INTEGRATION OF SOCIO-FISCAL INSTRUMENTS (MONZER KAHF) AND PHILOSOPHICAL RECONSTRUCTION OF PRODUCTIVE CASH WAQF IN SUPPORTING INCLUSIVE DEVELOPMENT IN INDONESIA
DOI:
10.54443/ijset.v4i12.1428Published:
2025-12-21Downloads
Abstract
This study aims to critically analyze the Socio-Fiscal Instrument Integration framework of Monzer Kahf towards the implementation of Productive Cash Waqf through the Cash Waqf Linked Sukuk (CWLS) scheme in Indonesia, as well as formulate an ideal Philosophical Reconstruction to support inclusive development. Using a literature study method with a philosophical-normative approach, this analysis curates 25 core articles and related regulations within the 2015–2025 timeframe. The results of the comparative-critical analysis indicate the existence of a Double Philosophical Gap in the implementation of CWLS. First, the Goal Priority Gap, where the focus of practice tends to shift from the Primary Distributive Goal of Kahf (Hifz al-Nafs) to the Financial Sustainability (Hifz al-Māl) of Sukuk. Second, the Inclusivity Benchmark Gap, which is characterized by weaknesses in measuring social impact (unstandardized Maqāṣid audits). This dysfunction puts CWLS at risk of becoming only a sharia-labeled financial instrument. As a novelty, this study offers a Philosophical Reconstruction Model for the CWLS. This model emphasizes two pillars: (1) the implementation of the Capability Creation Mandate as the primary target of the CWLS project to ensure the funds are transformative; and (2) the integration of the Maqāṣid Wajib Audit into regulatory governance. This reconstruction is vital to returning the CWLS to the essence of Islamic Economic Philosophy, making it a driving force for distributive justice and inclusive development in Indonesia.Keywords:
Socio-Fiscal Integration Monzer Kahf Productive Cash Waqf CWLS Philosophical Reconstruction Maqāṣid al-Sharī'ah Inclusive Development.References
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