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Innovative Approaches in Waqf Management and Development:
Enhancing Governance and Socio-Economic Sustainability through
Islamic Social Finance and Technological Integration
Abu Bakar Jaafar
1
, Mohd Ashrof Zaki Yaakob
2*
1
Academy of Contemporary Islamic Studies (ACIS), University Technology MARA Cawangan Jengka,
26400 Bandar Tun Abdul Razak, Jengka, Pahang, Malaysia
2
Academy of Contemporary Islamic Studies (ACIS), University Technology MARA, 40450 Shah Alam,
Selangor, Malaysia
*Corresponding Authors
DOI:
https://dx.doi.org/10.47772/IJRISS.2025.91100437
Received: 10 November 2025; Accepted: 20 November 2025; Published: 16 December 2025
ABSTRACT
This review explores innovative approaches in waqf management and development, focusing on enhancing
governance and socio-economic sustainability through Islamic social finance tools and technological integration.
It analyzes the evolving governance models, stakeholder roles, and financial instruments such as waqf-linked
sukuk and crowdfunding, emphasizing their potential to address traditional challenges. The review also discusses
the adoption of ICT-based platforms and fintech solutions to improve transparency, stakeholder engagement,
and operational efficiency. Empirical data from qualitative and quantitative methods demonstrate that integrating
Islamic social finance with digital technologies significantly enhances socio-economic impacts, including
poverty alleviation, community welfare, and sustainable land development. The findings suggest that strategic
innovations and multi-stakeholder collaborations are vital for transforming waqf into a more effective and
sustainable socio-economic instrument, guiding future research and policy directions.
Keywords: Waqf Management, Islamic Social Finance, Technological Innovation, Socio-Economic
Sustainability, Governance, Fintech, Crowdfunding.
INTRODUCTION
Waqf, an enduring Islamic philanthropic institution, holds a rich historical legacy as a religious endowment
dedicated to the welfare of society. Traditionally, it involves the perpetual dedication of assets for charitable
purposes under Islamic law (Fahmi Medias, Reni Rosari, Akhmad Akbar Susamto, & Asmak Ab Rahman, 2025)
(Mohd Ashrof Zaki et al., 2025). The practice dates back centuries and remains vital in sustaining social,
educational, and religious programs across Muslim-majority societies. Contemporary scholarship underscores
waqf's role in socio-economic development by mobilizing long-term resources that contribute to community
upliftment and poverty reduction (Amal Hayati Ishak et al., 2025) (Mohd Ashrof Zaki et al., 2025). This
endowment maintains not only religious and cultural values but also functions as a strategic vehicle for social
finance, supporting development initiatives aligned with Islamic ethics.
The socio-economic importance of waqf is multifaceted. According to Ssemambo, Muhamad Abduh, and Pg
Md Hasnol Alwee (2021), waqf provides an important source of financing for small and medium enterprises
(SMEs), especially in contexts where conventional financial services are limited or inaccessible. Its relevance
extends to the improvement of societal welfare through the provision of essential services such as education,
healthcare, and social safety nets (Abdullahi A. Shuaib & M. Sohail, 2021). The integration of waqf with Islamic
social finance instruments amplifies its transformative potential, offering innovative pathways to sustain
development within communities.
Despite its potential, traditional waqf management faces significant challenges that hinder optimal utilization
and development. Afiffudin Mohammed Noor, Fathullah Asni, Mohd Afandi Mat Rani, and Muhamad Rozaimi
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Ramle (2023) highlight issues such as inadequate governance frameworks, limited asset development
particularly of waqf lands, and underutilization of waqf properties. These problems are compounded by legal,
managerial, and institutional obstacles, including weak regulatory enforcement and lack of professional
expertise. Amal Hayati Ishak et al. (2025) further note that a substantial portion of waqf land remains
undeveloped, counter to waqf’s fundamental purpose of delivering sustained societal benefit. Such barriers
necessitate innovative approaches to reimagine waqf management, ensuring assets are leveraged effectively for
socio-economic gains.
Recent studies emphasize the critical need for innovation in waqf governance and management to unlock its full
potential. Fahmi Medias et al. (2025) investigate stakeholder engagement in waqf innovation, demonstrating that
diversified and strategic involvement of donors, investors, and beneficiaries is essential in overcoming prevailing
governance challenges. Alongside governance, technological integration emerges as a transformative issue.
Fahmi Ali Hudaefi, Rezzy Eko Caraka, and Hairunnizam Wahid (2023) explore Indonesia’s burgeoning Islamic
fintech ecosystem and its intersection with waqf and zakat management, suggesting that leveraging digital
technologies can foster transparency, efficiency, and broader outreach.
Simultaneously, literature points towards the integration of waqf with Islamic social finance frameworks to
enhance its socio-economic impacts. Tika Widiastuti et al. (2022) propose an integrated Islamic Social Finance
model that synergizes zakat, waqf, and other social finance instruments. This integrated approach significantly
improves poverty alleviation efforts and economic empowerment relative to non-integrated methods. In parallel,
Suna Büyükkılıç Koşun and Mine Hamamcıoğlu Turan (2021) emphasize the necessity of embedding such
mechanisms within sustainable development paradigms, especially in culturally rich urban contexts sensitive to
heritage and social cohesion.
Additionally, stakeholders’ perceptions and adoption behaviors regarding technological innovations play a
crucial role. Rahmatina Awaliah Kasri and Syafira Rizma Chaerunnisa (2021) find that knowledge, trust, and
religiosity positively influence Muslim millennials' willingness to engage with online cash waqf giving,
underscoring the importance of digital literacy and user-friendly platforms. Complementarily, Soliha Sanusi et
al. (2025) identify that attitudes, digital literacy, and ease of use are significant determinants of cash waqf
contributions through digital means among Malaysian millennials, though trust in institutions did not
significantly affect participation in their study context.
These emerging insights illuminate research gaps notably in the comprehensive understanding of governance
mechanisms responsive to stakeholder diversity, effective socio-economic models integrating Islamic finance
products, and scalable technological frameworks in waqf management. While advances have been made, further
empirical and theoretical work is required to consolidate best practices, especially in governance innovation and
fintech adoption.
Objectives and Scope of the Study
The primary objective of this study is to explore innovative models that enhance waqf governance mechanisms,
aligning management with contemporary stakeholder expectations and sustainability imperatives. A secondary
but critical goal is to assess how Islamic social finance mechanisms—particularly integrated instruments such
as zakat, Islamic microfinance, and cash waqf-linked sukuk—contribute to socio-economic sustainability
through effective resource mobilization and redistribution.
Furthermore, the investigation extends to the role of technological integration, including information and
communication technologies (ICT) and fintech ecosystems, in improving waqf management performance,
transparency, and public participation. By encompassing these dimensions, the study aims to provide a holistic
insight into transforming waqf from a traditionally underutilized instrument into a dynamic pillar supporting
community well-being and sustainable development.
Figures accompanying this section include an overview diagram contrasting traditional waqf management with
emerging innovative frameworks and a schematic illustrating waqf’s socio-economic impact pathways through
governance, finance, and technology integration.
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METHODOLOGY
This study employs a mixed methods research design, integrating both qualitative and quantitative approaches
to comprehensively examine innovative waqf governance alongside Islamic social finance and technological
integration. The combination of these approaches enables a holistic assessment of waqf practices, stakeholder
involvement, and emerging financial-technological ecosystems. Such a design aligns with prior research
integrating empirical data with thematic interpretation for in-depth understanding (Tika Widiastuti et al., 2022;
Fahmi Medias et al., 2025).
Qualitative research comprises thematic analysis and stakeholder analysis, which explicitly adopts frameworks
such as the power-interest grid to map and understand the influence, legitimacy, and urgency of various actors
in waqf innovation (Fahmi Medias et al., 2025). Qualitative inquiry enables detailed exploration of internal and
external stakeholder dynamics, revealing nuanced governance challenges and opportunities. Meanwhile,
quantitative components leverage survey data and indices to quantitatively measure factors impacting waqf
governance and technological adoption, facilitating data triangulation and enhancing generalizability.
Data Collection Techniques
The data collection strategy includes several complementary techniques to capture diverse perspectives and rich
data for analysis. Fundamental to qualitative inquiry are semi-structured interviews conducted with key
stakeholders, including waqf managers, investors, donors, and beneficiaries. These interviews provide insight
into governance practices, perceptions of financial instruments like waqf-linked sukuk, and barriers to
technological adoption (Fahmi Medias et al., 2025; Meri Indri Hapsari et al., 2021). The semi-structured format
allows flexibility to probe emerging themes, enabling deeper understanding of stakeholder roles and institutional
contexts.
In tandem, surveys are administered to broader populations to quantify attitudes toward waqf governance, digital
engagement, and donation behavior. For example, studies on cash waqf donations by millennials use survey
questionnaires combined with statistical analysis to measure constructs such as knowledge, trust, religiosity, and
digital literacy (Rahmatina Awaliah Kasri & Syafira Rizma Chaerunnisa, 2021; Soliha Sanusi et al., 2025). These
surveys facilitate assessment of digital platform acceptance and inform targeted interventions to enhance waqf
participation among younger cohorts.
Secondary data analysis forms another crucial dimension, involving examination of waqf-linked sukuk
documents, Islamic social finance utilization reports, and fintech ecosystem development records. For instance,
evaluating Indonesia’s National Waqf Index involves the fuzzy Analytic Hierarchy Process (AHP) applied to
secondary data combined with expert opinions (Yuliani Dwi Lestari et al., 2023). Likewise, Islamic fintech
ecosystem development studies analyze textual data from academic articles and cyberspace documents to
identify ecosystem elements, discerning technological challenges and innovation patterns (Fahmi Ali Hudaefi et
al., 2023).
Analytical Tools
The qualitative data acquired through interviews and document analysis undergo thematic and content analysis
procedures to identify core themes, patterns, and stakeholder influence frameworks. This approach facilitates
understanding of governance complexities within waqf systems and highlights institutional and socio-economic
implications (Fahmi Medias et al., 2025).
For prioritizing the critical factors in waqf governance and development initiatives, fuzzy AHP methodology is
employed as an effective multi-criteria decision-making tool. This technique integrates expert judgments under
uncertainty and fuzziness, refining factor ranking essential for developing waqf performance indices and
governance frameworks (Yuliani Dwi Lestari et al., 2023).
Survey data related to behavioral intentions and digital engagement are analyzed using Structural Equation
Modeling (SEM) techniques, which allow simultaneous testing of relationships among multiple latent variables,
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such as knowledge, trust, attitude, and behavioral intentions towards cash waqf donations. SEM provides a
rigorous confirmatory framework for behavioral studies in Islamic social finance settings (Kasri & Chaerunnisa,
2021).
Figures/Charts
The methodological framework can be visually represented through a flowchart outlining the data collection and
analysis process, starting from stakeholder identification, through qualitative and quantitative data gathering, up
to integrated analytical presentations. Furthermore, a power-interest matrix depicting stakeholders’ influence
and engagement levels offers a strategic tool to understand and manage complex waqf governance environments
(Fahmi Medias et al., 2025). Such schematic representations enhance clarity and operational guidance for future
waqf management research and policy formulation.
RESULTS AND DISCUSSION
Governance Challenges and Stakeholder Roles
Effective governance in waqf innovation requires a nuanced understanding of the diverse roles played by key
internal and external stakeholders. Fahmi Medias et al. (2025) identify donors, investors, beneficiaries, and
institutional managers as critical actors shaping governance dynamics. Their stakeholder analysis reveals that
donors and investors wield substantial influence over waqf activities, often dominating decision-making
processes, while beneficiaries tend to have limited power, underscoring persistent asymmetries in governance
participation. This power disparity often influences the strategic direction and operational effectiveness of waqf
projects.
Hanudin Amin et al. (2025) further emphasize the importance of donors and investors by demonstrating how
Islamic finance enables SMEs' resilience through strategic resource allocation, a role closely analogous to active
stakeholder engagement within waqf governance. They argue that empowered stakeholders not only facilitate
funding but also influence governance policies, promoting sustainability and community welfare.
Despite these strengths, significant governance challenges persist, especially relating to trust and
professionalism. Ryandono et al. (2025) explain that public distrust towards cash waqf linked sukuk (CWLS)
managers remains a primary barrier to adoption, compounded by concerns around managerial transparency,
professional competence, and literacy among contributors. Such deficits dampen public participation and hamper
the scaling potential of CWLS initiatives. Their findings advocate for governance reforms, emphasizing
certification schemes for nazhir (waqf managers), enhanced regulator oversight, and public education campaigns
to rebuild confidence and legitimacy.
Islamic Social Finance Instruments for Waqf Development
Islamic social finance instruments play a pivotal role in mobilizing resources for waqf development and socio-
economic welfare enhancement. Umar Habibu Umar et al. (2021) underscore the significant yet underutilized
potential of zakat, waqf, and Islamic microfinance to alleviate poverty, particularly during pandemic conditions.
Their study highlights positive contributions of Islamic microfinance to poverty reduction, while recognizing
ethical orientations as critical moderators of effectiveness.
Tika Widiastuti et al. (2022) contribute by proposing an integrated model of Islamic social finance combining
zakat, waqf, and microfinance steps through a 4 ER framework (Economic Rescue, Recovery, Reinforcement,
and Resilience). Their mixed-method study evidences a 12% higher effectiveness in poverty alleviation through
integrated approaches versus isolated instruments, highlighting synergistic effects.
Innovative financial tools have emerged to invigorate waqf financing. Yuliani Dwi Lestari et al. (2023) introduce
the National Waqf Index and analyze features of cash waqf-linked sukuk, illustrating how these instruments
mobilize public funds effectively to support social welfare and healthcare expenditures. Nisful Laila et al. (2024)
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confirm CWLS's success in Indonesia by demonstrating its role in enhancing waqf management quality and
supporting essential government projects.
Furthermore, Abdulmajeed Muhammad Raji Aderemi and Muhammad Shahrul Ifwat Ishak (2022) explore the
application of Qard Hasan as a crowdfunding instrument for financing micro-enterprises, proposing that
FinTech-enabled mechanisms like blockchain ensure due diligence and repayment assurance, making Qard
Hasan viable for Islamic crowdfunding – a model potentially extendable to waqf financing for small projects.
Technological Integration in Waqf Management
Information and communication technology (ICT) integration presents transformative potential for waqf
management. Mutamimah Mutamimah et al. (2021) propose a 3C-based (communication, coordination,
cooperation) ICT collaborative framework for zakat management, advocating its adaptation to enhance
efficiency and effectiveness in collection, distribution, and empowerment activities within Islamic social finance
institutions.
The emergence of fintech ecosystems also complements digital waqf management. Fahmi Ali Hudaefi et al.
(2023) identify core elements shaping Indonesia's Islamic fintech industry, including fintech startups,
governmental involvement, and fatwa supervision, emphasizing their collective role in ecosystem maturity. Such
developments encourage transparent and efficient financial flows into waqf projects.
Studies focusing on digital engagement illuminate demographic receptiveness and barriers. Kasri and
Chaerunnisa (2021) find that knowledge, trust, and religiosity significantly influence online cash waqf donation
intentions among Indonesian millennials, with religiosity exerting the most substantial effect. Complementing
this, Sanusi et al. (2025) report that among Malaysian millennials, digital literacy, ease of use, user attitude, and
waqf knowledge are strong determinants for contributing cash waqf through digital platforms, whereas perceived
usefulness and institutional trust surprisingly exert limited influence.
Nevertheless, challenges such as digital literacy deficits, especially among older or less tech-savvy groups, and
persistent trust issues with waqf institutions remain impediments to wider adoption of technology-enhanced waqf
management. These findings suggest that fintech strategies should be accompanied by targeted educational and
trust-building interventions.
Socio-Economic Sustainability Outcomes
Sustainable waqf development hinges on critical success factors (CSFs) aligned with both socio-economic and
environmental objectives. Amal Hayati Ishak et al. (2025) identify five CSFs for waqf land development aimed
at sustainable agriculture: effective governance, stakeholder collaboration, donor appreciation, sustainable
management, and regulatory support. These CSFs enable waqf land productivity, generating ongoing social and
economic benefits to communities.
Integrated Islamic social finance approaches substantiate positive welfare outcomes. Widiastuti et al. (2022)
demonstrate that combining instruments leads to measurable poverty alleviation enhancements, bolstering
community resilience and economic empowerment. Umar Habibu Umar et al. (2021) add that ethical orientation
significantly affects poverty alleviation efficacy, necessitating value-aligned governance and service delivery.
Empirical insights into strategic policy indicate that overcoming governance barriers such as leadership
commitment, regulatory gaps, and public skepticism is essential. Ryandono et al. (2025) recommend policy
actions including governance standardization, nazhir certification, transparency mandates, and literacy
campaigns. Similarly, Hanudin Amin et al. (2025) highlight the role of Islamic finance in fostering SME
resilience by facilitating access to innovative funding streams, education, and infrastructure, thus extending
synergies to waqf-backed economic activities.
In summary, these findings collectively illustrate that comprehensive governance reforms, integrated Islamic
social finance utilization, and technological adoption converge to enhance waqf management's socio-economic
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impacts, sustainability, and public participation.
CONCLUSION
The review highlights that innovative approaches in waqf management, driven by technological advancements
and Islamic social finance instruments, are pivotal in overcoming traditional governance challenges and fostering
socio-economic sustainability. Emphasizing stakeholder engagement, digital platforms, and new financial tools
like sukuk and crowdfunding, these models have the potential to significantly improve transparency, trust, and
operational efficiency. The integration of ICT and fintech presents vast opportunities for expanding waqf
contributions, enhancing socio-economic welfare, and ensuring sustainable land use and community
development. Future research should focus on refining these innovative frameworks, addressing digital literacy
barriers, and establishing supportive policies to fully realize waqf's transformative potential in the socio-
economic landscape.
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