Edelweiss Applied Science and Technology ISSN: 2576-8484 Vol. 8, No. 4, 620-655 2024 Publisher: Learning Gate DOI: 10.55214/25768484.v8i4.1440 © 2024 by the authors; licensee Learning Gate © 2024 by the author; licensee Learning Gate * Correspondence: ferry.s@bi.go.id Productive WAQF business models through the integration of Islamic social and commercial finance Ferry Syarifuddin* Sharia Financial and Economic Department, Bank Indonesia; ferry.s@bi.go.id (F.S.) Abstract: Poverty is an apparent problem in Indonesia, with the number of people living in poverty reaching 26.36 million. Islamic Social Finance (ISF), especially through productive waqf instruments, is one of the prospective solutions to overcome this problem. Although Indonesia has enormous waqf potential, waqf realisation is still very low. There are several challenges in the waqf collection process, namely low literacy or public awareness, unprofessional management, and a lack of qualified human resources (nazhir). This research aims to determine the optimal productive waqf model to be implemented in Indonesia using the Delphi ANP-BOCR method. To strengthen the research results, this study also conducted a meta-analysis as a form of robustness check and a benefits, opportunities, costs, and risks (BOCR) analysis of each model as supporting arguments. The findings of this study show that Islamic banks as a way to leverage funds for waqf are the most prioritised model. This is because Islamic banks act as intermediary institutions that have great potential for optimising the collection and management of waqf funds, which can increase economic growth. This is reinforced by the results obtained from the meta-analysis and several supporting arguments, which show that Islamic financial institutions (including Islamic banks) can improve community welfare through the utilisation of social funds (including waqf). Besides that, this research also discusses an alternative model of productive waqf through digitalisation by adopting several technologies that aim to increase efficiency, transparency, and accessibility so as to optimise the collection and management of waqf funds more effectively and efficiently. Keywords: Delphi ANP-BOCR, Islamic finance, Meta-analysis, Productive waqf. 1. Introduction Poverty is an apparent problem in developing countries, including Indonesia [1]. Various strategies have been implemented to alleviate the problem, such as job creation, health and education development, community empowerment, and so on [2]. However, handling the problem of poverty is not a simple matter [3], as evidenced by the number of poor people in Indonesia, which reached 26.36 million by September 2022. This number increased by 0.20 million people from March 2022 [4]. This shows that the poverty alleviation programs implemented by the government are still not optimal. For this reason, an effective solution is needed to overcome this problem. Islamic Social Finance (ISF) plays a role in alleviating poverty in Indonesia [5]. Policymakers are very interested in ISF because of its significance and potential effects on the economy. ISF can strengthen the poor and needy to improve the welfare of society as a whole [6], close the wealth gap, and enforce justice in society within a framework that complies with sharia principles [7]. 621 Edelweiss Applied Science and Technology ISSN: 2576-8484 Vol. 8, No. 4: 620-655, 2024 DOI: 10.55214/25768484.v8i4.1440 © 2024 by the author; licensee Learning Gate ISF includes several philanthropic instruments such as zakat, infaq, sadaqah, and waqf, partnership instruments such as qardh hasan, and modern-based institutions such as microfinance [8], [9]. Among ISF instruments, waqf is the best instrument to distribute income in society [10] and contribute to the achievement of the Sustainable Development Goals (SDGs) [11], [12]. Waqf also provides benefits for social activities such as education, social programmes, and mosque maintenance [13]. The productive use of waqf by commercialising waqf assets for social benefits will create greater value for the welfare of the people [14]. Not only for social activities, waqf could realise efficiency and equity in economic activities [15], as waqf assets can be used to help a country's economic activities, both as a source of development capital and income for the community. Due to its sustainable nature, waqf in the productive sector has become one of the most important instruments for fulfilling investment [16]. Productive waqf can contribute to providing long-term benefits for society and future generations. The global cash waqf collection potential can reach around USD 1 trillion, and land waqf assets can reach more than USD 3 trillion [17]. In the case of Indonesia, the waqf’s potential collection is around IDR 180 trillion per year [18]. Despite the potential, several problems in waqf collection, such as the lack of literacy or public awareness, unprofessional management, a lack of qualified human resources (nazhir), etc. [19], have implications for the low waqf collection in Indonesia, which only amounted to IDR 255 billion in 2011- 2018 [20]. This means that there is still a considerable gap between the potential and the realisation of waqf collection. To close the gap between the potential and the realisation of waqf collection and improve the national economy, it is necessary to integrate social and commercial finance to support the development of the productive waqf sector. Experts such as Musari (2022), Zauro, et al. (2020), and Widodo (2018, 2019) have pointed out the need to integrate Islamic social and commercial finance as it is very important to achieve greater development impact [21], effectively alleviate poverty [25], and realise the economic independence of the ummah [26]. This research aims to enhance prior studies by recommending the most optimal model of the integration of Islamic social and commercial finance that can be incorporated in the practise of productive waqf in Indonesia. The results of this study indicate that the most optimal productive waqf model is Islamic banks as a way to leverage funds for waqf because Islamic banks have an important role in performing social functions, managing stable and sustainable sources of funds, and optimising transparency, accountability, and good governance in waqf management, which can increase economic growth. This is reinforced by the results of the meta-analysis, which show that Islamic financial institutions (including Islamic banks) can improve people's welfare through the utilisation of waqf funds (including waqf), as well as some supporting arguments from the BOCR analysis. Besides that, this research also discusses alternative models of productive waqf through digitalisation by adopting several technologies that aim to increase efficiency, transparency, and accessibility so as to optimise the collection and management of waqf funds effectively and efficiently. The next section of the paper is organised as follows: the second section discusses the relevant theory. The third section discusses the analysis method. The results and discussions are presented in the fourth section, and finally, the fifth section contains conclusions, recommendations, and policy implications. 2. Literature Review 2.1. Waqf as a Form of Integration of Islamic Social and Commercial Finance Waqf is a permanent donation of personal property or other goods made by donors, either individuals or institutions. The word waqf comes from the word habasa, which means to keep, maintain, and stop [27]. In the Islamic perspective, waqf means to hold something and optimise its benefits in the 622 Edelweiss Applied Science and Technology ISSN: 2576-8484 Vol. 8, No. 4: 620-655, 2024 DOI: 10.55214/25768484.v8i4.1440 © 2024 by the author; licensee Learning Gate way of Allah. Islam specifically introduced waqf as a type of divine donation for the benefit of the ummah. The Quran and Hadith emphasise the importance of waqf [28] in Surah Al-Hasyr, verse 7, as follows: … َبْيَن ٱْْلَْغِنيَآِء ِمنُكْم ۚ Meaning: “… so that wealth does not circulate only among the rich among you.” (QS 59:7) From an economic point of view, waqf is a form of savings-investment mechanism where the funds are invested in profitable assets to generate income. The income from the waqf investment can be redistributed to finance various social projects such as the construction of hospitals, orphanages, universities, and other institutions, or in other words, it can realise potential economic projects and philanthropic goals [29], [30]. Waqf is used as a means for commercial activities as well. For instance, the corporate waqf in the Kingdom of Saudi Arabia, which was established to enable donors to create investment waqf based on modern managerial concepts [31]. Thus, waqf can be used as a tool for poverty alleviation in society [32]. Syarifuddin [15] explains that productive waqf has characteristics that can be distinguished from other ISF instruments. Productive waqf can transfer private ownership into shared ownership in perpetuity and provide sustainable benefits. Productive waqf can strengthen the economy and social community, improve welfare, reduce unemployment and poverty [33]. To optimise the benefits of waqf, it should be professionally managed to advance the productive business sector. Thus, waqf assets can be developed and utilised optimally [34]. 2.2. Integration Model of Islamic Social and Commercial Finance Islamic social and commercial finance can be integrated in several ways. Tahiri Jouti [9] constructs four forms of Islamic social and commercial financial integration: 1) Islamic banks as a way to leverage funds for waqf; 2) Islamic banks financing waqf projects; 3) sukuk issuances for waqf project financing; and 4) zakat and waqf institutions as guarantors. This study also analyses other models published by IsDB [35], such as the 5) APIF model and by Mohd Thas Thaker [36], namely the 6) cash waqf microenterprise investment model. 2.2.1. Islamic Banks as a Way to Leverage Funds for Waqf Islamic banks as a way to leverage funds for waqf, use two methods in their implementation: 1) Cash waqf deposit is a method in which waqif donate some money transferred to the waqf institutions’ bank account that can be used for investments, loans, or collateral. (2) A Waqf investment account is a proposed financial portfolio scheme offered by Islamic banks or financial institutions. It allows individuals or organisations to contribute funds to the waqf, and those funds are then pooled together with contributions from other investors. If the waqf investment account generates a profit, then (with or without a specified period of time), it is distributed to the waqf institution, which can be used for specific purposes. The customer can choose the term of the investment account and get back his capital, or they can make the investment account a waqf. Waqf institutions can create different types of investment accounts for specific projects [9], as described in Figure 1. 623 Edelweiss Applied Science and Technology ISSN: 2576-8484 Vol. 8, No. 4: 620-655, 2024 DOI: 10.55214/25768484.v8i4.1440 © 2024 by the author; licensee Learning Gate Figure 1. Scheme of Islamic banks as a way to leverage funds for waqf. Source: Modified from Tahiri Jouti [9]. As illustrated in Figure 1 above: 1) Customers open a cash waqf deposit and/or waqf investment account at Islamic banks. 2) The cash waqf deposit and/or investment fund are handed over to the waqf institution. 3) The waqf institution uses the cash waqf deposit for loans, investments (in the real sector, such as direct investments in productive companies or business units, or in the Islamic financial sector, such as mudharabah deposits and Islamic mutual funds), or guarantees, while the returns from the waqf investment account are used for waqf project donations (such as the construction of shophouses, commercial buildings, gardens, etc.). 2.2.2. Islamic Banks Financing Waqf Projects In this model, Islamic banks finance waqf projects through waqf institutions. The waqf projects are expected to generate financial returns by optimising sharia-compliant contracts. The principal of the financing is paid back to the bank, and the investment profit is given to the waqf institution [9], as described in Figure 2. 624 Edelweiss Applied Science and Technology ISSN: 2576-8484 Vol. 8, No. 4: 620-655, 2024 DOI: 10.55214/25768484.v8i4.1440 © 2024 by the author; licensee Learning Gate Figure 2. Scheme of Islamic banks financing waqf projects. Source: Modified from Tahiri Jouti [9]. As illustrated in Figure 2 above: 1. Islamic banks provide financing options that comply with sharia principles to waqf institutions; 2. The waqf institution distributes the collected funds for new or ongoing waqf projects. In this case, it can be invested (in the real sector, such as direct investment in productive companies or business units, and/or in the Islamic financial sector, such as mudharabah deposits and Islamic mutual funds) and/or channelled into waqf projects (such as the construction of shophouses, commercial buildings, gardens, etc.); 3. The waqf institution receives the return on investment; and 4. The waqf institution returns the principal financing funds to the Islamic bank. 2.2.3. Sukuk Issuances for Waqf Project Financing In this model, waqf institutions issue waqf sukuk to finance waqf projects. The sukuk holders receive a portion of the returns from the waqf project, while the sukuk is donated as waqf. The waqf institution receives the investment returns as payment [9], as described in Figure 3. 625 Edelweiss Applied Science and Technology ISSN: 2576-8484 Vol. 8, No. 4: 620-655, 2024 DOI: 10.55214/25768484.v8i4.1440 © 2024 by the author; licensee Learning Gate Figure 3. Scheme of sukuk issuances for waqf project financing models. Source: Modified from Tahiri Jouti [9]. As illustrated in Figure 3 above: 1. A waqf institution may issue either or both types of sukuk based on a sharia-compliant structure, namely sukuk or sukuk waqf (cash waqf sukuk type); 2. The waqf institution invests in waqf projects (such as the development of educational infrastructure or religious services) or other ventures (such as the purchase of beneficial rights to goods or the procurement of projects for lease); 3. The sukuk holders receive a return on their investment. 2.2.4. Zakat And Waqf Institutions as Guarantors Another form of Islamic social and commercial finance integration is the model of zakat and waqf institutions as guarantors. One of the eight categories of beneficiaries of zakat funds are indebted people who have difficulty paying their debts. Through this method, if they fulfil certain criteria, zakat institutions can pay the debts of Islamic bank customers. Zakat institutions can encourage Islamic financial institutions to provide financing to unbanked and underserved categories of society [9], as described in Figure 4. 626 Edelweiss Applied Science and Technology ISSN: 2576-8484 Vol. 8, No. 4: 620-655, 2024 DOI: 10.55214/25768484.v8i4.1440 © 2024 by the author; licensee Learning Gate Figure 4. Scheme of zakat and waqf institutions as guarantor models. Source: Modified from Tahiri Jouti [9]. As illustrated in Figure 4 above: 1. Islamic banks provide adequate financing for customers in accordance with sharia principles; 2. Islamic banks identify unpaid instalments with justifiable reasons; and 3. Guarantors can include zakat and waqf funds so that unpaid customer installments can be covered by these funds. 2.2.5. Awqaf Properties Investment Fund (APIF) The Awqaf Properties Investment Fund (APIF) model supports the creation of entirely new charitable waqf or finances the development of waqf land to assist organisations engaged in development activities. This is done in order to achieve financial sustainability. APIF finances the construction, renovation, and/or purchase of income-generating assets from real estate with a financial contribution from the beneficiaries of at least 25% of the total project cost or a corresponding plot of land (in the case of greenfield projects). Repayment of APIF financing comes from the proceeds of the project itself, with sufficient funds remaining to support the beneficiary's operations during the repayment period. The entire revenue is utilised to continue the beneficiary's operations once the funds are repaid [35]. The APIF model can be seen in Figure 5. 627 Edelweiss Applied Science and Technology ISSN: 2576-8484 Vol. 8, No. 4: 620-655, 2024 DOI: 10.55214/25768484.v8i4.1440 © 2024 by the author; licensee Learning Gate Figure 5. Scheme of Awqaf Properties Investment Fund (APIF) models. Source: Modified from IsDB [35]. As illustrated in Figure 5 above: 1. A beneficiary organisation submits a formal application to APIF; 2. APIF will consider applications from member or non-member countries, after taking into account the conditions of emphasis on legal due diligence and initial compliance (KYC); 3. APIF will co-finance the construction of the project or the purchase of the building; 4. The real estate waqf project generates income; 5. The income generated from the real estate waqf project is used for repayment to APIF until the repayment of the financing instalments is met (6a) and the remainder is distributed to the beneficiaries (6b). 2.2.6. Cash Waqf Microenterprise Investment The cash waqf microenterprise investment model can be explained as follows: donors from both the public and private sectors give cash waqf to Cash Waqf Institutions (CWI) to establish permanent waqf. Through musyarakah mutanaqisah (diminishing partnership) contracts with micro-entrepreneurs, CWI provides financial services. This approach does not impose interest or collateral requirements on CWI. CWI are expected to thoroughly examine any microenterprises that may be relevant to theie business [36], as described in Figure 6. 628 Edelweiss Applied Science and Technology ISSN: 2576-8484 Vol. 8, No. 4: 620-655, 2024 DOI: 10.55214/25768484.v8i4.1440 © 2024 by the author; licensee Learning Gate Figure 6. Scheme of cash waqf microenterprise investment models. Source: Modified from Mohd Thas Thaker [36]. As illustrated in Figure 6 above, it can be explained as follows: 1) Donors (either from the public or corporate sector) give cash waqf to CWI for the purpose of establishing a permanent waqf; 2) CWI (2a) will offer financial services by entering into musyarakah mutanaqisah (diminishing partnership) contracts with micro-entrepreneurs (2b). Both CWI and micro-entrepreneurs will jointly engage in business activities or purchase commercial properties or enterprises; 3) The scheme is suitable for both business financing (3a) and project financing (3b). Business financing includes the financing of machinery, land, electrical installations, equipment, and other fixed assets. While project financing includes the financing of shophouses and business premises. 3. Research Methodology 3.1. Data This research uses three different data sources for three types of methods. First, for the Delphi ANP-BOCR method, data was obtained through opinions collected from experts (academics) in several regions, namely the Special Region of Yogyakarta (DIY), East Java, North Sumatra, West Sumatra, and South Sulawesi, by conducting in-depth interviews. Secondly, to strengthen the research results, this study also conducted a meta-analysis using research data obtained from Google Scholar. Lastly, this study also includes a BOCR analysis to assess the influence of each model based on previous related literature. 629 Edelweiss Applied Science and Technology ISSN: 2576-8484 Vol. 8, No. 4: 620-655, 2024 DOI: 10.55214/25768484.v8i4.1440 © 2024 by the author; licensee Learning Gate 3.2. Methods 3.2.1. Delphi ANP-BOCR In order to produce the most optimally productive waqf model in this study, the Delphi ANP-BOCR method was used. The Delphi procedure is a structured communication technique that relies on a panel of experts to solve complex problems [37]. The ANP (Analytic Network Process) is a mathematical theory that examines effects by using assumption-based techniques for problem solving [38]. The BOCR model was chosen due to its ability to assess the positive (benefits and opportunities) and negative (costs and risks) aspects of an activity (in this case, alternative productive waqf models), which is supported by various literature [39]. There are three stages to this method. In the first stage, the ANP analysis framework was developed through literature studies related to credible research topics. Secondly, the questionnaires that were distributed to respondents (experts) were quantified. Thirdly, the analysis was conducted to produce an answer to the research objective, which is to obtain the most optimally productive waqf business model. Data processing in this study used Super Decision 2.10 software, Microsoft Excel, and SPSS. The following is the ANP research framework, which can be seen in Figure 7. Figure 7. ANP-BOCR model. 630 Edelweiss Applied Science and Technology ISSN: 2576-8484 Vol. 8, No. 4: 620-655, 2024 DOI: 10.55214/25768484.v8i4.1440 © 2024 by the author; licensee Learning Gate Referring to Saaty (2006) there are three formulas for determining the alternative to be selected, namely the standard formula, multiplicative formula, and additive formula. Formula (2) can only be applied if it is believed that relative measurements have the same magnitude or can be said to be equivalent, so that it will not produce negative values. Formula (2) produces minimum benefits, so the results are considered short-term. Meanwhile, in formula (3) b, o, c, and r represent the priority ranking of alternatives so that the final result can be negative and is considered long-term. Standard formula: 𝐵 C (1) Multiplicative formula: 𝐵×𝑂 𝐶×𝑅 (2) Additive formula: 𝑏𝐵 + 𝑜𝑂 − 𝑐𝐶 − 𝑟𝑅 (3) To obtain accurate results, a robustness test in the form of a sensitivity analysis is generally conducted on the results obtained. In this study, sensitivity analysis will not be conducted because the Delphi procedure in the ANP analysis framework is already robust enough, according to experts [41]. 3.2.2. Meta-Analysis To strengthen the results of the study, a meta-analysis was also conducted as a form of validation of the results. Meta-analysis is a statistical method that integrates several findings from individual studies [42]. Meta-analysis aims to identify the facts of strong relationships from various literatures more accurately, although there may be bias in certain studies [43]. This can drive decision-making, both at the organisational and societal levels, as it is based on facts [44], [45]. Data collection in this method is conducted through Google Scholar because it is connected to various journal websites and indexing agencies. The reason why this study used Google Scholar was to collect a large enough amount of data to minimise bias. As for data processing, this method uses JASP software as an analysis tool. The type of meta-analysis in this study is a correlation meta-analysis that shows the relationship between two variables by utilising the results of previous correlation studies. The process consists of several stages, first, transforming the r (Pearson’s correlation) value in each study into an effect size using a predetermined formula. Then, testing for heterogeneity and calculating the summary effect. If there is no heterogeneity, the summary effect will be calculated using a Fixed Effect Model (FEM), but if there is heterogeneity, the summary effect will be calculated using a Random Effect Model (REM). Finally, an evaluation of publication bias was conducted. In this research, the scale proposed by Bhandari (2023) was utilised to interpret the effect size obtained from correlational studies. The classification of effect sizes is as follows: Table 1. Effect size classification. Effect size Pearson’s r Weak 0.1 to 0.3 or -0.1 to -0.3 Moderate 0.3 to 0.5 or -0.3 to -0.5 Strong 0.5 or greater or -0.5 or less Source: Bhandari [46]. In the Pearson’s r correlation coefficient, values close to -1 or 1 indicate a large effect size, while values close to 0 indicate a small effect size. The positive and negative signs in r Pearson indicate the direction of the relationship between variables. A positive sign means that both variables increase or decrease simultaneously. Meanwhile, a negative sign means that one variable decreases while the other variable increases, and vice versa. 631 Edelweiss Applied Science and Technology ISSN: 2576-8484 Vol. 8, No. 4: 620-655, 2024 DOI: 10.55214/25768484.v8i4.1440 © 2024 by the author; licensee Learning Gate 3.2.3. BOCR Analysis To support the implementation of productive waqf models in Indonesia, the author also provides his own insights through the assessment of each model based on the suitability of the sub-criteria contained in the BOCR aspect. These views are based on arguments obtained from previous related literature. The relevance of each argument determines the size of the assessment given. The assessment is intended to measure the contribution or influence of each model. The form of assessment can be seen in Table 2 below. Table 2. BOCR assessment analysis. Benefit Opportunity Cost Risk Yes +1 +1 -1 -1 Quasi yes +0.75 +0.75 -0.75 -0.75 Depend +0.5 +0.5 -0.5 -0.5 Quasi no +0.25 +0.25 -0.25 -0.25 No 0 0 0 0 The scoring ranges from -1 to +1. Positive values are assigned to statements that support the benefits and opportunities values, while negative values are assigned to statements that belong to the costs and risks aspects. A score of +1 or -1 indicates that the statements obtained from the related literature strongly support the BOCR aspects. Conversely, a value of 0 indicates that there is no support for the BOCR aspect. If the characteristics of the alternative productive waqf model have absolute attributes that do not depend on other characteristics, in other words, strengthen the BOCR aspects, then the alternative model will obtain the "Yes" attribute. The "Quasi Yes" attribute will be obtained if the characteristics of the alternative model support the BOCR aspect but still have deficiencies in other aspects. The "Depend" attribute will be obtained if the characteristics of the alternative productive waqf model support aspects of BOCR but are highly dependent on other aspects. The "Quasi No" attribute will be given if the characteristics of the alternative productive waqf model do not really support the BOCR aspect in question but still have little impact on it. The "No" attribute will be given if the characteristics of the alternative productive waqf model do not support the BOCR aspect in question. 4. Results and Discussion 4.1. Delphi ANP-BOCR Analysis 4.1.1. Priority of BOCR criteria In this section, there are four aspects to be considered in implementing the productive waqf model in Indonesia, namely in terms of benefits, opportunities, costs, and risks (BOCR). As illustrated in Figure 8, the benefit criterion has the highest geometric mean value, which means that it is prioritised in the implementation of the productive waqf model. As explained by Medias [47], productive waqf is currently an ISF instrument that continues to be developed because it has considerable benefits in encouraging social and religious activities in the community. 632 Edelweiss Applied Science and Technology ISSN: 2576-8484 Vol. 8, No. 4: 620-655, 2024 DOI: 10.55214/25768484.v8i4.1440 © 2024 by the author; licensee Learning Gate Figure 8. Geometric mean value of each BOCR criteria. 4.1.2. Priority of Sub-Elements in Each BOCR Criteria In each BOCR criterion, there are several sub-elements that will also be considered in implementing the productive waqf model, as described in Figure 9. Based on the geometric mean value among the sub- elements within the benefit criteria, it is evident that more optimised waqf management holds the highest significance (31.9%). Therefore, this aspect should be given top priority when selecting the benefit criteria to be implemented in the productive waqf model. This finding aligns with Kasdi [48] assertion that productive waqf yields greater benefits compared to consumptive waqf. Productive waqf utilises waqf assets with the aim of generating profits that can be distributed to those in need [49], so that the management is more effective and efficient. In the sub-elements contained in the opportunity criteria, the enormous potential of waqf assets is an opportunity that strongly supports the implementation of productive waqf models with a geometric mean value of 29.1%. Indonesia, as a country with the largest Muslim majority population in the world [50], has the potential to provide waqf assets that are large enough to be developed [51]. The magnitude of this potential is in accordance with the statement made by Badan Wakaf Indonesia (2023a), namely that the potential of cash waqf assets in Indonesia can reach IDR 180 trillion with a land waqf area of 420 hectares, although currently the realisation of waqf collection is not as large as its potential value, both in cash waqf and land waqf. Regarding the cost criterion, the sub-element that has the highest geometric mean value is operational costs at 30.3%. In the implementation of the productive waqf model, this cost needs special attention because it can ensure the continuity and sustainability of the productive waqf programme. Operational costs need to be calculated as well as possible because they can be the basis for decision- making [52]. By understanding these costs, nazhir can evaluate operational efficiency, identify areas that require savings, and determine more effective waqf management strategies. The last criterion is risk. In this criterion, there are priority sub-elements that need to be considered in the implementation of productive waqf models, namely low literacy with a geometric mean value of 28.8%. The lack of this aspect can have a negative impact on the collection of waqf funds, which in turn can hinder the growth of waqf in Indonesia [53]. Moreover, currently, Indonesia's national Waqf Literacy Index stands at 50.48, which indicates that Indonesia's waqf literacy is categorised as low [54]. 0 0.05 0.1 0.15 0.2 0.25 0.3 0.35 0.4 Risk Opportunity Cost Benefit 0.13 0.27 0.154 0.374 Geometric Mean Value 633 Edelweiss Applied Science and Technology ISSN: 2576-8484 Vol. 8, No. 4: 620-655, 2024 DOI: 10.55214/25768484.v8i4.1440 © 2024 by the author; licensee Learning Gate Figure 9. Geometric mean value of sub-element in each BOCR criteria. 4.1.3. Prioritisation of Alternative Productive Waqf Models This part will explain the alternative productive waqf models selected based on ANP-BOCR analysis using the standard formula, multiplicative formula, and additive formula, which can be seen in Figure 10. The selection of alternative models using the standard formula is calculated by dividing the geometric mean value of benefits by the geometric mean value of costs (B/C) in each alternative [40]. This means that the selection of alternative productive waqf models using this formula only considers the benefit and cost aspects. Based on Figure 10, the model of Islamic banks as a way to leverage funds for waqf is the most optimal (17.58%). The priority of alternative productive waqf models for the short term will be calculated using the multiplicative formula, namely (B*O/C*R). With this formula, it is believed that the relative measurement has the same magnitude, so it will not produce negative values, and the result is seen as short-term [40]. Based on this calculation, it is concluded that the most optimal alternative productive waqf model for the short term is an Islamic bank as a way to leverage funds for waqf (17.51%). In the long term, the prioritisation of alternative productive waqf models is calculated using the additive formula, namely bB + oO - cC - rR. In this formula, b, o, c, and r represent the priority rankings of alternative productive waqf models, so that the final result can be negative and is considered long- term [40]. The results of this calculation also show that the most optimal alternative productive waqf model in the long term is Islamic banks as a way to leverage funds for waqf (21.71%). 634 Edelweiss Applied Science and Technology ISSN: 2576-8484 Vol. 8, No. 4: 620-655, 2024 DOI: 10.55214/25768484.v8i4.1440 © 2024 by the author; licensee Learning Gate Figure 10. Prioritisation of alternative productive waqf models. Based on the assessment that has been conducted using the three types of formulas above, Islamic banks as a way to leverage funds for waqf are selected as the most optimal alternative productive waqf model. This is based on the fact that Islamic banks have the expertise to manage waqf funds efficiently and effectively. In their operational activities, Islamic banks conduct feasibility studies, monitoring, and reporting related to the use of waqf funds to ensure that the benefits generated are in accordance with the purpose of waqf. Moreover, the existence of Islamic banks as nazhir has been supported by regulations stipulated in the Financial Sector Development and Strengthening Law (PPSK Law) Article 4 Paragraph 3 [55]. This shows the significant potential of Islamic banks in optimising the collection and management of cash waqf [56]. 4.2. Meta-Analysis As a form of validation of the previously reported result, this study also conducted a meta-analysis in order to strengthen the argument for the implementation of the prioritised productive waqf model, namely Islamic banks as a way to leverage funds for waqf. To ensure that the implementation of this model can actually provide significant benefits, especially in terms of increasing economic growth, this analysis will show how much influence the utilisation of social funds (including waqf) by Islamic financial institutions (including Islamic banks) has on people's welfare. From the search results on Google Scholar, 10 research papers related to the topic in this study were obtained and fulfilled the required criteria, such as having quantitative findings in the form of Pearson correlation values (r). Table 3 shows a summary of the effect calculations obtained through the Wald test. 635 Edelweiss Applied Science and Technology ISSN: 2576-8484 Vol. 8, No. 4: 620-655, 2024 DOI: 10.55214/25768484.v8i4.1440 © 2024 by the author; licensee Learning Gate Table 3. Summary effect calculation. 95% confidence interval Estimate Standard error z p Lower Upper Intercept 0.596 0.083 7.149 <.001 0.433 0.760 Based on the results in Table 3, there is a strong and significant correlation between the utilisation of social funds by Islamic financial institutions and community welfare, as indicated by the effect size value of 59.6% and p-value < .001. This is also in line with research conducted by Ismail and Cahyo (2017), which states that Islamic banks, as one of the Islamic financial institutions, can improve community welfare through the products and services they offer. Islamic banks also have an important role as intermediary institutions that can collect and invest these funds in sharia-compliant instruments. Thus, the profits earned can be reused to support a number of projects that can encourage economic empowerment, promote education, and improve the health system so that they can ultimately improve social welfare [58], [59]. 4.3. BOCR Assessment Analysis There are assessment results obtained based on previous related literature as the author's insight into each model on each BOCR sub-criteria. The assessment can be seen in Table 4. Table 4. BOCR matrix. Islamic banks as a way to leverage funds for waqf Islamic banks financing waqf projects Sukuk issuances for waqf project financing Zakat and waqf institutions as guarantors Awqaf Properties Investmen t Fund (APIF) Cash waqf microenterp rise investment Benefit Increasing factors of production +1 +0.75 +1 +1 +1 +1 Increasing output +1 +1 +1 +1 +1 +1 Reducing poverty +1 +1 +1 +1 +1 +1 More optimised waqf management +1 +1 +1 +0.25 +0.75 +0.5 Opportunity Enormous potential of waqf assets +1 +1 +1 +0.75 +1 +1 High level of Muslim/donors religiosity +1 +1 +1 +1 +1 +1 Development of digitalisation +0.75 +0.75 +1 +0.75 +1 +0.5 Large Muslim population +1 +1 +1 +1 +1 +1 636 Edelweiss Applied Science and Technology ISSN: 2576-8484 Vol. 8, No. 4: 620-655, 2024 DOI: 10.55214/25768484.v8i4.1440 © 2024 by the author; licensee Learning Gate Islamic banks as a way to leverage funds for waqf Islamic banks financing waqf projects Sukuk issuances for waqf project financing Zakat and waqf institutions as guarantors Awqaf Properties Investmen t Fund (APIF) Cash waqf microenterp rise investment Cost High investment cost -0.5 -0.5 -1 -1 -1 -0.5 High operational cost -1 -1 -1 -1 -1 -1 High cost of nazhir development -1 -1 -0.5 -1 -1 -1 High legal cost -0.75 -0.75 -1 -1 -1 -1 Risk Inadequate legal foundation -0.75 -0.75 -1 -1 -0.25 -1 Unprofessional management -0.5 -0.5 -1 -1 -0.25 -1 Unstable economic conditions -0.5 -0.5 -1 -0.75 -1 -1 Low waqf literacy -1 -1 -1 -1 -1 -1 Total +1.75 +1.5 +0.5 -1 +1.25 -0.5 Based on the arguments given to each model in each BOCR sub-criteria (Appendix 3), Islamic banks as a way to leverage funds for waqf have the highest score among other models. Thus, this model is the most important to be implemented in Indonesia. This is because Islamic banks have an important role in performing social functions and intermediation functions that are able to connect parties who experience a surplus of funds with parties who experience a lack of funds. The connection between these parties is able to increase the usability of money so that it can move the wheels of the economy [60]. For this reason, Islamic banks have considerable potential for accepting cash waqf and becoming credible places to manage waqf funds [61]. 4.4. An Alternative Model of Productive Waqf through Digitalisation To optimise waqf activities, this study builds an alternative productive waqf model by incorporating several technologies such as blockchain, Artificial Intelligence (AI), cloud computing, big data, and digital platform in order to increase efficiency, transparency, and accessibility of waqf management. Figure 11 illustrates the implementation of the productive waqf digitalisation model in Indonesia. 637 Edelweiss Applied Science and Technology ISSN: 2576-8484 Vol. 8, No. 4: 620-655, 2024 DOI: 10.55214/25768484.v8i4.1440 © 2024 by the author; licensee Learning Gate Figure 11. Scheme for implementation of productive waqf digitalisation model in Indonesia. In this alternative model, a digital platform owned by a single waqf collecting institution or Lembaga Pengumpul (LP), referred to as LP-WAQF Platform 1, is used to facilitate waqifs to make online donations to designated programmes. This platform can be accessed through a mobile phone application and a website. There are several stages in this scheme, as follows: 1. Initially, LP-Waqf, acting as a nazhir, will submit proposals related to waqf fund management programmes to a dedicated website. These proposals must contain the implementation and legal aspects of the programmes, which include the business model, legal entities involved, parties conducting the Initial Coin Offering (ICO), and details about the tokenomics (issuance, distribution, type, governance, price, tokens supply, as well as incentives for parties contributing to the blockchain system). 2. The waqf board consists of authorities, namely the Indonesian Waqf Board or Badan Wakaf Indonesia (BWI) and National Sharia Board – Indonesian Ulama Council or Dewan Syariah Nasional – Majelis 638 Edelweiss Applied Science and Technology ISSN: 2576-8484 Vol. 8, No. 4: 620-655, 2024 DOI: 10.55214/25768484.v8i4.1440 © 2024 by the author; licensee Learning Gate Ulama Indonesia (DSN-MUI), which have functions to regulate and supervise waqf activities. They will evaluate the proposed programmes and their compliance with Sharia law. 3. Aside from the waqf board, financial auditors and legal consultants will review and approve proposals, as well as provide recommendations that ensure the programmes’ credibility. Insurance will be imposed to guarantee the productive waqf project, as mandated in Article 43 of Law of the Republic of Indonesia Number 41 of 2004. 4. Proposals that have been approved by the waqf board, financial auditors, and legal consultants will be conveyed to the fund manager. 5. The fund manager will conduct an ICO, which is an activity to raise funds from donors by selling crypto assets or tokens [63]. The fund manager will issue tokens according to the amount needed by each programme. 6. Waqifs who have registered on the LP-WAQF Platform 1 can purchase the issued tokens using fiat money. 7. Funds raised through token sales will be held in the fund manager's escrow account until the available token limit is reached. If the pre-determined purchase target is not met, the raised funds will be returned to waqifs. 8. Once the purchase of tokens reaches the available limit, the fund manager will distribute the tokens to designated commercial programmes, which may be directed to the real sector, Islamic financial securities, or return-bearing financing. 9. Commercial programmes will generate returns. 10. A maximum of 10% of productive waqf programmes’ returns will be distributed for nazhir, whilst a minimum of 50% will be assigned for mauquf ‘alaih, or parties designated to benefit from the management of waqf assets. The remaining returns will be allocated for insurance costs, reinvestments, asset recovery costs, and costs for risks related to waqf asset management. This allocation is regulated by Indonesian Waqf Board Regulation Number 01 of 2020. The application of each technology in the productive waqf digitalisation model is described in Table 5. Table 5. Technology applications in the productive waqf digitalisation model. Technology Function Blockchain a. Records all transactions in a transparent and unalterable manner. b. Enables platform users to track the flow of the waqf fund. c. Runs smart contracts to automatically execute transactions when meeting certain conditions, eliminating the need for third parties. For instance, automation of waqf funds distribution to each programme, sends confirmation of successful transactions to donors, distributes returns obtained from revenue generated from programmes to specified parties, and monitoring Anti-Money Laundering and Counter-Terrorist Financing (AML CTF). Big data a. Integrates any kind of data, both structured and unstructured. b. Referring to Saleh, et al. [65], in addition to storing data in a decentralised system of blockchain, big data will be stored in a centralised database. These data can be used for reporting purposes. AI a. Automatically performs descriptive, predictive, and prescriptive analyses that allows LP-WAQF to make data-driven decisions. b. Provides waqf programme recommendations for waqifs in accordance with their interests. c. Enables the deployment of a chatbot or virtual assistant that automates interactions between waqif and customer support. d. Detects anomalies in transactions. 639 Edelweiss Applied Science and Technology ISSN: 2576-8484 Vol. 8, No. 4: 620-655, 2024 DOI: 10.55214/25768484.v8i4.1440 © 2024 by the author; licensee Learning Gate Technology Function Cloud computing a. Provides data storage for storing big data that can be accessed anytime and anywhere, as long as an internet connection is available. Platform digital a. An online platform for LP-WAQF to upload its waqf programmes. b. An online platform for waqifs to select their preferred waqf programmes. c. An online platform available for both registered and unregistered users to access waqf fund management reports. Data obtained from digital platforms owned by each LP-Waqf, such as information about waqifs, collection, distribution, and other relevant data, will be shared with an independent institution responsible for managing waqf data, through a data collection platform, as illustrated in Figure 12. The objective of data distribution is to realise national waqf data integration, which is essential to facilitate the analysis of the waqf’s condition in Indonesia. As an example, integration of data can prevent inequality in waqf fund distribution among regions and become the basis for nazhir’s performance evaluation and policy formulation [66]. Figure 12. Waqf data distribution scheme. Source: Modified from Gleason [67]. The development of the data collection platform can be carried out either by the independent institution itself or by utilising cloud computing services, specifically a Software as a Service (SaaS). Eightwire, is an example of a SaaS company that offers efficient and secure data sharing services. They have established a digital platform to facilitate data sharing between the New Zealand government and non-governmental organisations (NGOs) [67]. 640 Edelweiss Applied Science and Technology ISSN: 2576-8484 Vol. 8, No. 4: 620-655, 2024 DOI: 10.55214/25768484.v8i4.1440 © 2024 by the author; licensee Learning Gate 5. Conclusion, Implication and Recommendation Based on the results above, it shows that Islamic banks as a way to leverage funds for waqf are the most prioritised model to be implemented in Indonesia, because Islamic banks are able to optimise waqf activities. This is also supported by the results of meta-analyses and several supporting arguments that show that Islamic financial institutions (including Islamic banks) can improve community welfare through the utilisation of social funds (including waqf). Besides that, this research also discusses an alternative model of productive waqf through digitalisation by adopting several technologies that aim to increase efficiency, transparency, and accessibility so as to optimise the collection and management of waqf funds effectively and efficiently. In practice, the implementation of Islamic banks as a way to leverage funds for waqf may face several obstacles, such as the absence of clear regulations due to the new nature of Islamic banks as nazhir and a lack of transparency, accountability, and risk management. This can have implications for the unclear governance of waqf funds and increase the risk of misuse of funds that are not in accordance with the purpose of waqf. To overcome these problems, the Indonesian government needs to develop comprehensive regulations related to governance, transparency, effective supervision, and provisions for the use of waqf funds in accordance with sharia principles. As for Islamic banks, strict policies and procedures for managing risks related to waqf funds must be implemented. This includes identification, measurement, control, and continuous monitoring of risks. Islamic banks should also ensure that they have qualified employees who have good capabilities in banking management as well as risk mitigation. Meanwhile, to optimise the collection and mobilisation of waqf funds, this research builds an alternative productive waqf model that uses several technologies. Despite the benefits of technologies adopted, such as transparency and a decentralised system, there are risks may arise such as fraud, cyberattack and personal data leakage. This can have implications for the loss of donor funds, which can hinder the distribution of funds and reduce public confidence in waqf. 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Fuster, “Scale effects on efficiency and profitability in the swiss banking sector,” Swiss J. Econ. Stat., 646 Edelweiss Applied Science and Technology ISSN: 2576-8484 Vol. 8, No. 4: 620-655, 2024 DOI: 10.55214/25768484.v8i4.1440 © 2024 by the author; licensee Learning Gate vol. 158, no. 1, p. 12, 2022, doi: 10.1186%2Fs41937-022-00091-7. [134] M. A. Shiddiqy, “Nazhir capacity analysis and cooperation in productive waqf management,” Az-Zarqa’ J. Huk. Bisnis Islam, vol. 14, no. 1, 2022, doi: 10.14421/azzarqa.v14i1.2423. [135] R. Anggraeni, “Pentingnya legalitas usaha bagi usaha mikro kecil dan menengah,” Eksaminasi J. Huk., vol. 1, no. 2, pp. 77–83, 2022, [Online]. Available: https://jurnal.umpwr.ac.id/index.php/eksaminasi/article/view/1243 [136] V. H. Tran, “Trade and entrepreneurship in Vietnam’s high growth enterprises,” J. Glob. Entrep. Res., vol. 2, no. 1, pp. 3–15, 2014. [137] C. Rofiah and L. Fitriani, “Peningkatan keberdayatahanan masyarakat pada sektor ekonomi kreatif pasca pancemi COVID-19 di desa sidowarek,” SNEB Semin. Nas. Ekon. dan Bisnis Dewantara, vol. 4, no. 1, pp. 133–140, 2022, [Online]. Available: https://ejournal.stiedewantara.ac.id/index.php/SNEB/article/view/1016 [138] M. S. R. Chowdhury, M. F. bin Ghazali, and M. F. Ibrahim, “Economics of cash waqf management in Malaysia: A proposed cash waqf model for practitioners and future researchers,” African J. Bus. Manag., vol. 5, no. 30, pp. 12155– 12163, 2011, doi: 10.5897/AJBM11.1810. Appendix Appendix 1. ANP-BOCR analysis results. Rater agreement results Table 6. Rater agreement of Delphi. Criteria Kendall’s W Benefit 0.624** Opportunity 0.902*** Cost 0.657** Risk 0.641** Note: ***significant at 0.01 level; **significant at 0.05 level; *significant at 0.10 level. Priority of BOCR criteria Table 7. Criteria for cluster priority. Criteria Value Ranking Benefit 0.374 1 Opportunity 0.270 2 Cost 0.154 3 Risk 0.130 4 Inconsistency 0.000 Kendall’s W 0.536 X2 11.262 p-value 0.010** Note: ***significant at 0.01 level; **significant at 0.05 level; *significant at 0.10 level. 647 Edelweiss Applied Science and Technology ISSN: 2576-8484 Vol. 8, No. 4: 620-655, 2024 DOI: 10.55214/25768484.v8i4.1440 © 2024 by the author; licensee Learning Gate Priority of sub-elements in each BOCR criteria Table 8. Benefit sub-network priority. Criteria Value Ranking Increasing factors of production 0.192 3 Increasing output 0.263 2 Reducing poverty 0.175 4 More optimised waqf management 0.319 1 Inconsistency 0.009*** Kendall’s W 0.145 X2 3.050 p-value 0.384 Note: ***significant at 0.01 level; **significant at 0.05 level; *significant at 0.10 level . Table 9. Opportunity sub-network priority. Criteria Value Ranking Enormous potential of waqf assets 0.291 1 High level of Muslims/donors religiosity 0.211 3 Development of digitalisation 0.167 4 Large Muslim population 0.258 2 Inconsistency 0.010*** Kendall’s W 0.165 X2 3.462 p-value 0.326 Note: ***significant at 0.01 level; **significant at 0.05 level; *significant at 0.10 level. Table 10. Cost sub-network priority. Criteria Value Ranking High investment cost 0.270 2 High investment cost 0.303 1 High cost of nazhir development 0.222 3 High legal cost 0.135 4 Inconsistency 0.009*** Kendall’s W 0.349 X2 7.324 p-value 0.062 Note: ***significant at 0.01 level; **significant at 0.05 level; *significant at 0.10 level. 648 Edelweiss Applied Science and Technology ISSN: 2576-8484 Vol. 8, No. 4: 620-655, 2024 DOI: 10.55214/25768484.v8i4.1440 © 2024 by the author; licensee Learning Gate Table 11. Risk sub-network priority. Criteria Value Ranking Inadequate legal foundation 0.166 4 Unprofessional management 0.231 2 Unstable economic conditions 0.174 3 Low waqf literacy 0.288 1 Inconsistency 0.009*** Kendall’s W 0.112 X2 2.354 p-value 0.502 Note: ***significant at 0.01 level; **significant at 0.05 level; *significant at 0.10 level. Appendix 2. Meta-analysis results Table 12. Summary of research for meta-analysis. Variable No Author Year N r Utilisation of social funds 1 Putri and Prahesti [68] 2017 36 0.396 2 Soekamto [69] 2019 33 0.271 3 Tanjung [70] 2019 32 0.318 4 Efendi and Ardhiastuti [71] 2020 47 0.593 5 Rahayu and Anwar [72] 2021 31 0.638 6 Kausar [73] 2022 71 0.722 7 SN, et al. [74] 2022 40 0.450 8 Apriliani and Pradana [75] 2022 38 0.729 9 Ghifar and Prestianawati [76] 2023 30 0.247 10 Ramadhanti and Suryaningsih [77] 2023 30 0.659 Table 13. Heterogenity test. Estimate τ² 0.040 τ 0.201 I² (%) 58.754 H² 2.424 Table 14. Regression test for funnel plot asymmetry (Egger’s Test). z p sei -1.896 0.058 649 Edelweiss Applied Science and Technology ISSN: 2576-8484 Vol. 8, No. 4: 620-655, 2024 DOI: 10.55214/25768484.v8i4.1440 © 2024 by the author; licensee Learning Gate Appendix 3. BOCR Analysis of each Integration Models of Islamic Social and Commercial Finance Note: B1 = Increasing factors of production C1 = High investment cost B2 = Increasing output C2 = High operational cost B3 = Reducing poverty C3 = High cost of nazhir development B4 = More optimised waqf management C4 = High legal cost O1 = Enormous potential of waqf assets R1 = Inadequate legal foundation O2 = High level of Muslim/donors religiosity R2 = Unprofessional management O3 = Development digitalization R3 = Unstable economic conditions O4 = Large Muslim population R4 = Low waqf literacy Table 15. Islamic banks as a way to leverage funds for waqf. Islamic banks as a way to leverage funds for waqf Score B en ef it s B1 It acts as an LKS-PWU (Sharia Financial Institution-Recipient of Cash Waqf) that is able to increase production factors in the form of capital [5]. +1 B2 Waqf funds that are managed and designated for various projects have the potential to produce outputs such as public facilities that are beneficial for the people [78]. +1 B3 The Islamic Banking Law mandates Islamic banks to carry out social functions such as receiving funds from waqf or other social funds to help the poor and people in need [79]. +1 B4 Islamic banks are able to optimise waqf management and utilise funds for waqf purposes [80]. +1 O p p o rt u n it ie s O1 Islamic banks, as intermediary institutions (able to receive waqf fund deposits), have considerable asset potential [49]. +1 O2 A survey conducted by the Pew Research Center [81] shows that Indonesia has the highest level of religiosity, which affects the high potential of waqf collection [82]. +1 O3 The digitalisation aspect can be a considerable opportunity in the collection and management of waqf funds [83], although certain digital platforms are still centralised, which has the risk of data hacking. +0.75 O4 Indonesia is a country with the largest Muslim population in the world, which has the potential to gain substantial waqf fund revenue [84]. +1 C o st s C1 The high potential of waqf assets can be utilised in the calculation of economies of scale, where relative costs are divided by a large number of assets so that the investment cost per unit can be lower. -0.5 C2 The high operating costs of Islamic banks are partly due to the absence of cost standards for different types of businesses. -1 C3 This cost can be influenced by the need for nazhirs to manage waqf based on modern business management that is not only socially oriented but also profit-oriented in order to reduce operational expenses. -1 C4 The regulatory framework for Islamic banking in Indonesia is quite complex, but aims to ensure that waqf funds are managed in accordance with sharia principles. -0.75 R is k s R1 The legal foundation of Islamic banks is still in the expansion stage. But currently, the Financial Sector Development and Strengthening Law (PPSK Law) has been passed to strengthen Islamic banks as nazhir [85]. -0.75 R2 Islamic banks have implemented the principles of Good Corporate Governance (GCG) to minimise the risk of unprofessional management [86]. -0.5 650 Edelweiss Applied Science and Technology ISSN: 2576-8484 Vol. 8, No. 4: 620-655, 2024 DOI: 10.55214/25768484.v8i4.1440 © 2024 by the author; licensee Learning Gate R3 The Indonesian Minister of Finance considers that Islamic banks are better able to withstand economic crises and shocks compared to conventional banks [87]. -0.5 R4 Public understanding of Islamic financial services and products is still low, including waqf products [88]. So that it can lead to low interest in waqf. -1 Total +1.75 Table 16. Islamic banks financing waqf projects. Islamic banks financing waqf projects Score B en ef it s B1 Islamic banks can provide flexible financing mechanisms [89], but there are still people who find it difficult to access this financing. +0.75 B2 Islamic banks provide waqf-based financing for projects that can produce outputs such as useful public facilities [78]. +1 B3 Islamic banks can offer financing facilities for waqf projects that can promote economic growth and reduce poverty [90]. +1 B4 Islamic banks can offer various financial services to waqf institutions for more optimised management [90]. +1 O p p o rt u n it ie s O1 Islamic banks have considerable asset potential, which can be channelled to finance various waqf projects [49]. +1 O2 A survey conducted by Pew the Research Center [81] shows that Indonesia has the highest level of religiosity, which has a significant effect on the decision to donate [82]. +1 O3 The digitalisation aspect can be a considerable opportunity in the distribution of waqf funds, but most are still centralised and at risk of data hacking. +0.75 O4 Indonesia is a country with the largest Muslim population in the world, which has considerable potential for waqf [84]. +1 C o st s C1 The distribution of waqf funds is constrained by investment costs that are influenced by market conditions, but the orientation of Islamic banks prioritises social goals that lead to lower-cost policies [91]. -0.5 C2 The high operating costs of Islamic banks are partly due to the absence of cost standards for different types of businesses [92]. -1 C3 This cost can be influenced by the need for nazhirs to manage waqf based on modern business management that is not only socially oriented but also profit-oriented in order to reduce operational expenses [93]. -1 C4 The regulatory framework for Islamic banks in Indonesia is quite complex, but aims to ensure that waqf funds are channelled in accordance with sharia principles. -0.75 R is k s R1 The legal foundation of Islamic banking is still in the expansion stage. However, OJK will provide a regulatory framework to improve the development of Islamic banking products [94]. -0.75 R2 Islamic banks have implemented the principles of Good Corporate Governance (GCG) to minimise the risk of unprofessional management [86]. -0.5 R3 The Indonesian Minister of Finance considers that Islamic banks are better able to withstand economic crises and shocks compared to conventional banks [87]. -0.5 R4 Public understanding of Islamic financial services and products is still low, -1 651 Edelweiss Applied Science and Technology ISSN: 2576-8484 Vol. 8, No. 4: 620-655, 2024 DOI: 10.55214/25768484.v8i4.1440 © 2024 by the author; licensee Learning Gate including waqf products [88]. So that it can lead to low interest in waqf. Total +1.5 Table 17. Sukuk issuances for waqf projects financing. Sukuk issuances for waqf projects financing Score B en ef it s B1 Sukuk issuance is useful in providing funding for large-scale projects required by the government [95]. +1 B2 Sukuk issuance is beneficial in increasing output through infrastructure development, procurement of equipment and machinery, financing of various sectors, etc. [96]. +1 B3 Sukuk funding for social infrastructure projects such as schools, hospitals, and community centres play a role in alleviating poverty through improved access to education, health, etc [97]. +1 B4 The issuance of sukuk can optimise waqf management through the distribution of more stable financing for waqf projects, which can provide sustainable benefits [98]. +1 O p p o rt u n it ie s O1 The large potential of waqf assets in sukuk issuance can also be allocated for infrastructure needs, thus providing significant financial benefits for the issuer [99]. +1 O2 A survey conducted by the Pew Research Center [81] shows that Indonesia has the highest level of religiosity, which has a significant effect on waqf decisions [82]. +1 O3 Digitalisation in the Islamic finance industry (including sukuk) has more significant opportunities for solving the problems of financial inclusion and lack of legislation [100]. +1 O4 Indonesia is a country with the largest Muslim population in the world, which has considerable potential for waqf [84]. +1 C o st s C1 The high cost of investment is partly due to double taxation, even though investors view sukuk as not worthy of taxation because it is considered a pay- on-paper transaction [101]. -1 C2 Operating costs on sukuk can include administrative costs, structuring costs, and the initial issuance of sukuk, which tend to be higher compared to standard securities [102]. -1 C3 The issuance of sukuk requires high costs in the process of nazhir development. However, this is considered a long-term investment because the presence of competent managers can increase investor confidence and trust [103]. -0.5 C4 The high legal costs of sukuk issuance are due to the need to harmonise the legal framework with sharia principles and resolve legal issues that are not in accordance with sharia standards [104]. -1 R is k s R1 The legal framework that accommodates the Islamic financial system is still very lacking, so market participants choose to wait for certainty from the government [105]. This can ultimately hinder the development of sukuk issuance. -1 R2 Unprofessional management can result in decreased investor confidence, increased risk of default (inability to repay sukuk principal) [106]. -1 R3 Macroeconomic stability conditions have a significant influence on sukuk [107]. In this case, unstable economic conditions can affect the decline in -1 652 Edelweiss Applied Science and Technology ISSN: 2576-8484 Vol. 8, No. 4: 620-655, 2024 DOI: 10.55214/25768484.v8i4.1440 © 2024 by the author; licensee Learning Gate sukuk value. R4 Public awareness and knowledge about sukuk waqf are still quite low [108], thus affecting the low interest of corporations in investing in sukuk [109]. -1 Total +0.5 Table 18. Zakat and waqf institutions as guarantors. Zakat and waqf institutions as guarantors Score B en ef it s B1 Productive zakat and waqf programmes are able to provide assistance and support in the form of business capital for gharimin [110]. +1 B2 Zakat and waqf institutions are able to improve the welfare of gharimin [111]. +1 B3 Providing assistance to gharimin is able to provide relief so that, in the end, it can alleviate the problem of poverty [110]. +1 B4 Optimisation is done through effective governance and distribution strategies. However, based on the BAZNAS report (2019), the distribution of zakat to gharimin is still very lacking. +0.25 O p p o rt u n it ie s O1 Zakat and waqf institutions have great asset potential because they are responsible for managing the assets given by donors, although the realisation is still very minimal [113]s. +0.75 O2 A survey conducted by the Pew Research Center [81] shows that Indonesia has the highest level of religiosity, which has a significant effect on zakat and waqf decisions [82]. +1 O3 There is considerable opportunity in the application of digitalisation systems to further simplify the process of collecting and distributing zakat and waqf funds to gharimin [114], although most are still centralised. +0.75 O4 Indonesia is a country with the largest Muslim population in the world, which has considerable potential for waqf and zakat [84]. +1 C o st s C1 This high cost can be influenced by the complex needs of gharimin, such as requiring long-term assistance and comprehensive assistance covering various aspects of life [115]. -1 C2 These costs can be caused by high salaries for administrators [116], low assistance from the government [117], the scale and complexity of the institution, etc. -1 C3 These costs may include training costs to develop the technical, personal, and psychological skills of the nazhir to be able to manage and distribute funds as intended, especially for gharimin [118]. -1 C4 The substantial expenses may arise due to reasons like lack of familiarity with legal stipulations [119], conflicts with external parties, administrative errors, and so forth. -1 R is k s R1 The absence of legal protection of zakat and waqf assets is a major factor in the absence of new zakat and waqf institutions to assist gharimin [120]. -1 R2 Unprofessional management of zakat and waqf funds, such as a lack of transparency in conducting financial reporting, will affect the lack of trust of muzaki/waqif [121], so that the distribution of gharimin will be hampered. -1 R3 This risk can lead to a decrease in donation income, an increase in the number of gharimin, difficulties in fund management, etc. However, the level of public awareness of giving zakat is relatively stable despite unstable economic conditions [112]. -0.75 653 Edelweiss Applied Science and Technology ISSN: 2576-8484 Vol. 8, No. 4: 620-655, 2024 DOI: 10.55214/25768484.v8i4.1440 © 2024 by the author; licensee Learning Gate R4 The waqf and zakat literacy index in Indonesia is still classified as low and medium, which can have an impact on the lack of public awareness and participation [121]. -1 Total -1 Table 19. Awqaf properties investment fund (APIF). Awqaf Properties Investment Fund (APIF) Score B en ef it s B1 APIF acts as a provider of funds to build commercial and residential assets, expand employment opportunities, and lead to social and economic utilisation [122]. +1 B2 The funding channelled by APIF is able to produce optimal outputs in terms of increased welfare, profit and wealth, education, etc. [122]. +1 B3 APIF is beneficial in alleviating the poverty problems of Muslim communities in both IsDB member and non-member countries through improving education, skills, and so on [122]. +1 B4 APIF optimises financial management for beneficiaries [122] and also asset management through the development of waqf real estate properties, but the high cost of initial funding means that projects in Indonesia are not yet covered by APIF [123]. +0.75 O p p o rt u n it ie s O1 The large potential of waqf assets can help decentralise decision-making, financing, and implementation of development in APIF [122]. +1 O2 A survey conducted by the Pew Research Center [81] shows that Indonesia has the highest level of religiosity, which has a significant effect on the decision to donate [82]. +1 O3 The use of digital platforms at APIF has the potential to improve quality, oversight, and transparency, for example, in terms of knowing the distribution of projects [122]. +1 O4 Indonesia is a country with the largest Muslim population in the world, which has considerable potential for waqf [84]. +1 C o st s C1 APIF has high investment cost constraints, requiring a minimum APIF project value of US$5 million and a minimum contribution from the nazhir of 25% of the project value [122]. -1 C2 APIF's high operational costs are partly due to technical assistance grants channelled to beneficiaries as well as the provision of operational costs after project completion [122]. -1 C3 APIF considers the requirements set by the waqif regarding the use of waqf assets by the nazhir, so that the nazhir is required to be professional and superior to the nazhir in traditional waqf practices [122]. -1 C4 APIF emphasises control and supervisory functions. This includes internal and external controls as well as shariah compliance controls, and therefore has high legal costs [122]. -1 R is k s R1 APIF receives support from the IsDB, which acts as a mudharib (manager and custodian of APIF) in legal procurement and KYC implementation from the beginning [122] minimising the risk of misuse of funds due to a weak regulatory framework. -0.25 R2 APIF has a strict governance structure and oversight of waqf, selecting appropriate investment formulas and emphasising the achievement of waqf objectives so as to minimise the risk of losing the rights of waqf beneficiaries -0.25 654 Edelweiss Applied Science and Technology ISSN: 2576-8484 Vol. 8, No. 4: 620-655, 2024 DOI: 10.55214/25768484.v8i4.1440 © 2024 by the author; licensee Learning Gate [122]. R3 This risk may lead to a decline in property prices, demand, currency exchange rates (as in the case of Towfiq Trust), revenues, and profits from property assets managed by APIF [124]. -1 R4 Lack of understanding and awareness of the concept and benefits of APIF has resulted in low public interest in participating in APIF investments [122]. -1 Total +1.25 Table 20. Cash waqf microenterprise investment. Cash waqf microenterprise investment Score B en ef it s B1 It is useful in providing factors of production in the form of alternative sources of financing for microenterprises. By utilising cash waqf financing, SMEs can expand their businesses through partnerships with Cash Waqf Institutions (CWIs) [125]. +1 B2 It can increase output in the form of skill and capacity development, quality improvement, product diversification, and the creation of new jobs [126]. +1 B3 Business capital provided to microenterprise actors can encourage business development and reduce dependence on social assistance [127], so that it can lead to a level of welfare. +1 B4 This model is intended as a form of productive waqf empowerment that is considered more optimal than the distribution of consumptive waqf [128], but is still constrained by the lack of supporting infrastructure, funding, human resources, technology, etc. [129]. +0.5 O p p o rt u n it ie s O1 The enormous potential of waqf assets can support community empowerment and build productive businesses [130]. +1 O2 A survey conducted by the Pew Research Center [81] shows that Indonesia has the highest level of religiosity, which has a significant effect on waqf decisions [82]. +1 O3 The development of digitalisation has the potential to encourage the expansion of microenterprises [131], as well as being a challenge for business actors who do not understand technology and only focus on traditional production activities [132]. +0.5 O4 Indonesia is a country with the largest Muslim population in the world, which has considerable potential for waqf [84]. +1 C o st s C1 This model uses a musharakah mutanaqisah contract so that the investment costs incurred by microenterprises can be lower because they are also covered by CWI [129]. -0.5 C2 The elevated operational expenditures are impacted by the comparatively smaller scale of assets, which in turn affects the limited business efficiency [133]. -1 C3 Nazhirs are obliged to manage waqf assets to assist microenterprise development, so nazhirs must have good skills [134]. Therefore, high costs are required to support the improvement of nazhir quality. -1 C4 High legal costs cause many microenterprises in Indonesia not to have a clear legal entit, do not have a business license, and have difficulty obtaining permits [135]. -1 R i sk s R1 Inadequate legal foundation is one of the main factors that can hinder microenterprises from accessing external financing [36]. -1 655 Edelweiss Applied Science and Technology ISSN: 2576-8484 Vol. 8, No. 4: 620-655, 2024 DOI: 10.55214/25768484.v8i4.1440 © 2024 by the author; licensee Learning Gate R2 Lack of management skills can reduce the competitiveness of microenterprises in a global context [136]. It can also lead to asset misappropriation ,[33], hindering microenterprise growth. -1 R3 Economic instability can affect investor interest and bad credit, which can threaten the sustainability of microenterprises [137]. -1 R4 Literacy on cash waqf among Muslims is still limited due to traditional perceptions [138], which can hinder growth and cause losses in microenterprise investments. -1 Total -0.5