The Role of Islamic Social Finance in Enhancing Productive Waqf for Sustainable Islamic Boarding School Education
Abstract
The affordability of Islamic boarding school (pesantren) education remains a critical issue, with approximately 4.3 million students from low-income backgrounds in Indonesia struggling to cover tuition costs. Conventional financial aid mechanisms have proven insufficient, necessitating alternative funding solutions. Islamic social finance, particularly productive waqf, emerges as a viable approach to ensuring financial sustainability for pesantren. This study adopts a qualitative approach, utilizing library research and case study analysis to explore the role of Islamic social finance in enhancing productive waqf. Data are sourced from scholarly literature, (Indonesian Waqf Board) reports, and case studies of pesantren implementing productive waqf models. The findings reveal that agriculture, business ventures, and Islamic microfinance projects significantly contribute to revenue generation, reducing pesantren’s reliance on tuition fees. Additionally, the integration of Islamic crowdfunding and fintech platforms has enhanced transparency and donor engagement in waqf management. The novelty of this research lies in its examination of the synergy between Islamic social finance and digital financial technology in optimizing productive waqf for sustainable pesantren education. The study underscores that strengthening regulatory frameworks and leveraging digital innovations can maximize the impact of Islamic social finance, ensuring greater accessibility to quality education for underprivileged students.
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