mega ayu widayanti, ida wijayanti & nuril maulidya agustin

ISBN 978-967-394-230-5 [PROCEEDINGS OF IDMAC2015]

9th ISDEV International Islamic Development Management Conference

(IDMAC2015) 217

OPTIMIZING MOSQUE'S INFAQ FUND MANAGEMENT ON IJARA

SUKUK INVESTMENT FOR HUMAN RESOURCE DEVELOPMENT:

STUDY CASE IN INDONESIA

Mega Ayu Widayantia, Ida Wijayanti

b, Nuril Maulydia Agustin

c

Departemen Ekonomi Syariah

Universitas Airlangga

Jl. Airlangga 4 Surabaya

[email protected]

+6285745419161

Fax : 031-5026288 [email protected],

[email protected],

[email protected]

Faculty of Economics and Business, University of Airlangga, Surabaya 60286,

Indonesia

Abstract

Indonesia is a developing country with the largest Muslim population in the world,

which amounted to 88.1% of Indonesia's population (about 205 million). A large

number of Muslim population led to high levels of the Muslim community needs the

existence of the mosque. This is because the existence of the mosque will facilitate

Muslims activities in worship mahdlah and also capable of being media philanthropic

fundraisers, including funds infaq. Yogyakarta is one of the provinces in Indonesia

which has a large infaq funds. Ministry of Religious Affairs said that the Special

Region of Yogyakarta has 6401 mosques. In a study stating that the funds infaq

unproductive in Yogyakarta Rp 269.9 billion (Adnan, 2013). Most of the mosque’s

caretaker (Ta’mir) infaq only save funds as cash used for operational maintenance of

the mosque. Infaq funds can be managed through Ijara sukuk issued by the

governement, by forming a legal entity in mosque’s caretaker, which was facilitated

by the Indonesian Mosque Council (DMI) and Financial Services Authority (FSA),

so that the funds infaq more productive. Furthermore, the results obtained will be

used for the development of human resources. This paper uses the method of literacy

studies and exploration through the study of scientific journals and books.

Keyword: Infaq, Ijara Sukuk, the Financial Services Authority (FSA), the Indonesian

Mosque Council (DMI), Human Resource Development.



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INTRODUCTION

Indonesia is a developing country with the largest Muslim population in the world.

Statistical data shows that 12.7% of the total Muslim population of the world is

Indonesian. The magnitude of the number of Indonesian Muslim population against

the Muslim population of the world is evidenced by carrying Indonesia as a Muslim

majority population, which amounted to 88.1% of Indonesia's population (about 205

million). A large number of Muslim population is leading to high levels of the needs

of the Muslim community of the existence of the mosque as a place of worship.

Chairman of DMI, Jusuf Kalla, said that in Indonesia there are currently

approximately 850 thousand mosques and little mosque (mushalla). That number,

according to him, became an important potential to help empower and improve the

lives of Muslims in the archipelago. It is because the existence of the mosque to

facilitate Muslims activities in worship mahdlah and also capable of being media

philanthropic fundraisers, including funds infaq. High improvement of Muslim

population and the number of mosques in Indonesia, indicating a high potential for

the receipt of funds mosque’s infaq in Indonesia.

Yogyakarta is one of the provinces in Indonesia which has a large infaq funds. With

a Muslim population of 36,113,396 inhabitants, Yogyakarta has 11 781 mosques,

violated, and mosque, library 2,231 mosques, as well as 18 radio that spread

throughout Yogyakarta (www.kemenag.go.id). That amount show the potential of the

fundraiser mosque’s infaq too. In a large mosque in Jogjakarta there is a mosque’s

infaq funds can earn Rp 25.601.000.000; or 25.601 billion in one month. However,

the lack of transparency and management of funds makes it difficult to assess how

much money mosque’s infaq collected. Moreover, the majority of mosque’s infaq

funds was still not managed properly. The study, entitled "An Investigation of the

Financial Management Practices of the Mosques In The Special Region of

Yogyakarta Province Indonesia" stated that in the province of Jogjakarta can be

collected funds amounting to Rp 269.9 billion mosque’s infaq still unproductive in

one month (Adnan, 2013).

The amount of mosque’s Infaq funds was collected in the mosque should be utilized

as well as possible for the prosperity of the mosque and human resource development

with a good governance of the fund. But in the reality showed the words otherwise.

Most of these funds are only used as fund management and maintenance of the

mosque, the procurement activities of mosques and the rest is kept as cash. This

large-value of funds should be productive, and should be utilized for improving the

quality of human resources (SDI). In a verse of the Qur’an stated clearly that we are

prohibited from storing the property, which is listed in the QS. Al Hashr: 7

".. that Treasure should not only circulated among the wealthy among

you.." (al-Hashr, 59:7)

The verse reminds us to not let the treasure to be stored just for particular group of

people, and advice to productive the existing funds, so we can attempt to improve

the usefulness of the provision of God and that human resources development can be

distributed more evenly society. There are various ways to productive this fund,



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including the optimization of its value through the Islamic capital market, namely is

Ijara Sukuk instrument. Indonesian Ijara Sukuk which is also in the development

phase, so it needs a large injection of funds to help the development of good sukuk

issued by corporate and government. In this discussion, the right investment

instrument for management mosque’s infaq funds are Ijara sukuk issued by

government that is often called the Securities Sukuk (SBSN). Several advantages in

addition to supporting the government's development, SBSN also can provide a

competitive ratio at investor (mosque) in comparison with other financial

instruments, payment of remuneration and the nominal value until maturity

guaranteed by the government, can be traded in the secondary market, allowing to

get additional income in the form of margin (capital gains), and free from the usury,

gharar, and maysir.

The author conducted research to optimize mosque’s infaq funds through Ijara Sukuk

(SBSN) instrument, by setting up a special coordination between mosque’s caretaker

with Indonesian Mosque Council (DMI) which accompanied and guided by the

Financial Services Authority (FSA) and the Ministry of Religion.

Seeing the great potential fundraising Indonesian mosque’s infaq but with a lack of

management, while on the other hand there is a promising Islamic Capital Market

instruments (SBSN) and it needs an injection of funds, so it can be a good relation by

integrating that both parts. From this background, the author had idea that the

mosque’s infaq funds can be allocated as an injection of funds for the improvement

of government ijara sukuk. So, the mosque can still keep care for mosque’s

maintaining and holds community development activities from the benefit/ujrah

SBSN was obtained. Besides that, the government's development activities can get

financing from mosque’s infaq allocation on Ijara Sukuk Invesment (SBSN).

From that background, the authors formulate the problem: how to optimize mosque’s

infaq funds mechanism to Ijara Sukuk through SBSN. Based on these problem, the

purpose of this study was to determine the mechanism of optimization mosque’s

infaq fund to Ijara Sukuk through SBSN. The benefits of this paper are: the result of

this research is expected eventually to contribute to the world of Islamic finance

sector in the Islamic capital market through SBSN, and capable to productive

mosque’s infaq funds as well as the impact on economic development in Indonesia.

LITERATURE REVIEW

Mosque’s Infaq

In language, infaq from Arabic, means issuing or spend the treasure. In general, the

activity of issuing infaq is a treasure to seek the blessings of God. Infaq different

from charity, infaq not know Nishab or the amount of assets prescribed by law. Infaq

not be given to certain mustahiq, but to anyone such as parents, relatives, orphans,

the poor, or mole-people who were on their way, as Allah says in Surah Al-Baqarah

verse 215, which means:

"They ask questions about what they shall spend. Answer: "What a

treasure you spend let awarded to the mother-father, kinsfolk,



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orphans, the poor and those who were on the way." and what are the

good things you do, verily Allah doth know." (al-Baqarah, 2:215)

The definition of funds mosque’s infaq is a worship any material which is destined

for the benefit of the people, or an activity in the expense of property in the way of

Allah who can guarantee all human needs such manner prescribed by law, or even

the means to spend a treasure not for purposes of self but for the purposes of joint.

Reagan (2008: 2) reveals the great variety of activities of the mosque of course need

the resources in its implementation so that the intent and purpose of these activities

can be achieved. These resources can be obtained from the community, especially

mosque in the form of zakat, infaq, grants, and waqaf. These resources after being

accepted by the board of the mosque will be trustworthy and should be accounted for

by the mosque management in terms of management, where the collected funds will

be partly allocated to fund productive infaq.

Ijara Sukuk

Sukuk is the plural of the word "sakk". Sukuk or Islamic Bonds are often called

Islamic securities in the form of a certificate or proof of ownership of an asset of

equal value, the right to benefits, services, ownership of the project or specific

investment activities (Directorate of Islamic Financing, 2010). Islamic Bonds was

first introduced in Indonesia in 2002.

The definition of Syariah Ijara Bonds according to DSN MUI Fatwa No. 41 2004 is

the Islamic Bonds based on Ijara, which Sukuk or Islamic Bonds by DSN MUI No.

32 of 2002 is a long-term securities based on sharia principles issued by the issuer to

the holders of Islamic bonds, which obligates the issuer to pay income to the

bondholders Sharia in the form of profit sharing/margin/fee/capital gains and repay

the bond at maturity.

Ijara Sukuk issued based Ijara contract, where there is one party acting alone or

through a representative to sell or lease the right to benefits of an asset to another

party based on price and the agreed period, without any transfer of assets

(Directorate of Islamic Financing, 2010). One of the advantages of sukuk Ijara when

compared with other types of sukuk are Ujroh/sukuk Ijara fee shaped fixed.

Treasury Sharia Securities (SBSN) also includes Ijara Sukuk, which sukuk were

issued based on Islamic principles as proof of ownership/participation to SBSN

assets by the central government and implemented by the Ministry of Finance based

on Law No. 19 of 2008 on SBSN. Risk of the Ijara Sukuk issued by the government

is smaller than the Ijara Sukuk issued by the private sector, so the rewards/profit

share/margin/fee/capital gain Ijara Sukuk is also smaller when compared with private

Ijara Sukuk. However, Ijara Sukuk issued by the government tend to be more secure

because the payment of remuneration and the nominal value of sukuk to maturity

will be guaranteed by the Government (Directorate of Islamic Financing, 2010).

Various advantages from SBSN, among others: (1) provide remuneration fixed (fixed

return) on a periodic basis, (2) a safe investment for benefit payments and the



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nominal value is guaranteed by law, (3) can be traded in the secondary market at

market price. (4) Potential to obtain capital gain on the secondary market (5) Tax

compensation (15%) less than the tax on production of deposits (20%) and (6) In

accordance with Islamic principles (Amirullah, 2011).

Financial Services Authority

Law No. 21 Year 2011 on the Financial Services Authority (FSA) has entered into

force on 22 November 2011, which also marks the shift of supervisory duties of

financial institutions in Indonesia by some institutions to the FSA, banking

supervision by Bank Indonesia (BI) to the FSA, supervision capital markets and

other financial institutions by Bapepam LK to the FSA. However, the Financial

Services Authority (FSA) officially operational from January 1, 2013 to replace the

function of Bapepam-LK. In the following year, the FSA oversees banking

institutions replace the Bank Indonesia (central bank).

FSA's role as the sole regulator and supervisor in the financial services sector of the

capital markets led to FSA become an independent institution. FSA independency

purpose is to avoid any conflict of interest and intervention in providing legal

certainty intended to give protection to market participants and investors the

Indonesian capital market.

Indonesian Mosque Council (DMI)

Indonesian Mosque Council (DMI) is an independent national organization that aims

to realize the function of the mosque as a center of mahdlah worship, social

mu'amalah worship but oriented proselytizing, community development and unity of

the territory of the Republic of Indonesia. DMI stewardship are in every province

and district in Indonesia, where managers are required to understand and have an

insight into Islamic (religious) and nationalism. DMI has a central leadership

democratically elected every five years by the national congress. DMI headquarters

are in Istiqlal Mosque Complex, Jl. Wijayakusuma Park, Jakarta 10710.

The history of the formation of the Indonesian Mosque Council (DMI) originated

from the meeting of Islamic leaders, which was attended by Mr. H. Rus'an of the

Director General of Islamic Guidance and the Vice Chairman of the Central Jakarta

Mr. H. Edi Djajang Djaatmadja which form a committee to establish a mosque

Prosperity Council of Indonesia (DKMSI) on June 16, 1970. Then, on June 22, 1972

(1O Jumadil Ula 1392 H) DKMSI formation team meeting decided to set up the

Indonesian Mosque Council (DMI). It is motivated by the desire to restore the

function of the mosque as the days of the Prophet which is a center of culture and

science, by way of DMI into a social organization and a vehicle of communication

managers of mosques across Indonesia are carrying out missionary movement, and

make the mosque as a center of development activities aqidah, worship, morals,

ukhuwah, knowledge, skills and human resources people.

The existence of DMI is intended to manage mosques in Indonesia, both in terms of

handling the increase in growth in the number of mosques over the years, optimizing

the function of the mosque, as well as the management of financial transparency.

Therefore, the need for synergy and good communication from Central DMI, DMI



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and district centers, as well as the mosque’s caretaker.

Human Resource Development

Human resource development according to Umar ibn al-Khattab that includes the

development of quality and quantity, so that SDI is able to carry out their duties in

life (Jaribah bin Ahmad al-Haritsi: 2006).

1. Quantity of Human Resource Development

First, through marriage and not complicate the marriage.

Secondly, Hijrah both within the city and outside the city.

2. Quality of Human Resource Development

a. Tazkiah and Taklim- Tazkiah means implementing good morals and prevent

bad character. While the definition of Taklim is the science of al-Quran and

al-Sunnah which includes the science of those people in past. Therefore, one

way to develop SDI is through science. The evidence of Umar great attention

to the development of SDI which has a high ability as in his words "I hope

that this country is filled with people like Abu Ubaidah bin Jarrah". And he

also said "the person who leads his people to the science then there will be

life for him and for them, and anyone who leads his people in addition to the

science of destruction, then it is for him and for them."

b. Training for soft and hard skills

c. Food

Healthy food is the quantity and quality of food that balance the needs of the

body of the power that is usual for people to carry out activities which are

demanded in life and life.

d. Health

Khalifah Umar was very attentive to health such as home hygiene,

environment and so forth, and he was concerned about the medicine and the

study of disease.

e. Social care

DESIGN, MODEL, AND IMPLEMENTATION

Research Approach

This study discusses whether the mosque infaq funds could be used to finance Ijara

sukuk issued by the government and generate ujrah that can be used as the

development of human resources community around the mosque. To achieve these

objectives, the approach used in this study is a qualitative approach using library

research (see Hasan, 2002).

This method was chosen because researchers had limited access to conduct a direct

dialogue with the makers in the National Sharia Board fatwa Indonesian Ulama

Council (DSN-MUI). Things to do limited availability of reliable articles and books

that discuss the legal management of mosque’s infaq. Therefore, this study requires

researchers conducted trace back and understanding of the validity of a proposition,



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which in this case is about the legal basis infaq and the allocation.

Research Sites

With the advancement of technology today, the research of a thing should not always

only in the library and only from books, but also can use the internet facility to get

journals, articles, and data on matters related to the topic of research, in particular to

methods of library research.

Data and Data Sources

The data in this study is information on the legal basis management of mosques infaq

and Islamic legality of its use according to finance the development of human

resources community around the mosque using Ijara sukuk investments. While the

source of the data used is derived from books, magazines economy, journals, and

articles related to the topic of research, either through print out or online.

Data collection technique

We use the methods of library research in Data collection techniques, namely:

1. The collection of supporting the theory from literature books

The first way is to buy a few books that can support research topics.

The second way is visit the library. It’s because of the many books to support the

research topic, so it is impossible for researchers to buy all the books needed.

2. The collection of articles and online data from the internet

The collection of articles and media data can be initiated in two ways. First, start

with the help of search engines such as Google, it will be easier for researchers if

it does not know the address of the website that will be addressed directly, by

simply typing a keyword researchers get the information you want. Second, start

by typing the website address in the URL in the web browser. This can only be

done if researchers already know the website address that will be addressed.

Data Validity Testing Plan

The data obtained this study not only from the Internet, but also of reliable data

sourced from books, and journals. So in this study, testing the validity of the data use

credibility test of the data (see Sugiyono, 2014), which is done by:

1. Increase perseverance

Conducting literature study more closely and continuously until data saturation. In

this way, the certainty and the validity of Islamic Sharia law data about infaq can

be known in full.

2. Discussion with the lecturer

Discussing the results of the study are still tentative with lecturers, especially in

this case with Islamic Economics lecturers who taught courses in the Quran and

Hadith, Fiqh Muamalah, and Usul Fiqh. Through this discussion, a lot of



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questions and suggestions generated. Thus, the data become more valid and

complete

Methods of Analysis and Interpretation

After collecting data, the next step is analyze the data to obtain a conclusion. Form of

data analysis techniques are as follows:

1. Descriptive analysis

Collect and compile the data, and then analyzing the data (Surachman, 1990: 139).

Descriptive analysis of data collected is in the form of words, images and not the

numbers. In addition, all collected likely to be the key to what had been observed

(Moleong, 2004:11). Thus the research report will contain excerpts of data and

data processing to give an overview presentation of the report.

2. Content Analysis

This analysis was used for data interpretation. Burhan Bungin (2008) defines

(content analysis) is an analytical technique for making inferences that can be

replicated (replicable), and the validity of the data in context. This technique is

particularly suited to understand the things that focus on how researchers view the

contents of the communication constancy qualitatively, on how researchers

interpretate the content of personal communication symbolic interactions that

occur in communication (Bungin, 2008: 155).

In conducting this research, the technique was used to determine whether infaq

mosque can be used for investment Ijara sukuk issued by the government to finance

the development of human resources surrounding communities. Then, after the

collected data is classified, the next is the analytical technique made the infaq fund

distribution mechanism that can then be deduced.

RESULT AND DISCUSSION

Professionally Infaq Management Mosque

Mosque’s functions are not just for worship activities. But also a place for dakwah

activities, a place to learn the science religion, and also place to collecting such infaq

charity funds. The infaq collection can be allocated as an productive infaq fund. So

that the infaq can be more useful in case of increasing quality of mosque’s activity

and facilities, or further the economy of the country and human quality of people

around the mosque would be better. Islamic infaq law especially in management and

distribution of infaq provision does not detailed explicitly in Qur'an and Hadith.

Referring to the arguments of the Qur’an, in which infaq as a means of equitable

prosperity for human resources, it is not justified if the collected infaq is only used to

fulfill the facilities of the mosque, because it will not widely raising quality of human

resources. Therefore, the distribution infaq mosque must also consider the

preservation and development of the existing mosque infaq funds, as well as the

interests of the muslim around the mosque, so that could be a more selective

distribution.

Synergy and Role of Stakeholders in the Infaq Mosque Allocation to SBSN



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Potential mosque’s infaq fund in Indonesia is enormous. A statistic data from

Ministry of Religion in Indonesia province, stated that within a month infaq fund

collection in Yogyakarta could reach Rp 269.9 billion. Moreover, if it held in a

systematically and proper groove accounting and management, the potential infaq

funds can be recorded neatly and clearly to be productive, then it can help a

development in economic and human resources (surround the mosques)

improvement. In this discussion, the way that we use to optimize and productive an

infaq fund is distribute it to the government ijara sukuk or commonly known as

SBSN. The role of stakeholders is an urgent starting point in the optimization of this

fund, so that the synergy between related stakeholders is definitely needed.

Figure 1: Synergy Stakeholders in Allocating Mosque’s Infaq in SBSN

Source: Adapted from various sources

The scheme above describes the use of funds in financing SBSN infaq. The

application of these mechanisms involve several agencies of the central interlocking

the Ministry of Religion and the Financial Services Authority (FSA) in Indoneisa.

The Ministry of Religion has authority in making regulations and advising on

optimize the function of the mosque, the role and benefits of the mosque in legal

entities, as well as a better fund management infaq. While the FSA authorized to

provide an understanding of the Islamic capital market, especially the mechanism of

Ijara Sukuk. FSA also contributes to the initial allocation system laying on Ijara

Sukuk mosques nationwide specifically supplied to the SBSN (Shariah Securities).

In the technical implementation, the Ministry of Religion and the FSA takes the role

of an independent agency that can focus and handle the mosque’s caretaker

thoroughly and sustain mosques. The agency is the Indonesian Mosque Council

(DMI) which has been established in Indonesia for 43 years and spread throughout

all region in Indonesia. DMI existence that has become a cultural and attached to

caretaker of mosques in each regions, can contribute directly to socializing and

understanding of the mosque caretaker and people to increase the productivity of



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infaq funds as well as contributing to the develop the economic of the country

through sukuk SBSN.

In doing its duties, DMI always to coordinate and facilitated by the ministry of

religion and the FSA in every phase, from doing research legal entities and potential

funding mosque’s infaq, record the program and the needs of the mosque, socialize

and give an understanding of the Ijara Sukuk, and implement a system for allocating

funds, even to make sure that each legal entity’s mosque gain ujrah upper part it’s

sukuk that can be used to fund of maintaining, managing, and procurement mosque

religious activities also improving the quality of human resources of muslim

surrounding the mosque.

Mechanism Mosque’s Infaq Allocation to SBSN

Had the synergy among stakeholders: Ministry of Religion, FSA, and coordination

with DMI well established, it would produce effectiveness in mechanism of

mosque’s infaq fund allocation to SBSN. Technically, the National DMI with FSA

and Ministry of Religion discussing the program and determine both long and short

term strategy to achieve a common goal. National DMI then deliver the tasks and

mandate of the DMI leaders per region that relate directly to the board or mosque’s

caretaker. The next stage, DMI in each region play a direct role in every stage of

development, accompanied and monitored by Ministry of Religion and FSA’s role.

DMI’s role in this mechanism started from the observation and socialization,

actuating when planning, managing, until the monitoring stage.



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Figure 2: Distribution Mechanism Infaq’s Mosque in SBSN

Source: compiled from various sources

Concepts and synergies on distribution of infaq fund on this SBSN has been formed

and can be applied with the following stages:

In the early stages, the mapping of capability to allocate infaq is needed thorough

observation in each region to determine the potential of mosques and infaq funds

there in. Then it would be mapped: a) From the legal entity form: it can be known

where are the mosque that had a legal form or originated by the foundation (legal

entity) so that the mosque has been qualified as an investor of sukuk or not. When

mosque’s not legalize yet whereas has a big potential-it can be proposed form as a

legal entity. b) From financial side: it can be seen from mapping-where is the

mosques that could potentially have a large infaq funds and can be allocated to sukuk

SBSN. By knowing the potential and mapping of mosques, will allow DMI to

determine further steps and follow-up of each category of the mosque. These

observations are part of the planning function, in order to know the future clearly and

minimize the trouble while handling the mosque if it fulfill the terms and conditions

of the minimum infaq funds. The planning function in accordance with QS. Al

Hashr: 18 which means:

"Hei who believe, fear Allah and let every self pay attention to what he has

done for tomorrow (the Hereafter), and fear Allah, verily Allah is Aware of

what you do." (al-Hashr, 59:18)



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These verse describes the need of careful planning prior before executing a program.

So the first stage in this mechanism is the observation of the legal entity of the

mosque and the potential of each region infaq which is a very important step to starts

the application of this mechanism.

1. After the analysis of the potential, it start to built a forum between mosque’s

caretaker and DIM. The forum will socialized the role of the mosque which has

been legalized, on amanah of fund management infaq that should be noted as

well (including the upgrading of accounting), and the necessary of understanding

the sukuk SBSN including urgency and processes. Planting understanding and

skill is a primer preparatory step form of human capital that are useful for the

future.

2. In the accompanying phase, each selected mosque’s caretaker which had

fulfilled the criteria above, apply the process distribution of funds mosque’s

infaq in sukuk SBSN and DMI accompany the process. Even if allows, the

application and this assistance can be made collectively together.

Implementation of the distribution of the sukuk from infaq is then expected to

establish a culture of transparency and accountability in financial management

mosque’s record. And integrating with the application of the values exemplified

by the Prophet Muhammad SAW they are Siddiq, amanah, and fathanah

(professional) in the managing the mosque’s infaq. Integration and openness of

the Islamic nature of the funding of the mosque will be more clear and

accountable. Then the benefit are can facilitate mosque’s caretaker in the

allocating, funding, and its use. Due to allocate funds mosque’s infaq in SBSN,

mosque’s caretaker should not be arbitrary, but must use the calculation and

consideration so that the funds are rotated in SBSN be proportionate so it won’t

disturb the availability of funds for funding needs routine is always required by

the mosque, until ujrah of sukuk was down.

3. In a certain period of time when funding margin or sukuk’s ujrah already come

out, the mosque through mosque’s caretaker or mosque’s foundation can use it

wisely for the purposes of the mosque, well maintenance, management, and

procurement activities that give beneficial to human resources around the

mosque. In addition, the fund management ujrah stage should also be made of

recording income and expenditure of funds infaq very clearly. Then after

executing Siddiq nature, amanah, and fathanah, mosque’s caretaker can equip

with tabligh that is deliver news or financial statements of the mosque. So that

the mosque received public trust over the disclosure of financial information,

and people who know the management capability of mosque’s caretaker to

manage existing funds can increasingly trust their infaq fund at the mosque.

4. Furthermore, DMI monitors the efforts of the utilization of the proceeds ujrah

and check-financial reports. So it can be expected that the distribution of funds

in sukuk SBSN infaq will generate benefits that can be used for any program to

increasing the prosperity of the mosque and developing human resources muslim

around the mosque.

Turnover Mechanism Fund Infaq mosque in SBSN



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There is a infaq cash flow mechanism in sukuk when mosque’s caretaker has been

incorporated (became a legal entity) deposits funds to buy SBSN government. The

following distribution scheme of SBSN in the form Ijara sukuk investment.

Figure 3: Rotation Mechanism Mosque’s Infaq Fund in SBSN

Source: compiled from various sources

One of type SBSN is an Ijara sukuk issued by state. Here the government acts as the

issuer, the owner of the object Ijara. Government issued at a unit price of certain

SBSN to help fund the establishment of a state asset to be leased (for the

establishment of underlying assets SBSN sukuk). On the other hand, mosque’s

caretaker or a foundation (which has fulfilled the legal entities and potentially buy

SBSN) acts as investor. Investors buy SBSN issued by the government according to

their purchasing power. This is where the distribution of funds infaq in sukuk that

happens.

Then the funds were used to build and manage the underlying assets to the issuer

formed and ready to rent. Furthermore, the asset is leased to a third party by the

government as issuers, investors represent asset turnover / rental assets on the

government, and from the results of the rents earned income become income

countries. The income from the lease (Ijara) was distributed as ujrah or margin to

investors according to the contribution funds provided, that a number of sukuk SBSN

purchased. That ujrah of results SBSN as the gain on the mosque’s infaq cash flow,

and can be used as funds was allocated to the prosperity of the mosque which can be

used for maintenance, management, and provision of religious activities that benefit

the community for human resources development around the mosque.

The Impact of Mosque’s Infaq Fund Management through SBSN

The nature of proprietary SBSN is classified on risk free asset. It would provide

certainty ujrah of the mosque’s infaq funds was allocated. So the mosque’s infaq

fund liquidity of SBSN can be maintained. Furthermore, the mosque can utilize the



(IDMAC2015) 230

ujrah for the maintenance, management and implementation of the activities of the

mosque as well as fund the development of human resources around the mosque.

Here we can see that the infaq fund management in sukuk SBSN is very useful for

productive activities and can help the country, it can also be a tool for the prosperity

of the mosque and implement programs that can get benefit for the people

surrounding.

In addition, the systematic should be clarity of the financial statements of the fund,

both mosque’s infaq funds and other funds that can be known in the transparency and

accountability of the mosque that can gradually improve the quality of the mosque

and the mosque management in Indonesia.

The Impact of the mosque’s Infaq Fund in Sukuk Ijara State (SBSN) Turnover

Based on mechanisms that we have proposed, which is a great contribution of

mosque’s infaq fund to the SBSN will have positive impact on the government's

fiscal of rising number of sukuk issued. Government Sukuk issuance similar SBSN

actually is one way for governments (in developing countries such as Indonesia) to

increase the amount of domestic debt the country. Furthermore, domestic debt was

used for the payment of the fiscal deficit that is much financed by bank loans and

foreign debt.

As presented by Abbas and Christensen in The Role of Domestic Debt Markets in

Economic Growth, fiscal deficit financing for developing countries previously

mostly relies on foreign soft loans. So far the criticism of domestic debt allocation to

finance the fiscal deficit will give impact on private sector loans, debt sustainability,

fiscal sustainability, weakening the efficiency of the banking system and the risk of

inflation (Abbas and Christensen, 2007). With the maximization of mosque’s infaq

funds on SBSN it will increase the amount of domestic debt for fiscal financing and

also asset’s development, so diminishes Indonesia's dependence on banks loans (so,

the bank could be more optimally and efficiently in financing), and decrease the

government's dependence from foreign debt. In addition, the distribution of mosque’s

infaq funds on SBSN can also increase the contribution of the wider community

(through infaq funds) towards the construction of state assets. In the long term, these

assets can enhance the sustainable development of the country.

CONCLUSION

Mosque’s infaq funds collected in large numbers should not only be stored or only

used for renovation of mosques, but mosque’s infaq funds should be managed

productively. It is intended to allocate some of the mosque‘s infaq funds in Ijara

sukuk investment issued by the government to maintain the liquidity of fund and to

get the ujrah. Furthermore, the mosque can utilize the ujrah for the maintenance,

management and implementation of the activities of the mosque as well as fund the

development of human resources around the mosque. In addition, the mosque’s infaq

fund management in SBSN ijara sukuk also beneficial in helping the country.

SUGESTION



(IDMAC2015) 231

The success of the mosque’s infaq funds distribution on SBSN can be achieved

through the creation of synergy of relevant parties, including the Ministry of

Religion, Financial Services Authority (FSA), the Indonesian Mosque Council

(DMI), mosque’s takecare (mosque’s takmir).

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