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This paper critically reviews and analyzes the trends in waqf studies within the Islamic economics literature. It analyzes the recent developments and debates in waqf reform and advances the argument for prioritizing research on waqf economics; the waqf dimension that is concerned with modelling how to utilize it to enhance productivity, consumption, redistribution, investment and saving, and generally contribute sustainably towards poverty reduction, economic empowerment and development.

The paper is conceptual in nature, focusing on a systematic historical analytical review of waqf studies in Islamic economics literature.

Despite the documented historic role of waqf in constructing the Muslim socio-economic architecture as the third economic sector and a mechanism for civilizational development and renewal, it received little attention in the early writings on modern Islamic economics. While the past one decade has witnessed a renewed interest in waqf research, most studies focus on its legal, juristic and administrative aspects in addition to the nostalgic reflections on its past glories. Little attention is comparatively given to the socio-economic aspect, which represents the actual raison d’être for its institutionalization.

An important task ahead of the current generation of Islamic economists is to formulate waqf-based development models that are rooted in proper diagnosis and deep understanding of the current socio-economic realities of the OIC member countries for the purpose of uplifting living standards and stimulating sustainable socio-economic development.

The paper contributes to the debate on priorities in waqf studies and practice and can trigger further discourses and research on the future of research in waqf economics.

This study aims to examine how muzakki (zakat donator) and mustahik (zakat recipients) collaborated to strengthen the fundraising capability in Islamic social finance institutions (ISFIs) during the COVID-19.

This study uses a descriptive qualitative method in conjunction with interview techniques. Interviews with muzakki of various professions were conducted, as well as data from field documentation, to develop a collaborative model of muzakki and mustahik in strengthening the fundraising capacity of ISFIs.

The findings indicate that muzakki employed as civil servants, BUMN (state-owned enterprises) employees and entrepreneurs continue to pay zakat through ISFIs and support mustahik, whereas muzakki affected by the COVID-19 pandemic reduce their zakat spending. Consequently, with the collaboration of mustahik and muzakki, a framework can be developed to strengthen the strategy for raising funds for ISFIs. By empowering mustahik with businesses, ISFIs can increase the collection of zakat funds.

The collaboration model would strengthen ISFI's ability to raise Islamic philanthropic funds and optimize their management. The basis for the regulation is contained in Law No. 23 of 2011 which allows collaboration between institutions and other stakeholders. In addition, the role of ISFIs does not end with the collection and distribution of funds, they also maintain the muzakki and mustahik's cooperation, so a significant role is required in involving muzakki and mustahik for them to collaborate and synergize, as well as improving the quality of human resource from Amil (zakat collector) to implement the strategy.

Few studies have been conducted in collaboration with Muzakki and Mustahik to develop models or frameworks for strengthening fundraising capabilities in ISFIs. Most of these studies are illustrative. Through collaboration between Muzakki and Mustahik, this research establishes a new model for enhancing the strategy of Islamic social finance fund raising to establish a sustainable system for ISFIs.

Health is considered as a nucleus to the life of a nation. Absence of it can create disharmony to an individual and society at large. Recent phenomena of COVID-19 pandemic outbreak which has penetrated into the lives of masses has caused major chaos and adverse effect to the health and wellbeing of people globally. No doubt that absence of health may create a magnetic wave to attract abundance of funds for the purpose of mitigating or dealing not only with such pandemic, but for other types of diseases that emerged as well. This is partially because wealth and health have an interrelationship that is hard to separate. This chapter primarily aims to discuss on how Islamic ethical wealth, i.e., waqf has the potential to influence the good health and wellbeing of people. Specifically, this chapter aims to provide a new model of waqf instrument to realize the concept of Islamic ethical wealth. The concept of fairness and justice in Islamic ethical wealth is used in this chapter. Such concept is crucial in distributing wealth and resources for the betterment of health and wellbeing of the masses. This chapter provides solution and suggestion to uphold the primary ethics in wealth through waqf system.

The sustainable development goals (SDGs) devised by the United Nations (UN) call on countries – whether rich or poor – to solve global issues, improve lives and save the planet for future generations. However, the UN predicts that between $5 and $7tn will need to be spent annually between now and 2030 to accomplish these goals, posing a major financial hurdle. Islamic social finance, if used ethically, seeks to realise SDGs through fairness, justice and equity. Thus, this study aims to determine how Islamic social finance instruments such as Zakat, Waqf, Sadaqat and Qard-hasan contribute to realising SDGs.

This study used a preferred reporting items for systematic reviews and meta-analyses-based systematic literature review. Scopus and Google Scholar were chosen for the qualitative and meta-analysis of studies. The topic was reviewed in 178 academic papers from 2000 to 2022. The required articles were analysed after careful review.

Islamic social financing mechanisms have the capacity to solve many social issues and create better welfare conditions by ensuring economic, social and environmental sustainability in line with the SDGs. Indonesia and Malaysia lead Islamic social finance research, the survey found. The review revealed that Islamic social funding can achieve 11 out of 17 SDGs. Islamic commercial finance can be used for the remaining goals. The paper highlights Islamic social funding research limitations and opportunities.

The review study shows that Islamic social finance can fill the SDG funding gap, especially considering the post-pandemic financial crisis that has increased global income inequality and social disparities.

To the best of the authors’ knowledge, this article is the first of its kind to review the potential of Islamic social financing instruments to help achieve the SDGs.

The purpose of this study is to identify and explore the role of Islamic financing in supporting development of halal industry in Indonesia.

This research is divided into two studies. The first study uses survey-based quantitative method and the second study uses focus group discussion (FGD) method. Using a purposive and proportional sampling technique in the first study, this research collected 1,985 samples of Islamic financial products of business owners (demand-side) from all parts of Indonesia. The data were analyzed using the partial least square structural equation modeling approach. The authors also conducted FGDs, involving 35 participants from government, financial, social and education institutions (supply-side) as well as business owners (demand-side) in three separated times.

In the first study, it can be identified that literacy on Islamic finance, attitude and awareness strongly affect business owners’ intention to use Islamic financial products. It is also found that subjective norm significantly influences literacy, attitude and awareness. Interestingly, religiosity does not significantly affect attitude toward Islamic financial products. According to the FGD in the second study, this research generates several factors motivating business owners’ preference to choose conventional rather than Islamic financial products, including expensive pricing, less developed technology, bad service quality and the halal status of the products. The reason for insignificant results of religiosity on attitude in the first study is explained in the second study. Most users are utilitarians who mainly perceived the products based on the sought benefits provided by the products.

This research offers the government a road map showing the strategy to build Islamic financial ecosystem in Indonesia. The road map integrates supply-side, which includes government, financial industries, social and education institutions and scientific organizations, and demand-side, which includes business owners or entrepreneur associations.

This research provides a wide range of samples derived from business owners’ respondents of halal industry in all representative islands in Indonesia. Therefore, it gives more holistic and representative findings. In addition, the analysis in this research covers not only the demand-side but also the supply-side perspective. Lastly, this research provides an Islamic financial ecosystem model that integrates all stakeholders to improve halal industry performance as a whole.

This study aims to empirically investigate the sustainability and performance of Bank Wakaf Mikro (hereafter called BWM), which is a waqf-based microfinance in the context of Indonesia.

The authors use several model specifications. The specifications mainly take the BWM’s characteristics and governance into account. The authors use a standard-panel data approach with a fixed-effects model as the Hausman test result favors the fixed-effects model. The authors collected monthly data from the Indonesia Financial Services Authority for the period 2018–2020. The detailed data, 39 BWM enabling us to observe the financial, social and governance elements of BWMs.

The results reveal interesting findings. The authors find that BWM characteristics, governance and social capital are significant in shaping BWM’s sustainability, performance and risk. Furthermore, the authors find that BWM located in a province with higher lending density has lower performance than those located in a province with lower lending density. The results provide some evidence on how waqf-based microfinance could achieve both economic and social goals. It could provide perspectives for stakeholders in designing microfinance institutions.

This paper is the first to empirically study the waqf-based microfinance institutions in Indonesia by looking at the determinants of performance and sustainability of those institutions.

The literature about the dynamics of Muslims' awareness and perception of waqf has been generally scarce,especially in Nigeria. As renewed efforts are emerging to develop a new waqf regime in the country, this study examines this aspect in Gombe metropolis, Nigeria, with a view to identifying the key factors shaping people's perception and awareness towards waqf.

To achieve the objective of this study, primary data were collected through a survey among 494 business owners in the Gombe metropolis. The data were then analysed using probit and Tobit regression models.

The study found that altruistic behaviour, religiosity level, educational level and young age are among the factors that determine people's perception and awareness towards donating to waqf among business owners in Gombe. Altruism and young age embolden businesspersons to recognise the effectiveness of waqf institutions in solving socioeconomic challenges.

The findings of this study imply that waqf has huge potential in the study area and that with well-structured, organized waqf education programmes within the business community using diverse avenues, a robust waqf sector can be developed.

As far as the study area and the entire Nigerian Islamic economics and finance landscape is concerned, the study has explored a novel research area. Given the infant stage of empirical studies on waqf in Nigeria, there are virtually no previous attempts to examine the awareness and perception of businesspersons towards waqf; variables that are key to the development of an effective sector.

Qardhul Hasan (QH) is a type of Islamic contract that prioritises benevolent aspects between beneficiaries and the fund provider. The effective management and distribution of QH can contribute to overcoming economic problems in society. This study aims to explore the potential to enlarge the sources of QH funding and QH financing in Indonesian Islamic banks. The paper proposes a framework for QH management in Islamic banks by identifying the sources of QH funds as well as the management and potential allocations of QH funds.

This study uses a descriptive analysis method with a framework-based review to discuss the strategy of optimising the sources, financing and management of QH in Islamic banks. The implementation of QH in the Islamic banking industry is described based on the previous literature and current phenomena.

To positively impact economic development, Islamic banks can collaborate with parties that are more focused on charitable activities and have greater resources to channel and use QH funds. This study also formulates a framework of QH funds management that prioritises efforts to multiply benefits for both the fund provider and the beneficiaries.

The descriptive method used in this paper comprises preliminary research to analyse the current phenomena and potential strategies that can be implemented. Future studies may use empirical data to strengthen the analysis.

The recommendations of this paper can be used by relevant social fund management institutions in collaboration with Islamic banking.

QH reflects not only the social aspects of Islamic banks and extends beyond their corporate social responsibility activities, its effective management will make a greater contribution to reducing the level of unemployment, poverty alleviation and supporting the country’s economic development.

This paper provides a framework that integrates financial institutions in maximising QH fund management to encourage greater benefits for the community. Although previous studies have mentioned the important role of QH, relatively few have considered how Islamic banks maximise its management.

This paper attempts to rejuvenate waqf in the health sector by identifying and elaborating on its issues and challenges. The government budget for this sector is significant; thus, the present paper aims to provide a nongovernment budget to lessen the government's burden

This qualitative study uses structured in-depth interviews with 12 respondents to generate valuable insights and thoughts in order to frame recommendations.

The findings highlight the key themes: human resources, finance, collaboration and coordination, legal issues, basic healthcare insufficiency, data and digitalization, accountability and sustainability and infrastructure. The following are the proposed solutions: capacity building program (CBP), hybrid waqf scheme, big data connectivity, specific legal framework, refocusing and reallocating of resources for the health sector during and after the pandemic

This study focuses on Indonesia and Malaysia as the authors believe that these two countries have a lot of practice in the field. Further studies may focus on other countries, such as Pakistan.

This paper proposes potential ways to embrace government policy consideration, optimize the elaboration among productive waqf with other kinds, improve governance of and coordination among waqf institutions and increase the awareness to improve significant development.

By considering this paper's recommendations, waqf stakeholders in the healthcare system can improve the social benefits for poor and needy patients.

This study presents the latest strategic analysis of waqf, which is important for the government policy in developing waqf.

This paper aims to analyze the role of waqf in the socio-economic development of the organization of the Islamic Cooperation (OIC) countries. Various projects currently use waqf as an instrument for socio-economic development, as reported in the scholarly literature. This study will investigate this literature to explore trends in waqf studies and the role of this Islamic form of endowment in the socio-economic development of OIC countries.

This systematic literature review focuses on peer-reviewed journals and data obtained from the Mendeley database using specific criteria to analyze the socio-economic developmental role of waqf in OIC countries from 2011‐2020.

The socio-economic developmental role of waqf in OIC countries has been widely studied. In total, 68 academic articles were found that are relevant to themes of poverty alleviation, social welfare, entrepreneurship, education, health services and religious facilities. They reveal that the role of waqf in social welfare was the most discussed topic in the research. In addition, the majority of studies used an interview method to study waqf institutions in nine OIC countries. Furthermore, the number of publications on the theme has increased significantly every year, although the largest proportion occurred in unindexed journals.

This study provides an overview of research trends in the socio-economic developmental role of waqf. Its results can provide practical input for waqf institutions as they encourage its practice in OIC countries, and for policymakers in formulating their management strategies to promote the role of waqf in the social and economic aspects of society.

This paper reviews the current development of the socio-economic role of waqf in OIC countries. It will help researchers improve their understanding of this role. It will also provide waqf managers in OIC countries with adequate information on waqf projects which they can implement to achieve socio-economic development in their countries.