DESIGNING SHARIA PROPERTY BUSINESS MODEL FOR REAL ESTATE SEGMENT IN PT WIKA REALTY

: PT WIKA Realty engages property business in Indonesia, which has two core businesses, hotel and non-hotel. Real estate (non-hotel) revenue was only 25,24% of total 2021 revenues. Meanwhile, it has 67,59% of its assets from the whole company's assets. In contrast, the sharia property business grew exponentially during the pandemic. In Islam, Maqashid sharia purposes to spread goodness to people, so business etic is not only to gain profit. Therefore, this research aims to know the real estate business segment's performance, identify the advantages of developing a sharia property business model, and formulate a strategy for a sharia property business model in the real estate business segment of PT WIKA Realty. This research also benchmarked to Asosiasi Developer Properti Syariah and Warees Pte Ltd to observe the sharia property business's external situation after five years running. Business Model Canvas (BMC), Importance Performance Analysis (IPA) and Porter's Five Forces are methods to determine corporate strategies. Seven experts with ten years of experience from PT WIKA Realty were questioned for importance and performance satisfaction; the index is 78,7%. There are three essential elements to improve such as Customer Segment, Key Resources and Customer Relationship with improvements: (1) Targeting Business to Beneficiaries as a new segment market target, (2) Enhancing employee competencies in sharia economy and business, (3) Committed to implementing sharia rules in PPU Realty syariah, (4) Cooperating with Lembaga Keuangan Syariah, (5) Developing PPU Realty Syariah and determining sharia property project, (6) Implementing Customer Relationship Management application.


INTRODUCTION
PT Wijaya Karya Realty is, also known as PT WIKA Realty, which engaged in business property in Indonesia, is a subsidiary state own company of PT WIKA (Persero) Tbk has two core business segments such as hotel and also Non-Hotel.The hotel includes hospitality management and condotel in a holding company and subsidiary.Non-hotel business includes real estate (landed house and highrise building), property investment, and recurring property (commercial area management, office building, clubhouse, apartment and training center).Both Hotel and Non-Hotel business segments contributed in 2020 and 2021 to the company's revenue streaming based on PT WIKA Realty's annual report.
Figure 1 shows that in 2021, the most extensive revenue streaming came from hotels (49.83%), real estate (25.24%) and also property services (18.17%) sequentially.Meanwhile, as shown in Table 1, nonhotels show appalling performance.The number of assets in the non-hotel segment reached 67.59% of total assets, compared to hotel assets (23.57%) but could perform 50% of total company revenue.
When the pandemic COVID 19 stroke property businesses, unlike other businesses in property in general, sharia property was not affected.Chief of Asosiasi Developer Properti Syariah (ADPS) said that sharia property grew exponentially during the pandemic (Detikfinance, 2021).Property sharia offers a natural solution to consumers looking for housing but can not provide the minimum requirement for credit loans in banks (Unbankable).Sunesti & Putri (2022) reported that sharia property demand growth increased because of sharia awareness.They also found that Indonesian millennials born between 1981 and 1996 and aged 25-40 (Dimock, 2019) have preferred housing related to Islam, called Sharia Property.Their determination is related to payment methods and other sharia rules, such as no interest or usury.They also prefer to be surrounded by Muslim families.In 2019, there were 83 Islamic housing in Jakarta (Perumahan Islami Indonesia, 2019), while in Solo, Central Java, there was 35 development of Islamic housing.
The halal industry should be considered where firms provide halal products and services that do not violate Islamic laws, primarily financial (Al-Mubarak and Osmani, 2010 cited in Rahman, 2017).Sharia housing has specified product characteristic that makes it different from other standard housings.Helen and Gamal (2017) told sharia housing has three aspects: design, development and financial transaction, and to implement those aspects of sharia, housing must follow the Islamic rules.Business in Islam is a way to serve Allah (God), and it is fardu kifayah.It means running the business and trading can not be separated from Islamic Sharia.In business, we have to pay attention to the willingness of each other, no usury, no cheating, no reducing measurement, no trading forbidden goods, no doing ihtikar/hoard/ monopoly, no taking opportunities in narrowness and no containing Gharar and Maysir.Through maqashid sharia, a business should aim to reach the objective of life (Ascarya and Sukmana 2014 cited in Hudaefi and Badeges 2021).The objections bring out goodness and benefits for people in this world or hereafter (Febriadi 2017).Al-Ghazali (1987), cited in Nizam (2017), maqashid syariah promotes the well-being of people upon safeguarding faith (dīn), lives (nafs), intellect ('aql), offspring (nasl) and wealth (mal).It gives a holistic view of Islam as a life guide (Dusuki and Abozaid 2007) and business implementation (Abdullah 2012).
There are no differences with property business, besides trying to achieve company targets, but also looking for a blessing in business to share with all the stakeholders.In previous studies, there were several similarities, where the research field was on real estate segment business which was done in 2021 at PT Adhi Persada Properti.The research was about Business Development Strategic in PT Adhi Persada Properti and used similarities in analysis tools such as BMC.The differences were that the researcher used SWOT, PEST and Key Success Factor to complete the research.So, both in content in the form of strategies in property companies (both private and state-owned companies) and similarities in research analysis tools.
What makes this difference as an update of this research lies in the focus on the sharia property business model in BUMN's subsidiary, which has not been done before.This research provides new knowledge regarding sharia property in the BUMN environment.
This research is based on the sales conditions of the real estate segment business at PT WIKA Realty that have not been optimal.It is also influenced by internal conditions, where some critical factors are needed to be improved and also external conditions of the company, namely sharia property opportunities.Through the advantages of sharia property, a sharia property business model is developed at PT WIKA Realty with some priority forms of the company's strategy (Figure 2).
In this research, objectives to be achieved: (1) Knowing the level of importance and performance satisfaction of the real estate business segment in PT WIKA Realty, (2) Identifying the advantages of developing a sharia property business model in the real estate business segment of PT WIKA Realty, (3) Formulate a sharia property business model as a strategic with Sharia law to be applicable in the real estate business segment of PT WIKA Realty.

METHODS
This study is descriptive research to design a business model for property sharia in PT WIKA Realty.The research method uses a quantitative and also qualitative approach based on phenomenology.The source of data consists of primary and secondary data.The subjects of this study were the management of PT WIKA Realty, who has been enrolled in the company for a minimum of 10 years.This study also did a benchmarking to the management of sharia property.The objects of research using the benchmark method were chosen by property actors who have been running for more than five years, namely the Sharia Property Developer Association (DPS) and the Warees Investment Pte Ltd Asset Management Company.Both subjects are experts in this study.The scope of the study is limited to the real estate business segment (Non-Hotel) in PT WIKA factor for the sharia property market.The focus factors are (1) Rivalry Among Competitive Firms, (2) the Potential Entry of New Competitors, (3) the Potential Development of Substitute Products, (4) the Bargaining Power of Suppliers, dan (5) the Bargaining Power of the Consumer.

RESULTS
The internal factor of PT WIKA Realty was identified using Business Model Canvas, shown in Table 2. Nine elements of the existing BMC of PT WIKA Realty were analyzed both the importance and performance using Importance Performance Analysis.Based on seven experts, this study found the level of satisfaction at 78.7% for company performance and the position in the IPA Cartesian diagram of each element shown in Figure 3.
Realty, including landed houses and highrise buildings.
The study was held in PT WIKA Realty office at JL DI Panjaitan Kav 2, East Jakarta, for three months (August to October 2022).
This study used content analysis.The analysis procedure includes collecting data using online questionnaires and interviewing the experts.This research executed the data analysis using Business Model Canvas (BMC) that focused on nine elements such as (1) Customer Segment, (2) Value Proposition, (3) Channels, (4) Customer Relationship, (5) Revenue Stream, (6) Key Resources, (7) Key Activities, (8) Key Partnership and (9) Cost Structure.Goyal et al. (2017) cited Mahbubi (2022), that business model terminology has been used to describe the systems and activities required to achieve strategic goals.Those nine elements were evaluated using Importance Performance Analysis (IPA).Porter's Five Force method was also used to observe the external  Revenue Stream -Selling landed house product -Selling highrise product -Fee from property management services -Rental rates from property recurring are valued at 100 billion rupiahs.DPS plans to create one million non-bank houses in 2025, and the market size values 400 billion rupiahs.

Potential Entry of New Competitors
As shown in Table 3, the addition of competing companies looks relatively easy, and many conventional developers have turned to becoming sharia property developers, as seen by the rapidly growing number of projects being developed from 2019 to 2021.A new competitor may come from a conventional property developer that swifts to a sharia property developer.DPS's mission puts the business in a preaching way with a good reception from consumers who avoid usury for housing loans.Even there is good appreciation from the land owner as the partner who asks for free usury cooperation.As a sharia association, DPS has openly transferred knowledge to anyone concerned about sharia transactions and contracts.

Potential Development of Substitute Product
Sharia property business is in a niche market and competing with conventional property developers from state own companies or private companies.Sharia property has good potential business since the Moslem market in Indonesia has started looking for a Muslim market with considerable housing potential with the sharia transaction method.Another factor that makes the sharia business opportunity even more interesting is that the Indonesian Government PUPR has created a housing program for low-income societies to have accessibility to sharia funding (Kompas.com, 2021).
IPA of existing BMC in PT WIKA Realty places nine BMC elements into four quadrants: 1. Quadrant I (attributes to improve) There are three crucial elements, but the performance needs improvement: Customers Segment, Key Resources, and Customer Relationship.

Quadrant II (maintain performance)
There is only one BMC element that already fulfilled expert expectations, which is essential, and the performance is satisfying, and it is Channel.

Quadrant III (attributes to maintain)
In this quadrant, there are three elements in which the performance is already satisfying and meaningful: revenue streaming, key activities and cost structure.
Those elements need to maintain.4. Quadrant IV (attributes to de-emphasize) Two elements shown in quadrant 4 are essential partnership and value proposition.Even though based on data shows where experts are satisfied with the performance, with attributes improvements at Quadrant I, some adjustments are needed to pursue a complete sharia property model business.
Porter Five Force analyzed the external factor based on interviewing expert from Asosiasi Developer Properti Syariah, also benchmarking to Warees Pte Ltd, and found five aspects of sharia property business: 1. Rivalry Among Competitive Firms As shown in Besides, religiosity affects consumers choosing sharia property.Based on Lailyah (2020), the perception of halal is considered when having a credit loan for public housing credit.In recent decades, the Islamic banking and finance (IBF) industry has offered ultraethical financial services to reach out to the 'unbanked' population who identify with Islam and Islamic values.
The higher level at the state and regional level includes issuing Islamic bonds (sukuk) to build infrastructure and promote social and economic development (Farrar & Uddin, 2020).Four schemes for house funding follow sharia rules (Bachtiar, 2019):

Murabahah
Murabahah is a contract of buying and selling goods at the original price with an additional agreed profit (Antonio, 2001).

a. Murabahah bil Wakalah
This scheme uses cost plus, where the bank offers a price product with a margin, and the customer will pay the installment within a certain period.In murabaha bil wakalah, a house is purchased when it is ready so that the developer entirely takes the profit margin for building a house, including the risks accompanying it.

b. Murabahah Haqiqi
This scheme uses cost plus, where the bank offers a price product with a margin, and the customer will pay the installment within a certain period.Here bank supplies the product.

MMQ (Musyarakah mutanaqisah)
The MMQ contract is a contract formed due to cooperation between the bank and the buyer, who share ownership rights to a house, which is followed by payment of ownership every month and transfer of ownership following the proportion that has been paid so that the MMQ contract is said to be a contract with the partnership concept.
IMBT (Al-Ijarah Al-Muntahia Bit-Tamlik) IMBT, according to DSN MUI Fatwa no 27/DSN/ MUI/III/2002, is a lease agreement accompanied by the option of transferring rights to the object being leased to the lessee after the completion of the lease period.Bank buys the asset that will be rented to customers.The ownership will shift to the customer at the end of the maturity date.
In addition, this study is quoting from Pratama (2019) Jamal et al. 2020).Waqf is one of the philanthropy models for the welfare of humankind (Abror, 2018).
Waqf is related to the utilization side, which in sharia is mauqûf' alaih.Waqf must be used within the limits of Islamic Sharia since it is based on a charity that aims to bring people closer to God (Amrullah et al. 2022).
Waqf management should concern social purposes such as education, economy, and health.It can be performed in Islamic education, developing Islamic hospitals, helping the people's economy, assisting research, or developing worship facilities and infrastructure (Ishari and Sakinah, 2016).However, managing and developing waqf in the contemporary era requires more productivity in sustainable benefits, professionalism, responsibility, and social justice than productivity (Arief and Tulab, 2018).

Enhancing employee competencies in sharia economics and business.
To carry out all the practicals of Islamic law, especially waqf management, requires Human Resources (HR), who have the ability and willingness to manage waqf and are highly dedicated and committed to waqf development.Moreover, understand waqf issues and matters related to waqf.(Hakim and Susilo, 2020).
3. Committed to implementing sharia rules in PPU Realty syariah.
Targeting business to a beneficiary, especially managing waqf assets, whether as an individual or a governmental or non-governmental institution.
Managers must manage the assets and provide benefits to those entitled to receive the assets.
The operating system must follow the muamalah fiqh based on the DSN-MUI in kaffah and Falah transactions for the realization of benefit, to avoid prohibited transactions (tadlis, gharar, bai' ikhtikar, bai' najasy, maysir) in obtaining profits (Lamusu et al. 2021).
Article 1 of Law, Number 41 of 2004 explains that the definition of waqf is a legal act of wakif to separate and or surrender part of his property to be used forever or for a certain period following his interests for worship and or general welfare according to sharia.LKS also funds waqf management.There is some limitation for the waqf manager or Nazhir to access formal financial sources due to an unbankable profile.One solution is Sukuk for waqf assets which the profit of waqf assets is distributed to Mauquf'alaih.For example, several forms of cooperation in managing waqf objects in the form of property to become productive waqf are Zam Zam Tower (KSA) and Al Warees Ben Coolen (Singapore).From the professional management seen around the two mosques (Al-Haram Mosque in Mecca and an-Nabawi Mosque in Medina), various productive economic facilities and infrastructure were built, making a very significant contribution to the progress of the Saudi Arabian economy.The land around the two mosques was built in various ways, such as hotels, apartments, hospitals, restaurants, shopping centers, and government centers.Development models and the use of waqf like this make waqf assets productive and will significantly contribute to the economic development of the people of Islam (Muhsan, 2013).
Overviewing the existing BMC of PT WIKA Realty and also the opportunities that come from sharia property, this study develops a new BMC for the PT WIKA Realty business model.Sharia rules are implemented in the product and the whole business, so it needs to form a sharia unit business called Pelaksana Pengelolaan Usaha (PPU) Realty Syariah.Rencana Jangka Panjang (RJP), Rencana Induk Kawasan (RIK) and also the yearly budget, Rencana Kerja Anggaran Perusahaan (RKAP) and also organizational structure must be adjusted due to new unit business formation.As described, three critical elements in PT WIKA Realty's BMC still need improvement, such as Customer Segment, Key Resources and Customer Relationship, as shown in Table 4.Some strategies are prepared for improvement, and they are: 1. Targeting Business to Beneficiaries as new segment market target.
As a country with the largest Muslim population in the world, Indonesia has enormous potential to implement economic development using Islamic economic development instruments, such as Waqf (Pratama, 2019).Waqf has been transformed into an incredible movement (Djakfar, 2010).Waqf LKS is a profit and commercial institution that may use waqf funds as an injection of liquidity funds or real sector investment funds, which forgets the essence of cash waqf for the benefit and welfare of the ummah.Secondly, it reduces the potential for independence in the context of empowering the ummah, who may so in terms of financial management, it is better and more accountable than LKS, for example, Dompet Dhuafa, Republika, and other institutions (Cahyadi, 2019).
5. Developing PPU Realty Syariah and determining the sharia property project.
Location, land size and type of waqf land are one of the problem factors in the development of waqf land (Ali et al. 2015).Akad Ikrar Wakaf (AIW) and waqf land certificates are required to prove legality or to register waqf land (Pasamai et al. 2018).
The investment valuation analysis used in HBU-Islam uses two investment valuation instruments that compare Islamic and conventional feasibility study analyses based on gold as the unit of account, namely the Gold Value Method and the Gold Index Method.The development alternative with the highest increase in land value is the highest and best alternative land use (maximum production).However, the concept of value in Islam is not limited to a high nominal value but also a high maslahah value.So what needs to be considered is to return to the initial designation of the waqf land by assessing its use.However, suppose the initial allotment of waqf land no longer provides benefits in that area.
In that case, the nazhir may convert the waqf land to other uses that are more needed by the community and provide more benefits (Pratama, 2019).The study found that religiosity is significant in developing customer loyalty.Religious beliefs can influence psychological factors that require people to act according to their religious laws.For Muslims, property investing expects financial returns and hopes for Allah's blessing (Naufal & Suharti, 2021).

Managerial Implication
The development of the real estate business segment based on the strength of maqoshid sharia will form a new target segment, namely as Business to Beneficiaries, which will raise several managerial implications, both advantages and disadvantages, if the results of this research are implemented in the company.Adding this target market will expand the property market segmentation targeted by the company, namely the MBR (Low Income Society) market.
It will also align with the government's program to overcome the housing backlog and increase the utilization of waqf land, which is not optimal for productive activities.Cooperating with Nazhir as the manager of waqf objects so that the utilization of waqf objects can be optimized with the cooperation scheme of waqf land through a leasing system (ijarah).
It will help overcome the company's problems in the real estate business segment, where the price of land available for development is relatively high, which causes the product to be slowly absorbed by the market.
Companies can cooperate with social fund managers (Dompet Dhuafa and BAZNAS) or Islamic Financial Institutions (Sharia Banks) as funding partners for company working capital.
Development of sharia-based property products will be continued by strengthening product value from product planning and design, development and management of areas and the environment, to procedures for ownership transactions whose values all refer to implementing the sharia system.

Conclusions
A study found the level of satisfaction at 78.7% for company performance and the position in the IPA Cartesian diagram of each BMC element of PT WIKA Realty.They are: 1. Quadrant I (attributes to improve).Three elements are essential, but the performance needs improvement: Customer Segment, Key Resources, and Customer Relationship.2. Quadrant II (maintain performance).Only one BMC element already fulfilled expert expectations, which is essential, and the performance is satisfying, which is Channel.3. Quadrant III (attributes to maintain).In this quadrant, there are three elements in which the performance is already satisfying and meaningful.They are revenue streaming, key activities and cost structure.Those elements need to maintain.4. Quadrant IV (attributes to de-emphasize).Two elements shown in quadrant 4 are essential partnership and value proposition.Both elements are not essential and need to de-emphasize because experts evaluate those elements that do not affect much to the performance.However, with attributes improvements at Quadrant I, some adjustments are needed to pursue a complete sharia property model business.
Based on findings in IPA, in this study, there are some strategies to require a design of a sharia property business model for the real estate segment through improving three BMC elements in Quadrant I: (1) Targeting Business to Beneficiaries as new segment market target, (2) Enhancing employee competences in sharia economic and business, (3) Committed to implementing sharia rules in PPU Realty syariah, (4) Cooperating with Lembaga Keuangan Syariah (LKS), (5) Developing PPU Realty Syariah and determining sharia property project, (6) Implementing Customer Relationship Management application.

Recommendations
Efforts to establish a Sharia Realty business unit (PPU) at PT WIKA Realty require support from human resources who master the application of sharia principles in business management.It is hoped that through competent human resources in managing sharia business, they can become a preparatory team for establishing sharia Realty PPU and develop work programs according to a detailed and measurable priority scale.
FUNDING STATEMENT: This research did not receive any specific grant from public, commercial, or not-for-profit funding agencies.

Table 1 ,
Number of asset based on PT WIKA Realty Business Segment in 2021

Table 3
, states that in 2016, waqf land in Indonesia reached a total of 436 thousand hectares, which was used positively for the growth and development of the nation's economy, such as for mosques (45%), prayer rooms (28.5%), schools (10.46%), cemeteries (4.66%),

Table 4 .
Business model canvas for property sharia business