Copyright Holder: This Article is Licensed Under: © Rindawati, Wawan, Taufik (2023) Corresponding author’s email: rindawati_maulina@sbm-itb.ac.id International Journal of Emerging Issues in Islamic Studies (IJEIIS), Vol. 3 No. 1 (2023) https://doi.org/10.31098/ijeiis.v3i1.1398 Waqf-Based Entrepreneurship Direct Financing Model: Potential and Challenges Rindawati Maulina*, Wawan Dhewanto, Taufik Faturrahman Institut Teknologi Bandung, Indonesia Received: December 23, 2022 Revised: January 6, 2023 Accepted: June 14, 2023 Online: July 31, 2023 Abstract Continuous effort to strengthen the integration of Islamic commercial finance and Islamic social finance becomes salient. The use of waqf (Islamic endowment) assets for various sectors and infrastructure development, which is supported by technological advancement, can also help the economy recover, particularly in the current economic downturn caused by the Covid-19 pandemic. Unfortunately, waqf-based entrepreneurs who contribute significantly to the sustainability of waqf benefits continue to face significant difficulties in obtaining capital for the development of waqf assets. Based on a review of the existing literature and findings from the case study through in-depth interviews with selected respondents, the study aims to propose a direct financing model for waqf-based entrepreneurs by empowering affluent Muslim potentials through Islamic banks. There are five (5) fundamental criteria considered as strategic for the integration model to successfully empower waqf-based entrepreneurship in Indonesia, namely continuous literacy and education on contemporary waqf, the transformation of regulatory and management transparency, improvement of the professionalism and business capacity of the waqf-based entrepreneurs, synergy, and collaboration among stakeholders, and integrated and reliable infrastructure. Keywords integration of Islamic commercial and social finance, productive waqf, direct financing model, waqf - based entrepreneurship INTRODUCTION The Covid-19 pandemic, which lasted more than two years, caused economic slowing and the emergence of inequalities in economic recovery globally (World Bank, 2021; McKinsey, 2021), one of which is attributed to a decline in income and business closures as a result of increasingly restricted human mobility (GEM, 202; McKinsey, 2021; The World Bank, 2021). With globalization in which all countries are closely related, the lockdown policy that the Chinese Government pioneered to suppress the spread of the virus quickly harmed the wheels of the economies of other countries with a high dependence on various products from China. Other mobilization restriction policies, such as travel bans that are increasingly widespread in multiple countries, also disrupt the supply chain and shut down the tourism industry globally, creating mass unemployment (Ali and Alharbi, 2020; Hall et al., 2020). In Indonesia, a country with a population of 271 million the pandemic has also disrupted mobility in the country's socioeconomic sector, reduced people's income, and increased the levels of unemployment and poverty (BPS, 2020; Prawoto, Purnomo, and Zahra, 2020; The World Bank, 2021). As a result of Covid-19, many businesses have shut down, forcing them to lay off a large number of employees, resulting in a high rate of unemployment in Indonesia (Coordinating Ministry for the Economy of the Republic of Indonesia, 2021). The Indonesian Central Bureau of Statistics reported 9.77 million unemployed people in August 2020, a significant increase from the previous five-year average of around 7.1 million. Further, in the worst-case scenario, Suryahadi et al. (2020) project that by the end of 2020, the poverty rate in Indonesia will have risen to 17.9%, Research Paper https://creativecommons.org/licenses/by-nc/4.0/ https://crossmark.crossref.org/dialog/?doi=https://doi.org/10.31098/ijeiis.v3i1.1398&domain=pdf https://orcid.org/0000-0003-4897-9935 https://orcid.org/0000-0002-6705-5191 https://orcid.org/0000-0001-5681-1169 Int. J. Emerg. Issues Islam. Stud. 69 with 23.4 million Indonesians falling into the poor category. This poverty is reflected in a steeper drop in per capita household spending. Scholars agree that entrepreneurship is critical to assisting the economy's recovery from a prolonged pandemic. National economic development is also strongly intertwined with the role of the rural economy, which focuses on performance in economic, social, and market sustainability (Dhewanto et al., 2020). Unfortunately, Indonesia's entrepreneurship level remains relatively low at around 3%, lagging behind peer countries such as Singapore and Malaysia, which recorded 4%. In comparison, the standard for developed countries is more than 14% of the population (Muhammad, 2019). Apart from internal constraints for prospective entrepreneurs, one of the problems in entrepreneurship development is access to capital and financial resources to start a new business (Kamarudin and Sajilan, 2013). The findings of LPPI and data from Bank Indonesia (2015) also show that the internal problems faced by entrepreneurs in Indonesia are capital, human resources, legality, and accountability. Only 30%-40% of SMEs are bankable because of geography, manual entry administration, and lack of separation between individual and business finance. MSMEs face human resource factors, including a lack of knowledge of production technology, product quality control, market analysis, marketing strategy, and a limited workforce. MSME business actors are generally still individual legal entities. MSEs also need a better financial administration a nd management system. The Indonesian government launched the National Economic Recovery Program (PEN) based on Government Regulation Number 23 of 2020, later changed to Government Regulation Number 43 of 2020, to assist the informal sector and small and medium businesses affected by the pandemic. The government also offers a credit program for MSMEs (KUR) to increase financing availability and capital strength. Furthermore, the drafting of the Job Creation Law in 2020 will encourage the transformation of the informal sector into the formal sector, as well as provide convenience, protection, and empowerment to MSMEs, thereby increasing their competitiveness (Coordinating Ministry for the Economy of the Republic of Indonesia, 2021). In terms of business capital, the establishment of waqf (Islamic endowment) institutions within the Islamic public finance sector has been proposed to facilitate the collection of cash waqf from society and provide financing for small and medium-sized enterprises (SMEs) (Amin, 2011; Muhammad, 2011; Tohirin, 2010). Cizakca (2004) argued that using the maharajah scheme, cash waqf could support microfinance for entrepreneurs. Cash waqf has been widely used as an alternative source of funds in Muslim countries to help ease the burden on the government budget in fulfilling social projects and poverty alleviation (Hashanah, 2011; Hosseini et al., 2014; Khademolhoseini, 2008; Maysita, Tasrif and Telaga, 2005; Mohamad, 2012). The use of waqf assets for the education sector and infrastructure development supported by technology development during a crisis such as a pandemic can also help sustain the economy (Faturohman et al., 2021). As long as donors are aware of how their contributions are used, cash waqf can be collected in exchange for the right to benefit from commercialized projects developed on waqf lands (Pitchay et al., 2018). On the other hand, according to World Bank data, the middle-class population in Indonesia has reached 52 million people and is growing faster than other groups (The World Bank, 2020). Currently, deposit accounts for the wealth segment, which is defined as premium or priority customers at Bank Syariah Indonesia, account for more than half of all individual deposits (Ramli, 2022). Similarly, Bank Muamalat, Indonesia's second-largest Islamic bank, had 6,000 customers and a total asset under management (AUM) of Rp8 trillion as of June 2020 (Astutik, 2020). Research Objectives There is ample earlier research topic on the development of waqf fund collection models, one of which is through cash waqf as well as the formation of financing models using waqf funds to maintain the sustainability of waqf value, among others for micro-business financing, SME financing, Int. J. Emerg. Issues Islam. Stud. 70 and also for personal financing. However, the research relating to commercial financing models specifically intended to increase the participation of affluent Muslims to directly develop and empower productive waqf is scanty. In addition, the proposed model in previous research involving government authorities in the field of entrepreneurship and collaboration between waqf institutions to support the development of waqf-based entrepreneurship is also still scarce. As a result, this research aims to propose a model of integration between the Islamic commercial sector, represented by the Islamic bank, and the Islamic social sector, as represented by waqf-based entrepreneurs. The integration will require the active participation of the upper-middle-class Muslim community, which has a high potential for cash waqf collection, as well as collaborative support from established waqf institutions and active government assistance. To achieve the research objectives, this study attempts to answer the research questions as follows: 1. How Islamic banks can support waqf-based entrepreneurs? 2. How can we build a cash waqf financing model for the waqf-based entrepreneurs and what are the strategic criteria for the model? The findings of the study will imply that all parties involved should devise appropriate strategies to encourage greater participation of Indonesian Muslims in the financing scheme for many productive waqfs. In turn, more utilized waqf assets will increase the business professionalism of waqf-based entrepreneurs to support massive social objectives such as wealth inequality reduction, increased employment, poverty alleviation, and the improvement of social well-being. LITERATURE REVIEW Waqf The word waqf originates from the Arabic “waqafa”, meaning “to hold back” or “to stay”. Abu Hanifa, an Islamic fiqh expert, defined waqf as the ownership of an object that by law, must remain in wakif to use its benefits for virtue. The Maliki school also argues that the wakif is still the owner of the waqf object but is prohibited from relinquishing the ownership of the waqf property to others, is obliged to donate the benefits of the waqf and cannot withdraw the intention of the waqf. Regarding ownership, other schools such as Syafi'i and Hambali have stated that the waqf assets no longer belong to the wakif after the waqf pledge so the wakif cannot do anything to the waqf property and the waqf cannot be inherited (Badan Wakaf Indonesia, 2021). The objective of waqf is to regularly extract its usufruct for the benefit of righteous and/or philanthropic goals. The fundamental value of the waqf asset must be preserved, either by its nature (for example, as land) or by the arrangements and conditions imposed by the waqf founder (Kahf, 2014). Chowdhury (2011), as well as Kahf (2014), defined three types of waqf: philanthropic or public waqf, family or private waqf, and religious waqf. Philanthropic waqf seeks to assist the poor by providing social services such as health and education. This type of waqf was established by Prophet Muhammad (PBUH) at the dawn of Islamic civilization to reduce inequality and disparity. Furthermore, waqf can provide a variety of services to various sectors, including health care, education, transportation, jobs, shelter, and food for the poor and needy, as well as some essential infrastructure services. Many Muslims, however, continue to have a misunderstanding about waqf and primarily focus on immovable objects to consider as waqf assets, such as land and buildings. The use of cash to create waqf assets is still uncommon. One type of waqf instrument called cash waqf has become famous in many Muslim countries after Imam Zufar approved the collection of cash waqf. He explained that Mudarabah could be an investment scheme for cash waqf collection and profit distribution as a charity (Çizakça, 2015; Chowdhury (2011). In other words, the practice of cash waqf has existed since the first century of Hijrah, during the early Islamic historical era. The cash waqf can be used as an interest-free financing tool or invested to generate profit for the mauquf'alaih (Kahf, 2014). Int. J. Emerg. Issues Islam. Stud. 71 Cash Waqf as an Alternative Funding Source Various financing models have been developed to create more productive waqf assets and maintain the value of the waqf asset. Cash waqf has become a popular form of waqf generation and financing in many Muslim countries (Abdel Mohsin, 2013). Cash Waqf is defined by Chowdhury (2011) as a trust fund established with money to support services to humanity in the name of Allah. The gifted capital was "transferred" to borrowers, who returned the principal to the waqf after a certain "extra" amount was spent on various pious and social purposes. As a form of Islamic social finance open to most of the population, cash waqf has been well-known and practiced by various Muslim countries in various real and financial sectors (Çizakça, 2015; Hasanah, 2011; Hosseini, 2014; Masyita, Tasrif, and Telaga, 2005; Nizar, 2014). The innovation of cash waqf management greatly assists the creation of wealth distribution with a wider range of benefits, both for the rich to fulfill their religious needs and for the poor through increasing job opportunities and community economic development. The establishment of waqf institutions under the Islamic public finance sector has also been proposed to support the cash waqf collection from Muslims. The generated cash waqf can then be used to fund small and medium-sized enterprises (SMEs) that face non-bankable problems due to a lack of collateral (Amin, 2011; Muhammad, 2011; Tohirin, 2010). The integrated cash waqf microenterprise investment (ICWME- I) model (Thaker, 2018) can support these small businesses to solve business difficulties and obtain financing. In addition to the business financing of SMEs, the cash waqf generation from donors can also contribute to the development of human capital by building training centers using the ICWME- I model (Thaker et al., 2021). Cash waqf can also be collected from donors in exchange for the right to benefit from commercialized projects developed on waqf lands, as long as the donors know how their contributions are used (Pitchay et al., 2018). Sulaiman et al. (2019) emphasized the importance of using waqf investment strategies to ensure long-term returns by introducing unit trust waqf conceptual models as viable mechanisms for pooling more cash waqf from individual investors. Research on the commercialization of waqf by Ari & Koc (2021) considered alternative equity- based financing models and proposes a waqf-owned (also called philanthropy-, endowment-, trust-, foundation-, or third sector-based) financial intermediary (WOFI) to diminish wealth inequality and the debt burden. To increase the role of Islamic banks, in particular the government banks, in waqf generation and utilization, Kahf and Mohomed (2017) propose the operationalization of the cash waqf fund (CWF) as a non-profit based instrument for personal financing (PF), especially for bank customers. To apply the cash waqf model to developing a simple productive waqf model in Indonesia, Ascarya, Hosen, and Rahmawati (2021) found five determinants of simple productive waqf in the Indonesian context. These factors are waqf institution, waqf asset, waqf management, waqf financing, and waqf compliance. Cash waqf has become the most important element in the waqf financing factor. Based on the combination of waqf financing and waqf management, the cash waqf and self-managed model is the most preferred model due to its simplicity and low cost. Waqf-based Entrepreneurship The importance of high professionalism in waqf management has been highlighted by several studies. Laallam et al. (2020) stated that intellectual capital is the most important factor in supporting the operation of waqf institutions. Other factors that must also be strongly considered are accountability, source of funding, management, and labor quality. The limitations of social and commercial business professionals in waqf institutions have also become a major obstacle to developing productive waqf in Indonesia (Rahmaningtyas and Herianingrum, 2017). Al Qital, Sunarya, and Devi (2022) used SWOT analysis to conclude that the growing entrepreneurship field in Indonesia is evident from Indonesia's third-place ranking out of 54 countries in the 2018 GEM survey, which is an opportunity factor for the development of waqf- entrepreneurship. However, a lack of literacy in contemporary waqf practices and the small number Int. J. Emerg. Issues Islam. Stud. 72 of institutions that focus on waqf-entrepreneurship programs still overshadow that growth. Further, studies about waqf-based entrepreneurship in Indonesia are still scarce. In Malaysia, Ali, Ismail, and Saed (2015) proposed that fostering successful young entrepreneurs based on the waqf model will lead the target group to not only become employers but also foster new entrepreneurs among young university graduates, thereby assisting the government in significantly lowering the high rate of unemployment among university graduates. Furthermore, educational institutions may also need to focus on member synergy to increase the efficiency and effectiveness of entrepreneurial spirit enhancement (Anantadjaya et al., 2013). In addition to increasing the collection of waqf assets and their ability to generate income, reliable waqf management is one of the requirements for ensuring the redistribution sustainability of waqf properties for both the beneficiaries and society in general. According to Siswantoro, et al (2018), no shariah audits have been performed on waqf institutions. This issue is sensitive because the absence of a Shariah audit and report of a waqf institution can jeopardize accountability and governance, as this is a requirement for an Islamic organization. According to Rusydiana and Devi (2018), the most important criteria influencing the selection of waqf institutions in Indonesia are financial transparency/accountability and innovative programs. The concept of waqf-based entrepreneurship has also developed recently in Indonesia. This phenomenon is a signal of increasing attention to the empowerment of waqf-based entrepreneurship and opens the opportunity for external funding. The founder of the Wakaf-preneur Institute in Indonesia, Imam Nur Aziz (2019), explained that waqf-preneur integrates waqf and business for productive activities and generates beneficial profits for the people. The Indonesian Waqf Board (BWI) encourages student groups to develop waqf-based entrepreneurs (Ammurabi, 2019). Mahbubi (2022) argued that in reaching success during covid-19 pandemic, millennial entrepreneurs hold several main characteristics, namely innovative, critical thinking, visionary, cooperative, enthusiastic, and willing to learn and share. Previous Study on Waqf-Based Financing The major frameworks from 11 previous research related to the cash waqf model are as follows: 1. Abdel Mohsin (2013), Deposit Cash Waqf Scheme (DCWS). 2. Ari & Koc (2021), Waqf-based alternative financing model for renewable energy investments. 3. Ascarya et al. (2022), Proposed a model of integrated Islamic commercial and social finance for Islamic banks in Indonesia. 4. Aziz & Osman (2015), Islamic Social Business. 5. Chowdhury (2011), Cash WAQF management. 6. Jouti (2018), Islamic Social Finance Ecosystem: Islamic banks as a way to leverage funds for waqf. 7. Jouti (2018), Islamic Social Finance Ecosystem: Islamic banks financing waqf project. 8. Jouti (2018), Islamic Social Finance Ecosystem: Sukūk issuances for waqf project financing. 9. Pitchay et al. (2018), Cooperative-Waqf Model (CWM). 10. Sulthani et al. (2018), Social Enterprise Waqf Fund Model (SEWF). 11. Sulaiman et al. (2019), Unit trust waqf model. 12. Thaker (2018), Integrated Cash Waqf Micro Enterprises Investment (ICWME-I) 13. Thaker et al. (2021), Cash waqf model for micro enterprises’ human capital development. Several critical findings from the previous literature on cash waqf model are: most of the research is still in the conceptual framework stage; the actors in the model are donors/founders/investors, associated waqf institutions, the Islamic Bank, Islamic charity/social/religious organizations, beneficiaries, microfinance, and specific projects; investment authority in the existing model is held mainly by Trustee/mutawalli from religious institutions/social organizations; the bank acts as the intermediary for waqf institutions to generate revenue from commercial investments in the form of deposit accounts in the bank; and the definition of the cash waqf model primarily is generating money to finance public service and benefiting social objects (Abdel Mohsin, 2013; Ascarya et al. Int. J. Emerg. Issues Islam. Stud. 73 2022; Aziz and Osman, 2015; Chowdhury, 2011; Jouti, 2019; Pitchay et al., 2018; Sulaiman, et al., 2019; Shulthoni et al., 2018; Thaker, 2018; Thaker et al., 2021). The existing model also describes the general type of wakif as the source of cash waqf fundraising and is not focused on the affluent Muslim segment. Moreover, the objective of the cash waqf collection is solely for charity to benefit society and not to obtain any commercial return on the investment from the business running on the waqf asset, which is more likely to create a sharia- compliant business. In addition, the empowerment of waqf assets has not been utilized for long- term investment purposes for the waqif’s family. The utilization of cash waqf for financing has been proposed to finance micro enterprises and specific waqf projects and develop human capital (Thaker, 2018; Thaker et al., 2021). Jouti (2019) suggests that commercial financing channeling can be an effective way to mobilize financial resources for traditional institutions. Islamic banks can act as providers of funds for interested people in various forms, starting from donations and ending with commercial funding. However, Jouti (2019) did not explicitly explain the concept of the integration of Islamic commercial finance and social finance with specific objectives related to ecosystem sustainability. The commercialization of waqf was also presented by Ari & Koc (2021) using alternative equity-based financing models that offer a waqf-owned (also called philanthropy-, endowment-, trust-, foundation-, and third sector-based) financial intermediary (WOFI) to diminish wealth inequality and the debt burden. Later, Ascarya et al. (2022) attempted to propose a model of commercial and social finance integration. However, the model does not represent the integration of commercial financing with social finance, which directly finances the productive waqf assets managed by business professionals, specifically the waqf-based entrepreneur. METHODOLOGY This present study employed exploratory qualitative methods to propose the financing model for waqf-based entrepreneurs (wakafpreneurs) by empowering the affluent Muslims potential. In addition, this study tried to gain insight into both the opportunities and challenges of developing and implementing the financing model in Indonesia. This qualitative research was conducted in two steps. First, this study comprehensively reviewed the literature on the waqf financing model. Second, the case studies adopted from Eisenhardt (1989) were conducted through semi-structured interviews with nine selected respondents. The interviews aim to obtain complete information and better understand the research topic in the context of Indonesia. In constructing the model and determining the appropriate variables for the model, this study refers to various previous studies conducted over the last 10 years and the analysis of interview results as displayed in Figure 2. This study adopted Saunders et al. (2015) to determine the number of respondents as the minimum sample of semi-structured interviews. 1. Sample and sampling procedure The selection of the nine respondents who took part in this study was based on purposeful sampling (Table 1). Respondents were from two cities in Indonesia, Jakarta and Bandung, and are knowledgeable on waqf with a minimum of one year of experience. The participants are regulators, practitioners, or waqf-based entrepreneurs. These two cities were selected based on the level of wealth with a record of the highest Gross Regional Domestic Product for 2016-2020 (BPS, 2021). Table 1. Profile of the Respondents Codes Role of Respondent Area of Expertise/Institution Respondents’ Position R1 Regulator Central Bank Executive Director R2 Regulator Financial Service Authority Deputy Director R3 Practitioner Islamic bank Head of Islamic bank R4 Practitioner Wakafpreneur/Nazhir Business founder, owner, and Director of Waqf Institution Int. J. Emerg. Issues Islam. Stud. 74 R5 Practitioner wakafpreneur/Nazhir Business founder, owner, and Director of Waqf Institution R6 Practitioner wakafpreneur/Nazhir Business founder, owner, and Director of Waqf Institution R7 Practitioner wakafpreneur/Nazhir Director of Waqf Institution R8 Practitioner wakafpreneur/Nazhir Director of Waqf Institution R9 Practitioner wakafpreneur/Nazhir Director of Waqf Institution 2. Interview and Data Analysis Process Because of the pandemic, all of the interviews were conducted online. This study occupied in-depth semi-structured interviews by allowing discussions during the interviews and open-ended questions with only a few pre-determined questions (Saunders et al., 2015). By using this method, researchers can obtain more complete information and comprehend topics that are considered complex, sensitive, and personal (Ahmad, 2011, Eisenhardt, 1989). In addition, through in-depth discussions, the researcher can gain insight into the needs and expectations of waqf-based entrepreneurs, and knowledge about the challenges and opportunities in financing models for waqf-based entrepreneurs involving Islamic commercial institutions such as Islamic banks. This study used the interview protocol which is adopted by Jacob & Furgerson (2015) in conducting the semi-structured interview (Figure 1). To make sure the quality of the data collection is always the same, as well as to maintain risk from ethical and physical field issues, we created a table of interview questions based on the research questions. Table 2 below describes key questions as the interview guideline for the study. Next step was preparing the consent letter following the ethical guideline and obtaining ethical approval from the ethics committee of the School of Business and Management, Bandung Institute of Technology (SBM-ITB). This research emphasizes that the participation of respondents is voluntary by not only getting permission from the respondents but also asking the respondents whether they agree to participate after reading and signing the informed consent (Neuman, 2011). The researcher then organized the interview device for online interviews. Each interview lasted 1- 1.5 hours and was digitally recorded. During the interview, the interviewees gave their consent to the recording process. Telephone and instant messaging were used for follow-up interviews, confirmation, and additional questions. The qualitative phase produced verbatim interview transcripts. These interview transcripts were manually analyzed using qualitative content analysis. This study uses the directed content analysis method with a deductive approach to text (Mayring, 2014). The content analysis aims to explore and understand phenomena related to waqfpreneuer financing, including the potential, obstacles, and elements in a financing model for waqfpreneuer. This method systematically assists in the classification process and identifies themes or patterns from the interview data, to develop a proposed model for financing using cash waqf. The researcher analyzed all interview transcripts to classify the main factors that fall into potential and barriers. From all the elements identified, this study can interpret strategic criteria to be implemented in establishing a direct financing model for wakafpreneurs. Figure 1. Interview protocol (Jacob & Furgerson, 2015) Int. J. Emerg. Issues Islam. Stud. 75 Table 2. Overview of key questions-semi structured one-on-one interview guideline Topics Content-driven questions Waqf Phenomena in Indonesia 1. How do you see the development of cash waqf in Indonesia, viewed from all the elements in a cash waqf model, starting from the wakif/donor, nazir, regulator, Islamic banks, and communities? 2. What do you think about waqf-based entrepreneurs and their critical role? Affluent Muslim’s contribution 3. How do you see the potential of Muslims in Indonesia who are classified as affluent Muslims in terms of income and their ability to perform cash waqf? 4. What is your recommendation for the financing model to integrate Islamic banking in Indonesia and waqf-based entrepreneurs in Indonesia by involving a particular segment of affluent Muslims in Indonesia? Islamic banks and waqf- based entrepreneurs 5. What are key factors or criteria to integrate Islamic bank with waqf-based entrepreneurs? 6. What are the obstacles faced by waqf-based entrepreneurs in obtaining financing from Islamic bank? Figure 2. Stages of the research FINDING AND DISCUSSION Definition of waqf-based entrepreneurs (wakafpreneuer) Two respondents with positions in charge of waqf asset mandates explain the definition of waqf- based entrepreneur or in this study is termed as wakafpreneur. R4 defined wakafpreneur as all programs or processes designed to optimize entrepreneurship within a waqf scheme or endowment framework. Another respondent, R7, explained that a wakafpreneur is an entrepreneur who has a well-established vision of their community, a good vision of developing community funds, and exceptional commitment. A wakafpreneur will actively contribute to social problem-solving using a waqf-based and entrepreneurial approach. Potential to financing waqf-based entrepreneurs in Indonesia Thaker (2018) emphasized that cash waqf can support small business to get financing and survive. Financial support is also critical as mentioned by all wakafpreneurs respondents, given the large potential amount of cash waqf that can be collected from Muslims in Indonesia and developed by reliable and professional wakafpreneurs in running a waqf-based business. Int. J. Emerg. Issues Islam. Stud. 76 “I try to help bring the waqf ecosystem closer to business. Entrepreneurs are people who have the skills and ability to turn something into profit or turn it into a commercial profit. So, I don't believe this waqf is solely social, which is why it needs to be corporatized.”-R4 Most of the respondents agree that it is critical to consider the business and commercial aspects of developing waqf assets in order to encourage waqf fund collection. “I agree that Islamic banking should be prioritized in terms of customer and public waqf literacy and education. The question is, how? First, it can be imposed via provisions. The second approach makes more sense, especially from a business standpoint, namely what is the profit for the bank if it provides social products such as waqf.”-R2 A wakafpreneur has a distinct characteristic that enhances their entrepreneurial spirit. First, wakafpreneur must build the entrepreneurial spirit to run a business with waqf capital. Second, a wakafpreneur must understand waqf based on fiqh (Islamic rules of waqf) from the start. As a result, Nazhir with no experience or skills in business development should never use or dare to use waqf funds for investment. A wakafpreneur also has a high motivation to engage and fulfill their commitment to manage and develop waqf assets. “I want to present a legacy of a waqf-based corporate company, which becomes a reference for waqf governance, especially for productive waqf.”-R7 The awareness of waqf asset management will ensure the sustainability of waqf assets and is one of the most important foundations for a wakafpreneur to understand. “A waqf entrepreneur must be able to mitigate and minimize risks so that the waqf funds used for this waqf-based business development effort are not reduced or lost.”-R9 Table 3 summarizes factors mentioned by all respondents as potential factors in designing the direct financing model for wakafpreneurs in Indonesia. The table includes the number of respondents who specifically mentioned the factors during the interview. Most respondents agreed to empower the potential affluent Muslims to participate in direct financing through Islamic banks. Waqf fiqh which allows waqf for investment purposes and high commitment from waqfpreneurs in carrying out waqf management increases opportunities for developing productive waqf in Indonesia. Therefore, Islamic banks with established infrastructure in terms of human resources, systems, and technology, should play more roles in the social sector and not only focus on their commercial goals. The government must also provide intensive assistance through related authorities to support the feasibility and sustainability of the financing initiatives. The role of social media has also accelerated the dissemination of financing models to waqfpreneurs. Table 3. Primary potential factors in financing waqf-based entrepreneurs in Indonesia Factors Number of respondents 1. Fiqh law allows waqf for investment purposes 7 2. Indonesian popularity as the most generous country 1 3. Wakafpreneur high self-commitment 5 4. More intensive certification program for wakafpreneurs 3 5. Established Islamic bank infrastructure 3 6. Support from the government in regulation and initiatives. 3 7. High social media users in Indonesia 3 Challenges to Financing waqf-based entrepreneurs in Indonesia Int. J. Emerg. Issues Islam. Stud. 77 Table 4 summarizes factors mentioned by all the respondents as the obstacles in designing the direct financing model using cash waqf in Indonesia through Islamic banks. In the table, we can also see the number of respondents who specifically mentioned the primary obstacle factors during the interview. Financing schemes for wakafpreneurs must also consider current laws and regulations. The existence of restrictions on banks' roles remains a challenge for the development of waqf financing. In addition to low public literacy regarding productive cash waqf and the professionalism of waqf managers, the main inhibiting factor most frequently mentioned by all respondents is the need to synchronise waqf regulations with other regulations, especially banking. “Now, let us look at it through the lens of Islamic banking law. The current waqf law prohibits Islamic banks from acting as waqf managers or Nazhir. There, Islamic banks can only act as cash waqf collectors (LKSPWU) and Nazhir partners. As a result, the Islamic banking law and the waqf law appear to be in conflict.” – R2 “There must be advantages from the bank's perspective; even if it is an Islamic bank, they will undoubtedly see the benefits and risks for the bank. A bank cannot allocate human resources and technology for which there is no financial benefit in the financing distribution, as seen by the bank's waqf organization.”-R3 “Even if we sell a social product, whatever it is, I believe there should still be a question about what the profit is for me as an individual executive, as well as whether it is profitable for the division.”-R2 Given the difficulties in meeting the requirements of the Islamic financial institution, wakafpreneurs often prefer to collect waqf funds voluntarily from individual donors or institutions for productive waqf financing, which is a time-intensive process. Furthermore, there are still concerns about wakafpreneurs ' capacity and governance system for managing waqf assets. “Meanwhile, MSMEs frequently come into contact with bookkeeping. Investors expect adequate, good, routine reports that adhere to standards. On the other hand, SMEs require capital but lack bookkeeping experience, still failing to meet the bank's requirements.” – R3 Many small-medium-sized enterprises (SMEs) face financing difficulties due to a lack of collateral (Amin, 2011; Muhammad, 2011; Tohirin, 2010). In Indonesia, Wakafpreneurs are also still facing significant challenges in raising funds to develop waqf in Indonesia. One of the difficulties in obtaining financing from Islamic finance institutions is because of the high-risk exposure of the SME business while Islamic banks must also focus on the commercial side. The demand for collateral by Islamic banks reflects the high-risk perception of waqf business management. Based on banking regulations, Islamic banks must maintain liquidity and financial stability. Table 4. Primary obstacle factors in financing waqf-based entrepreneurs in Indonesia Factors Number of respondents 1. Unsynchronized regulation between waqf and Islamic banks regarding waqf financing. 8 2. Lack of professionalism and business capacity of wakafpreneurs. 7 3. Lack of literacy on contemporary waqf. 8 4. Low trust to waqf management 3 5. Lack of waqf management infrastructure 3 6. Wakafpreneur in small scale business is often considered unbankable. 5 7. Perceived high risk of wakafpreneur’s business 5 Int. J. Emerg. Issues Islam. Stud. 78 8. Obligation to maintain liquidity and financial stability for the Islamic banks. 4 Strategic criteria to develop the Wakafpreneur financing model Considering the potential and obstacle factors mentioned by the respondents, this study concluded several strategic criteria are required to bring together Islamic financial institutions and wakafpreneurs in a financing scheme: continued literacy and socialization, transformation of regulatory and management transparency, the professionalism and business capacity of the wakafpreneurs, synergy, and collaboration among stakeholders, and integrated and reliable infrastructure for waqf financing. Each of the strategies is explicitly explained by the respondents' quotes and how it can be implemented in the proposed model, as shown in Table 5: Table 5. Strategic Criteria for the Direct Financing Scheme Strategic criteria for the financing scheme Respondents’ representative quotes Implementation in the proposed financing Model Continued literacy and socialization R2: “I agree that Islamic banking should be prioritized in terms of customer and public education. The question is, how? First, it can be imposed via provisions. The second approach makes more sense, especially from a business standpoint. Namely, what is the profit for the bank if it provides social products such as waqf?” Islamic banks can take a personal approach to cash waqf literacy and programs. Transformation of regulatory and management transparency R1: “Once again, legal clarity is required. Perhaps our middle- class investors are not averse to entering waqf. However, the legal clarity of some bad experiences frequently results in moral hazard, which leads to fraud and corruption.” There must be synchronization between waqf regulations and Islamic banks for the financing schemes. Supervision of the management of investment funds must be included. Regular reports will also be critical for building public trust. The professionalism and business capacity of the wakafpreneurs R3: “There must be a strong underlying project because the bank must ensure that the wakafpreneurs can return the capital to the Bank.” A mentoring program is needed for wakafpreneurs to grow, develop and be self-sufficient. Waqf institutions that are more established and meet the requirements for banking administration can help in mentoring, business collaboration, and mediating wakafpreneurs, particularly those who are still not bankable. Synergy and collaboration among stakeholders R1: “The issue is that there is no such thing as collaborative action. Indonesian institutional collaboration is weak because each institution has its own agenda.” Placing appropriate authorities, such as financial supervision, waqf supervision, ministry of religion, and ministry of entrepreneurship. The role includes the mentoring, cooperating, and supervision process. In addition, the model must optimize collaboration among authorities. Integrated and reliable infrastructure for waqf financing R1: “If you want to integrate, you must develop a financing framework that combines Financing with more flexible schemes for wakafpreneurs with affluent Muslims as the investors can support Int. J. Emerg. Issues Islam. Stud. 79 surplus and deficit units. The waqf program is unsustainable due to a lack of infrastructure and support. Currently, the program existence is still random and inconsistent.” the creation of sustainable financing while increasing the professionalism of the wakafpreneurs. The scheme can accommodate various types of participation such as cash waqf (waqif type) or investment capital (hybrid type). The benefits for Islamic banks from financing schemes for waqfpreneuer also need to be considered Proposed model of wakafpreneur direct financing scheme through an Islamic bank Figure 3. The conceptual model for wakafpreneur direct financing through Islamic Bank Based on the results of the potential, challenges, and strategic criteria data analysis above, this study proposes a model for direct financing through an Islamic bank for wakafpreneur as displayed in Figure 3. The explanation of the modus operation of the conceptual model for wakafpreneur financing through an Islamic bank is as follows: a. After the Islamic bank delivers a business proposal from a waqf institution to potential investors among their customers, the investor can decide whether they will participate in a waqf project investment in the form of cash waqf (waqif type) or investment capital (hybrid type). The hybrid type means that the investor can receive and use some part of the business return of the waqf project for themself. The Bank arranges and records the investor's placement to the waqf project in a dedicated account. The bank will arrange the contract between the investors and the waqf management in a dedicated account. The investment target for developing waqf assets is in two types of businesses, namely start-up businesses and ongoing businesses. The amount of investment fund will adjust to the requirement of the waqf management. The bank can determine the number of investors who will participate in the investment by using the total amount of funds required divided by the minimum amount of funds that customers can invest in the waqf project. This method can help customers to avoid high-risk exposure to the business. However, investors can place more investment if they strongly believe in the waqf business prospect. The bank can also participate in financing for prospective waqf projects by establishing a maximum limit that takes into account business risks. b. After examining all documents provided by waqf management to the bank as the appraisal of their business proposal, the investors can decide which targeted project to invest in. The hybrid type of investors and the waqf management commit the investment returns, which the bank Int. J. Emerg. Issues Islam. Stud. 80 can suggest to have a simple split, which is a balanced 50-50 share between commercial and social returns. The investors are entitled to a maximum of 50 percent of commercial return. c. Mudharib (external business institutions) or certified Nazhir who have met the bankable requirements can be appointed by Islamic banks to directly channel investment funds from customers without going through large intermediary waqf institutions. d. Mudharib (external business institution) or certified Nazhir who works with waqf institutions carries out waqf projects, provides business returns, and regular reports to waqf institutions. e. If the waqf institution wishes to appoint Mudharib (external business institutions) or Nazhir who are not yet in the bankable category to run the waqf project, Islamic banks can channel investment funds from customers through waqf institutions. This method also seeks to assist small Nazhirs that do not yet meet the bankable criteria for them to collaborate with large and institutionally established Nazhirs that already have financial relationships with financial institutions. The large Institution's Nazir becomes the main Institution in charge of the smaller Nazhir. f. Business returns and regular reports are provided by bankable and certified Mudharib or Nazhir who work directly with Islamic banks. g. Islamic banks require Waqf institutions to submit business returns and regular reports. h. Investors/waqif receive business returns and regular reports from Islamic banks. Banks can obtain fee-based income for their intermediary function. i. Waqf institutions distribute benefits from waqf project profit to mauquf'alaih. j, k, l. Government agencies that can play a significant role in developing waqfpreneurs through Islamic bank financing include banking supervision, waqf supervision, the Ministry of religion, and the Ministry of entrepreneurship. Comparison with existing studies on waqf-based entrepreneurs and proposed financing models. Int. J. Emerg. Issues Islam. Stud. 81 Table 6. Studies, Definition, Actors in the Model, Type of Fund Raising, Purpose Studies Definition Actors in the model Type of Fund Raising Waqf Utilization and Purpose Country of Context The Proposed Model in this Study: Maulina et al. (2023) Cash Waqf Direct Financing for wakafpreneurs: this model is specifically designed for the integration scheme between specific services for affluent customers in Islamic banks with waqf- based entrepreneurs Individual affluent customers in Islamic banks, Islamic banks, waqf institution, certified/professional wakafpreneuers, related authorities, beneficiaries. Participation in the form of cash waqf (as a waqif) or investment capital (hybrid as waqif and investor). Hybrid means that the investor can receive and use some part of the business return of waqf project for them self. - Financing targeted wakafpreneurs. - The beneficiaries can be the combination of public waqf and family waf. Public waqf for social purposes and family waqf for wealth generation purpose. Indonesia Abdel Mohsin (2013) Deposit Cash Waqf Scheme (DCWS): A public waqf to generate money or to raise funds from the public to a specified religious authority via a bank account to be invested by the bank. Public donors, Trustee/Mutawalli from religious institutions, banks, and public beneficiaries. Voluntary endowment with temporary waqf. - Public waqf and charity purpose Singapore, Bahrain, and South Africa Ari & Koc (2021) Waqf-based alternative financing model for renewable energy investments: alternative equity-based financing models and proposes a waqf-owned (that could also be called philanthropy-, endowment-, trust-, foundation-, and third sector- based) financial intermediary (WOFI). Individual and large enterprise creditor/investor, Islamic Banks/manager with mudarabah & musharakah, debtor. Investment using a waqf fund scheme through a waqf- owned financial intermediary (WOFI) - Specific investment for solar farm project - Community’s wealth inequality improvement Not specifically mentioned Ascarya et al. (2022), The proposed Integration of Islamic Commercial and Social Finance (IICSF) models for Islamic bank Individual and institutional donors, social unit, separate zakat institution, separate Baitul Maal, integrated Baitul Maal, corperate, public beneficiaries. Voluntary endowment - To define criteria: commercial, social, strategic, and alternatives for the integration model. - Providing social and public services to the community, especially the poor. Indonesia Int. J. Emerg. Issues Islam. Stud. 82 Table 6. Studies, Definition, Actors in the Model, Type of Fund Raising, Purpose Studies Definition Actors in the model Type of Fund Raising Waqf Utilization and Purpose Country of Context Aziz and Mohamad (2015) Islamic Social Business (ISB) is a model of an efficient system of Islamic wealth sourcing and management to make the process of poverty alleviation sustainable. Individual and institutional donors, Islamic financial institutions, Islamic charity organizations, Professional Businesses of ISB, public beneficiaries Voluntary contribution through zakah, waqf, and sadaqah - Poverty alleviation and social problems reduction Not specifically mentioned Chowdhury (2011) Cash WAQF management: Generating more benefits for all involved parties of the society with sustainability characteristics Individual donor, Islamic Bank as Trustee, Takaful, Debtor: SME with Sharia compliance financing (PLS scheme), public beneficiaries Voluntary endowment - Investment in SME - Charity purpose from profit distribution Malaysia Jouti (2018) Islamic Social Finance Ecosystem: an integrated approach for building, maintaining, and upgrading Islamic social finance and sustainable ecosystems. Individual donors, Islamic Social Institutions: Zakat institution & Waqf institution, Islamic Commercial Institutions: Islamic microfinance institutions, Islamic banks, crowdfunding and fintech platforms, Islamic capital markets, public beneficiaries Voluntary endowment - Social purpose Not specifically mentioned Pitchay et al. (2018) Cooperative-Waqf Model (CWM): a hybrid model of cooperative-waqf to finance idle waqf lands in Malaysia. Individual donors, waqf institutions, public beneficiaries Voluntary endowment - Financing of mosques, schools or others and agricultural projects Malaysia Sulthani et al. (2018) Social Enterprise Waqf Fund model (SEWF): waqf fundraising management model to enable the development of waqf funds and assets to achieve and maximize social benefit. Individual donors, waqf institutions (Nadzhir) as the waqf fund (venture), social enterprises, public beneficiaries Voluntary endowment - Financing social enterprise - Social purpose Not specifically mentioned Int. J. Emerg. Issues Islam. Stud. 83 Table 6. Studies, Definition, Actors in the Model, Type of Fund Raising, Purpose Studies Definition Actors in the model Type of Fund Raising Waqf Utilization and Purpose Country of Context Sulaiman et al. (2019) Unit trust waqf model: Islamic endowment) as an alternative asset class for waqf creation. Individual donors, State Islamic Religious Council (SIRC) as the 83utawalli, which is the sole trustee of the waqf, The fund manager, and beneficiaries. Voluntary endowment - Poverty alleviation and social problems reduction Malaysia Thaker (2018) Integrated Cash Waqf Micro Enterprises Investment (ICWME-I): to provide a financial facility through the use of a cash waqf fund. It also involves a. Individual and corporate sector donors, Cash waqf institution (CWI)/ Mutawalli/ Manager, microenterprises Participatory contracts between Islamic voluntary organizations particularly waqf institutions and micro enterprises - Financing micro-enterprises. Malaysia Thaker et al. (2021) Cash waqf model for micro enterprises’ human capital development: to provide state-of-the-art facilities for the delivery of HCD for the advancement of micro- enterprises in Malaysia. Individual and corporate sector donors, Cash waqf institution (CWI)/ Mutawalli/ Manager, microenterprises Participatory contracts between Islamic voluntary organizations particularly waqf institutions and micro enterprises - To provide continuous support to micro-enterprises in the form of training and educational programs funded by the cash waqf fund. Malaysia Int. J. Emerg. Issues Islam. Stud. 84 DISCUSSION Regarding the waqf literature, we found that there is ample earlier research on the topic of the development of waqf fund collection models, one of which is through cash waqf. This type of waqf funding is preferable because it can attract more people to participate as a donor and decreases the risk of disturbance from human and natural factors (Chowdhury, 2011). However, the research relating to commercial financing models specifically intended to increase the participation of affluent Muslims to directly develop and empower productive waqf is scanty. In addition, the proposed model in previous research involving government authorities in the field of entrepreneurship and collaboration between waqf institutions to support the development of waqf-based entrepreneurship is also still scarce. After conducting two qualitative phases in this study, we revealed the possibilities and challenges that must be addressed to design a waqf asset financing scheme to support its further development. This study also includes five strategic criteria that must be met to successfully implement financing from Islamic financial institutions for the management of productive waqfs managed by wakafpreneurs in Indonesia, namely continued literacy and socialization, the transformation of regulatory and management transparency, improving the professionalism and business capacity of the wakafpreneurs, synergy, and collaboration among stakeholders, and integrated and reliable infrastructure. The proposed wakafpreneur direct financing model in this study is specifically designed for the integration scheme between wealth management services in Islamic banks with waqf-based entrepreneurs from waqf institution. The productive waqf direct investment model will give a wider opportunity for banks' clients categorized as affluent customers to participate in productive waqf financing directly and receive both commercial and social return. This model will become an important solution to address main issues in productive waqf development such as the high risk for the bank to finance waqf project, lack of the provision of collateral by waqf-based entrepreneurs for running the waqf business, low participation of affluent Muslims for cash waqf, and low utilization of direct cash waqf by waqf-based entrepreneur/Mudharib. This direct financing model as an investment model for customers is considered suitable for wealth management services because it provides personal services for each client. With the direct investment model, clients can get the opportunity to achieve investment goals for both the world and the hereafter simultaneously. In the other hand, the model will encourage higher business professionalism of waqf-based entrepreneurs to boost the utilization of various productive waqf in Indonesia. The involvement of related parties will give further support to the impact of the model to achieve the economic recovery. For the operationalization of the model, several key points must be considered, which are related stakeholders involved in the model, financing system, business matching, supervisory and reporting system, technology support, human capital support, campaign and education of waqf, and socio-cultural influence. Waqf management that can be commercialized, be long-term, be multigenerational, and provide asset protection is expected to provide better support for the development of a more comprehensive waqf ecosystem with all its complexities. CONCLUSIONS Conclusively, we found that millennials' intention to invest in Jakarta is already in a conducive situation. They are aware of and already investing in shariah investments but not yet become a habit. The situation is fully described by the result of hypothesis testing from 207 millennial respondents from 5 areas in Jakarta (central, west, north, east, and south Jakarta). The statistical testing showed a consistent positive relation between millennial investment intention in Jakarta explained by financial literacy (H1), the ease of access to financial instruments (H3), and Religiosity Int. J. Emerg. Issues Islam. Stud. 85 with Islamic branding as the intervening variable (H4). Eventually, the lifestyle of millennials that was hypothesized in making the relationship between financial literacy to millennial investment intention getting stronger was found not statistically significant (H2). The condition clearly showed that millennials in Jakarta have good intentions in investing their fund. The situation confirmed that they had financial literacy to induce them in strong relation to put their intention on investment. The same situation goes with the ease of access, where the easiness to get investment access will make them positively have the investment intention. The religiosity accompanied by Islamic branding also showed the power of affecting millennials to have an intention in investments. LIMITATIONS & FURTHER RESEARCH The study can be followed with model validation through focus group discussion (FGD) with various stakeholders such as government authorities, Islamic banks, representatives of banks' clients, waqf-based entrepreneurs, and waqf institutions. In addition, future research can apply empirical research employing simulation for the model. REFERENCES Ali, R., Ismail, S., & Saed, A. M. (2015). Creating Young Entrepreneurs in Malaysia through Waqf Structuration Framework. Australian Journal of Basic and Applied Sciences, 9(28). 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