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All Journal Ekombis: Jurnal Fakultas Ekonomi Journal of Management and Islamic Finance
Fahmi Makraja
UIN Sunan Kalijaga Yogyakarta
Religion Economics, Econometrics & Finance Law, Crime, Criminology & Criminal Justice

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GREEN WAKAF: STRATEGI PEMANFAATAN INSTRUMEN KEUANGAN ISLAM UNTUK KEBERLANJUTAN LINGKUNGAN Fahmi Makraja; Rahayu Apridayanti; Ilham Akbar Shalahuddien; Raihan Putri; Mirza Al Fajri
EKOMBIS: JURNAL FAKULTAS EKONOMI Vol 12, No 1 (2026): April
Publisher : Universitas Teuku Umar

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.35308/ekombis.v12i1.14026

Abstract

Waqf is an Islamic financial instrument that has great potential to contribute to social and economic development. However, its utilization in the context of environmental sustainability, or what is known as Green Waqf, is still not optimal. This study aims to analyze strategies for utilizing the wakaf instrument to support environmental sustainability through Green Wakaf. The research method employed is a qualitative literature review, examining various concepts of wakaf, green finance, and their implementation in various countries. The results of the study indicate that there are several strategies that can be applied to optimize Green Wakaf. First, a funding strategy, which involves combining cash wakaf and productive wakaf to finance environmentally friendly projects such as renewable energy, waste management, and organic farming. Second, a partnership strategy, which involves collaborating between wakaf institutions, the government, the private sector, and civil society to increase the scale and impact of projects. Third, product innovation strategy, namely by developing new waqf models that are relevant to environmental issues, such as green stock waqf and green sukuk. The implementation of these strategies is expected to make Green Waqf an effective Islamic financial instrument to promote sustainable development. Thus, waqf not only plays a role in poverty alleviation, but also becomes a concrete solution in overcoming global environmental challenges.Keywords: Waqf, Islamic Finance, Green Waqf, Environmental Sustainability, Green Finance.
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 Farhanah Mazalan Ilham Akbar Shalahuddien Khadijatul Musanna Mirza Al Fajri Rahayu Apridayanti Raihan Putri