Development of Waqf through the Blue Ocean Strategy for Prosperity in Malaysia

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Waqf is a significant tool in Islamic philanthropy, designed to enhance societal welfare. This Islamic wealth mechanism has proven its strength in the past, particularly in fortifying Islamic communities’ economic and social fabric while also functioning as a driver for economic advancement. However, in modern days, there are challenges in effectively managing and utilising waqf assets for maximum benefit. The Blue Ocean Strategy is a revolutionary business strategy and a global method initiative that combines creativity and innovation in business planning and operations to charter undiscovered markets. This notion provides a systematic and imaginative way to deliver significant value while keeping costs low. The initiative is applicable for implementing waqf development financing methods as part of the government’s strategy to tackle the shortage of funds for waqf land development. This strategy is also known for its innovative approach to creating non-competitive market spaces, providing opportunities to revitalise the waqf sector by identifying new avenues for development and sustainability. Therefore, this study aims to investigate how waqf development through the Blue Ocean Strategy for prosperity in Malaysia can be implemented. Experts’ views on the potential implementation of this strategy in waqf development for prosperity in Malaysia were identified. Data was collected through interviews with experts identified as informants who are actively engaged in waqf management and directly accountable for waqf matters. The content analysis method was used to analyse the data obtained. This study found that waqf and the Blue Ocean Strategy can be combined to maximise benefits to society and the country. Integrating both strategies facilitates the development of waqf assets, resulting in multiple benefits that assist in the nation’s sustainable development and the realisation of shared prosperity.