Contemporary Islamic Philanthropy:Stock Waqf in the Perspective of MUI Fatwa on Cash Waqf

Abstract

The digital era has catalyzed fundamental transformations in Islamic philanthropy practices, driving evolution from conventional models toward innovative approaches that leverage modern financial technology. This study explored the role of MUI Fatwa No. 2 of 2002 on Cash Waqf as the normative basis for legitimizing stock waqf within the context of contemporary Islamic philanthropy in Indonesia. Using a qualitative approach with library research methods, this study analyzed MUI fatwa documents, legislation, and relevant literature through content analysis techniques. The results indicate that the MUI Fatwa bridges a paradigmatic shift in the understanding of waqf jurisprudence by transitioning from a textualist interpretation to a contextual approach, thereby opening methodological space for the diversification of modern waqf instruments. The expansion of the definition of cash waqf to include “securities” provides a solid normative foundation for the development of stock waqf. The implementation of stock waqf has been supported by an adequate regulatory hierarchy, but it still faces challenges in the form of a lack of specific regulations and the absence of specific fatwas. Stock waqf represents a synthesis of classical Islamic philanthropic traditions with the needs of digital economic empowerment, in line with the principles of maqasid syariah in optimizing communal welfare. This study recommends the need for the formulation of specific fatwas on stock waqf and the development of comprehensive technical regulations to optimize the potential of stock waqf innovation as a model of contemporary Islamic philanthropy.