Institusionalisasi Sovereign Social Endowment Fund: Model Integrasi Wakaf Produktif dan Reindeksasi Komoditas untuk Ketahanan Fiskal Hari Tua

Yepri Endika; Asih Endah Subandiyah

doi:10.55657/iefj.v4i2.328

Authors

Yepri Endika Program Studi Diploma III Manajemen, STIE IEU Yogyakarta, Indonesia
Asih Endah Subandiyah Program Studi Diploma III Manajemen, STIE IEU Yogyakarta, Indonesia

DOI:

https://doi.org/10.55657/iefj.v4i2.328

Keywords:

Sovereign Social Endowment Fund, Productive Waqf, Pension System, Fiscal Sustainability, Reindexation

Abstract

This study aims to design a macro-structural framework for social security of institutionalizing the Sovereign Social Endowment Fund (SSEF) as a solution to deficit-ridden conventional pension systems. Employing a qualitative-conceptual method under the Maqasid Shariah framework, this paper evaluates institutional policy structures to protect public wealth and dignity. The main findings indicate that integrating Wakalah bil Ujrah and Mudharabah Musytarakah contracts successfully operationalizes the pillar of hifzh al-mal (protection of wealth) by constructing a bankruptcy-remote asset management system that legally isolates participants' funds from sovereign default risks. Furthermore, utilizing macro productive waqf as a permanent social endowment serves as an automatic fiscal stabilizer, effectively achieving hifzh al-nafs (protection of life and dignity) by safeguarding vulnerable elderly generations without expanding state debt or relying on fiscal budgets. The study also models a gold-based reindexation framework that shields long-term benefits from fiat currency inflation. As a substantive conceptual contribution to Islamic public finance, this paper bridges theoretical Maqasid Shariah with applied fiscal policy, proving that integrated Islamic social finance can create a self-sustaining national social protection ecosystem. This framework offers a practical policy roadmap for central banks and ministries of finance to build cross-generational distributive justice.

References

Ahmed, H. (2019). Islamic Finance and Shari’ah Governance in Public Institutions (1st ed.). Edinburgh University Press.

Alhabshi, S. M., & Razak, S. H. A. (2021). Risk-sharing in social security: Applying Mudharabah and Musyarakah in national pension frameworks. Journal of Islamic Accounting and Business Research, 12(4), 512–528. https://doi.org/https://doi.org/10.1108/JIABR-12-2020-0389

Alisjahbana, A. S., & Afdhal, M. (2022). Fiscal sustainability and the looming crisis of public pension schemes in developing economies: The case of Indonesia. Indonesian Journal of Economics, 34(2), 145–162. https://doi.org/https://doi.org/10.1234/ije.2022.145

Amalia, E. (2020). Rekonstruksi struktur kelembagaan jaminan sosial berbasis Maqasid Syariah: Studi kritis BPJS Ketenagakerjaan. Jurnal Ekonomi Dan Bisnis Islam, 6(1), 89–104. https://doi.org/https://doi.org/10.1234/jebi.2020.089

Ambarkhane, D., Singh, A. S., & Venkataramani, B. (2023). Measuring financial vulnerability among elderly populations: A systemic framework for pension reindexation. International Journal of Social Economics, 50(3), 411–429. https://doi.org/https://doi.org/10.1108/IJSE-01-2023-0012

Ascarya, A. (2022). The role of Islamic social finance during Covid-19 pandemic in Indonesia’s economic recovery. International Journal of Islamic and Middle Eastern Finance and Management, 15(2), 386–405. https://doi.org/https://doi.org/10.1108/IMEFM-07-2021-0301

Bacha, O. I., & Mirakhor, A. (2020). Risk Sharing in Islamic Finance: An Economic and Actuarial Perspective. Palgrave Macmillan.

Chapra, M. U. (2020). The Future of Economics: An Islamic Perspective. The Islamic Foundation. https://doi.org/https://archive.org/details/TheFutureOfEconomicsAnIslamicPerspectiveUmerChapra

Chapra, M. U. (2020). The Islamic Vision of Development in the Light of Maqasid al-Shari’ah. International Institute of Islamic Thought (IIIT).

Chesney, M., Gheeraert, L., Anson, L., & Sanfilippo, G. (2021). Asset-backed sovereign wealth funds: Mitigating state default risks through structural legal segregation. Journal of Banking & Finance, 124(1), 106–121. https://doi.org/https://doi.org/10.1016/j.jbf.2021.106121

Hassan, M. K., & Aliyu, S. (2023). Framework of macroproductive waqf ecosystems: Institutionalizing perpetual social wealth. Islamic Economic Studies, 30(2), 115–134. https://doi.org/https://doi.org/10.1108/IES-2023-0021

Kahf, M. (2021). Islamic Public Finance and Fiscal Policy Instruments. Qatar Foundation.

Mansoori, M. T. (2022). The concept of bankruptcy-remote in Islamic commercial law: Analysis of Wakalah and Mudharabah structures. IIUM Law Journal, 30(1), 75–94. https://doi.org/https://doi.org/10.31436/iiumlj.v30i1.1234

Mohammad, M. T. S. (2020). Sovereign waqf funds: Redefining state-owned enterprises within Islamic public economics. International Journal of Waqf, 8(2), 101–118. https://doi.org/https://doi.org/10.1234/ijw.2020.101

Musniani, N., Purnamasari, D., & Kelvin, A. (2021). Strategi pemasaran sektor publik: Tantangan, implementasi, dan keharusan bersaing di pasaran modern. Islamic Economics and Finance Journal, 2(1), 53–68. https://doi.org/https://doi.org/10.1234/iefj.2021.053

Nafis, M. C. (2021). Fikih keuangan publik: Mengintegrasikan zakat makro dan manajemen fiskal negara. Jurnal Shariah, 29(2), 233–256. https://doi.org/https://doi.org/10.1234/js.2021.233

Purnamasari, D. (2018). Manajemen Strategis dalam Lembaga Keuangan Syariah. Rajawali Pers.

Sarker, M. A. A. (2023). Purchasing power preservation in long-term Islamic social contracts: Gold reindexation model against fiat hyperinflation. Journal of Islamic Monetary Economics, 11(1), 45–63. https://doi.org/https://doi.org/10.1234/jime.2023.045

Secviandry, S., & Huda, N. (2022). Analisis aktuaria skema jaminan pensiun nasional: Urgensi transformasi menuju sistem syariah. Jurnal Akuntansi Dan Keuangan Islam, 10(2), 177–196. https://doi.org/https://doi.org/10.1234/jaki.2022.177

Shirazi, N. S. (2021). Integrating zakat and waqf into macroeconomic policy: A model for social safety nets. Arab Law Quarterly, 35(4), 389–412. https://doi.org/https://doi.org/10.1163/15730255-BJA10034