In the context of Islamic economics, this research findings reinforce MA Mannan’s idea
in his book "Cash Waqfs Certificate in Global Opportunity The Social Capital Market in
21st-Century Voluntary- Sector Banking ", that the cash waqfs certificate is an
investment in the field of religion, education, and social services. In the context of cash
waqfs investment, this study also supports the opinion of Ahmad ibn Abdul Aziz alHadad, in his book, Waqf al-Nuqûd wa Istitsmaruhâ, that the cash waqfs fund can
realize social security in society. Waqf funds must be invested in Shariah permissible
investments to be preserved and kept emphasizing the development of charitable assets.
To see the role of waqf in the development, this research supports the opinion of Ahmad
Muhammad Abd al-Azīm al-Jamal in his book, the al-Waqf al-Islami fi at-Tanmiyah alIqtisâdiyah al-Mu'asirah, which states that the charitable plays a role in fulfilling the
religious needs of the community, education, health, social, and economic.
Keywords: Islamic philanthropy, cash waqf, nazhir waqf, poverty, empowering,
investment.