Waqf-Based Entrepreneurship Direct Financing Model: Potential and Challenges


  • Rindawati Maulina Institut Teknologi Bandung, Indonesia, Indonesia
  • Wawan Dhewanto Institut Teknologi Bandung, Indonesia, Indonesia
  • Taufik Faturohman Institut Teknologi Bandung, Indonesia, Indonesia




Continuous effort to strengthen the integration of Islamic commercial finance and Islamic social finance becomes salient. The use of waqf (Islamic endowment) assets for various sector and infrastructure development, which is supported by technological advancement, can also help the economy recover, particularly in the current economic downturn caused by the Covid-19 pandemic. Unfortunately, waqf-based entrepreneurs who contribute significantly to the sustainability of waqf benefits continue to face significant difficulties in obtaining capital for the development of waqf assets. Based on a review of the existing literature and findings from case study through  in-depth interviews with selected respondents, the study aims to propose a direct financing model for waqf-based entrepreneurs by empowering affluent Muslim potentials through Islamic banks. There are five (5) fundamental criteria considered as strategic for the integration model to successfully empower waqf-based entrepreneurship in Indonesia, namely continuous literacy and education on contemporary waqf, transformation of regulatory and management transparency, improvement of the professionalism and business capacity of the waqf-based entrepreneurs, synergy and collaboration among stakeholders, and integrated and reliable infrastructure.

Author Biographies

Rindawati Maulina, Institut Teknologi Bandung, Indonesia

Rindawati Maulina has been working as an analyst at Bank Indonesia since 2007. She completed her bachelor's degree in Industrial Engineering from Bandung Institute of Technology (ITB) in 2003. In 2007, she obtained a master's degree from Industrial Engineering from the same university. In 2013 she received a full scholarship from Temasek-Singapore to pursue a master's degree in Management of Science (MSc) in Wealth Management at Singapore Management University (SMU) and graduated in 2014 with a cum laude (distinction) predicate. Her area of interests are Islamic economics and finance, wealth management, monetary policy and management, foreign reserves management, behavioral science, risk management, and industrial engineering. She is currently pursuing a doctoral degree at the School of Business and Management-Bandung Institute of Technology (SBM-ITB). Her dissertation topic focuses on the integration of Islamic commercial finance and Islamic social finance in the context of the Islamic Wealth Management industry in Indonesia.

Wawan Dhewanto, Institut Teknologi Bandung, Indonesia

Wawan Dhewanto obtained his bachelor degree from the department of Industrial Engineering, Institut Teknologi Bandung (ITB) Indonesia. Then he was awarded the Australian Development Scholarship for doing his PhD, at Faculty of Business and Economics, Monash University, Australia. He finished his PhD on Technology Commercialisation in March, 2012. Wawan Dhewanto joined the School of Business and Management (SBM) Institut Teknologi Bandung (ITB) in January 2004. Wawan Dhewanto has become Professor of Entrepreneurship since 2021. His research interests are on Entrepreneurship, Entrepreneurial Leadership, Management of Innovation and Technology, Digital StartUp, dan Small and Medium Enterprise (SME) Internationalisation.

Taufik Faturohman, Institut Teknologi Bandung, Indonesia

Taufik Faturohman is currently lecturer at the School of Business and Management Institute of Technology Bandung (SBM ITB). He received a PhD in Economics and Finance from Curtin Business School, Curtin University of Technology Western Australia. The title of his dissertations is “An Examination of the Growth of Islamic Banking in Indonesia from 2003-2010”. Taufik obtained his MBA from ITB, and graduated with honor (cum laude). He earned a Bachelor degree in Materials Engineering, also from ITB. Taufik’s research interests are Islamic banking, Islamic finance, corporate finance, business risk management and economics.



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July 31, 2023

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Maulina, R., Dhewanto, W., & Faturohman, T. (2023). Waqf-Based Entrepreneurship Direct Financing Model: Potential and Challenges . International Journal of Emerging Issues in Islamic Studies, 3(1), 68–88. https://doi.org/10.31098/ijeiis.v3i1.1398



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