<![CDATA[Islamic philanthropy, particularly waqf, is undergoing a significant transformation from merely a socio-religious instrument with a charitable model to a driving force for sustainable economic development. One strategic innovation in the Islamic banking ecosystem is Cash Waqf Linked Deposit (CWLD), a scheme for managing cash waqf through Islamic deposits that allows the principal to be preserved while the returns are used for social programs and economic empowerment of the community. This study aims to analyze how CWLD can create a multiplier effect on the community's economy by synergizing the social and commercial functions of Islamic banking. The research method used a descriptive-analytical qualitative approach through literature study and source triangulation to assess the concept, implementation, opportunities, and challenges of CWLD using an approach based on the PRISMA 2020 protocol. The results show that CWLD can increase liquidity and third-party funds (DPK) with low-cost funds in Islamic banking, strengthen real sector financing, and create layered social impacts through the empowerment of MSMEs, education financing, and capacity building of nadzir institutions. This scheme encourages the creation of a multiplier effect in the form of increased community income, job creation, growth in economic activity and national output, as well as strengthening the Islamic financial ecosystem and social empowerment. The CWLD scheme effectively integrates the commercial financial sector with philanthropic goals, transforming waqf assets that tend to be passive into dynamic capital for sustainable development. This innovation proves that Islamic philanthropy can be a catalyst for inclusive economic growth and strength while strengthening the intermediary function and social impact of Islamic banking. However, the development of CWLD faces several obstacles, such as the need to improve public literacy, institutional readiness, and the need for regulatory harmonization. The study recommends improving public education, strengthening the capacity of nadzir, optimizing collaboration between regulators and industry, and digitizing governance in the Islamic philanthropy ecosystem. Through these strategies, CWLD has great potential to become a social financial instrument that can strengthen the economic resilience of the community and support inclusive and sustainable national development in accordance with the principles of maqasid sharia.]]>
