REPUBLIKA.CO.ID, JAKARTA - Indonesia has potential to establish waqf bank, as the number prosperous Muslims shows an increase.
"Waqf will continues to grow. If this potential is explored and managed under banking management, such as international waqf bank, waqf will be a powerful force in the world of economy," former Indonesian Ambassador to Jordan, Zainulbahar Noor said in a seminar last week.
Former Managing Director of Bank Muamalat Indonesia estimated potential waqf in Indonesia. Indonesia was about three trillion IDR in cash per year.
Director of Savings and Indonesian Waqf (TWI) Urip Budiarto said President Susilo Bambang Yudhoyono had launched the Money Waqf National Movement in January. According to Budiarto, Indonesian Muslims were no familiar with waqf in cash as they usually considered waqf was only for land or building.
In general, waqf is donating money, land, or building for Muslim's religious or charitable purposes. Any profit resulted from waqf can be used for the purposes mentioned above.
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