Giving While Investing? Understand CWLS and How to Place Your Funds

Do you want your money to be productive while also becoming a source of ongoing charity (amal jariyah)? Cash Waqf Linked Sukuk (CWLS) is one of the ways to give cash waqf that is managed professionally through sharia instruments, so the results bring broad benefits to society.

Unlike regular investments, CWLS is not aimed at giving you personal financial gain. Instead, it delivers social impact while rewarding the donor (wakif) with continuous blessings.

What Is Cash Waqf Linked Sukuk (CWLS)?

CWLS is a mechanism of collecting cash waqf that is placed in State Sharia Securities (SBSN). These sukuk generate returns (coupons), which are fully distributed to social activities such as healthcare facilities, education, and community empowerment.

The legal basis of CWLS is regulated under Indonesia’s cash waqf regulations, including Minister of Religious Affairs Regulation No. 1 of 2022 on the Management and Development of Cash Waqf through CWLS.

In simple terms, CWLS works through collaboration among several parties:

Ministry of Finance: issuer of SBSN as the instrument for fund placement.
Badan Wakaf Indonesia (BWI): supervisor and regulator of waqf in Indonesia.
Nazhir (waqf manager): distributes sukuk returns to social programs according to rules.
LKS-PWU (Sharia Financial Institution Receiving Cash Waqf) such as Bank Muamalat: collects waqf funds from the public.
Bank Indonesia and other regulators: support the ecosystem and policies.

CWLS Mechanism

Wakif deposits funds through an official LKS-PWU.
Funds are placed in SBSN instruments.
Returns from SBSN are fully used for productive waqf programs.
At the end of the tenor:

Temporary Waqf: The principal can be returned to the wakif based on the prospectus.
Permanent Waqf: The principal becomes waqf forever.

Things to Understand

Returns are not for personal use–100% of the coupons are allocated to social programs.
The principal is only refundable if you choose temporary waqf. In permanent waqf, the principal becomes part of the waqf.
The risk is relatively low since funds are placed in SBSN, but always review the prospectus for details.

Benefits of CWLS

Amal Jariyah: rewards continue to flow as long as the social benefits remain.
Real impact for society: supporting healthcare, education, and economic empowerment.
Official documentation: wakif receives a certificate or proof of participation.
Strengthening the waqf ecosystem: part of the National Waqf Movement, building a stronger sharia economy.

How to Buy CWLS Through Bank Muamalat

As one of the official LKS-PWU institutions, Bank Muamalat makes it easy for you to invest while giving waqf through CWLS.

a. Online (For individual wakif and temporary waqf)

Register for internet banking via Bank Muamalat ATM and activate financial transactions at the branch through customer service.
Create a Single Investor Identification (SID) and a securities account via Bank Muamalat Internet Banking (for those who don’t have one yet).
Register for e-SBN via internet banking.
Place your CWLS order through Internet Banking after reading the information memo.
Make payment via Internet Banking within the specified period.
Receive a confirmation letter of ownership by email after the settlement date.

b. Offline (For institutional wakif or individuals choosing permanent waqf)

Visit a Bank Muamalat branch, create SID and Securities Account.
Prepare documents such as a copy of NPWP and Company Establishment Deed.
Fill out the waqf form, waqf pledge deed, and standing instruction (if permanent waqf).
After verification, you will receive a copy of the Waqf Pledge Deed.
The CWLS purchase process is complete, and you will receive your CWLS Ownership Certificate after the settlement date.

Through Bank Muamalat, the whole process is guaranteed to be sharia-compliant, transparent, and trustworthy.

Let’s Start Investing for Both This World and the Hereafter!

Through CWLS, your funds are not only managed productively but also bring real benefits to the community. Every rupiah entrusted helps support healthcare, education, and economic empowerment for society.

This is the true essence of CWLS—making waqf structured, transparent, and sustainable as a form of worship that keeps rewarding you.

Make waqf part of your sharia financial journey. Take part in CWLS Series SWR006 through Bank Muamalat and create an ongoing legacy of charity that benefits generations to come.