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Waqf is very important sector. Together with zakat, waqf is an Islamic social finance instrument that has huge economic potential. Indonesia Waqf Board (BWI) released the data stating that the size of waqf land reached 4000 km2, five times bigger than Singapore. One of the keys to optimize waqf instrument is thorugh improvement of waqf management and governance. Therefore, BWI and Bank Indonesia in collaboration with IRTI–IDB arrange the 2nd meeting of international working group on waqf core principles on Wednesday (10/26) in Surabaya. South Africa, Kuwait and IDB were among the members of the working group.

Nadratuzzaman Hosen, vice chairman of BWI Advisory Council, in the occasion said that Indonesia need to improve its waqf management and system. “Without this quality improvement, it is almost impossible for Indonesia to be able to optimize this instrument,”Nadratuzzaman said. Meanwhile, Dian Masyita, chairperson of the meeting said that the waqf core principles (WCP) document contain 27 core principles that should be discussed deeply by the members and observers of the working group.

Puskas BAZNAS director, Irfan Syauqi Beik, who was also invited as observer, welcomed this initiative. “Waqf is the closest brother of zakat. Hence, improving management quality of the two instruments are in the best interest of our nation and ummah in general,” Irfan said. Representatives of National Awqaf Foundation of South Africa and Kuwait Awqaf Foundation also shared their experience and view on the WCP document. The meeting will be continued on January 2017 and membership of the working group will be extended to other countries having waqf institutions. (PUSKAS NEWS)