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Abdullah A Afifi
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Journal of Regional Development and Technology Initiatives
Published by IDRIS Darulfunun Institute
ISSN : -     EISSN : 30465745     DOI : https://doi.org/10.58764/jrdti
Core Subject : Economy, Science, Education, Social,
Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Environmental Science Social Sciences Other
A multidisciplinary journal that encompasses topics of regional development, business management, technology and initiatives. The ultimate objective of this journal is to disseminate knowledge for improving regional business development and technology practices. This journal also aims to strengthen the theoretical base for supporting policy and initiatives. Articles accepted need to be based on rigorous sound theory and contain an essential novel scientific contribution. Relevant subjects; community-based studies that expose development practices and interactions, sustainability on rural green agriculture and development of environment and energy friendly, local technology innovations, regional industries and economics, policy initiatives and collaborative engagement.
Arjuna Subject : Bisnis, Menejemen, dan Akutansi (semua kategori) - Menejemen Teknologi dan Inovasi
Articles 2 Documents
 1 
Search results for , issue "vol. 4 no. 2 (2026)" : 2 Documents clear
Beyond Islamic FinTech: A Decentralized Waqf Finance Ecosystem for Green Venture Capital in Emerging Muslim Economies Adamu Abubakar Muhammad; Ahmad Babikir; Bala Babangida; Muhammad Uba Babayo; Abdullah A. Afifi; Muhammadu Sani Abubakar
Journal of Regional Development and Technology Initiatives Vol. 4 No. 2 (2026)
Publisher : IDRIS Darulfunun Institute

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.58764/j.jrdti.2026.4.196

Abstract

Green entrepreneurship in emerging Muslim economies faces persistent financing constraints arising from high perceived investment risks, limited availability of patient capital, underdeveloped green-finance markets, and restricted access to early-stage venture financing. Although decentralized finance (DeFi) has introduced blockchain-enabled mechanisms for broadening financial participation and improving the efficiency of capital mobilization, its potential integration with Shar??ah-compliant Islamic social finance remains insufficiently explored. This study addresses this gap by proposing a DeFi–Waqf Green Venture Financing Ecosystem that positions digital waqf as a catalytic source of patient capital within a decentralized architecture for financing environmentally sustainable ventures. The study adopts a qualitative conceptual research design based on a systematic review and thematic synthesis of interdisciplinary literature on DeFi, blockchain technology, digital waqf, Islamic finance, sustainable finance, green entrepreneurship, and venture capital. The analytical framework draws upon Maq??id al-Shar??ah, Islamic social finance principles, and sustainable-finance perspectives to examine the institutional and technological conditions required for an ethically grounded decentralized financing ecosystem. The proposed framework integrates tokenized waqf assets, smart contracts, decentralized autonomous organizations (DAOs), blockchain-based transparency mechanisms, and complementary Islamic financing instruments to facilitate the mobilization, governance, and allocation of capital to green ventures. Waqf is conceptualized not merely as a charitable endowment but as a potentially catalytic and perpetual source of mission-aligned capital capable of reducing financing barriers for early-stage sustainable enterprises. Tokenization may broaden participation in waqf-supported investment ecosystems, while smart contracts can support transparent contractual arrangements, automated administration, and accountable distribution mechanisms, subject to appropriate legal, regulatory, technological, and Shar??ah governance. The study extends existing Islamic FinTech scholarship by moving beyond applications focused primarily on payments, crowdfunding, and administrative digitalization toward the institutional integration of decentralized finance, Islamic social finance, and green venture capital. The resulting framework demonstrates how waqf can serve as an institutional bridge between philanthropic capital, private investment, technological innovation, and climate-oriented entrepreneurship in emerging Muslim economies. The study contributes theoretically by connecting Islamic social finance with decentralized financial architecture and sustainable venture financing, and practically by identifying governance and policy considerations for regulators, waqf institutions, Islamic financial institutions, technology providers, investors, and green entrepreneurs. It concludes that a carefully governed DeFi–Waqf ecosystem could provide a promising complementary mechanism for mobilizing patient, ethical, and sustainability-oriented capital while advancing the broader objectives of inclusive economic development, environmental stewardship, and the Maq??id al-Shar??ah.
From Compliance To Value Creation: Reframing Sustainable Waqf Governance Through a Value-Based Perspective Abdullah A. Afifi; Adamu Abubakar Muhammad
Journal of Regional Development and Technology Initiatives Vol. 4 No. 2 (2026)
Publisher : IDRIS Darulfunun Institute

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.58764/j.jrdti.2026.4.211

Abstract

The governance of waqf institutions has traditionally been evaluated through the lenses of legal compliance, shariah adherence, accountability, and transparency. While these governance principles are fundamental to safeguarding endowed assets and maintaining public trust, they offer limited insight into how governance contributes to the long-term sustainability and value creation of waqf institutions. This conceptual paper argues that sustainable waqf governance should be reframed from a compliance-oriented approach to a value-based perspective, in which governance functions not merely as a control mechanism but as a strategic enabler of sustainable economic and social value creation. Drawing upon the Waqf Business Model (WBM), the paper demonstrates that governance is not simply an organizational function but an embedded capability operating across the entire business model, coordinating endowed resources, institutional mechanisms, ethical principles, and stakeholder ecosystems to transform waqf assets into sustainable value. Rather than treating governance as a standalone structural component, the WBM illustrates how governance shapes every stage of value creation, from the stewardship of endowed capital and institutional development to ecosystem collaboration and long-term societal impact. By positioning the WBM as a conceptual lens for understanding value-based governance, the paper extends the discourse on waqf governance beyond institutional accountability toward governance as a strategic capability for sustainable value creation. The paper contributes to the waqf governance literature by bridging governance and business model thinking, demonstrating that governance should be evaluated not only by its effectiveness in ensuring compliance but also by its capacity to orchestrate sustainable economic and social value creation.

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