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All Journal Journal of Management and Islamic Finance
Farhanah Mazalan
Universiti Malaya Malaysia
Religion Economics, Econometrics & Finance Law, Crime, Criminology & Criminal Justice

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Productive Wakaf as A Vessel for Islamic Philanthropy From the Perspective of Imam Mazhab Fahmi Makraja; Khadijatul Musanna; Farhanah Mazalan
Journal of Management and Islamic Finance Vol. 6 No. 1 (2026): Journal of Management and Islamic Finance
Publisher : UIN Raden Mas Said Surakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.22515/jmif.v6i1.13376

Abstract

Previous research in the field of Islamic philanthropy primarily examined waqf through the lens of operational performance and management strategies; however, this study addressed a significant gap by comprehensively analyzing the legal status and perspectives of various Islamic schools of thought (madhhabs) regarding productive waqf. The study aimed to determine the perspectives of Contemporary Fiqh scholars regarding the legal status of productive waqf transactions. Productive waqf was identified as a vessel for Islamic philanthropy that sought to realize community welfare by channeling liquid assets to rebuild assets or provide venture capital. A qualitative research method was employed, utilizing a library research approach that gathered data from classical and contemporary texts containing the opinions of the Shafi'i, Hanafi, and Imam al-Zuhri scholars. The results indicated that the scholars of the Shafi'i and Hanafi schools, along with Imam al-Zuhri, viewed productive waqf transactions as permissible, as historical precedents for waqf in the form of dinars and dirhams existed since their eras. In the Indonesian context, this permissibility was further strengthened by the approval of the DSN-MUI and the enactment of Law No. 41 of 2004 concerning waqf.
Co-Authors Fahmi Makraja Khadijatul Musanna