How Waqf Solves Backlogs


  • Munira Pratiti Satriyasyifa Institut Agama Islam Tazkia
  • Anita Priantina Institut Agama Islam Tazkia


Sukuk Linked Waqf, Cash Waqf Linked Sukuk, non-halal funds, backlogs


The gap between demand and affordable supply has led to a housing backlog, especially in Indonesia. Solution is needed, especially to provide housing for low-income earners. This study discusses the potential for implementing a new financing scheme that combines Sukuk Linked Waqf, Cash Waqf Linked Sukuk, CSR, and non-halal funds for housing development in the long-term using the Benefit, Opportunities, Cost and Risk-Analytical Network Process (ANP-BOCR) method. The results of this study indicate that under this alternative scheme, the benefits and opportunities for all parties involved in housing development outweigh the costs and risks. Therefore, the combination of SLF and CWLS has significant potential to solve backlog problem in Indonesia.


Abdelkafi, R., & Bedoui, H. E. (2016). Challenges in Infrastructure Financing Through Sukuk Issuance. IRTI Policy Paper, November.
Abdulkareem, I. A., Sadad, M., & Mahmud, B. (2019). Infrastructure Project Financing Through Sukuk as an Alternative to Conventional Bond Financing. 1(19), 1–11.
Ahmad, S. M., & Mahadi, N. F. (2019). Sustainable Development Goals and the role of Islamic finance. Proceedings of the 1st Kedah International Zakat Conference 2019 (KEIZAC 2019), May, 698–708.
Ahmed, E. R. (2014). ISLAMIC SUKUK : PRICING MECHANISM AND RATING Md . Aminul Islam Tariq Tawfeeq Yousif Alabdullah Contribution / Originality 2 . CONCEPT OF SUKUK SECURITIES. Journal of Asian Scientific Research, 4(11), 640–648.
Ali, S. N. M., Noor, A. H. M., Johari, N., Fauzi, N. S., Chuweni, N. N., & Ismail, N. R. P. (2016). Hungry for housing: Waqf real estate development - A social welfare alternative. MATEC Web of Conferences, 66.
Ayub, M. (2005). Securitization , Sukukk and Fund Management Potential to be Realized by Islamic Financial. Sixth International Conference on Islamic Economics, 1–26.
Azam, M. S. E., & ABDULLAH, M. A. (2020). Global Halal Industry: Realities and Opportunities. International Journal of Islamic Business Ethics, 5(1), 47.
Aziz, N. A. (2012). The Impact of Different Level of Education Towards Acceptance of Islamic House Financing. 1–9.
Azli, R. M., & Othman, R. (2016). Implementation Of Maqasid Shariah In Islamic House Financing: A Study Of The Rights and Responsibilities of Contracting Parties in Bai Bithaman Ajil and Musharakah Mutanaqisah. The Journal of Applied Business Research, 27, Number(November).
Green, R. K., & Wachter, S. M. (2010). The Housing Finance Revolution. Social Science Research Network Electronic Paper Collection, August, 414–445.
Hayat, R., Den Butter, F., & Kock, U. (2013). Halal Certification for Financial Products: A Transaction Cost Perspective. Journal of Business Ethics, 117(3), 601–613.
Ioannou, I., Serafeim, G., & Link, C. (2014). Corporate social responsibility and access to finance. Strategic Management Journal, 35(1), 1–23.
Ismal, R. (2015). Occasional Paper Awqaf Linked Sukuk To Support the Economic Development Awqaf Linked Sukuk To Support the Economic Development. 29.
Jalil, A., & Ramli, A. M. (2008). Waqf instruments for construction contract : An analysis of structure. C, 5(1), 183–197.
Javed, M. M., Khan, M. M. S., & Aslam, H. (2015). Islamic House Financing in Pakistan: A Demand Analysis. Islamic Banking and Finance Review, 03(March 2015), 01–15.
Musari, K. (2016). Waqf-Sukuk, Enhancing the Islamic Finance for Economic Sustainability in Higher Education Institutions. 2nd World Islamic University Leaders Summit 2016 (WICULS 2016) Begin, November 2016.
Musari, K. (2019). The Evolution of Waqf and Sukuk toward Sukuk-Waqf in Modern Islamic Economy The Evolution of Waqf and Sukuk toward Sukuk-Waqf in Modern Islamic Economy. December.
Nafar, N. (2018). Affordable Housing Development and SDGs: The Role of Islamic Finance. June.
Oubdi, L., & Raghibi, A. (2018). Sukuk-waqf: The Islamic Solution for Public Finance Deficits. 9.
Priantina, A. (2019). Revitalization of Waqf for Socio-Economic Development, Volume II. In Revitalization of Waqf for Socio-Economic Development, Volume II: Vol. II. Springer International Publishing.
PT Indo Tambangraya Megah Tbk. (2018). Laporan Tahunan Masyarakat Berkelanjutan 2017. 27 Februari 2018, 1.
PUPR. (2011). Peraturan Menteri Negara Perumahan Rakyat Republik Indonesia Nomor 14 Tahun 2011 Tentang Pedoman Pelaksanaan Bantuan Stimulan Perumahan Swadaya Bagi Masyarakat Berpenghasilan Rendah.
Rarasati, AD, & Bahwal, F. (2019). Sharia-compliant Financing of Infrastructure Development in Rural Area. IOP Conference Series: Earth and Environmental Science, 258, 012014.
Rarasati, Ayomi, Trigunarsyah, B., Too, E., Lamari, F., & Bahwal, F. (2019). Islamic financing for implementation barriers infrastructure projects and its. 06005, 1–8.
The World Bank. (1993). Housing: Enabling Markets To Work. A World Bank Policy Paper.
XL Axiata. (2018). Laporan Tahunan Annual Report 2018.