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All Journal Management Studies and Business Journal IQTISHADUNA: Jurnal Ilmiah Ekonomi Kita
Muhamad Fauzi
Institut Teknologi Dan Bisnis Ahmad Dahlan Jakarta, Indonesia
Decision Sciences, Operations Research & Management Economics, Econometrics & Finance

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Hoping Of Zakat Reinforcing Philanthropy In Indonesia Muhamad Fauzi; Agus Gunawan
IQTISHADUNA: Jurnal Ilmiah Ekonomi Kita Vol 11 No 1 (2022): IQTISHADUNA: Jurnal Ilmiah Ekonomi Kita - June
Publisher : LPPM ISNJ Bengkalis

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.46367/iqtishaduna.v11i1.550

Abstract

Indonesia is the most generous country by donating unknown people, money donations, and volunteer activities based on the World Giving Index by the Muslim majority population, contributing to the poor's socioeconomic, welfare, and empowerment. Zakat is a philanthropic activity with great potential and utilization, but there is a gap between its revenue potential and its realization. This research aims to describe the hope that zakat will strengthen philanthropy in Indonesia. The research method uses a qualitative descriptive approach and reports from zakat institution's secondary data sources. The results showed 81 amil zakat institutions and 491 zakat bureaus as zakat collection institutions increased in zakat collection by 26%, consisting of zakat fitrah, zakat mal income, zakat institutions, and individual zakat as 5.1 million people and corporate zakat as 36,000. Zakat through e-zakat or bank transfers and e-payments reached 93% during the Covid-19 pandemic. Zakat gives excellent hope to society's welfare through government and stakeholder regulations that can reduce the level of poverty. Zakat IDR 10.2 trillion gives hope to 23 million people and frees 15759 from the poverty line with better distribution effectiveness; the philanthropic hope of strengthening zakat in Indonesia has provided benefits and community welfare.
Reimagining Islamic Social Finance: Institutional Architecture of Waqf Banks in Indonesia Iwan Agustiawan Fuad; Sigit Pramono; MUHAMAD FAUZI; Mohammadtahir Cheumar; Yusuf Haji Othman; Muhamad Akbar Hanif
Management Studies and Business Journal (PRODUCTIVITY) Vol. 3 No. 8 (2026): Management Studies and Business Journal (PRODUCTIVITY)
Publisher : Penelitian dan Pengembangan Ilmu

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.62207/pnj2fz34

Abstract

The development of Islamic social finance has attracted increasing attention as an alternative mechanism to address socioeconomic challenges through sustainable and inclusive financial instruments. Waqf, as a fundamental Islamic social finance instrument, has significant potential to promote economic empowerment and social welfare; however, its transformation into productive and sustainable financial institutions remains limited, particularly in Indonesia. This study aims to analyse the institutional architecture of Waqf Banks in Indonesia by identifying essential structural, governance, operational, and regulatory dimensions that support their establishment and sustainability. This research employs a qualitative Systematic Literature Review (SLR) approach by reviewing 73 articles indexed in the Indonesian national journal database (SINTA). Through a systematic screening and eligibility process, six articles were selected as the most relevant studies for thematic analysis. The findings reveal that effective Waqf Bank development requires an integrated institutional framework involving governance mechanisms, ownership structures, sustainable capital mobilisation, Shariah-compliant transaction models, risk management, and regulatory harmonisation. The review further identifies a fundamental tension between waqf’s social mission and financial sustainability requirements, highlighting the need for a hybrid institutional model. This study contributes to Islamic social finance literature by conceptualising Waqf Banks as a bridge between charitable endowment systems and modern Islamic financial ecosystems. The findings provide insights for policymakers, waqf authorities, and Islamic financial institutions in developing sustainable Waqf Bank models in Indonesia.
Co-Authors Agus Gunawan Iwan Agustiawan Fuad Mohammadtahir Cheumar Muhamad Akbar Hanif Sigit Pramono Yusuf Haji Othman