The Institutional Role of Waqf in the Islamic Economic Framework

Rahmawati Umar; Nurdiana Nurdiana; Baso Akib

doi:10.55927/fjmr.v5i6.113

Authors

Rahmawati Umar Sekolah Tinggi Ilmu Ekonomi YPUP
Nurdiana Nurdiana Universitas Dipa Makassar
Baso Akib Institut ‘Aisyiyah Sulawesi Selatan

DOI:

https://doi.org/10.55927/fjmr.v5i6.113

Keywords:

Waqf Institutions, Islamic Economic Framework, Productive Economy, Public Service, Islamic Philanthropy

Abstract

Waqf has long been a crucial instrument in the history of Islamic economics, playing a significant role in supporting social development, education, and healthcare services. In the context of contemporary Islamic economics, the role of waqf has expanded beyond wealth redistribution to include its strategic function in strengthening productive economic sectors and public services in a sustainable manner. However, this vast potential has not been fully optimized by waqf institutions in many Muslim-majority countries, including Indonesia. Institutional limitations, weak governance capacity, and the lack of innovation in managing productive waqf remain critical challenges. This study aims to explore the institutional role of waqf in supporting productive economic development and public service provision within the framework of contemporary Islamic economics. Using a qualitative approach with a descriptive-exploratory design, this research is based on a comprehensive literature review of international academic journals published within the last five years. The findings show that waqf has a strategic contribution to the empowerment of micro, small, and medium enterprises (MSMEs), social investment, and the provision of education, healthcare, and infrastructure services rooted in Islamic values. Furthermore, institutional strengthening through transparent governance, supportive state regulations, collaboration with Islamic financial institutions, and the adoption of digital technology are key factors in realizing the economic potential of waqf.

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