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Sukuk Linked Waqf (An Analytical Study on the Development of a Productive Waqf Asset Management Model in Indonesia)

Educational Leadership and Management Journal · Vol. 4 No. 1 (2026) · pp. 1–9

DOI
10.22437/element.v4i1.54787
ISSN
3031-4712
Published
2026-05-05
Publisher
FKIP Universitas Jambi
Language
en

Abstract

The This study aims to develop an integrated model of Sukuk-Linked Waqf to optimize unproductive waqf assets in Indonesia. Despite the vast potential of waqf assets, their utilization remains suboptimal due to limited managerial capacity, lack of innovation, and weak governance. This research adopts a qualitative approach combined with the Analytical Network Process (ANP) to identify key determinants influencing the effectiveness of waqf management. The results show that the consistency ratio (CR) values across stakeholders—Badan Wakaf Indonesia (0.08), Otoritas Jasa Keuangan (0.07), Dewan Syariah Nasional Majelis Ulama Indonesia (0.06), Bank Syariah Indonesia (0.09), investors (0.08), and practitioners (0.07)—are all below the acceptable threshold of 0.10, indicating reliable and consistent judgments. In terms of priority criteria, transparency (0.26) and regulatory support (0.22) are identified as the most influential factors, followed by public trust (0.20), institutional efficiency (0.18), and socialization or financial literacy (0.14). The study proposes an Integrated Sukuk–Waqf Synergy Model (ISWSM) as an innovative solution that integrates Islamic social finance and capital market instruments through a digital platform. The proposed model enables sustainable financing by combining philanthropic and commercial funds through a blended finance approach. This research contributes theoretically by enriching Islamic social finance literature and practically by offering an implementable model for stakeholders. It also provides policy implications for strengthening governance and developing innovative financing mechanisms to support sustainable socio-economic development.

Keywords

Collaboration network of the authors

40 authors · 80 co-authorship links · showing the 40 most connected

Hover or tap a name to highlight its co-authors. Double-click to open the author's page.

  • State University of Semarang
  • Institut Teknologi Sepuluh Nopember
  • Universitas Islam Negeri Maulana Malik Ibrahim
  • Gunadarma University
  • Affiliation unknown
  • Different organisations
  • Same organisation
  • Affiliation unknown
  • Thicker line = more joint articles · bigger circle = more articles
Show as table
Co-authorOrganisationJoint articles
Nova RiniAffiliation unknown3
Any SetianingrumAffiliation unknown2
Muslikh MuslikhAffiliation unknown2
Budiman BasoInstitut Teknologi Sepuluh Nopember1
RisaldAffiliation unknown1
Rika WulandariAffiliation unknown1
Shavika MirantiAffiliation unknown1
Wildana WargadinataUniversitas Islam Negeri Maulana Malik Ibrahim1
Shofil FikriAffiliation unknown1
SujarwoAffiliation unknown1
Ridho Gata WijayaAffiliation unknown1
Samsul ArifinAffiliation unknown1
Mukh DoyinAffiliation unknown1
U’um QomariyahAffiliation unknown1
Ali MurtadhoAffiliation unknown1
Mungin Eddy WibowoAffiliation unknown1
Prihandoko PrihandokoGunadarma University1
Alfa Yuliana DewiAffiliation unknown1
Novi Ratna DewiState University of Semarang1
Arif WidiyatmokoState University of Semarang1
Andreas Priyono Budi PrasetyoState University of Semarang1
Silvi Leila RahmiAffiliation unknown1
addion nizoriAffiliation unknown1
Indra Lasmana TariganAffiliation unknown1
Madyawati LatiefAffiliation unknown1
Annisa Candra NabilaAffiliation unknown1
Yus Aniza YusofAffiliation unknown1
Stephen K. Kanten MontenAffiliation unknown1
Frederick AdziteyAffiliation unknown1
Juliana BawahAffiliation unknown1
DepisonAffiliation unknown1
Nur Raudhatul Syahindah Mohd RadziAffiliation unknown1
Noroul Asyikeen ZulkifliAffiliation unknown1
Ishamri IsmailAffiliation unknown1
Md. Murad HossainAffiliation unknown1
Mahmudul Hasan MithunAffiliation unknown1

Affiliations come from OpenAlex; journal OAI-PMH metadata carries none. Authors without an OpenAlex ID are matched by name, which can merge or split people.

Metadata source: OAI-PMH (metadata jurnal) https://online-journal.unja.ac.id/index.php/element/oai, first harvested 6 Nov 2026, last seen 8 Nov 2026.
Original metadata (oai_dc) 
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	<dc:title xml:lang="en">Sukuk Linked Waqf (An Analytical Study on the Development of a Productive Waqf Asset Management Model in Indonesia)</dc:title>
	<dc:creator xml:lang="en">Qodri, Muhammad</dc:creator>
	<dc:creator xml:lang="en">Nurhayati, Immas</dc:creator>
	<dc:creator xml:lang="en">Huda, Nurul</dc:creator>
	<dc:creator xml:lang="en">Tanjung, Hendri</dc:creator>
	<dc:subject xml:lang="en">sukuk; waqf; islamic finance; blended finance; governance</dc:subject>
	<dc:description xml:lang="en">The This study aims to develop an integrated model of Sukuk-Linked Waqf to optimize unproductive waqf assets in Indonesia. Despite the vast potential of waqf assets, their utilization remains suboptimal due to limited managerial capacity, lack of innovation, and weak governance. This research adopts a qualitative approach combined  with the Analytical Network Process (ANP) to identify key determinants influencing the effectiveness of waqf management. The results show that the consistency ratio (CR) values across stakeholders—Badan Wakaf Indonesia (0.08), Otoritas Jasa Keuangan (0.07), Dewan Syariah Nasional Majelis Ulama Indonesia (0.06), Bank Syariah Indonesia (0.09), investors (0.08), and practitioners (0.07)—are all below the acceptable threshold of 0.10, indicating reliable and consistent judgments. In terms of priority criteria, transparency (0.26) and regulatory support (0.22) are identified as the most influential factors, followed by public trust (0.20), institutional efficiency (0.18), and socialization or financial literacy (0.14). The study proposes an Integrated Sukuk–Waqf Synergy Model (ISWSM) as an innovative solution that integrates Islamic social finance and capital market instruments through a digital platform. The proposed model enables sustainable financing by combining philanthropic and commercial funds through a blended finance approach. This research contributes theoretically by enriching Islamic social finance literature and practically by offering an implementable model for stakeholders. It also provides policy implications for strengthening governance and developing innovative financing mechanisms to support sustainable socio-economic development.</dc:description>
	<dc:publisher xml:lang="en">FKIP Universitas Jambi</dc:publisher>
	<dc:date>2026-05-05</dc:date>
	<dc:type>info:eu-repo/semantics/article</dc:type>
	<dc:type>info:eu-repo/semantics/publishedVersion</dc:type>
	<dc:type xml:lang="en">Peer-reviewed Article</dc:type>
	<dc:format>application/pdf</dc:format>
	<dc:identifier>https://online-journal.unja.ac.id/element/article/view/54787</dc:identifier>
	<dc:identifier>10.22437/element.v4i1.54787</dc:identifier>
	<dc:source xml:lang="en">Educational Leadership and Management Journal; Vol. 4 No. 1 (2026):  Element - 2026; 1-9</dc:source>
	<dc:source>3031-4712</dc:source>
	<dc:language>en</dc:language>
	<dc:relation>https://online-journal.unja.ac.id/element/article/view/54787/24257</dc:relation>
	<dc:rights xml:lang="en">Copyright (c) 2026 Educational Leadership and Management Journal</dc:rights>
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