As a maritime country, Indonesia has huge potential in sea resources which economically has very high value. With the ratification of Sustainable Development Goals (SDGs) 2030, where one of the goals is SDG No. 14 related to the marine ecosystem, the utilization of marine resources could be maximized to enhance the economic benefit.
Abstract
Purpose – Maintaining the marine ecosystem is critical for humans, as mentioned in Sustainable Development Goal 14 (life below water), especially for a maritime country like Indonesia. Waqf may be able to help realize the SDGs because of the tremendous potential in Indonesia. This study aims to provide an alternative model for maintaining maritime ecosystems through the Cash Waqf Linked Blue Sukuk (CWLBS) model.
Design/methodology/approach – The CWLBS approach is projected to boost fishermen’s empowerment through funding and assistance. This is a conceptual research to develop the CWLBS model. This study employs content analysis of the relevant literature.
Findings – The study proposes an Islamic financial strategy that combines cash waqf and Blue Sukuk to assist sustainable exclusive economic zone management and improve fishing enterprise access to capital. CWLBS also proposes to use digital platforms to improve Muslim’s access to become waqif and participate on cash waqf programs. This research is still limited to building a model based on literature studies related to Cash Waqf Linked Sukuk (CWLS), Blue Sukuk, marine ecosystems, and the fishing economy. This model has not been empirically validated so further research is required. This research is expected to provide recommendations for cash waqf policies in Indonesia to have more impact on the real sector.
Originality/value – This study expanded the model of CWLS that has been issued by Indonesian Government that focuses on Blue Economy. The proposed model provides the urgency of strategic projects and digitalization in facing crucial issues by optimizing waqf potential in Indonesia. This paper also fills the gap in the literature of waqf and Blue Sukuk that is still limited in the context of waqf for strategic projects.
Keywords: Blue Sukuk, Cash Waqf, Marine Ecosystem, Sustainable Development Goals
Cash Waqf Linked Blue Sukuk (CWLBS) For Sustainable Marine Ecosystem: a Conceptual Model – BWPS No. 3 2022
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