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Integrating Waqf and Islamic Social Finance for Inclusive Development: Frameworks, Governance and Impact Evaluation

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  • Mustapahayuddin Abdul Khalim

    (Islamic Studies Department, Centre of General and Co-curricular, University of Tun Hussein Onn Malaysia, Johor, Malaysia)

  • Wan Zahari Bin Wan Yusoff

    (Department of Real Estate Management, Faculty of Technology Management and Business, University of Tun Hussein Onn Malaysia, Johor, Malaysia)

Abstract

The study additionally investigates the linkages between waqf and Islamic financial instruments, including zakat and microfinance, in promoting inclusive development. A systematic literature study and case studies from several nations (Malaysia, Indonesia, Turkey, Singapore, to be determined). This research has revealed the emergence of alternate models, such as cash waqf, as well as governance problems, including non-uniform guidelines and structured effect evaluation. The research findings reveal that cash waqf increases enterprises’ income by 12% in Indonesia; yet, due to insufficient transparency, stakeholders lose their faith. The study suggests that the country must implement a cohesive regulatory framework, a waqf impact index, and digital platforms to enhance its efficiency. hence facilitating the achievement of the Sustainable Development Goals within the Islamic finance framework.

Suggested Citation

  • Mustapahayuddin Abdul Khalim & Wan Zahari Bin Wan Yusoff, 2025. "Integrating Waqf and Islamic Social Finance for Inclusive Development: Frameworks, Governance and Impact Evaluation," International Journal of Research and Innovation in Social Science, International Journal of Research and Innovation in Social Science (IJRISS), vol. 9(6), pages 2208-2222, June.
    • Handle: RePEc:bcp:journl:v:9:y:2025:issue-6:p:2208-2222
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