Regulations and Management of Waqf Institutions in Indonesia and Singapore: A Comparative Study

Abstract

Waqf is an Islamic philanthrophy instrument that can be used as a source of funds for Muslims. Indonesia as a country that has the largest Muslim population in the world, but in practice the realization of the optimization of the potential and utilization of waqf funds in Indonesia is still low, while Singapore which is a minority Muslim is able to utilize waqf funds optimally and productively. The priority of regulatory issues is less supportive, because regulation is the basis or legal basis for the management of waqf. The purpose of this research is to compare the regulation and management of waqf management in Indonesia and Singapore, so that the implications of this research result can be used as input for the development of waqf management in Indonesia. The research method used is descriptive qualitative approach and a statute approach. The results of this research is waqf regulation in Indonesia contained in Law No. 41 of 2004 and Government Regulation Number 42 of 2006 as implementing regulations. Waqf regulations in Singapore are found in the Administration of Muslim Law Act (AMLA) in the Act. No. 27 of 1966. Most of the management of waqf in Indonesia is still on the property of waqf not moving like land, but in its development Indonesia is developing waqf of movable property (cash waqf). The management in the development of productive waqf in Singapore uses istibdal method which is applied in various forms to make waqf assets have high value and are productive. Keywords: Waqf, Regulation, Management

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