Juridical-normative Analysis of Money Waqf Investment in State Sukuk: Study on Retail Cash Waqf Linked Sukuk (CWLS) Program

This research examines cash waqf investment in state sukuk through the retail Cash Waqf Linked Sukuk (CWLS) program with a juridical-normative approach. The aim is to analyze the legal basis of CWLS and legal protection for waqif through the wakalah bil ujrah contract. This research uses a qualitative method with deductive analysis techniques of regulations, DSN-MUI fatwas, and other legal documents. The results show that the wakalah bil ujrah contract provides a legal basis for nazir in managing waqf funds, including facing the risk of default with the mechanism of reimbursement of development proceeds, restructuring, and periodic payments guaranteed by assets. The fiddings strengthen the understanding of the role of law in the management of cash waqf in state financial instruments.