EKISPEDIA.COM - Bogor Agricultural University together with the Indonesian Waqf Board (BWI) will again cooperate in the management of cash waqf through the signing of a Cooperation Agreement (PKS) in the Rector's Meeting Room, Andi Hakim Nasoetion Building, Dramaga Campus of IPB, Bogor on Thursday (22/9).
The signing of the PKS was carried out by the Chairman of the Indonesian Waqf Agency, Prof. Dr. Ir H. Mohammad NUH, DEA and the Chancellor of IPB, Prof. Dr. Arif Satria, SP, M.Si and attended by members of the BWI commissioners as well as Deputy Leaders and lecturers of IPB.
The government through the Ministry of Finance plays a very large role in issuing private placement sukuk waqf. The profit sharing on sukuk investment is higher than the average profit sharing on deposits and all funds are guaranteed to be intact and returned at the maturity date of the waqf sukuk.
IPB handed over timed cash waqf to be managed by BWI worth Rp. 200 billion through the Sukuk Waqf Private Placement scheme with the aim of using it to support the implementation of the Tri Dharma Higher Education IPB activities in the fields of education, research and community service.
BWI really appreciates IPB's step in placing its Endowment Fund in Sukuk Waqf. The IPB Waqf Sukuk became the first largest waqf sukuk managed by BWI. Previously, on June 30, 2022, the Sepuluh Nopember Institute of Technology was the pioneer in placing higher education endowment funds in waqf sukuk which were managed through a private placement scheme.
The management of university endowments in the sukuk waqf private placement scheme provides optimal benefits because all funds are guaranteed by the government and the yield on sukuk is higher than the average deposit.
Head of BWI, Prof. Dr. Ir. Mohammad Nuh, DEA expressed his gratitude and pride to IPB, which became one of the pioneer campuses in developing and utilizing waqf.
"I express my gratitude and thanks. It's not just a matter of one hundred, two hundred, or one trillion, but the most important thing is to open waqf affairs, which we know are not only ukhrawi affairs, but also business calculations (benefits in the world)," he said.
Prof. Dr. Ir. Mohammad Nuh, DEA, believes that the steps taken by IPB, following ITS to develop and utilize waqf, will become the mouthpiece that will raise waqf in Indonesian campuses.
“We are very confident, this will be an endorser or a funnel, which other campuses can follow. Moreover, waqf investment in CWLS has many benefits. If I count there are at least ten of them, now it's an Endowment Fund , it is an obligation no longer an option, campuses must imperatively have one. But this endowment fund must not stand still, it must grow, and be invested in products that have good returns."
Meanwhile, Prof. Dr. Arif Satria considers that it is important that related to waqf awareness, the mindset of waqf with literacy must continue to be developed to maximize the potential of waqf in Indonesia. In the past, people only knew waqf only for mosques and tombs, but since the existence of BWI, according to Prof. Dr. Arif Satria people are getting to know waqf, and IPB has taken a concrete strategic step by investing waqf in CWLS.
“Every step we take must be accounted for. Must be accountable. We will be asked by this BPK why the funds are placed here? We know that deposits can only be at least 2.5 percent, but with a private placement sukuk waqf scheme, the book of Isa can get 6 percent, and is tax free. In addition to the placement of these waqf funds, IPB has also developed waqf projects such as a water station, IPB Memorial Park (cemetery for IPB's extended family), insurance waqf, and productive waqf of rice fields." he explained.
ITS and IPB become role models for the management of university endowment funds with waqf schemes in Indonesia. Educational development through endowment management has been carried out by universities abroad, including Harvard University, University of Texas, Yale University, Stanford University, Princeton University, where endowment fund funds are invested and the investment proceeds are used for scholarships and educational development.
The steps of IPB and ITS in managing endowments through the waqf scheme can be followed by other universities. With a private placement waqf scheme , university endowments can be managed optimally, and provide enormous benefits for the advancement of the world of education. (*)