Optimizing Cash Waqf and Waqf Asset Development for Sustainable Socio-Economic Growth: Integrating Islamic Financial Institutions, Sukuk, and Social Entrepreneurship Models

Abstract

The review focuses on key themes including cash waqf innovation, governance quality, Islamic financial intermediation, waqf investment, and socio-economic sustainability. The findings reveal that modern waqf has evolved from a traditional philanthropic instrument into a strategic development financing tool capable of supporting large-scale social, economic, and environmental projects. The integration of Islamic banking and capital market instruments such as Cash Waqf Linked Sukuk significantly improves financial efficiency, transparency, and scalability of waqf. Furthermore, the incorporation of social entrepreneurship transforms waqf into a productive and self-sustaining economic system that empowers beneficiaries and reduces long-term dependency. The study concludes that an integrated waqf ecosystem combining financial institutions, investment mechanisms, and entrepreneurial models is essential for maximizing the socio-economic impact of waqf and achieving sustainable development goals. The results provide important implications for policymakers, waqf authorities, and Islamic financial institutions in designing more effective and inclusive waqf frameworks.