Waqf is a form of charity with tremendous virtues. Waqf is given from one person or a certain group to help individuals or groups of people in need. Compared to other alms practices, the rewards generated from waqf will not be interrupted. Thus, it can provide benefits even when the endowers pass away. Nowadays, the term cash waqf is increasingly heard. What is waqf Here is a more complete review of it.
What is Cash Waqf?
The term cash waqf investment may not sound too familiar. That’s because this concept is relatively new. Generally, people are more familiar with waqf in the form of buildings, land, or other immovable objects. However, the fact is that waqf can also be given in the form of money.
Waqf itself has the meaning of holding property and using its benefits for good purposes or other similar things (the benefit of the people). Meanwhile, cash waqf means holding assets in the form of cash that will be used to provide benefits to others. Cash waqf is similar to immovable waqf, in that the principal value of cash waqf cannot change (increase/decrease), nor can it be sold, donated or inherited.
In Surah Ali Imran verse 92, Allah says: “You will not attain any good unless you spend some of the wealth that you like”. Through this verse, Allah encourages His people to spend what they like. This act can be considered as a great sacrifice from a Muslim for the religion of Allah. This is because they are willing to give up what they like to be owned by others. In this context, waqf also includes sacrificing beloved wealth for the greater good.
Read also: The Law of Cash Waqf and Its Benefits for the People
Cash waqf is a model of waqf that is highly recommended in the verse. A person who endows with cash may be considered to be sacrificing his beloved property. Therefore, cash waqf is sunnah and highly recommended in Islam.
As we know, during the Prophet’s time, he and his companions waqfed in the form of land and buildings. But nowadays, it is undeniable that waqf objects have also changed. Muslims now cannot be separated from modern transactions, such as with QRIS, debit cards, credit and so on.
For this reason, cash waqf is allowed in Islam. Because, its presence will greatly facilitate the ummah to be able to help their brothers and sisters in need, without having to own immovable assets first.
The Virtues of Cash Waqf
Why can cash waqf also be called an investment? Because the money that is endowed can provide the same benefits as other forms of waqf. The amount of money waqfed will be able to help support the construction of schools, mosques, to help provide better facilities and services for the community.
The practice of the waqf money will bring endless rewards for the waqif (the person who donates the money). Even when the wakif has passed away. This is what makes cash waqf different from other forms of almsgiving. Where other forms of almsgiving do not have a sustainable nature.
Advantages of Cash Waqf
What are the advantages of doing waqf with money?
- Can start from a small amount
You don’t need to be afraid to start investing in cash waqf. This is because cash waqf can be started from a small amount. Over time, donors can increase the amount of money they want to endow. The value and benefits will also increase. In addition, cash waqf can also be practiced by the middle class, as it does not require assets such as land or buildings. The more waqifs who participate, the more people will be helped.
- The value of the donated money is fixed
Another advantage of cash waqf is that it preserves the value of the money. Similar to land or buildings that are endowed, the value of the endowed money will be fixed. This means that the value will not decrease or increase over time.
Read also: Benefits of Waqf for Wakif, Endless Jariyah Almsgiving
- Potential to grow is huge
Believe it or not, the implementation of cash waqf has been widely practiced by a number of Islamic countries. The implementation of cash waqf in Indonesia also carries considerable potential. It is estimated that the potential waqf money that can be generated in Indonesia can reach Rp180 trillion per year. Surely, this is not a small amount. Waqf funds of that size will be able to encourage our country to build and also improve the facilities needed by the people.
Are you interested in trying cash waqf? If so, you can directly visit this page for more information about the variety of cash waqf. If you do cash waqf at Dompet Dhuafa, you will get a transparent and accountable waqf report.
