A Systematic Literature Review of Waqf’s Triple Role on Economy, Society and Environment
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Published:
Feb 5, 2024
Keywords:
Waqf, Economy, Society, Environment
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Abstract
The contribution of waqf goes beyond traditional charity, acting as a multifaceted force stimulating economic development, fostering social empowerment, and contributing to sustainable environmental practices. In this systematic literature analysis, 29 publications are scrutinised, employing the PRISMA Flow Diagram and using a thorough search strategy encompassing Scopus and Web of Science indexes to explore the all-encompassing roles of waqf. Based on expert validation, these articles are categorised into three roles i.e., economic, social, and environmental. Economically, waqf addresses financial challenges through benevolent lending, supports entrepreneurs, creates employment, and mitigates poverty. Socially, it ensures access to food, funds education and healthcare, fosters entrepreneurship, provides affordable housing, and proposes innovative takaful products for flood protection. Environmentally, waqf serves as a funding source for rainforest conservation and supports agribusiness and green energy practices, thus indirectly optimises land use. Evolving from its religious roots, waqf has become a versatile tool addressing economic, social, and environmental challenges, highlighting its adaptability and significance in meeting contemporary societal needs across diverse sectors.
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Kamaruzaman, N. R., & Ishak, M. S. I. (2024). A Systematic Literature Review of Waqf’s Triple Role on Economy, Society and Environment. Asian Social Science and Humanities Research Journal (ASHREJ), 5(2), 28-41. https://doi.org/10.37698/ashrej.v5i2.262
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References
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Adnan, R. A. b. R., Abdul Mutalib, M., & Ab Aziz, M. R. (2022). Factors necessary for effective corporate waqf management for Malaysian public healthcare. ISRA International Journal of Islamic Finance, 14(1), 73–88. https://doi.org/10.1108/IJIF-11-2019-0178
Ahmad, N. (2020). Islam and Wealth: The Balanced Approach to Wealth Creation, Accumulation and Distribution. Ulum Islamiyyah, 31. https://doi.org/10.33102/uij.vol31no.200
Alam, M. M., Shahriar, S. M., Said, J., & Monzur-E-Elahi, M. (2018). Waqf as a tool for rendering social welfare services in the social entrepreneurship context. Global Journal Al-Thaqafah, 2018. https://doi.org/10.7187/gjatsi2018-06
Al-Daihani, M., Dirie, K. A., Alam, M. M., & Abdullah, A. S. (2023). Business process model for “crowdfunding cash waqf model.” Journal of Islamic Accounting and Business Research. https://doi.org/10.1108/JIABR-02-2023-0046
Al Hashmi, E. A. M. K. (2022). Waqf as a Financing Tool and Its Role in Achieving SDGs and Foreseeing the Future. In Wealth Management and Investment in Islamic Settings: Opportunities and Challenges (pp. 333-355). Singapore: Springer Nature Singapore.
Ali, K. M., & Kassim, S. (2021). Development of waqf forest in Indonesia: The SWOT-ANP analysis of bogor waqf forest program by bogor waqf forest foundation. Jurnal Manajemen Hutan Tropika, 27(1), 89–99. https://doi.org/10.7226/jtfm.27.2.88
Amin, H., Hassan, M. K., & Shaikh, I. M. (2023). Waqf-based qardhul hassan financing preference in Malaysia: an exploratory study. International Journal of Ethics and Systems. https://doi.org/10.1108/IJOES-02-2023-0025
Amirah, D., Munawwarah, N., Alias, P., Naqibah, N., Faizul, I. M., Kosat, A. K., & Embong, R. (2022). The Impact of Waqf on Economic Growth. In BITARA International Journal of Civilizational Studies and Human Sciences (Vol. 5, Issue 4). http://www.bitarajournal.com
Asni, F., Mahamud, M. A., & Sulong, J. (2020). Socio-economics and management of Muslim cemetery waqf using istibdal and GIS method in Penang state. Journal of Islamic Accounting and Business Research, 11(7), 1343–1362. https://doi.org/10.1108/JIABR-01-2019-0026
Azizan, N. A., Muhamat, A. A., Syed Alwi, S. F., Ali, H., & Abdullah, A. Q. C. (2022). Revitalising Waqf (endowment) lands for agribusiness: potentials of the anchor company models. Journal of Agribusiness in Developing and Emerging Economies, 12(3), 345–370. https://doi.org/10.1108/JADEE-05-2021-0128
Azrak, T. (2022). The Roles of Cash Waqf in Improving the Economic Welfare: Case Study of Turkey. The Journal of Management Theory and Practice (JMTP), 3(1), 42–47. https://doi.org/10.37231/jmtp.2022.3.1.200
Azwar. (2023). The Role of Islamic Philanthropy in Green Economy Development: Case in Indonesia.
Budiantoro, R. A., Chasanah, A. N., Arifin, N. R., & Tamimah, T. (2021). Islamic Wealth Management: Strategies in Sharia-Based Financial Planning and Management. Amwaluna: Jurnal Ekonomi Dan Keuangan Syariah, 5(2). https://doi.org/10.29313/amwaluna.v5i2.6428
Darus, F., Yusoff, H., Zain, M. M., & Ramli, A. (2021). Corporate Waqf: A sustainable model of Islamic wealth creation and distribution. International Journal of Economics and Business Research, 22(4), 357–368. https://doi.org/10.1504/IJEBR.2021.118425
Embi, N. A. C., Kassim, S., Ramlee, R., & Husain, W. R. W. (2021). A proposal for affordable waqf housing projects in malaysia: Public perception of house characteristics. Planning Malaysia, 19(3), 260–269. https://doi.org/10.21837/PM.V19I17.1004
Eldersevi, S., Mohammed, M. O., & El Amri, M. C. (2021). Analysis of Global Ethical Wealth Based on Maqasid al-Shari’ah: The Case of Waqf. Islamic Wealth and the SDGs: Global Strategies for Socio-economic Impact, 469-484.
Hamim, H., Hasanah, N., & Arsyianti, L. D. (2023). The introduction of waqf to empower the economic potential of rural communities as part of community services program. In N. J. N. Jemali, Y. Pratama, & B. Prabawani (Eds.), AIP Conference Proceedings (Vol. 2722, Issue 1). American Institute of Physics Inc. https://doi.org/10.1063/5.0143118
Hamza, H. (2021). Forms of Waqf funds and SDGs. In Islamic Wealth and the SDGs: Global Strategies for Socio-Economic Impact. https://doi.org/10.1007/978-3-030-65313-2_25
Hasbullah, N. A., & Ab Rahman, A. (2021). Endowment And Waqf Funds In Malaysian Higher Education: A Conceptual Study. Jurnal Syariah, 29(1). https://doi.org/10.22452/js.vol29no1.6b
Hayati, M. J. S., & Nurjannah, S. (2021). Waqf Based Autism Spectrum Disorder Care Centre Framework: Adapting Typical Structure for a Public-Private Partnership. Global Journal Al-Thaqafah, 11(2), 211–216. https://www.scopus.com/inward/record.uri?eid=2-s2.0-85124156490&partnerID=40&md5=b7f2850aff55a14ee6c872d9b7779256
Iskandar, A., Possumah, B. T., Aqbar, K., & Yunta, A. H. D. (2021). Islamic Philanthropy and Poverty Reduction in Indonesia: The Role of Integrated Islamic Social and Commercial Finance Institutions. Al-Ihkam: Jurnal Hukum Dan Pranata Sosial, 16(2), 274–301. https://doi.org/10.19105/AL-LHKAM.V16I2.5026
Islam, R., Omar, M., & Rahman, M. (2023). Islamic Social Funds to Foster Yunusian Social Business and Conventional Social Enterprises. Administrative Sciences, 13(4). https://doi.org/10.3390/admsci13040102
Jamaludin, K. F., & Hassan, R. (2021). Corporate Waqf for Healthcare: An Innovative Islamic Social Finance Instrument to Support Healthcare System in Malaysia for B40 an. In Handbook of Research on Islamic Social Finance and Economic Recovery After a Global Health Crisis (pp. 139-151). IGI Global.
Kasdi, A., Karim, A., Farida, U., & Huda, M. (2022). Development of Waqf in the Middle East and its Role in Pioneering Contemporary Islamic Civilization: A Historical Approach. Journal of Islamic Thought and Civilization, 12(1). https://doi.org/10.32350/jitc.121.10
Khairuddin, N. K., & Ishak, M. S. I. (2023). Islamic crowdfunding model for empowering student entrepreneurship program in Malaysia. International Journal of Applied Economics, Finance and Accounting, 16(1), 56–65. https://doi.org/10.33094/ijaefa.v16i1.889
Khan, M. K., Abdul Rasid, S. Z., Bardai, B., & Saruchi, S. A. (2023). Framework of affordable cooperative housing through an innovative waqf-based source of finance in Karachi. Journal of Islamic Accounting and Business Research, 14(3), 379–397. https://doi.org/10.1108/JIABR-05-2021-0140
Lahuri, S. b., Syamsuri, Kamaluddin, I., & Wulandari, Y. (2021). The Role of Zakat and Waqf in Sustainable Development Goals (SDGs). Albukhary Social Business Journal, 2(2). https://doi.org/10.55862/asbjv2i2a004
Lydiawaty, B., Nurul, M., & Mujahidin, M. (2021). Empowering Educational Waqf: Development and Prospects for Private Higher Education Institutions. Al-Kharaj: Journal of Islamic Economic and Business, 3(2). https://doi.org/10.24256/kharaj.v3i2.2421
Majid, R., & Sukmana, R. (2023). Designing A Waqf-Based Agricultural Financing Model. Journal of Islamic Monetary Economics and Finance, 9(3), 443–464. https://doi.org/10.21098/jimf.v9i3.1686
Mohamad, N. A., Laeba, M., & El Tibli, H. Z. (2022). The Prospect of Waqf Al ‘Awaridh in the Contemporary Waqf Eco-System: A case of Malaysia. Journal of Economics and Business Aseanomics (JEBA), 7(2), 047-057.
Mohamad, S. (2023). Wakaf dalam Bidang Sekuriti Makanan. In Webinar on Waqf with the State Islamic Religious Council (SIRC) in conjunction with the National Waqf Month 2023.
MyWakaf. (n.d.). Waqf of Solar Dome Dryer for Fishermen and Farmers Community. In https://www.mywakaf.com.my/our-projects/?project=54
Negasi, M. I., & Jamel, I. A. (2021). Cash Waqf and Financing Islamic Schools. Malaysian Journal of Syariah and Law, 9(2), 19–29. https://doi.org/10.33102/mjsl.vol9no2.303
Priyadi, U., Achiria, S., Imron, M. A., & Zandi, G. R. (2023). Waqf management and accountability: Waqf land financing models for economic wellbeing. Asian Economic and Financial Review, 13(1), 74–84. https://doi.org/10.55493/5002.v13i1.4696
Rameli, M. F. P., Amin, S. M., Noor, A. H. M., Mahphoth, M. H., Salameh, A. A. M., & Othman, M. K. H. (2021). The Using of Waqf Funds for Childcare Facilities: A Study of Its Permissibility and Implementation. Central Asia and the Caucasus, 22(5), 351–359. https://doi.org/10.37178/ca-c.21.5.031
Rashid, U. S. A., Yusof, M. F. M., & Bhari, A. (2023). Analisis Peranan Wakaf Dalam Indusri Makanan Sebagai Jaminan Kualiti Hidup. www.gjat.my
Razak, S. H. A. (2020). Zakat and waqf as instrument of Islamic wealth in poverty alleviation and redistribution: Case of Malaysia. International Journal of Sociology and Social Policy, 40(3–4), 249–266. https://doi.org/10.1108/IJSSP-11-2018-0208
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