Article Sidebar

Submitted
July 8, 2024
Accepted
September 10, 2024
Published
September 10, 2024
Download
Full text PDF
Statistic
Read Counter : 78 Download : 44

Downloads

Download data is not yet available.

Main Article Content

Abstract

Purpose – This study investigates the integration of productive waqf into Sharia insurance in Indonesia and its contribution to investment benefits and life protection. It aims to explore how waqf can enhance the economic and social impacts of Sharia insurance products.
Methodology – A qualitative approach was employed, involving a comprehensive review of the literature on waqf, Sharia insurance, and Islamic finance. Additionally, interviews were conducted with experts in Sharia insurance and waqf management to gather insights into the current practices and challenges.
Findings – This study reveals that productive waqf initiatives within Sharia insurance have the potential to significantly improve investment returns and expand the scope of life protection benefits offered to participants. It identifies key areas in which waqf funds can be deployed effectively, such as long-term investment projects and social welfare programs.
Implications – The findings have practical implications for policymakers, Sharia insurance providers, and waqf administrators in enhancing collaboration to maximize the socio-economic benefits of waqf. By integrating waqf into insurance products, stakeholders can foster sustainable development and financial inclusivity.
Originality – This study contributes to the literature by offering insights into the innovative use of waqf within the dynamic context of Sharia insurance. It underscores the originality of leveraging waqf assets to address contemporary socioeconomic challenges and promote ethical finance principles.

Keywords

productive waqf sharia insurance investment benefits life protection islamic finance

Article Details

License

Copyright (c) 2024 Hisam Ahyani, Ending Solehudin, Naeli Mutmainah, Nurul Ilyana Muhd Adnan

Creative Commons License

This work is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.

Authors who publish with this journal agree to the following terms:

  1. Authors retain copyright and grant the journal right of first publication with the work simultaneously licensed under a Creative Commons Attribution-ShareAlike 4.0 International License that allows others to share the work with an acknowledgement of the work's authorship and initial publication in this journal.
  2. Authors are able to enter into separate, additional contractual arrangements for the non-exclusive distribution of the journal's published version of the work (e.g., post it to an institutional repository or publish it in a book), with an acknowledgement of its initial publication in this journal.
  3. Authors are permitted and encouraged to post their work online (e.g., in institutional repositories or on their website) prior to and during the submission process, as it can lead to productive exchanges, as well as earlier and greater citation of published work (See The Effect of Open Access).
How to Cite
Ahyani, H., Solehudin, E. ., Mutmainah, N., & Adnan, N. I. M. (2024). Integration of productive waqf in Sharia insurance: Enhancing investment and life protection. Review of Islamic Social Finance and Entrepreneurship, 3(2), 169–183. https://doi.org/10.20885/RISFE.vol3.iss2.art5
Download Citation
Endnote/Zotero/Mendeley (RIS)
BibTeX

References

  1. Abdul Razak, A., & Asutay, M. (2022). Financial inclusion and economic well-being: Evidence from Islamic pawnbroking (ar-Rahn) in Malaysia. Research in International Business and Finance, 59, 101557. https://doi.org/10.1016/j.ribaf.2021.101557
  2. Abdullah, M. (2018). Evolution in waqf jurisprudence and Islamic financial innovation. Journal of Islamic Monetary Economics and Finance, 4(1), Article 1. https://doi.org/10.21098/jimf.v4i1.920
  3. Adinugraha, H. H., Shulthoni, M., & Sain, Z. H. (2024). Transformation of cash waqf management in Indonesia: Insights into the development of digitalization. Review of Islamic Social Finance and Entrepreneurship, 50–66. https://doi.org/10.20885/RISFE.vol3.iss1.art4
  4. Ahmed Dirie, K., Maamor, S., & Alam, Md. M. (2024). Impacts of climate change in post-conflict Somalia: Is the 2030 Agenda for SDGs endangered? World Development Perspectives, 35, 100598. https://doi.org/10.1016/j.wdp.2024.100598
  5. Ahyani, H., Slamet, M., & Tobroni. (2021). Building the values of rahmatan lil ’alamin for Indonesian economic development at 4.0 era from the perspective of philosophy and Islamic economic law. Al-Ihkam: Jurnal Hukum & Pranata Sosial, 16(1), Article 1. https://doi.org/10.19105/al-lhkam.v16i1.4550
  6. Aksoy, E. (2024). A forgotten structure in the rural setting of Kastamonu/Turkey: Documentation, restitution and restoration proposal for Mehran Mosque. Case Studies in Construction Materials, 20, e03096. https://doi.org/10.1016/j.cscm.2024.e03096
  7. Allianz Indonesia. (2024). AlliSya protection life. www.allianz.co.id. https://www.allianz.co.id/produk/asuransi-syariah/asuransi-jiwa-syariah/allisya-protection-life.html
  8. Al-ossmi, L. H. M. (2024). Land tenure administration in Iraq: Quantitative analysis and a comprehensive evaluation. Land Use Policy, 141, 107092. https://doi.org/10.1016/j.landusepol.2024.107092
  9. Alshater, M. M., Saba, I., Supriani, I., & Rabbani, M. R. (2022). Fintech in Islamic finance literature: A review. Heliyon, 8(9), e10385. https://doi.org/10.1016/j.heliyon.2022.e10385
  10. Ari, I., & Koc, M. (2021). Towards sustainable financing models: A proof-of-concept for a waqf-based alternative financing model for renewable energy investments. Borsa Istanbul Review, 21, S46–S56. https://doi.org/10.1016/j.bir.2021.03.007
  11. Ascarya, A., Hosen, M. N., & Rahmawati, S. (2022). Designing simple productive waqf models for Indonesia. International Journal of Ethics and Systems, 38(3), 380–401. https://doi.org/10.1108/IJOES-07-2020-0101
  12. Avdukic, A., & Asutay, M. (2024). Testing the development impact of Islamic banking: Islamic moral economy approach to development. Economic Systems, 101229. https://doi.org/10.1016/j.ecosys.2024.101229
  13. Becker, S. O., Rubin, J., & Woessmann, L. (2021). Religion in economic history: A survey☆. In A. Bisin & G. Federico (Eds.), The Handbook of Historical Economics (pp. 585–639). Academic Press. https://doi.org/10.1016/B978-0-12-815874-6.00029-0
  14. Bleibleh, S., & Awad, S. (2024). Everyday lived experience and ‘carescape’ of women street vendors: Spatial Justice in Al-Hisba Marketplace, Ramallah/Al-Bireh, Palestine. Geoforum, 153, 104014. https://doi.org/10.1016/j.geoforum.2024.104014
  15. Dallh, M. (2023). Accumulate but distribute: Islamic emphasis on the establishment of waqf (Pious Endowment). Religion and Development, 2(2023), 21–40. https://doi.org/10.30965/27507955-20230014
  16. Dewi, M. K., Manochin, M., & Belal, A. (2021). Towards a conceptual framework of beneficiary accountability by NGOs: An Indonesian case study. Critical Perspectives on Accounting, 80, 102130. https://doi.org/10.1016/j.cpa.2019.102130
  17. Edington, C. (2022). Joelle Abi-Rached. Asfuriyyeh: A history of madness, modernity and war in the Middle East: Taking the longue durée view. Studies in History and Philosophy of Science, 93, 225–226. https://doi.org/10.1016/j.shpsa.2022.01.009
  18. Eshtiyagh, J. (2022). The secularizing effect of education in Indonesia. International Journal of Educational Development, 94, 102658. https://doi.org/10.1016/j.ijedudev.2022.102658
  19. Farzanegan, M. R., & Badreldin, A. M. (2024). Islam and entrepreneurship: The role of Islamic banking. In Reference Module in Social Sciences. Elsevier. https://doi.org/10.1016/B978-0-44-313776-1.00239-7
  20. Fayyad, M. (2023). Reconstructing lease-to-own contracts: A contemporary approach to Islamic banking standards. Heliyon, 9(9), e19319. https://doi.org/10.1016/j.heliyon.2023.e19319
  21. Ghlamallah, E., Alexakis, C., Dowling, M., & Piepenbrink, A. (2021). The topics of Islamic economics and finance research. International Review of Economics & Finance, 75, 145–160. https://doi.org/10.1016/j.iref.2021.04.006
  22. Hogrebe, F., & Lutz, E. (2024). The sunk cost fallacy in venture capital staging: Decision-making dynamics for follow-on investment rounds. Journal of Corporate Finance, 86, 102589. https://doi.org/10.1016/j.jcorpfin.2024.102589
  23. Hornstein, A. S., & Naknoi, K. (2023). FDI commitments increase when uncertainty is resolved: Evidence from Asia. Journal of Asian Economics, 87, 101629. https://doi.org/10.1016/j.asieco.2023.101629
  24. Huda, M., Sumbulah, U., & Nasrulloh. (2024). Normative justice and implementation of sharia economic law disputes: Questioning law certainty and justice. Petita: Jurnal Kajian Ilmu Hukum dan Syariah, 9(1). https://doi.org/10.22373/petita.v9i1.279
  25. Indarningsih, N. A., Ma’wa, M. A. F., & Waliyuddinsyah, M. N. (2023). Zakat, infaq, shadaqah, and waqf using financial technology: Millennial generation perspective. Review of Islamic Social Finance and Entrepreneurship, 13–28. https://doi.org/10.20885/RISFE.vol2.iss1.art2
  26. Khan, A., Hassan, M. K., Paltrinieri, A., Dreassi, A., & Bahoo, S. (2020). A bibliometric review of takaful literature. International Review of Economics & Finance, 69, 389–405. https://doi.org/10.1016/j.iref.2020.05.013
  27. Khan, P. A., Johl, S. K., Akhtar, S., Asif, M., Salameh, A. A., & Kanesan, T. (2022). Open innovation of institutional investors and higher education system in creating open approach for SDG-4 quality education: A conceptual review. Journal of Open Innovation: Technology, Market, and Complexity, 8(1), 49. https://doi.org/10.3390/joitmc8010049
  28. Labbaf Khaneiki, M. (2022). Hydro-social cohesion in Iranian local communities. In M. Sioui (Ed.), Current Directions in Water Scarcity Research (Vol. 4, pp. 243–266). Elsevier. https://doi.org/10.1016/B978-0-12-824538-5.00013-3
  29. Labbaf Khaneiki, M., Emamzadeh, Z., Saif Al-Ghafri, A., & Torabi Haghighi, A. (2024). Urbanization, proto-industrialization, and virtual water in the medieval Middle East. Journal of Historical Geography, 84, 139–149. https://doi.org/10.1016/j.jhg.2024.05.006
  30. Lestari, Y. D., Sukmana, R., Beik, I. S., & Sholihin, M. (2023). The development of national waqf index in Indonesia: A fuzzy AHP approach. Heliyon, 9(5), e15783. https://doi.org/10.1016/j.heliyon.2023.e15783
  31. Lu, S., Sun, Y., Tian, H., & Zhao, Y. (2024). Geographical proximity to government and corporate litigation behavior: Evidence from China. China Economic Review, 85, 102170. https://doi.org/10.1016/j.chieco.2024.102170
  32. Madah Marzuki, M., Nik Abdul Majid, W. Z., & Rosman, R. (2023). Corporate social responsibility and Islamic social finance impact on banking sustainability post-COVID-19 pandemic. Heliyon, 9(10), e20501. https://doi.org/10.1016/j.heliyon.2023.e20501
  33. Majid, R. (2022). Rice land sustainability and agricultural financing through waqf. Review of Islamic Social Finance and Entrepreneurship, 17–35. https://doi.org/10.20885/RISFE.vol1.iss1.art2
  34. Marom, R., & Taxel, I. (2023). Ḥamāma: The historical geography of settlement continuity and change in Majdal ‘Asqālan’s hinterland, 1270–1750 CE. Journal of Historical Geography, 82, 49–65. https://doi.org/10.1016/j.jhg.2023.08.003
  35. Mayer, M., & Gendron, Y. (2024). The media representation of LuxLeaks: A window onto the normative dynamics of tax avoidance from a socio-legal perspective. Critical Perspectives on Accounting, 99, 102480. https://doi.org/10.1016/j.cpa.2022.102480
  36. Menne, F., Hasiara, L. O., Setiawan, A., Palisuri, P., Tenrigau, A. M., Waspada, W., Juliana, J., & Nurhilalia, N. (2024). Sharia accounting model in the perspective of financial innovation. Journal of Open Innovation: Technology, Market, and Complexity, 10(1), 100176. https://doi.org/10.1016/j.joitmc.2023.100176
  37. Mungal, M. J., Singh, A., Ramlal, C. J., & Colthrust, J. (2023). Sensitivity analysis of the unit commitment problem to guide data acquisition investments in a small island developing state: A case study. Results in Engineering, 18, 101191. https://doi.org/10.1016/j.rineng.2023.101191
  38. Murad, M. M. (2023). The western orientation of environmentalism in the Islamic world today. Religion and Development, 2(2023), 41–62. https://doi.org/10.30965/27507955-20230015
  39. Nour Aldeen, K., Ratih, I. S., & Sari Pertiwi, R. (2021). Cash waqf from the millennials’ perspective: A case of Indonesia. ISRA International Journal of Islamic Finance, 14(1), 20–37. https://doi.org/10.1108/IJIF-10-2020-0223
  40. Ogunsade, A., Mafimisebi, O., Roseline, O. O., & Obembe, D. (2024). Digital financial innovation and inclusive ecosystem model. Reference Module in Social Sciences. https://doi.org/10.1016/B978-0-443-13701-3.00335-2
  41. Olujobi, O. J., & Irumekhai, O. S. (2024). Strategies and regulatory measures for combatting illicit mining operations in Nigeria: A comprehensive legal perspective. Resources Policy, 88, 104459. https://doi.org/10.1016/j.resourpol.2023.104459
  42. Ozdemir, M., Savasan, F., & Ulev, S. (2023). Leveraging financial inclusion through Islamic microfinance: A new model proposal for participation banks in Turkiye. Borsa Istanbul Review, 23(3), 709–722. https://doi.org/10.1016/j.bir.2023.01.011
  43. Rohman, P. S., Fianto, B. A., Ali Shah, S. A., Kayani, U. N., Suprayogi, N., & Supriani, I. (2021). A review on literature of Islamic microfinance from 2010-2020: Lesson for practitioners and future directions. Heliyon, 7(12), e08549. https://doi.org/10.1016/j.heliyon.2021.e08549
  44. Salaheldeen, M., Battour, M., & Elmashtawy, A. (2024). Halal entrepreneurship: concepts, practices, challenges, and future trends. Reference Module in Social Sciences. https://doi.org/10.1016/B978-0-443-13701-3.00164-X
  45. Saputra, N. (2024). Strategic blends of spirituality, humanity, and digitality for strengthening the resilience of small-scale family business. Procedia Computer Science, 234, 1220–1227. https://doi.org/10.1016/j.procs.2024.03.118
  46. Shaikh, S. A., Ismail, A. G., & Mohd Shafiai, M. H. (2017). Application of waqf for social and development finance. ISRA International Journal of Islamic Finance, 9(1), 5–14. https://doi.org/10.1108/IJIF-07-2017-002
  47. Solehudin, E., Huda, M., Ahyani, H., Ahmad, M. Y., Khafidz, H. A., Rahman, E. T., & Hidayat, M. S. (2024). Transformation of shariah economic justice: Ethical and utility perspectives in the framework of maqashid shariah. Al-Risalah: Forum Kajian Hukum Dan Sosial Kemasyarakatan, 24(1), Article 1. https://doi.org/10.30631/alrisalah.v24i1.1467
  48. Soutullo, S., Ferrer, J. A., Seco, O., López, H., Sánchez, M. N., Vitale, M. J., Reyes, A. L., Correa, E. N., & De Diego, L. (2024). Sustainable transformation in the Latin American and Caribbean districts through the implementation of a qualitative methodology. Challenges and key aspects to be addressed. Journal of Cleaner Production, 143336. https://doi.org/10.1016/j.jclepro.2024.143336
  49. Sukmana, R. (2020). Critical assessment of Islamic endowment funds (Waqf) literature: Lesson for government and future directions. Heliyon, 6(10), e05074. https://doi.org/10.1016/j.heliyon.2020.e05074
  50. Sulaeman, & Ghozali, A. M. (2023). An integrated cash waqf and Islamic crowdfunding model (I-CWCM) for SMEs: Policy implications for the post-Covid-19 pandemic. Review of Islamic Social Finance and Entrepreneurship, 157–166. https://doi.org/10.20885/RISFE.vol2.iss2.art5
  51. Syakir, M. F., Risfandy, T., & Trinugroho, I. (2021). CEO’s social capital and performance of zakat institutions: Cross-country evidence. Journal of Behavioral and Experimental Finance, 31, 100521. https://doi.org/10.1016/j.jbef.2021.100521
  52. Widiastuti, T., Al-shami, S. A., Mawardi, I., Zulaikha, S., Haron, R., Kasri, R. A., Mustofa, M. U. A., & Dewi, E. P. (2024). Capturing the barriers and strategic solutions for women empowerment: Delphy analytical network process. Journal of Open Innovation: Technology, Market, and Complexity, 10(3), 100345. https://doi.org/10.1016/j.joitmc.2024.100345
  53. Widiastuti, T., Ningsih, S., Prasetyo, A., Mawardi, I., Herianingrum, S., Robani, A., Al Mustofa, M. U., & Hady, A. F. (2022). Developing an integrated model of Islamic social finance: Toward an effective governance framework. Heliyon, 8(9), e10383. https://doi.org/10.1016/j.heliyon.2022.e10383
  54. Wijayanti, R., & Setiawan, D. (2023). The role of the board of directors and the sharia supervisory board on sustainability reports. Journal of Open Innovation: Technology, Market, and Complexity, 9(3), 100083. https://doi.org/10.1016/j.joitmc.2023.100083