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All Journal Jurnal Nasional Holistic Science J-COSCIS : Journal of Computer Science Community Service Ekomania Economic: Journal Economic and Business
Munthe, Syafaruddin
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Computer Science & IT Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Education Engineering Languange, Linguistic, Communication & Media Library & Information Science Mathematics Social Sciences Other

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Journal : Economic: Journal Economic and Business

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The Role of Zakat, Waqf, and Sharia Financing in Empowering MSMEs: A Systematic Study Munthe, Syafaruddin
Economic: Journal Economic and Business Vol. 4 No. 3 (2025): ECONOMIC: Journal Economic and Business
Publisher : Lembaga Riset Mutiara Akbar (LARISMA)

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.56495/ejeb.v4i3.1229

Abstract

This article systematically examines the role of zakat, waqf, and Islamic financing in empowering Micro, Small, and Medium Enterprises (MSMEs) in Indonesia. The method used is a Systematic Literature Review (SLR) of ten journals published between 2021 and 2025 that are relevant to the topic. The results of the study indicate that these three Islamic social finance instruments have a significant contribution in supporting MSMEs through wealth redistribution mechanisms, the provision of interest-free business capital, training, and mentoring. Zakat functions not only as an obligatory act of worship but also as a source of productive funds for capital and business development. Waqf, especially in the form of cash waqf and innovative instruments such as Cash Waqf Linked Sukuk (CWLS), plays a crucial role in long-term financing for MSMEs. Meanwhile, Islamic financing through the Micro Waqf Bank (BWM) model has successfully provided access to capital to MSMEs underserved by conventional banks. However, challenges such as low public literacy, lack of transparency, and limited synergy between institutions still hamper its optimal utilization. This article emphasizes the need for digitalization of fund management, innovation of social financial instruments, and cross-sector collaboration so that zakat, waqf, and sharia financing can play a greater role in strengthening MSMEs and realizing inclusive economic development.
Co-Authors Eko Firman Susilo Pasaribu, Endi Zunaedy Ritonga, Mesra Wati Sagala, Ahmad Habin Sangkot Idris Ritonga Saprida, Saprida Siregar, Jailani Syahputra