The Application of Waqf and Endowment Fund Based on the Principles in the Sharia Maqashid Pillar Society

Akhmad Kusuma Wardhana*  -  Universitas Airlangga, Indonesia

(*) Corresponding Author

Islam regulates economic life for the benefit of all. Waqf can be a solution in creating mutual benefit in society. This study aims to analyze the comparison between the practice of waqf for both Muslims and non-Muslims. This study uses qualitative methods. Samples in this study are the Islamic Hospital of endowments and the Gates Foundation. Data were analyzed using descriptive-analytical methods. The results show that the Gates Foundation and UNISMA use funds from their business management to distribute to the public. If UNISMA distributes waqf funds for business development and to achieve goodness, the gates foundation is entirely donated to the public. The difference in the company's financial scale is this division.

Keywords: Gates Foundation, public welfare, UNISMA, waqf.

  1. Abadi, Mustafa Kadhmi, and Drgham Aliawi Abbas. (2019). Underdevelopment and Development In the Islamic Economy. Al Kut Journal of Economic and Administrative Sciences 11(33):154–65.
  2. Abdullah, Mohammad. (2018). Waqf, Sustainable Development Goals (SDGs) and Maqasid Al-Shariah. International Journal of Social Economics.
  3. Abdullah, Wakit. (2018). Local Knowledge and Wisdom in the Javanese Salvation of Women Pregnancy ‘Mitoni’: An Etholinguistic Perspective. in Fourth Prasasti International Seminar on Linguistics (Prasasti 2018). Atlantis Press.
  4. Abubakar, Mustapha. (2019). Waqf Philanthropy and Orphans’ Socio-Economic Development in Northern Nigeria Based on Maqasid Al Shariah Principles. Pp. 31–42 in Revitalization of Waqf for Socio-Economic Development, Volume I. Springer.
  5. Au, Wayne, and Christopher Lubienski. (2016). The Role of the Gates Foundation and the Philanthropic Sector in Shaping the Emerging Education Market. World Yearbook of Education 27–43.
  6. Barata, Amrin. (2019). “Strengthening National Economic Growth and Equitable Income through Sharia Digital Economy in Indonesia. Journal of Islamic Monetary Economics and Finance 5(1):145–68.
  7. Black, Robert E., Maharaj K. Bhan, Igor Rudan, and Cesar G. Victora. (2009). Accelerating the Health Impact of the Gates Foundation.
  8. Budiman, Achmad Arief. (2016). Partisipasi Stakeholder Dalam Perwakafan (Studi Kasus Di Rumah Sakit Roemani, Yayasan Badan Wakaf Sultan Agung, Dan Masjid Agung Semarang). Al-Ahkam 26(1):1–28.
  9. Choudhury, Masudul Alam, and Uzir Abdul Malik. (2016). The Foundations of Islamic Political Economy. Springer.
  10. Chueva, Tatiana I., Gulsina M. Niyazova, Andrey V Metsler, Dmitry V Shkurkin, Gulmariam H. Aznabaeva, and Leonid I. Kim. (2016). “Approaches to the Development of Endowment Funds in Russia as an Instrument of Mixed Financing of the Social Sphere.” International Review of Management and Marketing 6(1S).
  11. Dargahi, H., A. K. Nasrollahzaedeh, and H. Rahmani. (2017). An Investigation of Relationship between Spiritual Leadership Style with Organizational Commitment among Tehran University of Medical Sciences Staffs. International Journal of Asian Social Science 7(3):234–41.
  12. Elnazer, Ahmed A., El-Montaser M. Seleem, Salah A. M. Zeid, Ismail S. A. Ismail, Hossam A. Bahlol, and Salman A. Salman. (2021). Hydrochemical Evaluation of the Quaternary Aquifer and Its Suitability for Different Purposes at South Al Waqf City, Qena, Upper Egypt. Groundwater for Sustainable Development 12:100517.
  13. Fendler, Lynn. (2018). The Gates Foundation MET Research Project as a Case of Philanthrocapitalism. Pp. 239–59 in Educational research: Ethics, social justice, and funding dynamics. Springer.
  14. Gani, Ibrahim Musa. (2020). Interest (Riba) and Its Consequence on the Economy. Journal of Islamic 5(30):13–22.
  15. Garcia, Alicea Skye, and Thomas Wanner. (2017). Gender Inequality and Food Security: Lessons from the Gender-Responsive Work of the International Food Policy Research Institute and the Bill and Melinda Gates Foundation. Food Security 9(5):1091–1103.
  16. Haliza, Siti Nur. (2020). Analisis Kebijakan Perlakuan Akuntansi Wakaf Produktif Minimarket Al-Khaibar III Unisma Berdasarkan PSAK 112.
  17. Harjanto, J. T., E. Prasetyo, S. I. Santoso, and E. Rianto. (2019). Performance of Islamic Boarding Schools in Developing the Beef Cattle Agribusiness Partnership Network as a Community Empowerment Institution in Central Java. J. Indonesian Trop. Anim. Agric 44(60):114–22.
  18. Herianingrum, Sri, Rihfenti Ernayani, Haryo Seto, M. N. H. Rayandono, and M. Q. Fauzy. (2020). “THE IMPACT OF ZAKAT, EDUCATION EXPENDITURE, AND HEALTH EXPENDITURE TOWARDS POVERTY REDUCTION.” Systematic Reviews in Pharmacy 11(12):235–39.
  19. Hudaefi, Fahmi Ali, and Neni Heryani. (2019). “The Practice of Local Economic Development and Maqāṣid Al-Sharī ‘ah.” International Journal of Islamic and Middle Eastern Finance and Management.
  20. Ibrahim, Mansor H., and Nafis Alam. (2018). Islamic Economics and Islamic Finance in the World Economy. The World Economy 41(3):668–73.
  21. Iman, Abdul Hamid Mar, and Mohammad Tahir Sabit Haji Mohammad. (2017). “Waqf as a Framework for Entrepreneurship.” Humanomics.
  22. Ismail, Nor Hanani Binti. (2018). “Validity Measurement of WAQF Related Research in Scopus Indexed Journals: A Rabbani Approach Analysis.” The Journal of Social Sciences Research 2018(Special Issue 6):376–81. doi: 10.32861/jssr.spi6.376.381.
  23. Kamelia, Farha. (2018). “Pengembangan Wakaf Produktif Perspektif Maqashid Syari’ah Al-Syatibi: Studi Di Minimarket Al-Khaibar Universitas Islam Malang.”
  24. Kasdi, A. (2016). “Model Pemberdayaan Wakaf Produktif Di Indonesia.” ZISWAF: Jurnal Zakat Dan Wakaf 1(1):1–15.
  25. Kashif, Muhammad, Francesco Menoncin, and Iqbal Owadally. (2019). “Optimal Portfolio and Spending Rules for Endowment Funds.” Review of Quantitative Finance and Accounting 1–23.
  26. Kovacs, Philip E. (2010). The Gates Foundation and the Future of US “public” Schools. Routledge.
  28. Masyita, Dian, Muhammad Tasrif, and Abdi Suryadinata Telaga. (2005). “A Dynamic Model for Cash Waqf Management as One of the Alternative Instruments for the Poverty Alleviation in Indonesia.” Pp. 17–21 in Research paper presented at the 23rd International Conference of the System Dynamics Society, Massachusetts Institute of Technology (MIT), Cambridge, MA, July.
  29. Maulidizen, Ahmad. (2019). “Ibn Khaldun’s Economic Thought; The Fair Tax And Its Relevance To The Modern Economy.” International Journal of Islamic Business and Economics (IJIBEC) 3(2):73–89.
  30. McChesney, Robert D. (2014). Waqf in Central Asia: Four Hundred Years in the History of a Muslim Shrine, 1480-1889. Vol. 1182. Princeton University Press.
  31. Musa, R. Abdullah, Meddy Harjanto, and Siti Heni. 2015. “Review of Disaster Management Implementation for the Community Safety in the Vicinity of Oil and Gas Field.” P. 60005 in AIP Conference Proceedings. Vol. 1658. AIP Publishing LLC.
  32. Nienhaus, Volker. (2010). “Fundamentals of an Islamic Economic System Compared to the Social Market Economy.” KAS International Reports 77.
  33. Nor, Amirudin Mohd, Siti Nurulhuda Ibrahim, and Shahreena Daud. (2020). “Recovery Issues on Murabahah Financing in Malaysia.” International Journal of Academic Research in Business and Social Science 10(4):295–308.
  34. Nur, Aini. 2018. “Pengembangan Wakaf Produktif Ditinjau Dari Undang-Undang Nomor 41 Tahun 2004 Tentang Wakaf: Studi Di Minimarket Al-Khaibar III UNISMA Malang.”
  35. Rahman, Faried Kurnia, Mohammad Ali Tareq, Rochania Ayu Yunanda, and Akbariah Mahdzir. 2017. “Maqashid Al-Shari’ah-Based Performance Measurement for the Halal Industry.” Humanomics.
  36. Rizki, Febriani, Thoyib Armanu, S. Surachman, and R. Rofiaty. 2017. “Study on the Relationship between Islamic Leadership Style, Work Ethics, Job Satisfaction, and Employee Performance.” Russian Journal of Agricultural and Socio-Economic Sciences 61(1).
  37. Rofai, Yuli, Umar Burhan, and Multifiah Multifiah. 2016. “The Role of Productive Waqf for Public Welfare (Study Case of Nadzir Foundation in University of Islam Malang).” International Journal of Social and Local Economic Governance 2(2):152–60.
  38. Rokhmiyati, Sri. 2018. “Konsep Manajemen Sumber Daya Manusia Dalam Kelembagaan Islam.” Interdisciplinary Journal of Communication 3(2):231–52.
  39. Ruslang, Ruslang, Muslimin Kara, and Abdul Wahab. 2020. “Etika Bisnis E-Commerce Shopee Berdasarkan Maqashid Syariah Dalam Mewujudkan Keberlangsungan Bisnis.” Jurnal Ilmiah Ekonomi Islam 6(3):665–74.
  40. Rusydiana, Aam S., and Irman Firmansyah. 2018. “Efficiency versus Maqashid Sharia Index: An Application on Indonesian Islamic Bank.” Shirkah: Journal of Economics and Business 2(2).
  41. Sahlan, Mohd Khairulnizam, Mohd Fauzi Abu-Hussin, and Aminudin Hehsan. 2019. “Market Coopetition: Implications of Religious Identity in Creating Value Added Partnership within Halal Mart Retailers.” Journal of Islamic Marketing 10(2):465–75.
  42. Sapuan, Noraina Mazuin, Jegatheesan Rajadurai, Nur Azni Mohd Zeni, and Sahaida Laily Md Hashim. (2018). “Developing a Holistic Business Model for an Efficient Waqf Property in Malaysia.” Global Business and Management Research 10(3):445.
  43. Sari, Rina Novi. (2020). “Analisis Akuntabilitas Pengelolaan Dana Wakaf Pada Koperasi Masjid Sabilillah Kota Malang.”
  44. Seprillina, Linda, Vika Annisa Qurrata, Bagus Shandy Narmaditya, and Nor Ermawati Binti Hussain. (2020). “The Effectiveness Productive Waqf as a Social Welfare Development Through Community Empowering: A Case in Islamic Hospital Foundation Malang.” Review of Integrative Business and Economics Research 9:67–74.
  45. Siddiqui, Nadia, Stephen Gorard, and Beng Huat See. (2016). “Accelerated Reader as a Literacy Catch-up Intervention during Primary to Secondary School Transition Phase.” Educational Review 68(2):139–54.
  46. Sobanjo-ter Meulen, Ajoke, Jerker Liljestrand, Joy E. Lawn, Joachim Hombach, Jeffrey Smith, Kim E. Dickson, Flor M. Munoz, Saad B. Omer, B. Adam Williams, and Keith P. Klugman. (2020). “Preparing to Introduce New Maternal Immunizations in Low-and Lower-Middle-Income Countries: A Report from the Bill & Melinda Gates Foundation Convening ‘Allies in Maternal and Newborn Care’; May 3–4, 2018.” Vaccine 38(28):4355–61.
  47. Sun, Sunny Li, Mike W. Peng, and Weiqiang Tan. (2017). “Institutional Relatedness behind Product Diversification and International Diversification.” Asia Pacific Journal of Management 34(2):339–66.
  49. Villa, G., B. Adenso-Díaz, and S. Lozano. (2019). “An Analysis of Geographic and Product Diversification in Crop Planning Strategy.” Agricultural Systems 174:117–24.
  50. Walker, Judith-Ann. 2016. “Achieving Health SDG 3 in Africa through NGO Capacity Building-Insights from the Gates Foundation Investment in Partnership in Advocacy for Child and Family Health (PACFaH) Project.” African Journal of Reproductive Health 20(3):55–61.
  51. Widiastuti, Tika. (2017). “Waqf Productive Efficiency: Evidence from Yayasan Badan Wakaf Sultan Agung, Semarang.”
  52. Yazid, Fadhil, Tan Kamello, Yasir Nasution, and Edy Ikhsan. (2020). “Strengthening Sharia Economy Through Halal Industry Development in Indonesia.” Pp. 86–89 in International Conference on Law, Governance and Islamic Society (ICOLGIS 2019). Atlantis Press.
  53. Yulianingtyas, Rachmawati, Putri Asmita Wigati, and Anneke Suparwati. (2016). “Analisis Pelaksanaan Manajemen Risiko di Rumah Sakit Islam Sultan Agung Semarang.” Jurnal Kesehatan Masyarakat (Undip) 4(4):121–28.
  54. Zakiy, Faris Shalahuddin, Ahmad Muhtadi Ridwan, and Achmad Sani Supriyanto. (2021). “Characteristics of Moslem Families Economy Based on Maqashid Sharia Perspective.” Journal of Islamic Economic Laws 4(1).

Open Access Copyright (c) 2021 Prosperity: Journal of Society and Empowerment
Creative Commons License
This work is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.

Prosperity: Journal of Society and Empowerment
Published by Program Studi Pengembangan Masyarakat Islam, Fakultas Dakwah dan Komunikasi, Universitas Islam Negeri Walisongo Semarang, Indonesia 
Jalan Prof Hamka, Kampus 3 Tambakaji Ngaliyan
Semarang 50185, Indonesia

Phone: +6285733036860