Waqf Bank Research Articles

Effectiveness of Productive Waqf Management in Improving the Welfare of the Poor: A Bibliometric Review

This bibliometric study examines the evolution and thematic concentration within the field of productive waqf management from 2000 to 2024, employing a comprehensive analysis of academic publications to understand the dynamic interplay between Islamic philanthropy and socio-economic development. Through the utilization of citation metrics and VOSviewer tools, the study reveals significant growth in research focusing on the integration of traditional Islamic charitable mechanisms with modern financial tools, notably micro waqf banks and zakat, aimed at enhancing community welfare and poverty alleviation. Collaborative networks among scholars indicate robust intellectual communities with concentrated expertise in specific thematic areas. The findings emphasize the potential of productive waqf in supporting broader economic and social objectives, including alignment with the sustainable development goals (SDGs), and highlight the emerging trend of leveraging technology to increase the transparency and efficiency of waqf management. Challenges in governance and professional management are identified as critical areas needing attention to maximize the impact of waqf. The study proposes future research directions focused on empirical evaluations and the potential impacts of technological innovations in waqf management.

Performance Assessment of Efficiency and Productivity of Indonesian Micro Waqf Banks

Performance Assessment of Efficiency and Productivity of Indonesian Micro Waqf Banks

Analisis Sistem Bank Wakaf Mikro Imam Syuhodo

Imam Syuhodo Micro Waqf Bank (BMW) is a sharia microfinance institution which aims to empower the community around the Imam Syuhodo Islamic Boarding School. The potential for growth and development of BWM Imam Syuhodo in Sukoharjo is expected to have great benefits for the Islamic-based economy. The policy regarding BWM as a sharia-based LKMS is intended so that BWM will become a pillar of strength in the sharia financial industry. The potential of the Imam Syuhodo Micro Waqf Bank certainly cannot be separated from the management system and Islamic good corporate governance (ICGC) implemented by the management at the BWM institution. The quality of the BWM institution depends on the implementation of a good business management system and an appropriate ICGC system. This research approach uses qualitative research. The aim of this research is to learn how to evaluate management, implement ICGC, and determine its effect on community empowerment. The results of the research reveal that the implementation of Islamic corporate governance at the Islamic microfinance institution Bank Waqf Mikro (LKMS BWM) Imam Syuhodo, when viewed using six indicators of Islamic corporate governance, has not been implemented in its entirety, where the indicators of trustworthiness, tabligh and fairness have been implemented well and to Siddiq, fathonah and sharia compliance indicators have not been implemented comprehensively and still need to be improved in their implementation

Binding Social Capital: Study of Bahrul Ulum Barokah Sejahtera Micro Waqf Bank Customers

This study examines the social capital that ties Bahrul Ulum Barokah Sejahtera Micro Waqf Bank (Bank Wakaf Mikro, BWM) borrowers together. The effective repayment of money lent by BWM clients was the impetus for this study. Refunds were delayed during the COVID-19 outbreak because Santri students)—the primary source of income for small and medium company owners near Islamic boarding schools—were sent home by official guidelines. When students returned to study at pesantren during the New Normal period, pesantren leader imposed limitations on small- and micro-business owners' conduct, raising the risk of loan default. However, this missed payment did not happen, and even 80% of the money in bankruptcy has been recovered. This condition motivates researchers to investigate the many conditions that may exist further. This study employs a mixed method sequential methodology by distributing questionnaires to 95 respondents using random sampling and interviews with seven informants selected purposely. This study applies Robert D. Putnam's social capital binding theory, enhances the analysis, and examines this social capital by finding networks, norms, and trust among BWM clients. According to the findings of this study, bridging social capital is the factor consumers depend on the most to keep up with their repayment responsibilities to BWM. Geographic homogeneity, education, income, and religion are all essential factors in forming binding social capital to return loan funds.

The role of Islamic economics and social institutions during the time of Covid-19

PurposeThis study aims to examine the role of Islamic economic and social institutions during Covid-19 and try to propose a model that highlights Islamic economics and social institutions’ role in providing community economic, social and health recovery support.Design/methodology/approachThis research uses a qualitative approach with a multicase method. Interviews with the institutions including the Amil Zakat, Islamic Banks, Micro Waqf Banks and Islamic Cooperative (Baitul Maal wat Tamwil) were conducted in order to develop a model about how the integration between each institution in handling the effect of COVID-19.FindingsThe model shows the interaction roles of each Islamic institution and implementation in the long term and short term in handling the impact of Covid-19, particularly in the economic, social and health sectors. These institutions will assist the government in establishing community economic independence in the face of COVID-19, which has caused economic sluggishness or recession.Research limitations/implicationsThis study proposes the model of synergy using a qualitative approach. Future studies can develop the synergy model by employing a statistical and quantitative method, such as by employing analytical network process method.Originality/valueThis study adds the literature about empirical evidence on the role of each Islamic economic and social institution and develops new scenario model about integration of those institutions in overcoming economic and social problems during the COVID-19 pandemic. These interactions play a role in shaping the community’s economic independence in dealing with the economic downturn due to COVID-19.

The Driving Factors of Customers' Intentions to Use Micro Waqf Bank Financing: A Behavioral and Religiosity Approach

The Driving Factors of Customers' Intentions to Use Micro Waqf Bank Financing: A Behavioral and Religiosity Approach

Implementation of Sharia Principles in Micro Waqf Bank Financing Products at Minhadlul'ulum Islamic Boarding School (Based on the National Sharia Board Fatwa of the Indonesian Ulema Council Number 19 of 2001)

This study was to determine the practice of financing products at the Micro Waqf Bank of the Minhadlul ’Ulum Islamic Boarding School and to determine the suitability of Sharia applied at the Micro Waqf Bank of the Minhadlul ’Ulum Islamic Boarding School. This research uses a qualitative method by conducting research directly in the field through an empirical normative approach. Sources of research data were primary and secondary data. This is descriptive research with data collection techniques such as observation, interviews, and documentation. The results showed that the financing product at the Micro Waqf Bank of the Minhadlul’Ulum Islamic Boarding School, namely the Qardh contract, is by Sharia principles and is by the provisions of DSN-MUI Fatwa No.19/DSN-MUI/IV/2001 concerning qardh. This conformity is due to the financing of the Qardh contract with a profit-sharing margin fee equivalent to 3% per year as a consulting service. The cost of consulting services for operational costs, namely transportation to KUMPI, because the system is the party from the Micro Waqf Bank who comes directly to the customers to pay the loan installments. Keywords: Sharia principles, financing products, Micro Waqf Bank, Fatwa DSN-MUI

Kontribusi Ekonomi Islam Dalam Pembangunan Ekonomi

This research examines the contribution of Islamic economics to economic development through instruments such as Baitul Mal Wattamwil (BMT), sukuk, sharia banks and waqf banks. The method used is a literature study with secondary data analyzed using content analysis. The research results show that Islamic economics makes an important contribution to economic development in Indonesia. BMT increases employment opportunities and reduces poverty, sukuk plays a role in state financing and infrastructure, sharia banks contribute to financing the real sector and social services, while waqf banks empower the community's economy. Islamic economics is an alternative economic development that pays attention to moral and social aspects, not just growth.

Optimising social evolution through creating welfare and product innovation of Micro Waqf Bank in Indonesia

Micro Waqf Banks are a form of innovation of Islamic social and financial institutions by the government to provide access to business expansion and the welfare of the productive poor around Islamic boarding schools. Optimising product innovation for Micro Waqf Bank customers requires changes in micro-business actors to improve their welfare sustainably. This study analyses the product innovation of Micro Waqf Bank customers with a social evolution model approach. The qualitative method used a grounded theory approach. They collect data through observations, interviews, documentation, and literature studies—design thinking analysis with triangulation techniques. The results found that the welfare of Micro Waqf Bank customers was created for the community around Islamic boarding schools by optimising product innovation through the involvement of the Indonesian Ulama Council and government participation in product certification bodies. The study uses a design thinking approach for formulating solutions to increase Micro Waqf Bank customers' product innovation in creating their welfare by Micro Waqf Bank optimising halal labelling, intellectual property rights-protected brands, attractive packaging, and product consumption feasibility. The social evolution model's research implication is recommendations for optimising innovative products and creating welfare.

The Role of Productive Women in Alleviating Poverty Through Strengthening Islamic Social Finance: A Study of Micro Waqf Banks in Indonesia

The nature of women in development has a big role not only in the economic foundation of households, in the use of Islamic social financial institutions. Poverty motivates women to develop their potential through opportunity, excellence, and equality. Attention to Islamic social finance namely zakat, infaq, sadaqa and waqf in Indonesia is increasing as awareness improves. Limited access of productive women to social financial institutions makes it difficult to obtain business capital. The study investigates the contribution of women to poverty alleviation through Islamic social finance. This study uses qualitative methods with a field study approach. The research location is at the Micro Waqf Bank Lan Taburo Lebak Banten, Indonesia. Data collection using interviews, observations, and literature studies. Data analysis techniques use triangulation with collection, reduction, presentation, and conclusions. The results showed that the role of productive women micro waqf bank customers utilizes Islamic social finance, namely managing business financing, increasing household income, creating household economic prosperity, strengthening community empowerment, and increasing waqf literacy. The research implies that the greater the role of productive women utilizing Islamic social finance, the more positively it will contribute to poverty alleviation in Indonesia. This study was limited to women producing micro waqf banks who received benefits at one institution. Further research needs to be carried out in quantitative studies to find the dominant factor of alleviating harm using Islamic social finance.

Pembinaan dalam Upaya Meminimalisir Resiko Pengembalian Dana Pinjaman Modal Pada UMKM di Bank Wakaf Mikro Syariah Denanyar Jombang

Bank Wakaf Mikro (BWM) Sumber Barokah Denanyar Jombang is one of ten Islamic MFIs in the early stages of the 'Community Empowerment through the Establishment of Islamic MFIs around Pesantren‛ Program facilitated by the Financial Services Authority (OJK) and the Small Business Incubation Center (Pinbuk) by providing loan funds for more productive community business groups. The purpose of this assistance is to provide guidance and direction on the knowledge and implementation of the efforts to be made by the Denanyar Jombang Sharia Micro Waqf Bank in minimizing the risk of capital loans given to MSMEs as business capital. There are three (3) stages in this assistance: Preparation, Implementation and evaluation. The results of the assistance show: (1) An increase in efforts to minimize the risk of capital loans, (2) A decrease in the number of defaults on the risk of returning loan capital (3) An increase in family values and religiosity for customers who make loans.

SWOT ANALYSIS IN PRODUCTIVE MANAGEMENT OF CASH WAQF FUNDING AT MICRO WAQF BANK OF ALMUNA BERKAH MANDIRI KRAPYAK YOGYAKARTA

The role of institutions in managing cash waqf provided security guarantees and wider investment of funds. Here, the question arises of how to manage cash waqf funding at Bank Wakaf Mikro (BWM) using the SWOT approach. This research aimed to determine the strength factors, weakness factors, opportunity factors, and threat factors in the implementation of cash waqf fund management by BWM Almuna Berkah Mandiri Krapyak. This research was a type of field research using qualitative descriptive methods. Data collection techniques were observation, interviews, and documentation. Meanwhile, the data analysis technique was obtained from various sources through triangulation and carried out continuously until saturation. The results of this research could conclude that the strength factors in managing cash waqf funding at BWM Almuna Berkah Mandiri were good human resources and infrastructure. Meanwhile, the weak factor was that social media management was not running well, so promoting customer products was less than optimal. The opportunity factor was the ease of technology, where customers would find it easy to get information from the Micro Waqf Bank. Finally, the threat factor in managing cash waqf funding was the existence of customers who were in trouble, where customers needed to make installment payments at the agreed time.

Peran Produktif Wakaf pada Bank Wakaf Mikro di Masyarakat Kota Jambi

This research aims to examine the significant role of productive waqf fund benefits distributed by micro waqf banks to SMEs, with the goal of improving well-being, and to assess the impact of productive waqf funds in micro waqf banks in developing the businesses of SMEs. Using a qualitative approach and descriptive research methods, the researcher collected data from various sources, including in-depth interviews with relevant parties such as the Micro Waqf Bank Management and recipients of productive waqf funds in the hope of explaining the facts and conditions needed for the research. The informants in this study consisted of 20 individuals who met the criteria of understanding and being able to argue when the researcher explored and delved into questions and statements, as well as individuals who received and used productive waqf funds, thus experiencing the impact and benefits of these funds for the sustainability of their businesses and the improvement of their quality of life. The research results indicate that the role of Micro Waqf Banks for SMEs and the impact of productive waqf fund assistance are significant. These banks play a crucial role in supporting the growth and development of SMEs. Micro Waqf Banks provide access to capital for SMEs who often face difficulties in obtaining loans from other financial institutions, thus helping them expand their businesses, create job opportunities, and enhance economic well-being. The bank's role also includes community economic empowerment through training and mentoring. The impact of productive waqf fund assistance on the development of SMEs' businesses is also highly significant. This assistance helps SMEs in business development, improving competitiveness, and overcoming capital constraints. In addition to the economic impact, productive waqf fund assistance also builds self-confidence, motivation, and the overall quality of life for SMEs.

Productive Poor Perception Towards Easily Micro-Business Financing Based on Micro Waqf Banks in Indonesia

Indonesia still has the problem of poverty rates in the last five years, with the number of poverty data tending to decrease. The importance of ease of obtaining business financing is a great opportunity for the productive poor to improve welfare and get out of poverty. The research aims to determine the perception of micro waqf bank customers on the ease of obtaining micro-business financing, analyse the contribution to reducing poverty potential from the existence of micro waqf banks, and determine the performance of micro waqf banks in Banten province. The research used qualitative methods with a case study and descriptive approach analysis at a micro waqf bank in Banten province. The results showed that the agre or positive perception are ease of becoming a customer is 81%, the ease of the process of obtaining financing is 89.1%, the ease of guarantee is 97.9%, the ease of understanding the financing contract system is 77.8%, the ease of receiving financing is 95.1%, the ease of returning funding is 96.8% and the ease of participating in weekly halaqah activities is 98.9% and can reduce the potential for poverty by 0.49% in Banten Province. The research implications are that the easier perception it is for the productive poor to obtain micro-business financing, the faster it will reduce poverty and increase public trust in micro waqf banks in Indonesia. Further research needs to be strengthened to examine the relationship between aspects of convenience obtained by customers.

Strengthening the Capacity of Micro Waqf Bank (BWM) Partners of Usaha Mandiri Sakinah through Digital Branding Training

Abstract. Online marketing is currently one of the most important requirements for business owners. Consumer brand awareness is a crucial part of online marketing. Branding is a method for MSMEs to build brand loyalty, which can stimulate recurrent purchasing of items by consumers. This service was provided by BWM Usaha Mandiri Sakinah, an institution that supports and empowers MSMEs inside Universitas Aisyiyah Yogyakarta. This community has 365 beneficiaries, all of whom are female entrepreneurs from the Gamping District. It is envisaged that through increasing brand awareness among consumers, digital branding training will assist market items manufactured by MSMEs supported by the Micro Waqf Bank. One of these is by creating a product logo. MSMEs may properly display their items by creating digital catalogues. Introduction to Brand Design (Identity Logo), Customer Relations Management Strategy, and Social Media Marketing Tools are solutions supplied to support the digital branding strategy of MSMEs that are members of BWM UNISA.

PUBLIC PREFERENCE FOR MICRO WAQF BANKS: AN EFFORT TO INCREASE COMMUNITY BUSINESS

The Islamic financial literacy index in Aceh is still relatively low at 18.64% compared to the conventional financial literacy index. The purpose of this study is to analyze the level of preference of Acehnese people towards micro Waqf Banks. The presence of micro Waqf banks in Aceh seeks to improve the welfare of urban and rural communities. Quantitative method with multiple regression analysis techniques is used to study those variables. The source of data obtained is the primary source through distributing questionnaires to 100 respondents throughout Aceh. The variables used in this research are literacy index, preference, religiosity, and business motivation. The results indicate that the preference, religiosity, and business motivation have a positive and significant effect on Islamic financial literacy with the prob value. 0.00 < = 0.05. the coefficient of determination shows a value of 0.9900, or 99.00 % which means that all dependent variables have a significant effect on islamic financial literacy while the rest are influenced by other variables. Regarding the fact that Islamic financial literacy for micro waqf banks is 52% as well as the role of microwaqf banks support in increasing micro-scale businesses in the community, public preference for micro waqf banks is still low compared to Islamic banks. Therefore the implications of this research have a positive impact on the community and academics in suggesting to continue supporting the emerging of sharia-compliant businesses by utilizing micro waqf banks.

COMMUNITY EMPOWERMENT ACCELERATION MODEL TO INCREASE THE ROLE OF MICRO WAQF BANK AULIA CENDEKIA IN SHARIA ECONOMIC DEVELOPMENT

Micro Waqf Bank is an intermediary institution that has enormous potential to increase Islamic economic development through financing accompanied by business assistance. The purpose of this study is to analyze the implementation of Micro Waqf Banks in Aulia Cendekia and formulate a model for accelerating empowerment in improving economic development. This study used a descriptive qualitative approach, data were obtained from observation and interviews, and analytical techniques used triangulation. The results of this study found that the Micro Waqf Bank in Aulia Cendekia not only offers capital loans but seeks to empower people who become customers from the beginning to become potential customers until after becoming customers, namely facilities in the form of socialization, training, Compulsory Group Training, to weekly Group activities commonly called HALMI. The impact of implementation of the empowerment acceleration model of Micro Waqf Bank Aulia Cendikia has a positive impact on customers from a shared responsibility system, without collateral or interest resulting in usury, there are no other costs that reduce customer profits. In addition, Micro Waqf Banks are also carried out to empower the community under the supervision of OJK through accountability of internal reports to avoid actions outside the objectives and functions of Micro Waqf Banks as a means of empowering communities in micro businesses to achieve sharia economic development

Peran Bank Wakaf Mikro dalam Meningkatkan Kesejahteraan Masyarakat di Papua: Pendekatan Maqshid Syariah

The establishment of the Micro Waqf Bank offers a viable approach for mitigating poverty and enhancing the quality of life for individuals. The Micro Waqf Bank aims to enhance individuals' quality of life by offering access to sharia-compliant financial services and business support. The objective of this study is to elucidate the function of the Honai Sejahtera Papua Micro Waqf Bank in enhancing customer well-being from the standpoint of Maqashid Syariah. This study employs a descriptive qualitative research design, utilising primary data collected through interviews and recording. This research involves the process of data analysis, which encompasses data gathering, data reduction, and the derivation of conclusions. The findings of this study demonstrate that the Honai Sejahtera Papua Micro Waqf Bank plays a significant role in achieving the well-being of its customers. This is evidenced by the community's capacity to uphold religious values, safeguard their spiritual well-being, preserve their rationality, ensure the welfare of their descendants, and protect their assets.

MICRO WAQF BANK FOR EMPOWERMENT OF INDONESIAN WOMEN'S MICROECONOMIC AND EFFORTS MINIMIZING THE LOANSHER TRAP

Fulfilling household needs for a woman is required to be able to obtain and manage halal-sourced finances from a small and micro-entrepreneur. The trap of conventional and online loan sharks poses a significant risk to the borrower's assets due to the lack of business capital they have in the short term. Establishing a micro waqf bank initiated by the financial services authority in Indonesia aims to provide business financing, assistance and financing sourced from zakat, infaq, sadaqah and waqf relying on Islamic social microfinance institutions. This study aims to analyse micro waqf bank woman customers with small and micro-entrepreneurs to avoid entrapment by a loan shark. The study at the El-Manahij Micro Waqf Bank, Lebak Regency, Banten Province, Indonesia, used qualitative descriptive types through data collection interviews with managers and the head in weekly halaqah. In contrast, data analysis used triangulation: data reduction, display, verification and conclusion. Research shows that most micro waqf bank customers are women with micro-scale enterprises to improve Islamic economy studies. Customers choose micro waqf banks to replace loan sharks providing their business capital and having regular activities in the form of weekly group meetings aimed at knowing business progress, religious studies and gradual loan repayments. Micro waqf bank managers receive pawned valuables with sharia contracts to increase business capital. The customers are responsible for repaying business loans in stages, running social gatherings for customers to obtain excess money and supervising fellow customers. The research implies that getting away from the snares of loan sharks can minimise the burden of living costs where they live. The significant role of micro waqf banks in providing Sharia pawn support is to increase business capital to limit dealing with loan sharks.

Enhancing Sharia Microbusinesses: The Implementation of Microfinance Institution Regulations at the Micro Waqf Bank Sumber Barokah

Abstract: Frequently, individuals involved in productive endeavors encounter difficulty in securing business capital. In response to this issue, government has initiated national program including the implementation of Microfinance Institutions (MFIs), aimed at providing capital to Micro, Small, and Medium Enterprises (UMKM). Within this framework, the emergence of the Micro Waqf Bank (BWM) served as a solution to empower productive underprivileged communities. The research aims to investigate the efficacy of BWM in fostering the development of micro-enterprises within the vicinity of Islamic boarding schools (pesantren). A qualitative approach was adopted for this research, employing methodologies involving observation, interviews, and documentation to gather research data. The finding of this study reveals that the financial distribution mechanisms of the BWM Sumber Barokah Denanyar comply with prevailing legislative regulations, utilizing qardh contracts aligned with Sharia principles. Furthermore, the financing provided by the Micro Waqf Bank significantly contributes to the advancement of business activities among productive underprivileged communities. Operationally, the BWM Sumber Barokah Denanyar adheres to the guidelines stipulated in Law No. 1 of 2013 concerning Microfinance Institutions. Moreover, in addition to fostering the nation's economy, the Micro Waqf Bank plays a pivotal role by providing financial resources to uplift productive underprivileged communities in Indonesia.Abstrak: Biasanya, individu yang terlibat dalam usaha produktif mengalami kesulitan dalam mendapatkan modal usaha. Sebagai tanggapan terhadap masalah ini, pemerintah telah menginisiasi program nasional, termasuk implementasi Lembaga Keuangan Mikro (LKM), yang bertujuan untuk menyediakan modal bagi Usaha Mikro, Kecil, dan Menengah (UMKM). Dalam kerangka ini, munculnya Bank Wakaf Mikro (BWM) berperan sebagai solusi untuk memberdayakan masyarakat kurang mampu secara produktif. Penelitian ini bertujuan untuk menyelidiki efektivitas BWM dalam mendorong perkembangan usaha mikro di sekitar pesantren. Pendekatan kualitatif digunakan untuk penelitian ini, dengan mengadopsi metodologi observasi, wawancara, dan dokumentasi untuk mengumpulkan data penelitian. Hasil dari penelitian ini mengungkapkan bahwa mekanisme distribusi keuangan dari BWM Sumber Barokah Denanyar sesuai dengan regulasi legislasi yang berlaku, menggunakan kontrak qardh yang sesuai dengan prinsip syariah. Selain itu, pembiayaan yang diberikan oleh Bank Wakaf Mikro secara signifikan berkontribusi pada kemajuan kegiatan usaha di kalangan masyarakat kurang mampu secara produktif. Secara operasional, BWM Sumber Barokah Denanyar mematuhi pedoman yang diatur dalam Undang-Undang No. 1 tahun 2013 tentang Lembaga Keuangan Mikro. Selain memajukan ekonomi bangsa, Bank Wakaf Mikro juga memainkan peran penting dengan menyediakan sumber daya keuangan untuk meningkatkan masyarakat kurang mampu secara produktif di Indonesia.