Sri Mulyani Will Build Infrastructure From The Waqf Fund, How Is The Waqf In Saudi Arabia?

Minister of Finance, Sri Mulyani Indrawati. (Photo: Ministry of Finance)

JAKARTA - Indonesia is targeting to build infrastructure facilities worth IDR 597 billion from waqf funds. As of December 2020, the total collected waqf funds reached IDR 328 billion. This amount is obtained from the people's funds that are deposited in the bank receiving the accumulated waqf funds.

"Given the amount and enthusiasm of community participation in waqf, stakeholders or stakeholders will develop cash waqf management to strengthen the Islamic Social Safety Net", said Finance Minister (Menkeu) Sri Mulyani, Monday, January 25.

Waqf is indeed one of the activities that is often carried out by Muslims. Quoted by VOI from the islam.nu.or.id site, jurisprudence experts define waqf as the practice of almsgiving assets that are given permanently by freezing its use for everything permitted by Islamic law

Not only in Indonesia, but waqf is also practiced in various Muslim countries, including Saudi Arabia. As a country with a large number of waqf and supported by an adequate economy, the country is able to develop waqf well.

Quoted from the website of the Indonesian Waqf Board, waqf in Saudi Arabia is not limited to land alone. Residents are allowed to donate shops, gardens, prayer places, and so on. They also donated their assets for the two holy cities of Muslims, namely Mecca and Medina.

The government helps Mecca and Medina by providing the benefits of waqf for all affairs in the city. It aims to maximize the use of the results of waqf development. The proceeds from the management of waqf assets are then used by the government to build housing for residents.

Waqf development in the form of residential housing development is also carried out around the Nabawi Mosque. In this city, shops and trading centers were built which were intended to help the needs of the pilgrims and those who made the pilgrimage to Medina.

In Indonesia, waqf is included as a sharia social fund which also includes zakat, infaq, and shodaqoh. Sri Mulyani hopes that the existing sharia system in Indonesia will be able to play a bigger role in the economy.

"Through trustworthy, transparent, and professional management, waqf and waqf-based financial instruments can help accelerate national development and improve people's welfare", said Sri Mulyani.