Hasibuan, Widya Sa ika; Lubis, I sad
A icle
Halal alue chain in eg a ion in ood cou es ablishmen
h ough Cash Waq Linked Sukuk: e idence om
Indonesia
Cogen Business & Managemen
P o ided in Coope a ion wi h:
Taylo & F ancis G oup
Sugges ed Ci a ion: Hasibuan, Widya Sa ika; Lubis, I sad (2024) : Halal alue chain in eg a ion in
ood cou es ablishmen h ough Cash Waq Linked Sukuk: e idence om Indonesia, Cogen
Business & Managemen , ISSN 2331-1975, Taylo & F ancis, Abingdon, Vol. 11, Iss. 1, pp. 1-18,
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Halal alue chain in eg a ion in ood cou
es ablishmen h ough Cash Waq Linked Sukuk:
e idence om Indonesia
Widya Sa ika Hasibuan & I sad Lubis
To ci e his a icle: Widya Sa ika Hasibuan & I sad Lubis (2024) Halal alue chain in eg a ion
in ood cou es ablishmen h ough Cash Waq Linked Sukuk: e idence om Indonesia, Cogen
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Cogen Business & ManageMen
2024, VoL. 11, no. 1, 2385075
Halal alue chain in eg a ion in ood cou es ablishmen h ough
Cash Waq Linked Sukuk: e idence om Indonesia
Widya sa ika hasibuan and i sad lubis
Facul y o economic and Business, uni e si as suma e a u a a, Medan, indonesia
ABSTRACT
he moni o ing o ups eam and downs eam halal s anda ds is c ucial o indonesia
due o i s la ge Muslim popula ion and he inc easing global demand o halal p oduc s.
indonesia has he po en ial o become a leading cen e o he sha ia economy and
inance. hus, de eloping he halal ood and islamic inance sec o s is one s a egy o
unlock hei po en ial, while s eng hening he halal- alue chain ecosys em u he aids
he expansion o he halal ood indus y. he e o e, his s udy aims o de elop he halal
ood sec o and he islamic inancial sec o by in eg a ing he halal alue chain in o he
es ablishmen o a ood cou inanced h ough he cash Waq linked sukuk (cWls)
islamic inancial ins umen . his s udy used quali a i e me hods wi h p ima y and
seconda y da a sou ces. he p ima y da a came om obse a ions and in e iews wi h
he indonesian Waq Boa d (BWi). While he seconda y da a used in his s udy includes
esea ch indings ega ding he halal alue chain as well as he amewo k o he
applica ion o cWls unds. he esul shows ha accele a ing he es ablishmen o a
halal ood cou ecosys em can be implemen ed h ough cWls unding. his amewo k
o e s inancial assis ance while main aining he halal s a us o ood cou managemen .
his s udy p o ides sugges ions o he go e nmen on how o enhance he halal
ecosys em o indonesia’s halal ecosys em imp o emen .
Glossa y: asma allah: he name o allah; Basmallah: a plea commonly eci ed by
Muslims a he beginning o e e y ask; halalan hayyiban: pe missible o consump ion
and con ains bene i s o he body.; hayah Mus aqi ah: Ensu ing he ci cula ion o
blood and/o he mo emen o animals as indica o s o animal li e; ijab: p oposal;
Jha ka: he slaugh e o animals pe o med acco ding o he sikh law; Mauqu ‘alayh:
he pa y appoin ed o ob ain bene i s om he alloca ion o waq asse s; nazi :
indi idual o o ganiza ion appoin ed o o e see and manage he waq p ope y; Qabul:
accep ance; Qibla: he designa ed di ec ion ha e e y Muslim mus ace when doing
hei p aye s.; i ual Koshe : egula ions o he p epa a ion, p ocessing, and
consump ion o ood wi hin he Jewish adi ion; shiga : s a emen o accep ance;
uj ah: commission o ee cha ged o se ices p o ided; Waq : islamic philan h opic
p ac ice whe e an indi idual o ins i u ion dona es a speci ic asse ; Waki : he indi idual
o en i y ha dona e waq ; Zabiha: he ules o slaugh e ing an animal o make i halal
o consump ion
1. In oduc ion
Waq is an impo an islamic inancial ins umen ha plays a dual ole in economic p og ess and social
ac i i ies. a ious e o s ha e been made o imp o e he p oduc i i y o waq asse s, including he u i-
liza ion o cash waq o be mo e p oduc i e and lexible. his encou ages he imp o emen o people’s
wel a e by inc easing economic g ow h (Mohd has hake e al., 2016). di ec o Gene al o Financing
and isk Managemen o he Minis y o Finance, epublic o indonesia, explained ha he issuance o
he cWls e ail was an e o by he go e nmen o encou age he na ional Waq Mo emen . he pu -
pose o he cWls is o p o ide a o um ha makes i easy o he money waq gi e (waki ), bo h
© 2024 he au ho (s). Published by in o ma uK Limi ed, ading as aylo & F ancis g oup
CONTACT Widya sa ika Hasibuan widyasa ik[email p o ec ed] Facul y o economic and Business, uni e si as suma e a u a a, Medan,
indonesia.
h ps://doi.o g/10.1080/23311975.2024.2385075
his is an open access a icle dis ibu ed unde he e ms o he C ea i e Commons a ibu ion License (h p://c ea i ecommons.o g/licenses/by/4.0/), which
pe mi s un es ic ed use, dis ibu ion, and ep oduc ion in any medium, p o ided he o iginal wo k is p ope ly ci ed. he e ms on which his a icle has been
published allow he pos ing o he accep ed Manusc ip in a eposi o y by he au ho (s) o wi h hei consen .
ARTICLE HISTORY
ecei ed 27 decembe
2023
e ised 26 June 2024
accep ed 21 July 2024
KEYWORDS
cash Waq linked sukuk;
cash waq ; ood cou ;
halal alue chain; ija ah;
indonesia
SUBJECTS
Finance; social
En ep eneu ship;
inno a ion Managemen
2 W. s. hasiBuan and i. luBis
empo a y and pe manen , o place he money waq o be in es ed in s a e sukuk, he e u ns o which
hen become a sou ce o inancing o social ac i i ies ha a e sa e, us wo hy, easy, p oduc i e, and
in ac inclusi e and sus ainable economy. he secu i y o he la ge amoun s o waq money o be man-
aged and gua an eed by he s a e is also he backg ound o he cWls.
acco ding o a epo om he oyal islamic s udies cen e ( issc) 2022, indonesia has one o he
la ges Muslim popula ions globally, wi h almos 87% o i s esiden s iden i ying as Muslims. he p es-
ence o a signi ican demog aphic g oup is a g ea oppo uni y o encou age he na ional waq mo e-
men and has a s ong ma ke demand o halal p oduc s and se ices, wi h he halal ood indus y
playing a c ucial ole ha is expec ed o con inue o g ow. cu en global ma ke condi ions, when
based on he needs o Muslim communi ies wo ldwide, ce ainly lead o s ong compe i ion in he halal
indus y. En ep eneu s a e pa icula ly in e es ed in his indus y because o i s eno mous de elopmen
po en ial. his ac demons a es ha he halal business has a ac ed many coun ies, including indonesia,
o compe e o become he la ges p oduce o halal p oduc s.
indonesia’s culina y indus y is expe iencing signi ican g ow h due o he inc easing consump ion
pa e ns and li es yle shi s. Based on cen al Bu eau o s a is ics (Bps) da a he culina y sec o con ib-
u es 41% o he coun y’s Gdp and has seen a 3.68% inc ease in business in June 2022, compa ed o
2.95% in 2021. he g ow h is d i en by in o ma ion and communica ion echnology, allowing businesses
o quickly expand. hese de elopmen s highligh indonesia’s p omising po en ial in ad ancing i s halal
indus y and become a leading playe in he global indus ial sec o and halal ma ke . he halal indus y,
including halal alue chains, has he po en ial o suppo he de elopmen o islamic economics in
indonesia, and he go e nmen is aking s eps o inco po a e sus ainable halal alues in he coun y’s
islamic economic mas e plan (Yazid e al., 2020).
he halal alue chain co e s se e al indus ial sec o s om ups eam o downs eam and plays an
impo an ole in ad ancing indonesia’s economy in indonesia (hasan, 2021). in his case, he halal alue
chain is a concep o managing a business ecosys em ha includes se e al aspec s such as inancing o
unding, p oduc ion p ocesses, and egula ions. in eg a ing he halal alue chain in indonesia is essen ial
o a ious easons. ini ially, i can enhance cus ome con idence in halal p oduc s, esul ing in a change
in consume beha io (Zain e al., 2018). addi ionally, i can es ablish indonesia as a wo ldwide cen e
o he halal indus y, enabling in he ad ancemen o islamic economics (hasan, 2021). addi ionally, i
can ackle coun e ei ing and uphold he quali y o halal ood and be e ages (Mahsun e al., 2023).
Finally, i can enhance local knowledge and wo ldwide ma ke p ospec s, p omo ing he islamic econ-
omy (Yazid e al., 2020).
Mic o-, small-, and medium-sized en e p ises (MsMEs) ha e signi ican po en ial o g ow h in he halal
ood sec o , pa icula ly in indonesia, which has he la ges halal ood p oduc ma ke globally. acco ding
o he s a e o he Global islamic Economy epo 2022, he expendi u e o Muslims on ood ose by
6.9% in 2021, eaching $1.27 illion by 2025. he halal ood sec o has mo ed om 4 h o 2nd globally,
wi h indonesia’s indus y expe iencing signi ican expansion due o halal ood expo s o o he na ions
unde he o ganiza ion o islamic coope a ion (oic). howe e , he indus y cu en ly accoun s o only
3.8% o global economic ac i i y (Figu e 1).
hence, he go e nmen pe sis s in i s e o s o achie e he op global posi ion in he halal ood
indus y. di e se ini ia i es ha e been unde aken, including he op imiza ion o halal ce i ica ion, o
gua an ee he halal s a us o p oduc s and ul ill he equi emen s o Muslims who consume halal p od-
uc s. in addi ion, he na ional commi ee o sha ia Economics and Finance (Komi e nasional Ekonomi
dan Keuangan sya iah, abb e ia ed KnEKs), oge he wi h o he s akeholde s, wo ks o ealize he halal,
sa e, and heal hy culina y Zone a ea (Khas Zone), which is expec ed o become an a ea wi h he app o-
p ia e halalan hayyiban s anda d (KnEKs, 2019). he p ima y emphasis in his ins ance is on Mic o, small,
and Medium En e p ises (MsMEs) ope a ing in he halal ood indus y. culina y en e p ises, which a e a
subse o MsMEs, ha e demons a ed esilience and play a c ucial ole in suppo ing he na ional econ-
omy, pa icula ly in he a e ma h o he co id-19 ou b eak.
he islamic inance sec o is an in eg al pa o he de elopmen o he halal indus y alongside he
halal ood and be e age sec o . Based on s a e o he Global islamic Economy 2022 epo , indonesia’s
anking in islamic economics and inance hold he 6 h posi ion globally, which s ill lags signi ican ly behind
he halal ood indus y. in his case, he go e nmen has made new inno a ions as an al e na i e o islamic
coGEn BusinEss & ManaGEMEn 3
inance engaged in he waq wo ld, namely cash Waq linked sukuk (cWls), which can help inance social
p og ams, empowe he people’s economy, and p o ide suppo o he islamic economy by s eng hening
he halal alue chain ecosys em. esea ch conduc ed by Mud iqoh (2023) u ilizes he g ea po en ial o
cWls as a sou ce o inancing o he eco e y o he na ional economy du ing he co id-19 pandemic.
he inancing mechanism is h ough he issuance o s a e sukuk; e u ns a e hen used o inance a ious
go e nmen p og ams ha ha e an impac on he bene i o he people. Fu he mo e, oubdi and aghibi
(2018) s a e ha he mo e waqi s en us hei money o be ep esen ed in s a e sukuk, he mo e MsMEs
a e p o ided wi h business capi al assis ance. hus, o op imize he use o cWls e u ns, which aims o
encou age he global de elopmen o he halal indus y, he au ho explo es he po en ial o cWls as a
inancing ins umen engaged in he halal ood sec o , especially in he es ablishmen o halal ood cou s.
hence, his s udy aims o de elop halal ood and islamic inancial sec o s by in eg a ing he halal alue
chain in o he es ablishmen o a ood cou inanced h ough he cash Waq linked sukuk.
he e a e se e al s udies ela ed o his esea ch, such as humaidi e al. (2023), Muhsin e al. (2023),
siswan o o (2022), Maesa ach e al. (2022) examined he cWls po en ial o become a new al e na i e
sou ce o unding o MsME sec o . While, Mud iqoh (2023), sa i (2023), ahman e al. (2021), and
sulaeman e al. (2022) explo ed he po en ial o cash Waq linked sukuk (cWls) as a inancing ool o
indonesia’s economic eco e y pos -co id-19. Fu he mo e, ubaidillah e al. (2021) p o ide a scheme o
inancing in as uc u e based on cash Waq linked sukuk. Finally, Fauziah e al. (2021) analyzed cash
Waq linked sukuk o social impac sus ainable p ojec s in indonesia and Yuni a (2020) de eloped a
comp ehensi e s a egy ha combines islamic social inance, go e nmen sukuk unding, and indonesia’s
ood secu i y. o all he esea ch ha has been conduc ed, no esea ch has been disco e ed ha speci -
ically add esses he c ea ion o a halal ood cou wi h cWls e u ns. hence, his s udy aims o ill a gap
in exis ing li e a u e by examining he c ea ion o a halal ood cou wi h cash waq linked sukuk, con-
ibu ing o islamic inance li e a u e. Fu he mo e, his s udy p oposes o u he de elop he concep
o cWls in he halal culina y indus y, which is a pa o halal alue chain sec o . i p o ides an o e iew
o he s a egies ha can be used o imp o e he halal ecosys em in indonesia. his s udy indings p o-
ide a inancing model using cWls o halal ood cou es ablishmen and he applica ion o halal alue
chain in he ood cou .
he s udy is di ided in o six sec ions. he i s pa consis s o an in oduc ion ha discusses he
backg ound o he esea ch p oblem; he second pa discusses he li e a u e e iew ha explains abou
Figu e 1. Halal ood gie indica o anking (Based on: s a e o he global islamic economy indica o (sgiei) Repo 2022
p oduced by Dina s anda d wi h he suppo o Dubai economy and ou ism).
4 W. s. hasiBuan and i. luBis
halal alue chain, ood cou , and cash waq linked sukuk; he hi d pa discusses ela ed esea ch me h-
odologies used in his esea ch; he ou h pa explains he esul s and indings o he s udy; and he
las pa p esen s conclusions, limi a ions, and sugges ions o u he esea ch.
2. Li e a u e e iew
2.1. Waq as Islamic inancial ins umen in Indonesia
Waq , a key islamic inancial ins umen , has his o ically played a c ucial ole in socio-economic de el-
opmen , pa icula ly in p o iding social wel a e se ices, including heal hca e, educa ion, and wel a e
(Baqu ayan & Mahdzi , 2018; Zuki, 2012). i is also a signi ican ool in po e y alle ia ion and weal h
edis ibu ion, in conjunc ion wi h zaka ( azak, 2020). Fu he mo e, waq ins i u ions ha e been ins u-
men al in add essing social secu i y challenges and p omo ing economic g ow h (aliyu, 2022). he Waq
ins i u ion can play a signi ican ole in indonesia in a ious ways. he e a e numbe s o li e a u e
emphasize he a ied and signi ican impac ha he Waq ins i u ion can ha e in indonesia. Budiman
(2011) emphasizes he po en ial o en i onmen al conse a ion, whe eas Fakh unnas and Mus a’in
(2017) emphasizes i s ole in suppo ing he ag icul u e sec o , speci ically h ough he handling o
waq money by islamic banks. Gus ina and ihsan (2020) highligh s he signi icance o waq in suppo -
ing highe educa ion, especially amids inc easing educa ion expenses. las ly, hakim and sa i (2021)
discusses he ole o p oduc i e waq in communi y economic empowe men , ci ing he success ul
managemen o a gas s a ion business uni by he Muhammadiyah egional Boa d o lumajang,
Eas Ja a.
Waq asse s mus be managed o gene a e income, which in u n is used o inance public se ices.
When waq is ul illed, he e is a shi om p i a e p ope y owne ship o social owne ship. a ious s ud-
ies ha e examined he no ion o waq , which e e s o endowmen s, as a me hod o ad ancing social
wel a e and de elopmen . shaikh e al. (2017) and Medaline e al. (2020) highligh he capaci y o waq
o add ess he oid c ea ed by inadequa e go e nance and limi ed inancial ins i u ions while also p o-
mo ing a balance be ween p i a e and socie al in e es s.
Waq has g ea po en ial as an islamic inancial ins umen . his can be seen in he analysis epo on
he pe o mance o waq managemen in 2022. he na ional Waq index (nWi) in 2022 e ealed a g ow h
o 0.274% in waq , su passing he g ow h a e in 2021 by 0.135%. his indica es ha he po en ial o
waq has no been ully u ilized and e icien ly managed. he con en ional in e p e a ion o waq , which
es ic s i o immo able asse s, has impeded i s capaci y o socie al and economic p og ess (a diyansyah
& Kasdi, 2021; ha iyan o, 2022). he discou se su ounding he waq o mo able objec s has eme ged
p ima ily wi hin specialized ci cles in ecen yea s wi hou eaching he gene al public. he waq o mo -
able objec s encompasses asse s ha a e no deple ed by consump ion such as cu ency, p ecious me -
als, secu i ies, ehicles, in ellec ual p ope y igh s, and lease igh s. cu en ly, cash waq is a widely
discussed subjec . cash waq as a p oduc i e waq ins umen was ela i ely new in indonesia a e he
indonesian ulema council (Majelis ulama indonesia, abb e ia ed Mui) issued a a wa on he pe missibil-
i y o cash waq in 2002. he p esence o law no. 41/2004 on Waq in a icle 16 emphasizes ha waq
is no only in he o m o immo able objec s, bu also in mo able objec s. he indonesian Waq Boa d
(Badan Waka indonesia, abb e ia ed BWi) no ed ha he acquisi ion o cash waq in Ma ch 2022 eached
1.4 illion upiah and has he po en ial o each 180 illion upiah pe yea . he e is eno mous po en ial
o cash waq s in indonesia. hence, cash waq has eme ged as a sou ce o op imism o se e al s ake-
holde s, se ing no only eligious pu poses bu also as a means o enhance he economic well-being o
he communi y.
2.2. O e iew halal alue chain o ood cou es ablishmen in Indonesia
he halal alue chain is an in ica e sys em ha in ol es mul iple s ages, s a ing wi h he acquisi ion o
aw ma e ials o consump ion. his sys em equi es coope a ion and ongoing enhancemen s (pe dana,
2020). his sys em is o signi ican impo ance in he ood indus y because o a iables such as he use
o halal animal eed, adhe ence o p ope slaugh e ing p ac ices, and he implemen a ion o seg ega ion
coGEn BusinEss & ManaGEMEn 5
echniques (oma , & Jaa a , 2011). he concep o halal logis ics and supply chains is c ucial o main ain-
ing he au hen ici y o halal p oduc s ac oss an en i e supply chain (Jaa a e al., 2016).
p esen ly, he halal indus y is expe iencing apid g ow h and ad ancemen ac oss se e al indus ies,
including ood and be e ages, inance, ashion, cosme ics, medicine, ou ism, en e ainmen , heal hca e,
a el, and educa ion. he halal alue chain is a c ucial s a egy o he indonesian halal indus y, pa ic-
ula ly in he ood and be e age sec o , because i enables p oduce s o compe e globally (cha ina, &
cha isma, 2023). public awa eness o he impo ance o consuming halal p oduc s plays a signi ican ole
in d i ing he de elopmen o halal alue chains (Fi i e al., 2022). his is u he suppo ed by he
inc easing global demand o halal p oduc s, which has ans o med he halal indus y in o an eme ging
ma ke . he implemen a ion o halal ood managemen in indonesia, as manda ed by law, is also a key
ac o in he success o halal alue chains (hasan, 2021).
he endea o o es ablish indonesia as he ocal poin o he islamic economy by bols e ing he halal
alue chain is subs an ia ed by a a ie y o esea ch s udies. Yazid e al. (2020) highligh ed he capaci y
o halal indus ies, including ood, ou ism, ashion, and medicine, o p opel islamic economic g ow h.
amalia and hidayah (2020) highligh ed signi ican obs acles, such as egula o y issues, wo k o ce limi a-
ions, and lack o public knowledge, and p oposed app oaches such as enhancing ules and cul i a ing
a halal way o li e. hasan (2021) emphasizes he signi icance o e ec i ely managing he halal supply
chain o es ablish indonesia as a global hub o he halal business. Widuhung and Machmud (2022)
emphasizes he signi icance o indonesian islamic banking in e ec i ely con olling he wo ldwide halal
alue chain, unde sco ing he equi emen o egula o y and policy assis ance. hese s udies emphasize
he po en ial o he halal alue chain in es ablishing indonesia as a p ominen global islamic eco-
nomic cen e .
he Food cou is also known as he Pujase a (Mul ipu pose snack cen e ) is a place o ea whe e
nume ous ood endo s o es au an s ga he o p o ide a di e se ange o p epa ed ood choices. a
ood cou is a speci ically de ined space wi hin a shopping mall, ai po , o o he comme cial o ins i u-
ional loca ion ha o e s cus ome s a con enien and a ied selec ion o ood op ions in a cen alized
place. Gene ally, indi idual endo s o es au an s in a ood cou ha e hei own dedica ed coun e s o
kiosks whe e cus ome s can selec om a a ie y o culina y al e na i es o e ed by di e en cuisines.
Food cou s ypically ha e a communal dining space in which consume s can sa e hei meals. his
communal dining space is u nished wi h ables and sea s, acili a ing he ga he ing o indi iduals o
pa ake in meals in a con i ial en i onmen . a ood cou o e s a di e se ange o culina y choices such
as as ood, e hnic dishes, snacks, desse s, and o he possibili ies.
indonesia’s ood and be e age indus y has expe ienced ema kable g ow h. Food quali y, con e-
nience, and a ie y a e key ac o s ha d i e cus ome sa is ac ion in ood cou s (Mahin, & adeina ,
2020). howe e , he en o ood cou spaces ends o be highe in u ban a eas, which can a ec he
p icing and se ices o e ed (shae , 2019).
2.3. Cash Waq Linked Sukuk
Waq oday, based on he ype o good, is no only in he o m o cash waq (cash waq ) o non-cash
waq . Waq comes om he wo d ‘Waqa a’, which means ‘ o hold’ o ‘ o s op’ o s op. abu hani ah a gued
ha waq is he elease o p ope y om he owne o he ecipien in acco dance wi h he p o isions
o sha ia by saying he waq wo d o a ce ain pe iod in acco dance wi h he wishes o he owne and
may no wi hd aw he waq . ega ding he ac o he waqi , he bene i s o he p ope y can be used
by he ecipien o waq (Mohd has hake e al., 2016).
a cash waq is he gi o a sum o money dedica ed o i s pe pe ual use in acco dance wi h he
objec i es ag eed upon by he dono . cash waq became known in he 8 h cen u y a e imam Zu a
app o ed i s use. Based on his iew, cash waq can be in es ed h ough a mudha abah con ac , and
he p o i s gene a ed can be used o cha i able pu poses (Mohd has hake e al., 2016). inno a ion in
cash waq managemen ins umen s consis s o ou pa e ns: gi ing oles o islamic banking, es ablish-
ing und in es men ins i u ions, es ablishing business pa ne ships, and gi ing oles o islamic gua an ee
ins i u ions (ind a & hakim, 2020). howe e , he u iliza ion o cash waq can ake he o m o a sukuk.
sukuk is a ce i ica e o owne ship o each sukuk ha shows an insepa able p opo ional in e es in an
6 W. s. hasiBuan and i. luBis
asse . he cha ac e is ic o sukuk is ha he owne o sukuk has he igh o he income gene a ed om
sukuk asse s, and sukuk canno be aded in he seconda y ma ke . sukuk has an ad an age in ha i is
ela ed o he alue o he unde lying asse s (sya ida e al., 2017).
he in oduc ion o cash Waq linked sukuk (cWls) by he indonesian go e nmen has been seen as
a signi ican inno a ion in he ield o islamic inance, pa icula ly in he con ex o economic eco e y
and in as uc u e de elopmen (sa i, 2023). his pla o m was he i s in eg a ion o cash waq and
Go e nmen islamic secu i ies (su a Be ha ga sya iah nega a, abb e ia ed sBsn) in indonesia (ind a &
hakim, 2020). he pu pose o he cWls is o p o ide a acili y o cash waq gi e s (waki ), bo h con em-
po a y and pe manen , o u ilize hei cash waq as sa e, p oduc i e, and impac ul in es men ins u-
men s ( ahman e al., 2021). he income om cWls goes o nazi ( he manage o waq unds and
ope a ions) o inance social p og ams and empowe he people’s economy. as cWls is an islamic inan-
cial ins umen , i s unds a e only allowed o be in es ed in halal p ojec s. By implemen ing his cWls,
he p i a e sec o can engage in p oac i e in ol emen in he enhancemen o p o i -gene a ing public
ins i u ions wi hin he coun y. simul aneously, he go e nmen can p o ide es ablishmen s and acili ies
whe e indi iduals and ins i u ions can secu ely and e icien ly s o e unds, he eby di ec ly con ibu ing
o he empowe men o public inances.
cash waq has eno mous po en ial o be de eloped in indonesia (pu i, 2021). acco ding o BWi 2023
epo s, BWi has alloca ed cWls e u ns owa ds he de elopmen o asse s a he ahmad Wa di Eye
hospi al, a me empowe men p og ams, p o iding schola ships o college s uden s, and o he social
ac i i ies. hese p ojec s inanced by cWls implemen a ious cash waq managemen models.
Mul iple s udies ha e explo ed he po en ial o using cash Waq linked sukuk as an ins umen o
inancing. howe e , he e has been an absence o discussion ega ding he op imiza ion o islamic
inance cash waq linked sukuk in ood cou s h ough he implemen a ion o a halal alue chain eco-
sys em co e ing a ious ac i i ies. ahman e al. (2021) examined he iabili y o cash Waq linked sukuk
(cWls) as a inancial ool o he economic eco e y om he co id-19 c isis in indonesia. his ins u-
men is sui able due o i s high lexibili y and appeal o he Muslim philan h opic middle class.
addi ionally, he cWls ins umen mee s he necessa y equi emen s o inancing he eco e y o he
co id-19 epidemic, which in ol es sho and medium e m o inancing. unde he cWls model, each
esea ch p ojec has a dis inc ocus. Mud iqoh (2023) u ilizes a blend o he comme cial inance sec o
and he eal sec o o c ea e cWls designs. he p ocedu e in ol es ou p ima y s ages: collec ing, place-
men , dis ibu ion, and u iliza ion o e u ns, along wi h e unds. hake e al. (2016) es ablished he
icWME-i model o u ilize cash waq unds o cWls as a means o unding o mic o en e p ises in he
p o ision o inancial se ices. he e o e, his s udy also employs he cash waq linked sukuk model,
which in ol es an ija ah con ac ha legally ies he ood cou manage and he business ac o .
3. Resea ch me hods
3.1. Resea ch design
his s udy uses a quali a i e esea ch design, ga he ing desc ip i e da a h ough in e iews, obse a ions,
and documen analysis o unde s and he applica ion o he halal alue chain in ood cou s and he
implemen a ion o cWls. he esea ch ac i i ies include conduc ing p elimina y s udies, collec ing li e -
a u e, o mula ing esea ch ocuses, collec ing da a h ough obse a ion, in e iews, and documen a ion
analysis. he da a is hen e ined, checked o co ec ness, classi ied, analyzed, and conclusions d awn
om he esea ch esul s.
3.2. Da a collec ion me hod
his s udy used bo h p ima y and seconda y da a sou ces. he u iliza ion o bo h p ima y and seconda y
da a sou ces is a p e alen and e icacious me hodology in esea ch, as emphasized by Windle (2010).
he p ima y da a consis ed o obse a ions o he esea ch p ocess wi h he objec i e o ob aining ho -
ough esul s. in addi ion, in e iews we e conduc ed wi h pe inen pe sonnel pa icipa ing in he p o-
g am, which in his case is he indonesian Waq Boa d (BWi), o acqui e a comp ehensi e and eliable
coGEn BusinEss & ManaGEMEn 7
unde s anding o p og am implemen a ion. We aim o ge in o ma ion and pe spec i es om BWi, as
hey a e he manage o cWls in indonesia and he e o e he bes sou ce o in o ma ion o ou in e -
iew. hence, he in e iewee selec ed o his s udy a e wo expe s who ha e a comp ehensi e unde -
s anding o he implemen a ion o cWls and ha e ac i ely pa icipa ed in i s ope a ions, who a e s a s
om he de elopmen and Managemen (pnpW) di ision and esponsible o managing his cWls p o-
g am. hey se ed as he s a egic pa ne ship manage and he ope a ional and inancial manage o
BWi. Fu he mo e, seconda y da a we e ob ained om e iewing ele an li e a u e, such as a icles and
jou nals, semina and con e ence pape s, books, and o icial websi es. he subjec s o his esea ch we e
da a and in o ma ion sou ces, comp ising bo h indi iduals and w i en da a, speci ically om BWi and
p e ious s udies. his esea ch has been g an ed app o al by he social and humani ies esea ch e hics
commission unde app o al numbe 02/05/Ec/2023.
3.3. Pa icipan
his esea ch conduc ed in e iews in ol ing human pa icipan s as a sou ce o in o ma ion. e bal con-
sen was ob ained om he pa icipan s, indica ing hei willingness o be in e iewed. he indings om
hese in e iews we e used o he pu poses o his s udy.
Be o e conduc ing esea ch, we mailed a o mal co espondence o BWi, eques ing hei pa icipa ion
in an in e iew. subsequen ly, upon ecei ing he subjec ma e and he lis o inqui ies o be posed
du ing he in e iew, BWi g an ed au ho iza ion o he in e iew. in e iews we e ca ied ou wi h indi-
iduals a BWi who hold posi ions and capaci ies o manage cWls und. Following he in e iew, he
esea che in o med he pa icipan s ha he indings o his s udy would be published in scien i ic
jou nals, and he pa icipan s ag eed o his e bally.
4. Resul s and discussion
4.1. In eg a ion o halal alue chain in ood cou es ablishmen s
he culina y indus y, which is cu en ly highly popula and has signi ican p ospec s, is he Food cou
(one-s op Food cen e ). he public’s a ini y o his ood cou s ems om i s di e se a ay o culina y
op ions, anging om genuine local delicacies o in e na ional a es, ca e ing o consume s wi h all bud-
ge a y p e e ences wi hin a single loca ion (suna yo, 2019). a s a egic loca ion is also a d i ing ac o in
a ac ing cus ome s a ound he loca ion so ha i can help he ood cou ’s business g ow. When con-
side ing he s a e o he indonesian popula ion, who a e mos ly Muslims, he e is a signi ican emphasis
on ensu ing ha all aspec s o halal equi emen s a e me om he p oduc ion p ocess o he inal
deli e y. Food cou s a e a ma e o public conce n. he e a e s ill many culina y delicacies ha ensu e
adhe ence o halal die a y es ic ions. halal ce i ica es and logos se e as indica o s o he le el o
knowledge and unde s anding ega ding compliance o ood and be e ages wi h halal s anda ds. in
o de o ob ain a halal ce i ica e, p oduce s mus secu e au ho iza ion om he indonesian council o
ulama (Mui) and halal p oduc Gua an ee agency (Badan penyelengga a Jaminan p oduk halal, abb e i-
a ed BpJph). subsequen ly, p oduce s a e g an ed au ho iza ion o inco po a e halal labels in o all hei
p oduc packaging.
he implemen a ion o he halal alue chain sys em is he implica ion o halal alues in p oduc ion
ac i i ies and dis ibu ion o consump ion ac i i ies in he o m o goods o se ices, as s a ed in
Go e nmen egula ion (pp) numbe 31 o 2019 conce ning implemen a ion egula ions. law numbe
33 o 2014 conce ning halal p oduc gua an ees s a es ha he go e nmen gua an ees halal p oduc s
om he p oduc ion, dis ibu ion, sales, and p esen a ion o p oduc s ha a e in acco dance wi h he
concep o halal alue chain (Go e nmen egula ion numbe 31 o 2019). in indonesia, halal p oduc s
in he ood indus y include mea , poul y, swee s, canned and ozen oods, milk, b ead, o ganic
oods, he bal p oduc s, and be e ages. halal e e s o pe missible o law ul p oduc s o ac i i ies in
islamic law, pa icula ly in ood and d ink. his includes ac i i ies like p ocessing, con e ing, p epa ing,
p ese ing, and packaging oods u s in line wi h islamic die a y ules, including small adi ional man-
u ac u ing, labo -in ensi e amily businesses, and la ge p ocessed indus ies. subsequen ly,
14 W. s. hasiBuan and i. luBis
emphasizes he need o policy adjus men s and special inancing o halal indus ies, while siswoyo (2021)
unde sco es he impo ance o halal ce i ica ion and b and image in he halal indus y ecosys em.
Khan e al. (2019a, 2019b, 2020, 2022) o e s an in-dep h analysis o he isk ac o s in ol ed in inco po a ing
he halal alue chain in o he ood business. hese s udies analyzed and e alua ed many isk ac o s, such as
supply ela ed isks, p oduc ion isks, planning isks, logis ic and ou sou cing isks, and in o ma ion
echnology- ela ed isks. addi ionally, hey conside halal- ela ed isks, such as he s a us o aw ma e ials, p o-
cessing me hods, and quali y o aw ma e ials. he esul s emphasize he impo ance o conside ing he en i e
p ocess and dis ibu ion o halal goods, inco po a ing bo h in e nal ope a ions and ou sou ced componen s,
and es ablishing a isk-assessmen me hodology o success ully manage hese isks.
hence, he isk aspec s in he in eg a ion o he halal alue chain in o he p o ision o ood cou s
include he ollowing:
1. isk o compliance wi h halal s anda ds: his isk is ela ed o non-compliance wi h halal s anda ds
in he p o ision o ood and be e ages in ood cou s. his can occu i he e is no clea and s an-
da dized sop, a lack o halal aining and ce i ica ion o employees, o supe ision and audi s ha
a e no egula ly ca ied ou .
2. p oduc quali y isk: his isk is ela ed o he quali y o he p oduc s p oduced by he ood cou .
his can occu i he aw ma e ials used a e no halal o o high quali y, o i he p oduc ion p ocess
is no pe o med p ope ly.
3. Food sa e y isk: his isk is ela ed o he sa e y o he ood p oduced by he ood cou . his can
happen i he e is no clea and s anda dized sop in ood and be e age p ocessing o i he e is no
egula supe ision o audi .
4. isk o compliance wi h applicable laws and egula ions: his isk is ela ed o non-compliance wi h
applicable egula ions and laws in he p o ision o ood and be e ages in ood cou s. his can occu
i he e a e no clea and s anda dized sops, egula supe ision, o audi s.
5. epu a ion isk: his isk ela es o he epu a ion o he ood cou , which may su e in he e en
o non-compliance wi h halal s anda ds, p oduc quali y, ood sa e y, o applicable egula ions and
laws. his may esul in a dec ease in he numbe o cus ome s and in e enue.
o manage he isk o in eg a ing a halal alue chain in o he p o ision o ood cou s, i is necessa y o
iden i y, assess, and con ol app op ia e isks. some ways o con ol isks include implemen ing clea and s an-
da dized sops, conduc ing halal aining and ce i ica ion o employees, conduc ing egula supe ision and
audi s, using halal and high-quali y aw ma e ials, collabo a ing wi h us ed supplie s, ha ing halal ce i ica ion,
and using he app op ia e echnology and in o ma ion sys ems o moni o and con ol isks.
5. Conclusion and implica ion
his s udy p oposed a inancial amewo k ha uses cash Waq linked sukuk (cWls) o he es ablishmen o
a ood cou in eg a ed wi h halal alue chain (h c). addi ionally, we examine he implemen a ion o h c
wi hin he ood cou . he e u ns om cWls can be used as capi al o he cons uc ion o a ood cou by
Figu e 4. ija ah ag eemen be ween ood cou manage and business ac o s ( enan s).
coGEn BusinEss & ManaGEMEn 15
in ol ing se e al pa ies, namely, he waki who in es s in cWls, BWi as he manage o cWls, he Minis y o
Finance as he issue o sBsn, nazi pa ne as he manage o he ood cou , and islamic bank as eady und
p o ide s. du ing he es ablishmen o his ood cou , he nazi pa ne collabo a es wi h business ac o s o
enan s h ough he use o an ija ah con ac . he implemen a ion o h c wi hin he ood cou is o ensu e
he in eg i y o halal p oduc s om p oduc ion o consump ion. his includes ca e ul sepa a ion o halal and
non-halal i ems h oughou he p ocess, hence i in ol es BpoM and BpJph o supe ise and p o ide halal
ce i ica e. he es ablishmen o a halal ood cou also suppo ed he MsMEs and con ibu ed o he de elop-
men o economic sec o . Finally, o manage he isks associa ed wi h in eg a ing he halal alue chain in o
ood cou ope a ions, i is necessa y o conduc app op ia e isk iden i ica ion, assessmen , and con ol.
his esea ch p o ides se e al implica ions. his s udy cons uc s a inancing amewo k in he ield
o islamic inance li e a u e, speci ically ocusing on he applica ion o cWls o enhance he halal alue
chain in culina y indus y. he e o e, his s udy p o ides sugges ions o he go e nmen on how o
enhance he halal ecosys em, hence imp o ing indonesia’s posi ion in he wo ld. addi ionally, his
esea ch o e s aluable insigh s o egula o s, he go e nmen , and he indonesian Waq Boa d (BWi)
ega ding po en ial s a egies o enhancing he g ow h o p oduc i e waq unds. he ul ima e goal is
o s eng hen he ole o waq unds as a means o d i e economic g ow h. Fu he mo e, in an e o
o enhance he halal ecosys em in indonesia, he inancing sys em in indonesia can use cWls-based
unding speci ically o sec o s ha p io i ize he de elopmen o he halal ecosys em. his inancing
will ensu e he p ese a ion o he halal s a us, a equi emen ha mus be me by all Muslims
wo ldwide.
his s udy has se e al limi a ions ha should be conside ed and can be imp o ed in u u e esea ch.
ini ially, his esea ch explains in gene al he implemen a ion o he halal alue chain in he ood cou .
Fu u e in es iga ions should p io i ize emphasizing he implemen a ion o he halal alue chain h ough-
ou e e y s age o ac i i ies inside he halal ood cou . Fu he mo e, his s udy conduc ed in e iews
only wi h BWi o ice s who ha e a comp ehensi e unde s anding o cash waq ela ed sukuk. Fo u u e
s udy, i is ecommended ha esea ches should aim o include in o man s om di e se backg ounds,
such as consume s, academics, nazi pa ne , and o he s, based on he speci ic esea ch objec i es.
Fu he mo e, his s udy ocuses on he es ablishmen o a halal ood cou wi h cash Waq linked sukuk.
hence, i is ecommended ha u u e esea ch should aim o enhance he exis ing designs.
Acknowledgmen s
We exp ess ou g a i ude o he indonesian Waka Boa d (BWi) o pa icipa ing in he in e iews.
Au ho con ibu ions
Widya sa ika hasibuan con ibu ed an ins umen al pa in designing and ca ying ou he esea ch, while i sad
lubis analyzed he esul s and w o e he manusc ip .
Da a a ailabili y
he da a ha suppo s he indings o his s udy a e a ailable in his a icle.
Disclosu e s a emen
he au ho s ha e no con lic o in e es o decla e.
Abou he au ho s
Widya Sa ika Hasibuan holds a Mas e ’s deg ee in islamic Economics om uni e si i Kebangsaan Malaysia. she is
cu en ly a lec u e a he Facul y o Economics and Business, uni e si as suma e a u a a, speci ically in he Economic
de elopmen depa men . he esea ch in e es s and a eas o expe ise include Economic and Finance, wi h a
pa icula ocus on islamic Economic and Finance.
16 W. s. hasiBuan and i. luBis
I sad Lubis ea ned his doc o al deg ee in Economics de elopmen om uni e si i sains Malaysia, g adua ing in
2004. he is a lec u e in he Economic de elopmen depa men a he Facul y o Economics and Business, uni e si as
suma e a u a a. his esea ch in e es s and a eas o expe ise include de elopmen Economics, de elopmen planning,
and islamic Economics.
Funding
he au ho s would like o hank uni e si as suma e a u a a o esea ch unding assis ance, which was g an ed
h ough he applied esea ch scheme ou lined in uni e si as suma e a u a a chancello ’s dec ee numbe 2837/
un5.1. /sK/ppM/2023.
ORCID
i sad lubis h p://o cid.o g/0009-0002-9788-7439
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