi.org/10.21070/perisai.v5i1.1317.
“FATWA DEWAN SYARIAH NASIONAL MAJELIS ULAMA INDONTESIA NO: 1 3 1/DSN-MUI/2019 Tentang SUKUK WAKAF.” DSN-MUI, 2019.
“Fatwa DSN-MUI No: 4/DSN-MUI/III/2004 Tentang Obligasi Syariah Ijarah.” DSN-MUI, n.d.
“Fatwa DSN-MUI No: 112/DSN-MUI/IV/2017 Tentang Akad Ijarah,” n.d.
“Fatwa DSN-MUI No: 114/DSN-MUI/IX/2017 Tentang Akad Syirkah.” DSN-MUI, 2017.
“Fatwa DSN-MUI No: 127/DSN-MUI/VII/2019 Tentang Sukuk Wakalah Bil Istitsmar.” DSN-MUI, n.d.
“Fatwa DSN-MUI Nomor: 115/DSN-MUI/IX/2017 Tentang Akad Mudharabah.” DSN-MUI, 2017.
“Fatwa No: 10/DSN-MUI/IV/2000 Tentang Wakalah.” DSN-MUI, 2020.
Haidlir, Banu M, Bambang S Laksmono, Rahmatina A Kasri, Azizon Azizon, and Djoni Hartono. “Public Behaviour on Cash Waqf: Evidence from Indonesia.” JEJAK 14, no. 2 (September 30, 2021): 316–32. https://doi.org/10.15294/jejak.v14i2.32032.
Humaidi, Muchtim, Syamsuri Syamsuri, and Farah Khoirunnisa. “The Role of Cash Waqf Linked Sukuk Based on Mudarabah Contract (Trustee-Partnership) as MSME Capital Solution.” El Barka: Journal of Islamic Economics and Business 6, no. 1 (June 14, 2023): 108–31. https://doi.org/10.21154/elbarka.v6i1.3550.
Kunhibava, Sherin, Aishath Muneeza, Zakariya Mustapha, Maryam Khalid, and Thong Ming Sen. “Viability of Cash Waqf-Linked Ṣukūk in Malaysia.” ISRA International Journal of Islamic Finance 15, no. 4 (December 27, 2023). https://doi.org/10.55188/ijif.v15i4.530.
“Mengikuti Fatwa DSN-MUI Nomor: 33/DSN-MUI/IX/2002 Tentang Obligasi Syariah Mudharabah.” DSN-MUI, n.d.
Nurhaida, Dida, Farida Jasfar, Rifki Ismal, and Acep Riana Jayaprawira. “Investigating Institutional Investors’ Behaviours toward Cash Waqf Linked Sukuk (CWLS) Using DTPB.” International Journal of Islamic Economics and Finance (IJIEF) 6, no. 2 (July 31, 2023): 247–80. https://doi.org/10.18196/ijief.v6i2.16950.
Putra, Haris Maiza, Hisam Ahyani, Nanang Naisabur, Muharir Muharir, and Chikal Anugrah Putra Naisabur. “Reconstruction of the Practice of Siyasa Syar’iyyah During the Islamic Empire’s Relevance to the Practice of Sharia Financing CWLS Retail in Indonesia.” Al-Istinbath: Jurnal Hukum Islam 8, no. 2 November (November 9, 2023): 347. https://doi.org/10.29240/jhi.v8i2.8057.
Rahmatul Fadhil and Nurbalqis. “Analisis Cash Waqf Linked Sukuk (Cwls) Dalam Perspektif Maqâshid Asy-Syarî’ah.” Al-Mizan: Jurnal Hukum Dan Ekonomi Islam 5, no. 2 (September 20, 2021): 1–18. https://doi.org/10.33511/almizan.v5n2.1-18.
Sairally, Beebee Salma. “Editorial.” ISRA International Journal of Islamic Finance 15, no. 4 (December 27, 2023): 1–3. https://doi.org/10.55188/ijif.v15i4.687.
Setyomurni, Tanya Arisa, and Muh. Nashirudin. “Analysis of The Cash Waqf Linked Sukuk (CWLS) Model As An Instrument of Post Covid-19 National Economic Recovery.” Islamic Banking : Jurnal Pemikiran Dan Pengembangan Perbankan Syariah 9, no. 1 (September 3, 2023): 167–84. https://doi.org/10.36908/isbank.v9i1.934.
Slamet Rusydiana, Aam, Annisa Kartika Ocktavia, and Siti Salmah. “Cash Waqf Linked Sukuk (CWLS) In Indonesia: A Sentiment Analysis.” Tamkin Journal 2, no. 1 (March 14, 2023). https://doi.org/10.58968/tj.v2i1.212.
Yasin, Rozaq Muhammad. “CASH WAQF LINKED SUKUK: ISSUES, CHALLENGES AND FUTURE DIRECTION IN INDONESIA.” Jurnal Ekonomi Dan Bisnis Islam (Journal of Islamic Economics and Business) 7, no. 1 (June 30, 2021): 100. https://doi.org/10.20473/jebis.v7i1.24818.
Yusuf, Mahmud, Abidir Rahman, and Parman Komarudin. “Bibliographi Cash Waqf Linked Sukuk (CWLS) Pada Perguruan Tinggi Di Indonesia: Analisis Systematic Literature Review.” Management of Zakat and Waqf Journal (MAZAWA) 4, no. 1 (September 26, 2022): 48–67. https://doi.org/10.15642/mzw.2022.4.1.48-67.
Published
Versions
- 2025-08-02 (3)
- 2025-08-02 (2)
- 2025-07-31 (1)
Issue
Section
License
Copyright (c) 2025 Atik Abidah, Nur Asnawi, Nur Asnawi, Eko Suprayitno, Eko Suprayitno, Erfaniah Zuhriah, Erfaniah Zuhriah
This work is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.
Authors who publish in Samarah: Jurnal Hukum Keluarga dan Hukum Islam agree to the following terms:
- Authors retain copyright and grant the journal right of first publication with the work simultaneously licensed Attribution-ShareAlike 4.0 International (CC BY-SA 4.0) that allows others to share the work with an acknowledgment of the work's authorship and initial publication in this journal.
- Authors are able to enter into separate, additional contractual arrangements for the non-exclusive distribution of the journal's published version of the work (e.g., post it to an institutional repository or publish it in a book), with an acknowledgment of its initial publication in this journal.
- Authors are permitted and encouraged to post their work online (e.g., in institutional repositories or on their website) prior to and during the submission process, as it can lead to productive exchanges, as well as earlier and greater citation of published work. (See The Effect of Open Acces)
