Challenges and Operational Models of Cash Waqf Linked Sukuk: A Systematic Literature Review and Bibliometric Analysis
Keywords:
Cash Waqf Linked Sukuk, Systematic Literature Review, Bibliometric, VOSviewerAbstract
By integrating cash waqf with sukuk, Cash Waqf Linked Sukuk (CWLS) facilitates investments in social and economic projects while preserving the principal amount for long-term benefits. However, its operationalization presents significant challenges that vary across countries due to differences in regulatory frameworks, institutional capacity, public awareness, and socio-economic contexts. Using Systematic Literature Review (SLR) and Bibliometric analysis method, observed by VOSViewer version 1.6.20, this research explores the challenges and operational models of CWLS in key countries such as Indonesia, Malaysia, Saudi Arabia, Turkey, and Sudan. Key challenges include fragmented regulations, limited capacity of waqf managers, lack of public trust, and difficulties in integrating traditional waqf practices with modern financial mechanisms. Despite these obstacles, countries have adopted diverse models, such as sovereign sukuk investment (Indonesia), corporate sukuk integration (Malaysia), and waqf real estate development (Saudi Arabia). This study highlights best practices and provides actionable recommendations to enhance the operational efficiency and scalability of CWLS frameworks. By addressing these challenges, CWLS can play a pivotal role in achieving sustainable development goals and fostering inclusive economic growth.
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