President Jokowi Launches National Movement for Cash Waqf, Inaugurates Sharia Economic Brand

The launching of the National Movement for Cash Waqf and Inauguration of the 2021 Sharia Economic Brand (Source: Presidential Secretariat YouTube channel)

President Joko “Jokowi” Widodo, on Monday (25/1), has officially launched the National Movement for Cash Waqf (GNWU) and inaugurated the 2021 Sharia Economic Brand.

In his remarks, the President stated that this year, the Government will continue to look for ways and find breakthroughs to reduce social inequality in order to realize equitable development throughout the country. One of them is through waqf.

“I have repeatedly said, affirmed the importance of asset redistribution, matters related to expanding access to capital, matters related to strengthening skills and cultural changes in overcoming poverty and social inequalities. One of the breakthrough steps that we need to think about is the development of sharia financial institutions that are managed based on the waqf system,” the President said.

The President said that the potential for waqf in Indonesia is enormous, both immovable and movable objects of waqf including waqf in the form of money. The potential of waqf assets per year reaches Rp2,000 trillion and the potential for cash waqf can exceed Rp188 trillion.

“Therefore, we need to further expand the scope of the use of waqf, it is no longer limited to the purpose of worship but developed into socio-economic purposes which have a significant impact on reducing poverty and social inequality in society,” the President said.

For that reason, the President welcomed the launch of the GNWU as part of an effort to strengthen awareness and social solidarity to overcome poverty and social inequality in Indonesia.

“The launch of the National Movement for Cash Waqf, today, is an important part of not only increasing awareness, literacy, and public education on sharia economics and finance but as an effort to strengthen awareness and social solidarity to overcome poverty and social inequality in our country,” he said.

President Jokowi also said that as a country with the largest Muslim population in the world, it is time for Indonesia to provide examples of waqf management practices that are transparent, professional, credible, reliable, and have a productive impact on the welfare and economic empowerment of Muslims.

“At the same time, it will have a significant influence on efforts to develop our national economy, particularly in the micro, small and medium enterprises sector,” he added.

In another part of his remarks, the President also welcomed the inauguration of the sharia economic brand which he considered important to increase public awareness of the sharia economy and finance.

“This is crucial to increase public awareness, as support for all sharia economic activities in Indonesia and unite the movement to increase the added value of the sharia economy in our country,” he said. (FID/UN) (FI/LW)