Hamdard Islamicus Vol. XLVIII, No.2 101 MODEL OF PRODUCTIVE WAQF POLICY GOVERNANCE FOR SUSTAINABLE ECONOMIC DEVELOPMENT: A PESTEL ANALYSIS APPROACH AFNI REGITA CAHYANI MUIS Department of International Relations, University of Darussalam Gontor, Indonesia. Email: afniregita@unida.gontor.ac.id DR. SYAMSURI, M. SH Department of Islamic Economic Law, University of Darussalam Gontor, Indonesia. Email: syamsuri@unida.gontor.ac.id DR. MOHAMMAD TAQIUDDIN Department of Syariah and Economics, University of Malaya, Malaysia. Email: m.taqiuddin@um.edu.my Accepted on: 13-02-25 Received on: 10-10-24 https://doi.org/10.57144/hi.v48i2.1190 Abstract This research explores the emerging role of productive Waqf as a pivotal alternative to the economic sector. Focusing on Indonesia and Malaysia as the huge potential for improving the Sharī‘ah economy, Waqf is of paramount importance in developing the financial system. Both countries have distinctive characteristics and policies governing the Waqf, albeit they have not yet maximized productive Waqf as the path to building a mechanism for a sustainable economy. Thus, the research aims to delineate the challenges and opportunities inherent in developing asset empowerment as productive Waqf. It employs a qualitative- exploratory approach and proposes a governance model for productive Waqf policies with ATLAS application. The primary data was retrieved through expert-led interviews involving academics and practitioners, including the Department of Sharī‘ah and Economics at the University of Malaya and the Division of Nazir Development and Waqf Management at the Indonesian Waqf mailto:afniregita@unida.gontor.ac.id mailto:syamsuri@unida.gontor.ac.id mailto:m.taqiuddin@um.edu.my https://doi.org/10.57144/hi.v48i2.1190 102 Model of Productive Waqf … Board. The research comprehensively maps the characteristics of both countries in managing Waqf policies encompassing government, bureaucracy, legal systems, social and economic conditions, and environmental and technological factors. This research uses PESTEL (Political, Economic, Social, Technology, Environment, and Law) and SWOT (Strength, Weakness, Opportunity, and Threat) analysis. The research finds that the productive Waqf is an effective governing policy model and a strategic pathway for every country to achieve sustainable economic development. Keywords: Model Governance Policy, Indonesia-Malaysia, Productive Waqf, Sustainable Economic Development, PESTEL Analysis. Introduction ‘Sustainability’ is a buzzword that is currently being discussed. The concepts of sustainability and sustainable development are being promoted and popularized by various countries 1 . The aspect of sustainability, especially in terms of development (or so-called sustainable development), is emphasized as a form of preventive effort to create inclusive development2. The effort was initiated to fulfill current development needs without compromising future generations3. As is currently being promoted, the Sustainable Development Goals (SDGs) agenda. It includes the importance of sustainable economic development. Sustainable economic development is a process of improving people's welfare through the careful use of resources4. Factors to consider are generally the direction of investment, institutional reform, social equity, sustainability of the economic program, and the environment. Interestingly, Waqf is one of the instruments that can be addressed to achieve sustainable economic development. The enormous potential of Waqf can enhance sustainable development goals, especially socio-economic development5. As part of Islamic financial instruments, Waqf has a functional relationship in alleviating socio-economic problems. As well as economic empowerment6, improvement of human resources, and even poverty alleviation 7 . The direction of Waqf development has now led to sustainable economics based on environmental values. Such as Waqf forest, cash Waqf link sukËk, agricultural Waqf, and insurance Waqf8. In the other evidence, Waqf has been a strategic alternative to the Islamic financial system9. Generally, Waqf contributes as capital to build infrastructures for public facilities. Moreover, Waqf could also be developed as a financial mechanism since productive Waqf becomes the strategic path to creating a sustainable economy. The potential Waqf for a country is greatly influenced by Muslim Hamdard Islamicus Vol. XLVIII, No.2 103 existence10. For example, Indonesia, as the largest Muslim populous country, would foster the practice of Waqf11. Furthermore, the scheme of productive Waqf can be used as an effective solution in dealing with economic instability through debt or credit from the government. Malaysia has implemented such a mechanism. Malaysia's GDP ratio reached 54.47% and was allocated to the developing economic sector. It is firmly believed that providing credit embedded with Sharī‘ah values through a productive Waqf is a strategic mechanism12. This phenomenon is also adopted by Indonesia, a country that has the most significant Waqf assets, including a 440.512.89-ha land-based productive Waqf consisting of 73% of religious facilities, 13.3% of educational facilities whilst the rest is for social purposes13. From a productive Waqf perspective, the empowerment of existing productive Waqf has contributed to a GDP of 19.4 %, with a value of up to Rp 985.01 billion per month14. However, both countries are still unable to optimize their productive Waqf potential due to the unintegrated and ineffective governing policy. Various previous studies have also revealed that governance policy is still a problem in Waqf development. Waqf's development governance policy needs to be improved15. In general, the problem of Waqf governance policy is about Waqf management16, human resources17, regulation of Waqf rules that are not yet known to the public18, and synergy by institutional roles19. These problems hamper the development of Waqf assets for the achievement of sustainable development programs. Whereas its development potential is enormous. If a country realizes that it has great potential for productive Waqf, then the government and its people should utilize it to develop the national economy. Through an effective managerial system, the productive Waqf will strengthen economic development20 and boost the society’s welfare at large21. Hence, Nazir at Waqf institutions could improve their Waqf knowledge and skills through benchmarking against other Waqf institutions, which have consistently implemented Waqf and training and mentoring throughout the business process22. This issue persists as a significant challenge to the productive development of Waqf in both countries. One of the essential pillars empowering productive Waqf is the involvement of stakeholders in its implementation. If a productive Waqf is community-oriented, then the mechanism for cooperation between some parties by implementing the potential of each actor becomes important23. The government must bail out the productive Waqf and strengthen the mechanism by socializing it to the community24 to increase economic resilience amidst global economic 104 Model of Productive Waqf … uncertainty 25 . Since Waqf regulation is universal, it can be collaborative and transformative to expand the scope of existing benefits26. Therefore, this research evaluates the state of the art from the implementation of Waqf in Indonesia and Malaysia. The integration of productive Waqf governing policy with other sectors is of paramount critical for sustainable economic development. Thus, the research aims to answer how to create a model of productive Waqf governance as a mechanism for sustainable economic development. This research adopts a PESTEL analysis approach. The PESTEL approach is employed to identify macroeconomic factors that have an impact on the organization27 . In this case, a PESTEL analysis is utilized to evaluate the significance of productive Waqf policy models from a multitude of interrelated perspectives, including political, economic, social, technological, environmental, and legal. The objective of this research is to provide recommendations regarding policies for productive Waqf development in both countries. Literature Review Sustainable economic development has been the concept of achieving Sustainable Development Goals (SDGs) since the 1970s. Edward Barbier argues that the idea of sustainable economic development is historically derived from the attempt to revise the economic development consensus into a 'basic needs strategy,' including 'environmentally sustainable over the long-term, which is consistent with social values and institutions, and to encourage 'grassroots' participation in the development process.' These two articles demonstrate that the need for deep-rooted resilience efforts, consistent development, and the significance of the environment is imperative for sustainable economic development28. Sustainable development is central to development agendas, policies, and schemes, including the promotion of human well-being. It has become the framework for international development programs of the SDGs. The success of SDGs depends on the contribution of the philanthropic sector, both private and public. Philanthropy has a significant and indispensable role in sustainable development when it comes to the potential and significance of Waqf as the third sector of the Islamic economy. Waqf has become an important financial instrument in Sharī‘ah and development-based institutions29. It is to achieve the SDGs agendas of goal 1, 'End poverty in all its forms everywhere'; goal 8 'promote sustained, inclusive and sustainable economic growth, full and productive employment and decent work for all'; goal 9 'Build resilient infrastructure, promote inclusive and sustainable industrialization and foster innovation'; and goal 16 'Promote peaceful and inclusive societies for sustainable Hamdard Islamicus Vol. XLVIII, No.2 105 development, provide access to justice for all and build effective, accountable and inclusive institutions at all levels'30. In particular, evidence indicates that Waqf instruments are capable of facilitating and achieving sustainable development. As Waqf implementation is to achieve sustainable development, Abdullah describes the central theme of the so-called global Waqf goals framework, which consists of qualitative, quantitative, financial, institutional, Waqf-based developments that align with Maqāṣid Sharī‘ah and SDGs, religious or spiritual development, and emergency relief goals 31 . In the context of sustainable economic development, previous literature has also revealed that productive Waqf plays an important role in alleviating socio-economic problems 32 , and has even led to the resolution of environmental problems. In the context of productive Waqf, the conceptualization of sustainable development lies in the value and benefits of continuous production. It is not only aimed at welfare but also at increasing and expanding Waqf assets33. This creates sustainable Waqf assets through the sustainability of the Waqf property, growing productivity, and continuous benefits. Waqf, as an instrument of sustainable development, also encourages the process of transformation from a less successful situation into a productive and profitable condition. Thus, the development of Waqf assets can be seen through the increase of productive properties which provide sustainable benefits34. Fauziah argues that productive Waqf can provide a solution to the financial challenges faced by social enterprises and this represents a significant opportunity for the achievement of Sustainable Development Goals (SDGs)35. This is supported by Ali and Kassim who stated that several SDGs can be supported by the development of productive Waqf36. The current Waqf management must keep up with the times and the economy to realize the SDGs37. Habibullah, Kassim, and Sharofiddin also mentioned that Waqf is a poverty alleviation solution tool that has a major role in economic growth and development that contributes to the improvement of society and the achievement of SDGs38. Furthermore, Tamimah also referred to the fact that proper management of productive Waqf can help reduce economic inequality and the institution can become a reference for achieving SDGs39. Furthermore, the practice of Waqf in terms of Islamic cultures, traditions, and religious practices is varied across countries. A wealthy nation can strengthen and support Waqf practices and establish a legal framework for the development of Waqf policy 106 Model of Productive Waqf … governance in its country40. For Muslim populous countries, Waqf can be an instrument of social and financial systems and strengthen macroeconomic development 41 . The authors agree that Waqf significantly contributes to both the country’s micro and macro- economic development. Besides economic advantages, Waqf can also be a solution to addressing the country’s social issues. Nevertheless, the managerial aspect of Waqf to facilitate sustainable economic development continues to present a challenge42. The integrated Sharī‘ah-based financial system represents an effective solution to support a country’s economic development process. The implementation of such an integrated system can be done through the Islamic Social Finance (ISF) mechanism, yet it requires a thorough and comprehensive management and distribution process to succeed in achieving sustainable economic development43. The integrated management aims to strengthen the parties involved and gain benefits from Waqf practices. Through this process, the value of inclusiveness, which involves and provides benefits to many parties is achievable. While many observers believe that various stakeholders are involved in the mechanism of Waqf management and distribution, Sukmana argues that the government, as the leading party that plays a significant role in initiating the discussions on the establishment of Waqf integration model, must be actively involved in such a discourse 44 . The authors agree that the government remains the leading actor in determining Waqf policies in a country. There has been considerable development in Waqf practices in the past few years, which involved both non-state actors and external parties. Thus, governments should consider updating Waqf governance mechanisms and models to adapt to the needs and problems faced over time. Several previous research results illustrate the importance of sustainable economic development. This includes the role of Waqf, which so far has supported the achievement of sustainable development. Especially in the area of socio-economic and environmental alleviation. Nevertheless, a significant issue persists within the framework of Waqf management policy. This issue is not exclusive to a particular country; rather, it is a challenge that is faced across a range of nations. Thus far, alternative solutions have only considered the integration of Islamic social finance instruments. This research seeks to answer the challenges of previous research by providing an alternative model of productive Waqf governance policy for sustainable economic development. This research novelty addresses the issues of Waqf governance policy in Indonesia and Malaysia, utilizing a PESTEL analysis approach. Hamdard Islamicus Vol. XLVIII, No.2 107 Methodology This research utilized a qualitative exploratory approach to facilitate a more comprehensive analysis of the data and knowledge related to productive Waqf in Indonesia and Malaysia. This study utilizes both primary and secondary data to examine the primary assertion regarding productive Waqf in both countries. This is achieved through the use of FGD (Focus Group Discussion), employing an uncontrolled quota sampling technique with experts and practitioners in the field of Waqf. The FGD involves the Department of Sharī'ah and Economics and Department of Business and Economics University of Malaya, and the Division of Nazhir Development and Wakif Management, the Indonesian Waqf Board (BWI). The secondary data is collected through several works of literature, including books on Waqf obtained from the International Islamic University Malaysia, contemporary journal articles, government and international organization reports, and official websites. This research used discourse and narrative analysis methods using Atlas.ti software to help codify and categorize data from FGDs. The results of Atlas.ti's visualization of analysis images can help researchers interpret the data easily45. The data is analyzed to identify the Strengths, Weaknesses, Opportunities, and Threats (SWOT analysis) of both countries. The authors then mapped the productive Waqf mechanism by using PESTEL (Political, Economy, Social, Technology, Environment, and Legal) analysis. The final result of the analysis is a mapping of productive Waqf models for sustainable economic development. Result and Analysis Indonesia's Productive Waqf Policy Governance The implementation of Waqf in Indonesia has been comprehensive. It has been regulated under Waqf Law Number 41 of 2006 concerning Waqf and Government Regulation Number 42 of 2006, in conjunction with Government Regulation Number 25 of 201846. The Waqf areas regulated under the President’s Decision on Waqf include the main activities of receiving, safeguarding, managing, developing, distributing, and reporting Waqf assets. In addition, the decree of the Ministry of Religious Affairs through the Indonesian Waqf Board and regulations of the Ministry of Agrarian Affairs and Spatial Planning and National Development Planning Agency also support Waqf implementation in Indonesia47. In implementing Waqf governance, there was a collaboration establishing Waqf Core Principles (WCP) among stakeholders, including the Indonesian Waqf Board, Ministry of Religious Affairs, and Indonesia Central Bank48. The principles of Waqf governance are 108 Model of Productive Waqf … regulated in five main areas: (1) Legal foundation, (2) Waqf supervision, (3) Good Waqf governance for Nazir, (4) Risk Management, and (5) Sharī‘ah governance. There are 29 principles in the five main areas of the WCP. The WCP is a reference document for policymakers measuring the management of Waqf in legal or governmental systems. Furthermore, it is also considered an adjustable policy-making guidelines49. Good governance of productive Waqf policy is critical following the operational complexity of Nazir entities in Indonesia. Currently, the mobilization of Waqf assets is varied ranging from immovable Waqf properties, such as land, to movable ones, including money, stocks, sukËk, insurance policy, and Intellectual Property Rights (IPR). Nonetheless, Nazir should mobilize the increasingly diverged Waqf assets productively. Waqf assets can be developed through indirect investments, such as Sharī‘ah-based instruments of Sukuk, deposits, mutual funds, and stocks. Whereas Waqf management in the real sector can be optimized by investors through direct investment of cash Waqf. The Ministry of Religious Affairs has initiated several programs to develop productive Waqf, including the productive Waqf incubator policy. This program aimed at increasing the utilization of the Islamic economy, cultivating the improvement of productive and high economic value Waqf revenues, such as Waqf land50. In Article 22 of Waqf Law No. 41 of 2004 concerning Waqf, the designation of Waqf assets has been explained into five main objectives; (1) Religious facilities and activities, (2) Educational and health facilities and activities, (3) Assistance to people experiencing poverty, neglected children, orphans, and scholarships, (4) Progress and improvement of the people's economy, and (5) Advancement of other general welfare that does not conflict with Sharī‘ah and statutory regulations51. During 2020-2023, the Ministry of Religious Affairs implemented a productive Waqf incubation program for 27 productive Waqf land locations52. One of the assistants provided to Nazir in this program is capital and business competence. Some productive Waqf program initiatives that have been successful are mini markets; the construction of workshops involving Islamic boarding school students; fish cultivation; chili and corn plantations; oil palm, coffee, goat, and sheep farming; and other forms of productive business. The distribution of incubator program locations also covers Indonesia. The implementation of productive Waqf policy governance is challenging. The low level of readiness of Nazir and stakeholders to Hamdard Islamicus Vol. XLVIII, No.2 109 face the problems of low Waqf literacy, low access to financial capital sources, imperfect data collection, and reporting infrastructure with regulatory harmonization and institutional remain overlap. Specifically, for the results of the 2021 National Waqf index measurement conducted by the Indonesian Waqf Agency in 34 Provinces of Indonesia, the national judiciary index number was 0.139 in the Poor Category53. One of the Indonesian Waqf Board's (BWI) efforts to maximize the implementation of Waqf governance, which has been initiated with stakeholders, is the Nazir certification program. The establishment of the BWI Professional Certification Institute and the BWI Education and Training Institute must be included in the publication of the Indonesian National Work Competency Standards (SKKNI) No. 47 of 2021 in the field of Waqf management. SKKNI in the field of Waqf management has 37 performance criteria 54 . The LSP BWI is currently testing 10 certification schemes at the planner and implementer levels. The scheme covers the core activities of Waqf, namely the acceptance, maintenance, management and development, distribution, and financial reporting of Nazir institutions. The Indonesian Waqf Board also encourages the optimization of Nazir governance arrangements and institutions by encouraging the implementation of Accounting Standards Guideline 112 to record Waqf assets, the preparation of technical notes for WCP, the official statement of MUI DSN regarding Waqf products, including Waqf insurance policy benefits and sukuk linked Waqf, the issuance of SKBG Sarusun provisions by the Ministry of Public Works and Public Housing for the use of Waqf land to build flats for low-income communities, the realization of opportunities for Sharī‘ah banks as cash Waqf for Nazir, and the acceleration of Waqf e-reporting and the Waqf Pledge Deed/Akta Ikrar Wakaf. Waqf Policy Governance as an Economic System in Malaysia Waqf governance in Malaysia has a different institutional framework from Indonesia, where each region or state (federal) has the authority to develop its policies, and all decisions regarding Waqf policy as state regulations are under the authority of the Sultan as the highest hierarchy55. In that sense, Islamic affairs in federal territory are under the jurisdiction of the federal government. Meanwhile, all matters related to religion and relations in Malaysia are under the jurisdiction of the state, which differs from the federal system56. Institutionally, Malaysia has a dual legal system: Civil law and Sharī‘ah law. Meanwhile, Waqf is covered in Sharī‘ah law, which regulates the wealth of Muslim society, including productive Waqf. Starting with the establishment of Jabatan Waqf, Zakat, and 110 Model of Productive Waqf … Hajj (JAWHAR) in 2004, then in 2008, the Malaysian Waqf Foundation (YWM) was established as a government facility in the commercial aspects of Waqf. This institution identifies underutilized Waqf assets and plans their development in coordination with the State Islamic Religious Council (SIRC) in each state57. Malaysia has 14 SIRCs that have legislation on religious affairs in states under the coordination of the Sultan. Each state is responsible for advising regulators and regulating all Islamic affairs, as regulated in their respective Islamic Laws, including Waqf issues. Waqf policy in Malaysia is seen from two sides, namely philanthropy and economic institutions, which have an essential influence on the socio-economic aspects of society because they provide public goods as well as for individuals 58 . Waqf policy in Malaysia is complementary to the economic policy reforms that shape economic freedom and realize democratization in modern Muslim society. Moreover, it encourages social aspects by increasing individual contributions to economic activities. Selangor, Negeri Sembilan, Melaka, Johor, and Perak have specific Waqf administration and management laws because they place the assembly as the pinnacle of decision-makers who provide direction and decisions related to productive Waqf. Politically, Waqf activities have a vast scope because they are aimed at social welfare. Waqf can strengthen the political position of society to become more independent and independent of government regulations. However, the political atmosphere created is healthier because the government and civil society collaborate to implement Waqf. In other words, Waqf can be of political interest because it empowers charitable activities and community organizations59. Productive Waqf Policy Governance Development Model as a Sustainable Economic Development Mechanism Globally, Waqf still needs assistance with development and good governance. According to Fiqh, the Waqf mechanism is unified and universally applicable, and each country has its own Waqf development policy orientation. This finding is based on the differences in government systems, demographic dynamics, and target orientation. The model for developing productive Waqf policy governance, which is the finding of this study, is the state of the art of Waqf policies in Indonesia and Malaysia in the Political, Economic, Social, Technological, Environmental, and Legal (PESTEL) context. The findings in this study indicate that productive Waqf is still something with great potential, but in terms of implementation, it has yet to reach significant figures. The Hamdard Islamicus Vol. XLVIII, No.2 111 community movement towards productive Waqf still needs to overcome obstacles related to its low literacy level. PRACTIC E INDONESIA MALAYSIA Politics The Waqf development policy is centralized, by the Indonesian Waqf Board Indonesian Waqf Board under the Ministry of Religion Waqf development policies are left to the federal states. Sultan State Islamic Religious Council (SIRC) Jabatan Kemajuan Islam Malaysia (JAKIM) Economy Potential to develop productive Waqf Has the potential to empower productive Waqf Social Involving private philanthropic agents Involving community organizations Technolog y Making social media effective Using systems for administration related to the government Environm ent Encouraging green Waqf projects Encouraging green Waqf projects Legal Regulations and policies under the Indonesian Waqf Board Regulations and policies under SIRC Table 1. State of the Art of Indonesian and Malaysian Waqf Policy with PESTEL Analysis Source: Authors PESTEL Analysis is a six-factor analysis that references both states to create state-of-the-art60. Politically, the best practice between both states was formed because of the different characteristics of the political system and government. Indonesia is a unitary Republican State, while Malaysia is a federal state, so both states have characteristics in policy decision-making. This is relevant to the legal sector (law) because of the existence of bureaucracy and regulation. Economically, the two countries have different levels of economic growth. However, countries with an Islamic majority make the Islamic economic sector an alternative for sustainable economic development. The two countries have different demographic dynamics. However, they are socially based on religious factors because of their suitable concentration for economic development. Meanwhile, Indonesia and Malaysia have tried to take advantage of the development of information technology, such as using barcodes, social media, and applications that facilitate interaction between wakif and mauquf ‘alaih. Hereafter, the development of Waqf in the environmental sector, Green Waqf, is a new project that introduces the contribution of Waqf to maintain 112 Model of Productive Waqf … ecological balance in socio-economic activities toward quality human life 61 . Legally, regulations and policies are instruments that accommodate aspirations and implementation programs for developing productive Waqf. The state of the art is the implementation of achieving universal Waqf goals. Research findings regarding the relationship between Waqf and strategic sectors explain that the orientation of the Waqf policy model is a universal mechanism that applies to all segments of society, including both Muslim and non-Muslim communities. The productive Waqf mechanism, aimed at improving the financial aspects of society, is a way to improve macroeconomic aspects. The importance of Waqf empowerment in the social life of society can be encouraged as a powerful aspect. In this case, the state can be the leading actor in applying Waqf as a state economic policy. Thus, the state of the art can be analyzed by SWOT Analysis, which identifies Strengths, Weaknesses, Opportunities, and Threats from both states with the following details: 1. Strength, the government is still the leading actor, causing productive Waqf policy governance more effectively. 2. Weakness, productive Waqf still needs to be better implemented in both countries equally. 3. Opportunities, research, and development in productive Waqf are concentrating on implementing a Sharī‘ah economy as it recovers. 4. Threat, it is not easy to spread an economy with Islamic values and principles because of the dominance of the conventional economy. According to the evaluation of SWOT, to create an effective Waqf productive environment, the model is created based on PESTEL Analysis as follows: Hamdard Islamicus Vol. XLVIII, No.2 113 Figure 1. Model of Productive Waqf Policy with PESTEL Analysis Source: Authors Figure 2. PESTEL Analysis Integration to ATLAS Application Source: Authors P ro d u ct iv e W a q f P o lic y M o d e l POLITICS Effective upstream and downstream bureaucrats build Good Waqf Governance (GWG) ECONOMY Optimizing the use of Waqf management results for Mauquf 'alaih (Indicators of economic welfare and justice) SOCIAL Empowering community organizations in identifying Mauquf 'alaih TECHNOLOGY Applications that facilitate interaction between wakif and nadzir; and social media as a disseminator of information ENVIRONMENT Green Waqf Mechanism LEGAL Strengthening regulation of productive Waqf development through central and regional government policies 114 Model of Productive Waqf … This model is recommended to make productive Waqf policy governance effective according to the following six factors: 1. Politics. Politics is a core area for creating good governance, which is applied through governance and government policies. Policy governance as an object and the government as a subject becomes power tools in providing macro influence, including facilitators, regulators, and mobilizers to society. The efforts that need to be made is: a) Regulations and Policies: Government policies that support the development of Waqf productive play an essential role. In Indonesia and Malaysia, clear and supportive regulations can encourage public participation and investment in Waqf. For example, the Indonesian Waqf Board and similar institutions in Malaysia play a role in regulating and facilitating Waqf management. b) Political stability: Political stability also affects public and investor confidence in Waqf management. Political uncertainty can hinder public participation in Waqf. 2. Economy. The economy is the core area for realizing a productive Waqf financial mechanism 62 . The mechanisms established by Sharī‘ah apply universally. This also encourages economic diplomacy as a form of expanding productivity and the effectiveness of productive Waqf between countries. The efforts that need to be made are: a) Economic Conditions: Good economic growth can increase public awareness and participation in Waqf. Conversely, poor economic conditions may reduce people's ability to contribute to Waqf. b) Economic Infrastructure: The availability of good infrastructure, such as a supportive banking and financial system, can facilitate the effective management and distribution of Waqf funds. 3. Social. Social welfare is the core field that drives community organizations and is aimed at community welfare as an object in achieving social justice, equitable development, and economic efficiency. The efforts that need to be made are: a) Public Awareness: The level of public awareness about the importance of Waqf and its benefits for social development greatly affects participation. Good education and socialization can increase community participation in Waqf. b) Cultural Values: The culture and values of a society also play a role in Waqf management. In countries with a strong tradition of Waqf, people tend to participate more actively. 4. Technology. Technology is a supporting field or device that facilitates and makes productive Waqf performance more effective, such as digitizing information to facilitate productive Hamdard Islamicus Vol. XLVIII, No.2 115 Waqf practices and research and development activities. The efforts that need to be made are: a) Technological Innovation: The use of technology in Waqf management, such as digital platforms for donations and transparency, can improve efficiency and community participation. Technology can also be used to promote sustainable Waqf projects. b) Technology Accessibility: Access to good information and communication technology is essential to increase community participation in Waqf. 5. Environment. Environment is a supporting field that connects productive Waqf to sustainable development63. The community organizations most likely to mobilize productive Waqf are Islamic boarding schools (Pesantren) and Islamic Organizations (Ormas). The efforts that need to be made are: a) Project Sustainability: Green-based Waqf projects that focus on environmental sustainability, such as organic farming or renewable energy, can provide long-term benefits to society and the environment. b) Environmental Impact: Waqf management should consider the environmental impact of the projects undertaken, to ensure that they do not harm the ecosystem. 6. Legal. Legal is an instrument that contains laws or regulations in decision-making activities, policy governance, and political influence. The efforts that need to be made are: a) Legal Framework: The existence of a clear legal framework that supports Waqf management is essential. Good regulations can provide legal certainty for Nazirs and waqifs. b) Law Enforcement: Effective law enforcement is also important to ensure that Waqf management is conducted in a transparent and accountable manner. According to research findings, the productive Waqf policy governance model forms six factors (PESTEL) as areas that synergize and are integrated. It is therefore crucial for the government and relevant institutions to consider all these factors when formulating Waqf management policies and strategies. This considers the implications of one field and the other. It becomes a conducive climate if it can be harmoniously applied to a policy governance model. If analyzed more deeply, the elements in the PESTEL factor are related to each other: Political and Economic: Government (political) policies that support the development of Waqf can create a better economic climate. For instance, if the government issues regulations that facilitate Waqf management, this can attract more investment and public participation in Waqf, which in turn can boost economic growth. Economic and Social: Good economic conditions can 116 Model of Productive Waqf … increase public awareness and participation in Waqf. When people feel more economically prosperous, they tend to be more willing to contribute to Waqf programs. Conversely, if economic conditions are poor, people may be more focused on their basic needs and less interested in participating in Waqf. Social and Technology: Increased public awareness of Waqf can be encouraged through the use of technology. For instance, digital platforms that facilitate donations and transparency in Waqf management can increase community participation. Conversely, if society does not have access to or understanding of technology, they may not be able to participate effectively in Waqf programs. Technology and the Environment: Technology can be used to develop environmentally sustainable Waqf projects. For example, green technology can be applied in sustainability-focused Waqf projects, such as organic farming or renewable energy. However, if the technology is not applied properly, the projects may not achieve the desired sustainability goals. Legal and Political: A strong and clear legal framework can support government policies in Waqf management. If existing regulations are unsupportive or overly complex, this may hinder the implementation of good policies. Conversely, good policies can encourage regulatory reform to create a more enabling environment for Waqf management. Economy and Law: Economic stability can be affected by legal certainty. If there is legal certainty in Waqf management, investors and the public will have more confidence to participate. Conversely, legal uncertainty can discourage investment and public participation in Waqf, which in turn can affect economic growth. The relationship between these PESTEL factors suggests that productive Waqf management cannot be viewed in isolation, but rather as part of a larger system where each element influences and contributes to the success or failure of productive Waqf development. Therefore, a holistic and integrated approach is required to optimize the potential of productive Waqf in achieving sustainable economic development goals. Conclusions and Recommendations The significance of the productive Waqf policy model is as an alternative financial instrument for a country to achieve sustainable economic development. This research shows that the integration of productive Waqf policies with other sectors is crucial to creating a significant impact on people's welfare. Through PESTEL analysis, this research identifies various factors that influence Waqf development, including political, economic, social, Hamdard Islamicus Vol. XLVIII, No.2 117 technological, environmental, and legal aspects. Examining through PESTEL Analysis, strengthening productive Waqf governance policy is critical for each country to improve its economic quality. Thus, the productive Waqf policy model is an application of the international political economy, which involves either state or non-state actors. The research recommendations resulting from this study include several important points to improve productive Waqf management and support sustainable economic development in Indonesia and Malaysia: a) Improved Policies and Regulations: The government needs to update and develop Waqf-related policies and regulations to ensure that they are relevant to the needs of society and the challenges faced today. This includes improving people's understanding of Waqf and the regulations that govern it. b) Integration of Islamic Social Finance System: The development of an integrated Islamic social finance system is needed to facilitate the effective management and distribution of Waqf. This will assist in achieving sustainable development goals and increase inclusiveness in Waqf practices, c) Stakeholder Engagement: Encourage the involvement of various stakeholders, including the government, private institutions, and the community, in Waqf management. Cooperation between these parties is essential to create an effective and sustainable mechanism. For future research, it is necessary to identify further research to explore the impact of productive Waqf governance policies on economic and social development, as well as to identify best practices that can be adopted in other countries. This is because this research is only limited to the case of Indonesia and Malaysia. 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