Innovative Approaches in Waqf Management and Development: Enhancing Governance and Socio-Economic Sustainability through Islamic Social Finance and Technological Integration

Abstract

This review explores innovative approaches in waqf management and development, focusing on enhancing governance and socio-economic sustainability through Islamic social finance tools and technological integration. It analyzes the evolving governance models, stakeholder roles, and financial instruments such as waqf-linked sukuk and crowdfunding, emphasizing their potential to address traditional challenges. The review also discusses the adoption of ICT-based platforms and fintech solutions to improve transparency, stakeholder engagement, and operational efficiency. Empirical data from qualitative and quantitative methods demonstrate that integrating Islamic social finance with digital technologies significantly enhances socio-economic impacts, including poverty alleviation, community welfare, and sustainable land development. The findings suggest that strategic innovations and multi-stakeholder collaborations are vital for transforming waqf into a more effective and sustainable socio-economic instrument, guiding future research and policy directions.