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The present paper aims to propose a viable alternative model for human capital development (HCD), termed as the integrated cash waqf micro enterprises investment (ICWME-I) model, which is expected to contribute to the development of micro enterprises in Malaysia.

This is a conceptual paper for the development of the ICWME-I model. It is purely qualitative in nature, using content analysis. It comprehensively reviews the literature related to HCD issues faced by micro enterprises and existing studies related to cash waqf (Islamic endowment) to construct the ICWME-I model.

The proposed ICWME-I model is specially designed for HCD of micro enterprises. It is an appropriate initiative to upgrade micro enterprises through HCD programmes by ensuring proper utilization of cash waqf funds to build modern training centres at subsidized costs with state-of-the-art facilities. The training centres would subsidize the participation fees of micro enterprises and provide them with facilities to undertake education and training programmes, as well as other kinds of activities for upgrading, improving and enhancing human capital capacity and skills of micro enterprises. The potential challenges of the ICWME-I model are also highlighted in this study.

This paper attempts to construct the ICWME-I model based on an extensive review of literature related to micro enterprises, cash waqf and HCD. Among its major limitations is the fact that the ICWME-I model is not empirically validated and tested in this research. This can be carried out in future studies.

The present study could have an enormous impact on micro entrepreneurs via HCD programmes. The most important impact would be on government budgets, as this ICWME-I model is expected to generate its own funds from cash waqf for micro enterprises’ HCD.

This paper brings forward an original and viable model to develop human capital for micro enterprises development. This model involves the building of training centres using cash waqf raised from donors.

This paper aims to explore the opinions and recommendations of various experts on the integrated cash waqf micro enterprise investment (ICWME-I) model, particularly in terms of its suitability, applicability and prospects in the market.

The research involves primary data which are collected from semi-structured interviews conducted with experts from various backgrounds. Thematic analysis was used to examine the data.

The experts support the suitability of the ICWME-I model in providing financial services to micro enterprises. They highlight the importance of establishing, managing and operating ICWME-I model under the aegis of the State Islamic Religious Council in Malaysia or the corporate sector. They further emphasize that the characteristics of micro enterprises, the element of sustainable funding, the importance of proper management and administration, legal matters and public awareness are key factors that influence the sustainability of the ICWME-I model.

This paper adds to the literature on waqf and micro enterprises especially from the Malaysian context. The paper validates the ICWME-I model in terms of its suitability, applicability and prospects in the market by interviewing experts from various backgrounds.

This paper aims to attempt to offer a viable alternative model of source of financing which is known as integrated cash waqf micro enterprises investment (ICWME-I) model for micro enterprises in Malaysia.

The literature on the issues of accessing to finance faced by micro enterprises and cash waqf are reviewed critically and used in the attempt of proposing an alternative model.

The paper has developed ICWME-I model as a source of financing for micro enterprises. This model is expected to provide financial services by using cash waqf fund and involved the participatory contract between non-profit organization and micro enterprises. In addition, with the proposed model, there will be no collateral requirement, interest rate and other stringent requirements which usually imposed by existing conventional financial institutions.

The paper is based on conceptual explorations of literature in the area of micro enterprises and cash waqf. This is a conceptual paper, so it did not use any empirical analysis.

The findings of this paper will provide micro enterprises with an alternative source of financing to start-up or expand their business by using cash waqf fund. The present study also has implications for government and policy makers. With the involvement of non-profit organization that is proposed in this model, it helps the government to reduce its expenses for the development of micro enterprises.

This paper offers an additional literature on cash waqf especially from the Malaysian context. Furthermore, this paper adds to the literature on waqf and cash waqf. The paper proposes a viable alternative model for micro enterprises as a source of financing by using cash waqf fund. This model incorporates Musharakah Mutanaqisah (diminishing partnership) as a financial arrangement between non-profit organization and micro enterprises.

This study aims to develop cash waqf models for Baitul Maal wat Tamwil (BMT), a special Islamic microfinance institution in Indonesia, combining Islamic social finance in Baitul Maal (house of wealth) division and Islamic commercial finance in Baitut Tamwil (house of asset development) division, as integrated Islamic social and commercial microfinance in Indonesia, to achieve triple bottom-line, including outreach, sustainability and welfare impact.

This study uses Delphi and analytic network process methods, with three groups of relevant respondents, including experts (academic), BMT practitioners and regulators.

The results show that the best cash waqf model for BMT is “BMT as Nazir (waqf manager) and also as cash waqf receiver Lembaga Keuangan Syariah Penerima Wakaf Uang (LKSPWU)”, followed by “BMT Association as representative Nazir of several certified BMTs”. Moreover, “long-term investment deposit” is the best to account cash waqf in the BMT balance sheet. With regard to financing, the most preferred one is “financing to regular Micro and Small Enterprises” of BMT members.

Having allowed BMT to be Nazir (waqf manager), this research might only benefit Indonesian policymakers, such as the Financial Services Authority and the Ministry of Cooperatives, BMTs and the National Waqf Board. But it may also benefit other countries which have similar characteristics.

BMTs could adopt several alternatives of best models in managing cash waqf most appropriate for their specific conditions.

The management of cash waqf by BMT could help the social activities of the Baitul Maal through social cash waqf and, indirectly, by productive cash waqf.

Studies have been limited, and to the best of the authors’ knowledge, there is no specific study discussing the integrated cash waqf model, cash waqf account and cash waqf investment appropriate for BMT.

This study aims to devise policies in implementing cash waqf system of Baitul Maal wat Tamwil (BMT) in Indonesia, enabling the BMT to optimize its commercial and social activities to better achieve outreach, sustainability and welfare impact.

This study uses the strategic assumption surfacing and testing (SAST) method, with three groups of knowledgeable respondents, including expert, BMT practitioner and regulator to formulate important and certain policies.

The results show that four types of policies are required to improve cash waqf system of BMT, including 12 internal strategic policies, 15 internal operational policies, 15 external strategic policies and 9 external operational policies, which were found to be within a “certain planning region.” All of these policies have been agreed significantly by each group of respondents, as well as by all respondents combined. The most important-certain policies include Shiddiq, Amanah and professional Nazir, inculcate Islamic values to BMT employees and members, standard operating procedure and standard operating management of cash waqf management, technical assistance for Nazir to manage cash waqf and IT systems for BMT-cash waqf administration.

The qualitative method used has its limitations, which could be improved by incorporating other methods. Moreover, the case and respondents are all Indonesian, so that the results are possibly only applicable to BMTs in Indonesia.

BMTs could adopt these policies in implementing their cash waqf management optimally.

The management of cash waqf by BMT could help improve the social activities of the Baitul Maal directly from social cash waqf and indirectly from productive cash waqf.

To the best of the authors’ knowledge, this is the first study using SAST method to determine policies needed by the BMT to upgrade its cash waqf management producing more social programs for the society.

Cash waqf is a powerful financial instrument that deals with the issue of liquidity constraints in waqf institutions. While there are several models of cash waqf operating in different countries, there is increasing demand for innovative cash waqf models, especially within the financial technology context. This paper aims to propose a practical alternative model of funding for waqf institutions using the concepts of crowdfunding and cash waqf.

This study evaluated the literature relevant to cash waqf models that have been implemented in different countries and proposed a new viable alternative model.

Results offer an alternative financing model, named crowdfunding cash waqf model, for waqf institutions to overcome monetary constraints and enable development projects to be completed.

The current study has important implications for both officials and relevant stakeholders. It is sought to bring better consistency between cash waqf donors, solving the liquidity problem faced by waqf institutions, enhancing the transparency of waqf institutions and their use of waqf funds, wealth circulation and financing businesses without interest-based loans (riba). By incorporating a crowdfunding and investment mechanism in the model, this method of collecting funds will assist governments in reducing their expenditure on waqf institutions and other social development programmes.

The proposed model differs from current methods of generating cash waqf, including those are also internet-based. The proposed model is devised to help waqf institutions achieve financial sustainability by including an investment mechanism in the model to sustain the development of waqf projects.

Productive waqf is one type of ethical business/investment, which should comply to Islamic law, with so many models to choose from. The purpose of this study is to determine factors of simple productive waqf, propose several simple productive waqf models and select the best simple productive waqf models appropriate to be adopted by waqf institution in Indonesia.

This study applies the analytic network process, including field survey, focused group discussion and in-depth interview, with two groups of respondents, namely, expert and waqf practitioner.

The results show that the determinants of simple productive waqf in Indonesia are the waqf institution, productive waqf asset to be developed, how to finance the productive waqf, how to manage the productive waqf and the compliance of productive waqf. Proposed productive waqf models include cash-waqf and self-managed model, Islamic bank financing and self-managed model, Sukuk and external partnership model, cash-waqf and external partnership and cash-waqf + co-financing and external partnership. Moreover, the best simple productive waqf model is cash-waqf and self-managed model, followed by cash-waqf and external partnership, where they could achieve the most in all socio-economic variables, well-being compliance and moral/ethics within the theory of unity of knowledge, Tawhid.

The simple productive waqf models proposed are not exhaustive, since there are so many variations of the model. Moreover, the case and respondents are all Indonesian, so that the results are possibly only applicable to Indonesia.

To increase the probability of successful productive waqf development, waqf institutions could apply cash-waqf and self-managed model first, while other models could be applied in staged in line with waqf institution experience.

The successful development of productive waqf could increase the social programs provided by waqf institutions to the society.

Productive waqf development is desperately needed due to many unproductive waqf lands in Indonesia, while studies have been limited, and there is no study discussing the productive waqf model appropriate for Indonesia.

Waqf institutions in many Muslim countries including in Malaysia are facing liquidity constraints in developing waqf land. This paper aims to offer a sustainable model of source of financing for waqf institutions to meet their liquidity constraint in developing waqf land, which is known as the crowdfunding–waqf model (CWM). Later, CWM validated its acceptance in the field among the crowdfunders by adopting the theory of technology acceptance model (TAM).

The primary data are collected from the survey administered to donors or crowdfunders in Selangor, Penang, Johor and Pahang. The total number of respondents are n = 1,000. The analysis is conducted using structural equation modeling (SEM).

Based on findings, both the perceived usefulness and perceived easy to use of CWM are found to have a positive impact on the behavioral intention of crowdfunders or donors in assisting waqf institutions to develop waqf land in Malaysia. Furthermore, perceived easy to use has a positive relationship and direct effect on perceived usefulness of crowdfunders to use the CWM.

There are some limitations of the current study. The sample size and area of study become the obvious limitations. Thus, there is a need for caution in the interpretation of the results, and the conclusion cannot be as generalized. Besides, the use of current factors might limit the ability to explore other potentially important determinants of the crowdfunders’ behavioral intention on using CWM. Thus, future research can be conducted by incorporating new factors and provide new insights for optimizing CWM. Other potential moderator variables should be included into the research model in order to obtain more robust results.

The findings of this paper will provide a new avenue for waqf institutions to raise funds for developing waqf land, particularly in Malaysia. The present study also has implications for the government and policymakers. Through CWM, it enables to reduce the expenses of the government for the development of waqf land. Indeed, CWM could be applied in other Muslim countries that are facing liquidity constraint in developing waqf land.

This paper offers an additional literature on waqf and crowdfunding, especially in the Malaysian context. The paper proposes a viable alternative model for waqf institutions as a source of financing by using crowdfunding.

This paper aims to propose cash waqf (endowment) to develop a conceptual model that can be utilised to extend microfinance for refugees.

Qualitative method is used in this research. An extensive review of the literature has been conducted. Latest literature on refugees, microfinance has been critically examined beside the current cash waqf models.

Empirical studies have shown that many refugees are equipped with marketable skills and talents that can be utilised to improve their socio-economic situations. The proposed model – cash waqf refugee microfinance fund (CWRMF) – is structured to extend microfinance to potential refugee micro entrepreneurs. To address the lack of collateral, which is a requirement to gain any microfinance, CWRMF has been incorporated with a takaful unit (cooperation) by which refugees may guarantee each other. Additionally, the model has also been structured to address the challenge of sustainability of the institution that would provide microfinance. Hence, a reserve fund has also been integrated into the model.

CWRMF represents a potential model to be implemented by humanitarian non-governmental organisations (NGOs) and aid agencies to support livelihood of refugees in particular for Muslim refugees. Positive outcome is expected from the implementation of this model. This is because of the various advantages of microfinance programs not only on refugees but also on concerned NGOs, host populations and donor parties. Additionally, this paper is a set of primarily thoughts aims to open the door wider for more researchers to explore the potential of cash waqf as one of the instruments to finance refugee microenterprises and business activities.

Recently cash waqf has been into several models for socio-economic development and poverty alleviation. This paper is proposing cash waqf as a source for a microfinance fund that can contribute in the improvement of socio-economic situations of millions of refugees around the world.

The purpose of this study is to assess small and medium-sized enterprises (SMEs) owners’ intentions to participate in waqf, involving two countries, which are Malaysia and Indonesia, using the theory of planned behavior. SMEs are the backbone of many economies, representing 95% of all companies worldwide and accounting for 60% of employment. Based on this fact, this paper analyzes the influence of religiosity, knowledge and attitude to predict the intentions of SMEs’ owners in waqf participation in Malaysia and Indonesia.

Data were randomly obtained from 175 SMEs owners from Malaysia and Indonesia with the Statistical Package for the Social Sciences (SPSS) used for analysis.

The empirical analysis data suggest that knowledge and attitude show a significant impact on the intentions of SMEs’ owners to participate in waqf, while religiosity does not have a significant impact on the intentions of Malaysian and Indonesian SMEs’ owners to participate in waqf.

This study aims to assist SMEs in Malaysia and Indonesia to formulate appropriate strategies and marketing using waqf for the sustainability of SMEs which represent more than 90% of business establishments in both countries. The strategy is a necessity, especially because the government is targeting to promote a sustainable Islamic financial system, improve governance policy and halal industry for SMEs, strengthen the development of Malay Reserve land, providing as financial independence to higher learning institutions and invest in digitalization and advanced technology through waqf funds. Therefore, both countries should take the initiative to provide training to equip SMEs with extensive knowledge through multiple platforms to further encourage their participation in waqf.

Because of the increasing interest in waqf participation both in Malaysia and Indonesia, this study claims three essential contributions. First, it aims to examine the intention of SMEs in waqf participation among the business owners in Malaysia and Indonesia. Second, the study findings are expected to benefit the development of literature in accordance with Islamic social finance, particularly waqf. Third, this study provides an insight into the inclusive knowledge and attitude of SME owners and their intention to participate in waqf.