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The aim of this research is to examine the role of the Cash Waqf Linked Sukuk instrument in increasing export financing for Indonesian MSMEs. This research employs a descriptive qualitative approach using secondary data obtained from literature studies. Cash waqf can be utilized not only in religious-based domains but also in productive economic sectors. In the context of developing Indonesian export trade, Islamic financial instruments, namely CWLS, serve as a source of funding for the government and are channeled to the Indonesian Export Financing (LPEI) Institution for financing MSMEs based on Sharia principles. Export financing will be repaid to LPEI which will be distributed to the government in the form of taxes, non-tax deductions and a share of government profits. On the other hand, the government provides periodic returns to BWI which are then distributed to Nadzir to be managed for social interests.

This study offers an integrated analysis of the Cash Waqf Linked Sukuk application in Indonesia. The method employed is a review of the literature utilizing many data sources. Several significant ideas, like the sharing economy, Islamic financial innovation, and social impact bonds, have a significant link with the implementation of CWLS, according to the findings. Cash Waqf Linked Sukuk (CWLS) is a tool for placing waqf money (cash waqf) on Indonesia's sovereign Sukuk (SBSN), which was developed to support the social facilities development program. With the presence of CWLS, the private sector can actively contribute to the government's development of public facilities for widespread advantages. The primary advantage of CWLS is that its advantages can be enhanced through the provision of government-managed public infrastructure with solid governance and a low degree of risk. The Indonesian Waqf Board, Bank Indonesia, the Ministry of Finance, Islamic Financial Institutions, the Zakat Institutions, the Ministry of Religious Affairs, Investors, and (Mauquf Alaih) Beneficiaries are involved in the management of CWLS. The study finds that CWLS may be able to aid the community in achieving more sustainable and equitable economic growth.

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This paper is intended to examine and dissect more closely the optimization of the role of Cash Waqf Linked Sukuk as a new idea of the Islamic financial sistem as an effort to empower the community, so that their lives will be more qualified and competitive. The potential and opportunity for cash waqf in Indonesia will be a serious study for the government and waqf stakeholders so that waqf assets can be managed and developed optimally and maximally. The joint work between the government and waqf stakeholders found a new idea, where productive waqf assets would be allocated for investment in SBSN with the CWLS model. The results show that Cash Waqf Linked Sukuk have several very significant roles in increasing community empowerment in various programs and fields, such as health, education, social and economic fields. BWI in utilizing CWLS fees uses several variants of contracts, ijarah, wakalah, qordhul hasan and mudarabah.