Waqf as an Alternative to Islamic Microfinance for Asnaf: A Comprehensive Thematic Analysis of Contemporary Research

This thematic analysis synthesizes contemporary research on waqf as an alternative to Islamic microfinance for asnaf populations, examining the convergence of historical Islamic endowment practices with modern financial inclusion strategies. Through systematic thematic coding of 50 peer-reviewed articles published between 2000 and 2023 (core dataset), supplemented by recent studies (2024–2026) for contextual discussion, the study identifies eight major research themes: bibliometric analysis, economic impact, governance and innovation, comparative effectiveness, financial models and technology, historical development, case studies, and sustainability. This study reveals that waqf-based microfinance models demonstrate significant potential for poverty alleviation and social welfare enhancement, particularly through cash waqf and productive waqf mechanisms integrated with Islamic microfinance institutions. The literature converges on waqf’s role in promoting financial inclusion among vulnerable populations while maintaining Shariah compliance, yet diverges on optimal governance structures and scalability challenges. Empirical evidence supports waqf’s effectiveness during economic crises, with integrated models suggesting potential improvements in sustainability, although robust comparative evidence remains limited compared to traditional Islamic microfinance approaches. However, persistent gaps in large-scale comparative studies, governance standardization, and technological implementation assessment limit comprehensive evaluation. This analysis contributes to Islamic social finance scholarship by mapping the intellectual landscape, identifying theoretical and practical convergences and divergences, and proposing future research directions for optimizing waqf-microfinance integration to advance socio-economic development among asnaf populations.

Waqf, Islamic microfinance, asnaf poverty alleviation

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