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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 study aims to determine the best waqf-based Islamic microfinancial institution (IMFI) model by first determining various viable waqf-based IMFI models and then evaluating them based on certain criteria to obtain the best model.

A combination of Delphi and analytic network process (ANP) methods was used. The Delphi method was used to determine various waqf-based IMFI models and validate them, whereas the ANP method was used to evaluate those models to prioritize and find the best model.

The Delphi results show nine proposed waqf-based IMFI models that have commercial, social or integrated commercial-social orientation, where each could be in the form of a micro bank, micro venture capital (MV) or micro cooperative (MC). Delphi and ANP then determined the strategic, commercial and social criteria to evaluate the models. Finally, the ANP results show that the best waqf-based IMFI models are the integrated waqf-based micro bank, integrated waqf-based MV and integrated waqf-based MC. Integrated waqf-based IMFI provides Islamic microfinance services as well as Islamic social finance services, including waqf, zakat and infaq.

The adoption of waqf-based IMFI could solve the structural problems of IMFIs, such as funding, low capital, mismatch, liquidity, outreach and sustainability.

The conceptual framework and method used in this study can be applied to determine and evaluate waqf-based IMFI models in other countries.

This study begins by determining various viable waqf-based IMFI models and then evaluating them to determine the priority and best waqf-based IMFI model.

The purpose of this research is to introduce an innovative framework called the waqf cooperative housing framework (WCHF), with an objective to create a synergistic equilibrium between waqf and cooperative housing schemes. To tackle problems related to the dearth of financing, this research postulates an innovative waqf-based source of finance that involves generating revenue from common areas (waqf area) within the vicinity of the condominium.

Primary data were collected through interviews and the data were analysed using the NVIVO software. The interviewees comprised managers from property development sectors, public sector officials, university lecturers in Islamic finance, CEOs, top management officials from Islamic financial institutions, community leaders and shariah scholars.

A framework was proposed based on the result of the interviews. It was found that innovative models such as WCHF can resolve the issue of affordable housing in Karachi such as decreasing the financial burden on the public exchequer, bringing positive change to the lives of the poor, fulfilling the property developer’s corporate social responsibility, fulfilling the religious duty of the general public and condominium owners towards their fellow beings as well as creating new employment opportunities for people who are working in the financial sector (waqf management companies/trustees) and the construction sector.

Even though this study has introduced an innovative and practical solution to the financing of affordable housing, it also encountered some limitations. First, it is conducted in Karachi city involving six group of respondents; thus, the findings cannot be generalised with other contexts. Similar research needs to be conducted in different contexts.

To date, this is among the first studies, to the best of the authors’ knowledge, to investigate cooperative affordable housing with the help of innovative Islamic finance tools in the context of Pakistan. Furthermore, insufficient attention has been given to the enabling and hindering factors behind the acceptance of a framework that seeks to initiate a cooperative scheme based on an innovative waqf financing tool that generates revenue from common areas around a condominium.

The purpose of this study is to examine donors’ or waqifs’ desire for waqf-based qardhul hassan financing in Malaysia using a maqasid method, where a pragmatic approach is used.

Using judgemental sampling, a total of 275 waqifs participated in this work to identify their preference in donating their money to the facility should it is introduced. Using the developed waqf-based qardhul hassan scale (WAQASCALE), this study examined the preference accordingly. Data were analysed using IBM SPSS 27.

The results obtained were as follows: the first factor considered by the waqifs in donating money was perceived household well-being, followed by perceived recipients’ welfare, perceived mankind benevolence and perceived Muslims’ community security.

The authors developed construct items that had generalisability issues as they were at the infancy stage of development among social finance scientists along with the narrow geographical constraint where the actual survey was conducted.

The results were useful in giving new guidance to state governments and Islamic banks (IBs) in Malaysia to explore further this sort of facility for the improved well-being of those affected by COVID-19. Besides, sustainable development goals (SDGs), such as poverty, hunger and responsible consumption, among others can be addressed effectively for the mutual well-being of those affected by the health crisis in an effort of combating financial hardships in the meeting of basic needs, at least. The partnership between the state government and IBs could lead to the offered qardhul hassan financing-sourced funding from waqf for reduced financial hardships by needy and poor folks.

This study introduced a new WAQASCALE in the context of qardhul hassan financing in Malaysia.

This study aims to propose a productive waqf-based financing model for the livestock sector by optimizing idle waqf land owned by Islamic boarding schools (pesantren) for livestock breeding and fattening projects. Most pesantrens are established on waqf land and are located in rural areas with great potential for implementing waqf-based livestock projects.

The authors conducted a critical review on the models of waqf-based empowerment and financing for the livestock, agriculture or agribusiness sectors. Then, a proposed model was designed focused on livestock sector by using waqf land owned by pesantren. To strengthen the proposed model, the authors held a focus group discussion (FGD) by inviting regulators, academics, practitioners/consultants in animal husbandry, waqf, pesantren and economic empowerment.

Pesantren as nazhir of waqf land can cooperate with baitul maal wat tamwil (BMT) acting as nazhir of cash waqf to form a breeders’ cooperative as the vehicle to carry out the process of producing and fattening cattle. The project is performed under a mudharaba, musharakah or ijara contract, which is supervised by pesantren and BMT.

This research is based on the Indonesian context due to it is influenced by country-specific conditions. Even so, some of the findings in this study can still be adopted by waqf asset managers in other Muslim countries, which also have potential in terms of the number of pesantren and waqf assets.

The proposed model can improve the quality of life of the poor in remote areas by fulfilling the demand for beef consumption accompanied by sustainable economic empowerment.

This research focuses on solving the problem of meeting basic needs for beef by optimizing productive waqf in the livestock sector by involving the role of pesantren, which still needs to be discovered in the literature on the use of waqf land.

This study aims to examine the understudied topic of Islamic entrepreneurship by adapting the framework of waqf-based entrepreneurship to identify the crucial factors driving waqf-based entrepreneurs’ motivation.

A partial least squares structural equation model was used to validate the hypotheses, and in-depth interviews were conducted to gain deeper insights into the findings.

The key findings revealed that self-commitment, entrepreneurial skills and family support exert a significant and positive influence on waqfpreneurs’ motivation to engage in waqf-based entrepreneurship, with self-commitment playing a mediating role between self-actualisation and waqfpreneurial motivation. Additionally, the study proposes categorisations of waqfpreneurs based on the volume of waqf funds managed; their capacity to execute waqf-based entrepreneurship; and institutional performance metrics.

The limited sample size restricts the generalisability of the study. Future research should use a larger sample to generate more broadly applicable results. In addition, the methodology can be replicated in other countries to identify new factors influencing waqfpreneurs’ motivation or to uncover aspects not explored in this research. Future studies could also use qualitative methodologies such as grounded theory, ethnography or case studies. This would allow for a deeper exploration of motivational factors not yet captured, directly from the lived experiences of waqfpreneurs/nazhirs.

The study provides evidence of the key factors that influence waqf-based entrepreneurship, contributing to the literature on entrepreneurship and waqf. It also offers valuable insights for the government and other stakeholders into strategies to motivate waqf-based entrepreneurs, ultimately fostering the development of waqf assets, value creation and sustainable waqf benefit distribution.

The study aims to address the lack of research on Islamic entrepreneurship by specifically modifying the framework of waqf-based entrepreneurship to investigate the key factors that influence individuals’ motivation to conduct waqf-based entrepreneurship and management activities.

This paper aims to highlight the importance of waqf in financing higher educational institutions (HEIs) and its potential as an alternative source of generating additional funds for the HEIs, and discourses on waqf practice, fundraising, waqf management and utilisation of waqf income for the development of higher education in Malaysia.

This paper is based on the information gathered through interviews with 12 participants who are actively engaged in waqf in different capacities. The participants can easily be classified into three expert groups; personnel of waqf-based universities, personnel of the respective State Islamic Religious Councils (SIRCs) and waqf practitioners. In addition, archival records, relevant documents and library sources have been used in the research.

The study learnt that waqf in Malaysia is centralised and exclusively controlled by the SIRCs, which are, as a rule, sole trustees of all categories of awqaf in the respective states; hence, any form of private trusteeship is considered illegal. It is a prerequisite for the establishment of a waqf fund to obtain permission from the respective SIRCs, and bring it under the purview of the council prior to setting up a waqf. The ministry of higher education has taken some initiatives to encourage HEIs to use waqf as an alternative source of generating funds. Subsequently, numerous public universities have set up waqf funds and developed a comprehensive mechanism for raising the fund through traditional and modern methods and technologies. A major chunk of the waqf funds is collected in the form of cash, but the amount falls short of reaching critical mass to enable the waqf to become self-sustaining. The study found that the universities also involved themselves in various social welfare programmes, especially in health care, and some income-generating projects besides seeking support from the waqf fund for their academic and educational activities.

The paper brings out the fact that waqf offers the best features as an alternative fiscal instrument to finance projects of public good, including higher education at three selected waqf-based universities in Malaysia.

The study’s findings will be helpful to the ummah in general and Malaysia in particular. It can help policymakers, legislators and academicians in formulating new strategies for the common good and sensitize the countries facing a huge fiscal deficit and lack of development to the viability and potential of waqf as a catalyst for progress and economic activity.

The paper shares the experience of Malaysia’s waqf-based universities, waqf fundraising, management and income utilisation. It accentuates the fact that waqf can help finance academic activities at universities and sheds light on some useful examples of waqf-based universities founded in earlier periods of Islamic civilisation.

The purpose of this study was to evaluate the impact of a waqf-based microfinance program on clients’ well-being during the COVID-19 pandemic.

This study obtained primary data from a survey distributed to 282 respondents, consisting of 150 clients and 132 nonclients of the Bank Wakaf Mikro (BWM) Al Kausar in Indonesia. This study constructed a well-being index (WBI) and compared clients’ and nonclients’ WBI before and during the pandemic using the difference-in-differences (DID) method. DID measures the effect of a treatment in a “treatment group” versus a “control group” using data from two periods.

This study found that clients and nonclients alike experienced an increase in well-being throughout the pandemic, but the increase was greater for clients than for nonclients. This study argues that the waqf-based microfinance program run by Bank Waqf Mikro model can assist their clients – as more vulnerable groups in society – to maintain their well-being during the pandemic.

To ensure the effectiveness of waqf-based microfinance programs in diverse settings, this study should include more respondents from different institutions.

This research has several practical recommendations, particularly for integrating Islamic charity for microfinance. The findings of this study suggest that the BWM model, which combines three institutions – the government, zakat groups and Islamic boarding schools (pesantrens) – can play a substantial role in enhancing the welfare of its members during the pandemic.

This study contributes to the body of knowledge on Islamic microfinance by providing empirical evidence of the importance of waqf-based microfinance in reducing the pandemic’s impact on clients well-being.

Waqf (Islamic endowment) in the form of cash is important to address the problem of developing idle waqf lands. Although there are various existing models of cash waqf, there is still a need for innovative cash waqf models. This paper aims to offer an alternative mode of financing for developing idle waqf lands using the concepts of cooperatives and waqf.

The present study first evaluates relevant literature on financing issues faced by waqf institutions in developing idle waqf lands as well as existing models of cash waqf. Based on the prevailing gap in cash waqf models, the study proposes a hybrid model of cooperative-waqf to finance idle waqf lands in Malaysia.

The proposed model is unique owing to the new dimension of membership being embedded into the waqf project. It considers donors as members of the waqf project, which is funded through the cash waqf collected, and thus, donors are given the privilege to receive benefits from the commercialised projects that are developed on the waqf lands. The existing models of cash waqf use traditional methods in which donors merely contribute cash waqf without any awareness of how the contributions are utilised. Usually, this problem occurs due to the lack of reciprocal communication between cash waqf donors and waqf institutions.

The present study examines the case of waqf land development in the context of Malaysia only. Secondly, the paper does not contain any empirical analysis, and the development of the paper is based on existing literature that discusses various models of cash waqf practised in Muslim-majority and -minority countries. Future research can conduct surveys of donors and other stakeholders on the practicality of the model.

It is expected that the proposed cooperative-waqf model will be able to create a synchronised relationship between cash waqf donors and waqf institutions and hence boost participation in developing waqf lands.

The present study adds to the existing literature in the area of waqf and cash waqf models, especially the application of this instrument in the context of Malaysia. It also offers a new hybrid model to the State Islamic Religious Councils (SIRCs) – Malaysia’s sole trustee of waqf assets management – such that the implementation of the proposed model could boost the collection of cash waqf in developing commercial projects on idle waqf lands.

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.