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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.

This paper aims to investigate the behaviour determinants towards cash waqf for productive purposes between two different classes of Muslims: the upper-middle class and the lower-middle class.

Under the Theory of Planned Behavior framework, this study modified previous literature to investigate the determinants of two Muslim classes’ behaviour towards cash waqf for productive purposes. A structural equation model was applied to test the hypothesis, and an in-depth interview was conducted to explain the findings further.

The behaviour of participating in cash waqf for productive purposes differs between the two Muslim segments. Upper-middle-class Muslims’ intentions will not necessarily consider subjective norms, even though they will consider religiosity as their deciding factor. Meanwhile, this study found different results on the influence of attitude, religiosity and subjective norms to intention in the lower-middle-income group. Other attributes such as perceived behaviour control, knowledge, trust and perceived benefits show positive and significant effects on the intention for both income classes of Muslims.

The current findings may not accurately reflect ideal conditions due to the low level of waqf literacy and actual participation of Muslims in cash waqf for productive purposes. Researchers can conduct further studies based on other criteria, such as gender, age, education level or area of residence, using experimental or simulation methods to complement the research.

This study’s findings can support policymakers and related waqf stakeholders to set strategies for cash waqf literacy and participation by providing more detailed information about the differences in Muslims characteristics based on the income classes.

This study specifically modifies the behavioural framework to investigate differences in the behaviour of two classes of Muslims towards their participation in cash waqf for productive purposes in Indonesia.

To better understand the characteristics of Indonesian Muslims, this study uses cluster analysis to group upper-middle-class Muslims based on psychographic variables related to participation in cash waqf for productive purposes.

This study used mixed methods to build and analyse the segmentation of upper-middle-class Muslims towards cash waqf and propose scenarios for a cash waqf model based on the findings.

This study identified six clusters for upper-middle-class Muslims related to the participation in cash waqf for productive purposes. All clusters show heterogeneous values of all factors. Although relatively few Muslims perform cash waqf for productive purposes, the high scores for the economic rational, family and community factors indicate great potential for the development of various cash waqf models for investment purposes. The next challenge will lie in reviewing the “one-fits-all strategy” in the development of program, education and socialisation. Based on the findings, this study proposes three scenarios of cash waqf participation: as wakif only (waqf donor), investor only (capital provider) and hybrid participation (waqf donor and capital provider).

The limitation of this study is the location and object of the sample are only Muslims in Indonesia who are categorised as upper-middle class in terms of their monthly income. Based on this study’s findings, other Muslim-majority countries worldwide have the potential to develop a cash waqf model that is integrated with financial instruments and involves the role of Islamic banking and other Islamic commercial institutions in future research development. Researchers can also attempt to include a simulation or experiment method to construct and validate the proposed cash waqf model based on this study’s findings and to explore other factors that have not been addressed.

The findings of this study can contribute as a foundation for the development of a cash waqf model and business-marketing strategy to increase the participation of upper-middle-class Muslims.

The findings of this study will support the acceleration of cash waqf collection for investment initiatives, which in turn will have a broader social and economic impact nationally.

To the best of the authors’ knowledge, this study constitutes the first attempt to specifically investigate upper-middle-class Muslim segmentation toward cash waqf participation for productive purposes. This study’s knowledge is helpful for various stakeholders such as academia, the Islamic banking industry, regulators and the Muslim community about customer segmentation to Islamic banking products and services related to cash waqf.

This study aims to determine the characteristics of waqf-based Islamic financial institution (IFI) and subsequently propose some waqf-based IFIs.

This study uses the Delphi method, combined with the Likert scale, to determine and validate the agreed characteristics of waqf-based IFI models. Subsequently, based on the agreed characteristics, the authors propose waqf-based IFI models.

The results show that there are 28 important characteristics of waqf-based IFI, which respondents agree on 24 characteristics with significant Kendall’s concordance or rater agreement (W). The type of waqf-based IFI could be a bank, venture capital or cooperative; the business orientation should be a combination of commercial-social, and it could be implemented in the national, community or micro level. Based on the agreed characteristics, the authors propose several waqf-based IFI, including integrated commercial-social waqf-based bank, integrated commercial-social waqf-based venture capital and integrated commercial-social waqf-based cooperative.

Respondents of this study comprise experts and practitioners who reside in Indonesia so that the results of proposed waqf-based IFIs are most suitable to be implemented in Indonesia.

The conceptual framework and method used in this study could be applied to determine the characteristics of waqf-based IFI and propose the most suitable waqf-based IFI models in other countries.

This study starts with determining the essential characteristics of waqf-based IFI, which then be used to propose waqf-based IFI models.

This paper aims to present an alternative to current banking systems. The purpose of the paper is the optimisation of the concept of cash waqf and its management in the framework of a waqf bank and its viability.

The study is doctrinal and empirical. Several assumptions concerning the structure and operation of the bank are made, surveyed and descriptively analysed.

The concept of cash waqf could be used for the operation of a waqf bank. There was a tendency among the given group of practitioners towards a corporate international social bank, capitalised by the waqf and non-waqf assets, sought after from the public and private sectors, as well as the Muslims and non-Muslims.

Assumptions are basic. Empirical findings are based on the perspective of waqf trustees. Other stakeholders’ perspectives need further research.

The study is expected to persuade for, and assist in the establishment of a waqf bank.

This paper could contribute to the effectiveness of waqf institutions in their delivery of public good to the poor and society. These implications are not restricted to a specific country. Charities and the poor of any society may benefit from this study if the idea of total social banking is upheld.

This study is the first to address the structure and operation of a waqf bank empirically.

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.

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.

This study aims to propose Islamic solutions to the Covid-19 health and economic crises, specifically using Islamic social finance (ISF) instruments, including zakat, infaq and waqf.

This study applies the qualitative content analysis method, guided by a model of composite approaches of poverty alleviation in Islam, integrated Islamic commercial and social finance (IICSF) and crisis management of Umar bin Khattab, to construct various programs and/or policy actions toward economic recovery in Indonesia.

The results show that ISF with its instruments, especially zakat, infaq and waqf could help the government and the economy to recover from the crisis. The proposed solutions include: save lives, including medical assistance using zakat-infaq and health-care waqf using waqf; save households, by creating a social safety net and graduation program using zakat-infaq; save businesses, especially micro-small enterprises (MSEs), through financial and business assistance (especially digital marketing) leveraging zakat-infaq-waqf and save financial institutions, especially micro-small financial institutions, by the development of cash waqf and the adoption of fintech and IICSF, especially in Islamic financial institutions targeting MSEs.

This study is exploratory in nature, which needs further investigations using more sophisticated qualitative and/or quantitative methods.

If the above programs using ISF instruments are implemented, the economic surplus would be re-established and the acceleration of economic recovery can be realized.

The successful adoption of ISF could at the same time reduce poverty, accelerate MSEs development and improve equitable well-being.

The Covid-19 pandemic has caused health, economic and social problems, which must be solved holistically, including ISF within IICSF.

The potential of waqf is so great in Indonesia but has not been optimized. This paper aims to offer a model for waqf institutions to adopt financial technology for developing productive and social waqf. The authors cunduct an assesment of the Technology Acceptance Model (TAM3), Unified Theory of Acceptance and Use of Technology (UTAUT2) in seeing to the crowdfunders’ behavior.

This study adopted a structural equation using the partial least square approach to test the hypotheses. Based on purposive sampling, the spread of questionnaires through online surveys throughout Indonesia consists of all islands. A total of 297 respondents collected the questionnaires.

Based on the findings, acceptance models have a positive and significant impact on the behavioral intentions of crowdfunders, while Unified Theory of Acceptance and Use of Technology have no significant effect.

The sample of this study involved potential crowdfunders from all over the islands in Indonesia, but these results cannot be generalized because of limitations in terms of the sampling technique used. However, the results of this study can be used as an illustration of how crowdfunders behave in donating money using financial technology.

The results of this study provide a comprehensive perspective for policymakers, especially the Indonesian Waqf Board as the waqf authority that regulates waqf nazir to improve quality by adopting crowdfunding financial technology in collecting waqf funds. In addition, in terms of implications for the government, this waqf crowdfunding model will reduce spending and increase economic growth.

To the best of the authors’ knowledge, this paper is the first in looking at the waqf crowdfunding in Indonesia by looking at two reliable technology determinant models. Studies on cash waqf in Indonesia are many, but they do not look at the issue of crowdfunding, which has gained more attention recently. This paper aims to fill this gap, and this becomes the novelty.

The purpose of this paper is to reconstruct the accountability of the cash waqf institution in Indonesia, including the logic which may refer to the accountability objective.

The paper employs the qualitative method with a constructivist paradigm. Four different characteristics of cash waqf institutions in Indonesia serve as the object of this research with other related respondents, such as the government and Islamic banks. These multiple case studies may represent the characteristics of cash waqf institutions.

The result shows that the cash waqf institution in Indonesia has unique and different logical characteristics, which is neither unitary nor pluralist.

This may be the first research which discusses the accountability-based logic for cash waqf institutions in Indonesia. These institutions apply Islamic teaching (Shariah) and must generate big income for social activities. Conditions in other countries may be similar since as waqf institutions have common concepts in general.