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All Journal JUSTISI International Journal of Economic, Business, Accounting, Agriculture Management and Sharia Administration (IJEBAS) Journal of Social Research Journal of General Education and Humanities Bukhori: Kajian Ekonomi dan Keuangan Islam
Riyan Al Fajri
Lembaga Hikmah dan Kebijakan Publik, Muhammadiyah Tangerang Selatan
Humanities Computer Science & IT Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Education Languange, Linguistic, Communication & Media Law, Crime, Criminology & Criminal Justice Mathematics Social Sciences Other

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INNOVATIVE WAQF MODELS FOR SUSTAINABLE ECONOMIC DEVELOPMENT: ASSESSING LEGAL FRAMEWORKS AND PRACTICES IN INDONESIA CONTEXT Riyan Al Fajri
International Journal of Economic, Business, Accounting, Agriculture Management and Sharia Administration (IJEBAS) Vol. 5 No. 2 (2025): April
Publisher : CV. Radja Publika

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.54443/ijebas.v5i2.2981

Abstract

This study addresses the significant potential of waqf assets in Indonesia, which are currently underutilized due to a primary focus on charitable and religious purposes, thereby limiting their contribution to sustainable economic development. The aim of the study is to explore how waqf can contribute to economic growth, identify new models for using waqf, and suggest ways to overcome the challenges in waqf development. Using a legal research approach, the study analyzes legal frameworks, reviews existing literature, and compares waqf practices, gathering data from legal sources, academic articles, and policy reports. The findings show that while waqf could significantly boost Indonesia's economy, issues like weak legal support, lack of transparency, and limited skills among waqf managers hold back progress. Innovative models, such as cash waqf linked sukuk, blended finance waqf and crowdfunding waqf, are proposed as effective solutions. In conclusion, to fully realize waqf's potential for sustainable economic growth, comprehensive reforms are needed, including improving the skills of waqf managers, increasing transparency, and updating legal frameworks. By adopting new financing models and encouraging public participation, waqf can become a vital part of inclusive economic development in Indonesia.
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