Proceedings of the 3rd International Conference of Islamic Finance and Business, ICIFEB 2022, 19-20 July 2022, Jakarta, Indonesia

Research Article

Empowering Economic Sustainability after Pandemic through Waqf linked Social Entrepreneurs

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  • @INPROCEEDINGS{10.4108/eai.19-7-2022.2328258,
        author={Nurlaili Adkhi Rizfa Faiza},
        title={Empowering Economic Sustainability after Pandemic through Waqf linked Social Entrepreneurs},
        proceedings={Proceedings of the 3rd International Conference of Islamic Finance and Business, ICIFEB 2022, 19-20 July 2022, Jakarta, Indonesia},
        publisher={EAI},
        proceedings_a={ICIFEB},
        year={2023},
        month={4},
        keywords={waqf social-entrepreneurship economic recovery},
        doi={10.4108/eai.19-7-2022.2328258}
    }
    
  • Nurlaili Adkhi Rizfa Faiza
    Year: 2023
    Empowering Economic Sustainability after Pandemic through Waqf linked Social Entrepreneurs
    ICIFEB
    EAI
    DOI: 10.4108/eai.19-7-2022.2328258
Nurlaili Adkhi Rizfa Faiza1,*
  • 1: IAIN Kediri
*Contact email: rizfafaiza@iainkediri.ac.id

Abstract

Large funds for the National Economic Recovery after the COVID-19 Pandemic require various low-cost, high-efficiency, and sustainable instruments. This study aims to analyze the potential of Waqf-linked Social Entrepreneur (WLSE) as an instrument of National Economic Recovery in Indonesia. Collaboration with Waqf, with its unique nature, can generate income and finance productive activities where returns or profits will be saved for future funding and social entrepreneurship with a creative, innovative, and practical entrepreneurial approach to overcome problems in the economic and social fields. This study uses a descriptive qualitative approach by reviewing and analyzing facts, expert opinions, theories, and previous research related to WLSE and its development potential. Learning from the success of waqf-social entrepreneurship management in various countries and institutions, including in Bangladesh, Malaysia, Singapura and Indonesia, this study finds the WLSE collaboration model can be an alternative to sustainable Islamic financial instruments in Indonesia and has the potential as an instrument to accelerate national economic recovery after the pandemic. This instrument is very suitable because it has high flexibility and appeals to the Muslim philanthropic middle class, as well as being a sustainable sadaqah from waqf to be distributed to beneficiaries.