Unlocking the Potential of Enterprise Structured Waqf for Business Based Pesantren in Indonesia
Abstract
Pesantren, as Islamic educational institutions, play a crucial role in shaping religious and moral values in Indonesia. In addition to their educational function, many pesantren have developed business units to sustain their operational costs. However, challenges such as financial sustainability, limited managerial expertise, and regulatory constraints often hinder their ability to achieve economic independence. This study examines the potential of implementing the Enterprise-Structured Waqf (ESW) model as an innovative approach to strengthen the economic foundations of business-based pesantren in Indonesia. The ESW model is a waqf-based corporate model that integrates the principles of Islamic endowment (waqf) with modern business management. This model allows waqf assets to be managed professionally, generating sustainable revenues while maintaining the original waqf objectives. This research employs a qualitative approach, utilizing content analysis of existing literature, including academic journals, books, policy papers, and case studies on enterprise waqf models. The findings of this study suggest that ESW has strong potential to be implemented in Indonesian pesantren, offering a sustainable solution for enhancing their financial autonomy. By leveraging waqf assets for productive economic activities, pesantren can generate long-term revenue streams while fulfilling their social and educational missions. However, several challenges need to be addressed, including low waqf literacy, legal ambiguities, and the need for capacity building among pesantren stakeholders. This study recommends targeted policy support, increased collaboration with Islamic financial institutions, and tailored training programs to facilitate the adoption of the ESW model in pesantren across Indonesia.
References
Abidillah, Achmad Fadlil. “Productive Waqf Model as an Alternative for Village-Owned Enterprises Business (BUMDs) Expansion.” EKONOMIKA SYARIAH: Journal of Economic Studies 5, no. 2 (2021): 153–66. https://doi.org/10.30983/es.v5i2.4826.
Achmad Siddiq. “Wakaf Produktif Dan Problematikanya Di Dunia Pesantren.” Millah XI, no. 1 (2011): 1–15.
Afifah, Rana Catleya Ega, and Muhammad Iqbal. “Problems and Solutions for The Development of Sustainable Cash Waqf Linked Sukuk (CWLS).” Iqtishadia 15, no. 1 (n.d.): 107–24. https://doi.org/10.21043/iqtishadia.v15i1.11464.
Afifi, Abdullah A. “Waqf Business Model ( WBM ): Towards A Sustainable Social Business Model on The Mainstream Economics.” Journal of Regional Development and Technology Initiatives 2 (2024): 63–78. https://doi.org/https://doi.org/10.58764/j.jrdti.2024.2.75.
Ahmad, Nurulanis Binti, Nor Nazihah Chuweni, Jannatun Naemah Ismam, Siti Nadiah Mohd Ali, Nurul Sahida Fauzi, and Huraizah Arshad. “A Conceptual Framework: Enhancing Shariah Compliance via Adopting Enterprise Waqf Model as Endowment for Urban Regeneration Development.” In Enhancing Halal Sustainability, 183–96, 2019.
Anggadwita, Grisna, Leo Paul Dana, Veland Ramadani, and Reza Yanuar Ramadan. “Empowering Islamic Boarding Schools by Applying the Humane Entrepreneurship Approach: The Case of Indonesia.” International Journal of Entrepreneurial Behaviour and Research 27, no. 6 (2021): 1580–1604. https://doi.org/10.1108/IJEBR-11-2020-0797.
Ardiyansyah, Rian, and Abdurrohman Kasdi. “Strategies and Optimizing the Role of Productive Waqf in Economic Empowerment of the Ummah.” Ziswaf: Jurnal Zakat Dan Wakaf 8, no. 1 (2021): 61.https://doi.org/10.21043/ziswaf.v8i1.9871.
Armiani, R. I. P., Syam, A. R., Sumaryanti, L., & Chaniago, Z. (2025). The Use of Pancasila Smart Book to Improve Basic Literacy of Indonesia Immigrant Workers Children in Malaysia. Al-Adzka: Jurnal Ilmiah Pendidikan Guru Madrasah Ibtidaiyah, 15(1), 115-130.
Arti, D. K. (2023). Crowdfunding Wakaf Di Tinjau Dari Maqashid Syariah Menurut Imam Syatibi. El-Iqthisady: Jurnal Hukum Ekonomi Syariah, 207-219
Beik, Irfan Syauqi, L Listiana, N Islamiyah, I Ibrahim, I W Indrawan, M Iqbal, M D Hardiana, A Aprilia, G K Buana, and D Nathalia. “Green Waqf Framework.” UNDP and BWI, 2022.
Falikul Isbah, M. “Pesantren in the Changing Indonesian Context: History and Current Developments.” Qudus International Journal of Islamic Studies 8, no. 1 (2020): 65–106. https://doi.org/10.21043/QIJIS.V8I1.5629.
Fanani, Ahmad, and Rahmad Hakim. “Self-Reliance Economic System Based On Waqf At Islamic Boarding School Darussalam Gontor Indonesia.” Al-Shafi’i: Jurnal Antarabangsa Kajian Islam Kontemporari 2, no. 2 (2022): 1–25.
Fauzan, F., Dannur, M., Syam, A. R., Sutapa, M., Utomo, F. H., & Alfiansyah, A. (2024). Building School Climate As A Learning Organization. Aqlamuna: Journal of Educational Studies, 2(1), 57-77.
Gultom, Mitra Sami, and Muhammad Iman Sastra Mihajat. “Cash Waqf Linked Deposit: A Proposed Waqf Model for Education Program and Poverty Alleviation in Indonesia.” In Strategic Islamic Business and Management: Solutions for Sustainability, 313–25. Springer, 2024.
Hadyantari, Faizatu Almas. “Realizing SDGs in Indonesia Through Productive Waqf.” Jurnal of Middle East and Islamic Studies 9, no. 2 (2022): 1–22. https://doi.org/10.7454/meis.v9i2.148.
Hidayati, Atina, and Intan Inayah. “Cash Waqf Linked Deposito (CWLD).” Jurnal At-Tamwil: Kajian Ekonomi Syariah 6, no. 1 (2024): 114–30.
Huda, Miftahul, and Lukman Santoso. “Implementation of Corporate Waqf Core Principles in the Development of Waqf in Indonesia.” Academic Journal of Interdisciplinary Studies 11, no. 5 (2022): 114–24. https://doi.org/10.36941/ajis-2022-0129.
———. “The Construction of Corporate Waqf Models for Indonesia.” International Journal of Innovation, Creativity and Change 13, no. 6 (2020): 720–34.
Hutagalung, Syahrial Arif, Irvan Murizal, and Rizki Isnani Fadhila Saragih. “Productive Waqf: Solutions for Strengthening the Ummah’s Economy and Social Empowerment.” JGIES: JOURNAL OF GLOBAL ISLAMIC ECONOMIC STUDIES 1, no. 3 (2023): 10–18.
Ibrahim, Duski, Ahmad Zainuri, and Miftachul Huda. “Empowering Wakaf (Islamic Endowment) for Economic Development: An Insightful Value of Nazir Waqf in Indonesia.” UMRAN - International Journal of Islamic and Civilizational Studies 7, no. 1 (2020): 103–14. https://doi.org/10.11113/umran2020.7n1.405.
Ibrahim, Salawat Fatih. “Certification of Pondok Pesantren as Professional Nazhir to Develop Productive Waqf.” Jurnal of Middle East and Islamic Studies 10, no. 1 (2023): 1–19. https://doi.org/10.7454/meis.v10i1.156.
Imron, M., Risnandar Risnandar, Priska Amalia, and Rizqi Zulmiati. “Kajian Pemetaan Potensi Aset Wakaf Komersial Nasional Dan Identifikasi Sumber Pendanaan Pengembangan Aset Wakaf Dalam Kerangka Pengembangan Wakaf Uang.” Badan Kebijakan Fiskal Kementerian Keuangan Republik Indonesia, 2024.
Iskandar, Iskandar. “Waqf Institution and Management Cash Waqf During The Ottoman Period.” International Journal of Islamic Business and Economics (IJIBEC) 6, no. 1 (2022): 37–51. https://doi.org/10.28918/ijibec.v6i1.4851.
Iskandar, Iskandar, Dadang Irsyamuddin, Esa Dwiyan, and Hidayatul Ihsan. “Waqf Substantial Contribution Toward the Public Healthcare Sector in the Ottoman Empire.” Journal of Critical Realism in Socio-Economics (JOCRISE) 1, no. 3 (April 2023): 275–94. https://doi.org/10.21111/jocrise.v1i3.21.
Iskandar, Iskandar, and Hadi Sofuoglu. “Exploring the Evolution of Waqf Laws and Contemporary Practices in Muslim Countries.” Islam Realitas: Journal of Islamic and Social Studies 9, no. 1 (2023): 57–70. https://doi.org/http://dx.doi.org/10.30983/islam_realitas.v9i1.6229.
Kasdi, Abdurrohman. “Productive Waqf for the Modernization Pesantren.” Edukasia: Jurnal Penelitian Pendidikan Islam 14, no. 2 (2019): 245–66.
Khatimah, Husnul, Nuradi Nuradi, and Nurul Huda. “The Concept of Economic Independence of Cash Waqf-Based Pesantren and Its Implementation at STIBA Ar Raayah.” El-MAl: Jurnal Kajian Ekonomi & Bisnis Islam 5, no. 12 (2024): 5473–92. https://doi.org/10.47467/elmal.v5i12.5402.
Laila, Nisful, Raditya Sukmana, Dwi Irianti Hadiningdyah, and Indah Rahmawati. “Critical Assessment on Cash Waqf-Linked Sukuk in Indonesia.” Qualitative Research in Financial Markets ahead-of-p, no. ahead-of-print (January 2024). https://doi.org/10.1108/QRFM-11-2023-0291.
Lestari, Rani, Muhammad Yusup, and Pongky Arie Wijaya. “Analisis Pengelolaan Wakaf Uang Pada Koperasi Simpan Pinjam Pembiayaan Syariah (KSPPS) Gumarang Akbar Syariah Mataram.” El-MAl: Jurnal Kajian Ekonomi & Bisnis Islam 5, no. 5 (2024): 3991–4000.
Lestari, C. P., Kurnianto, R., Syam, A. R., & Arifin, S. (2024). Religious Educational Patterns of The Millennial Generation Trough Ngopi Senja Activities. eL-HIKMAH: Jurnal Kajian dan Penelitian Pendidikan Islam, 18(2), 144-163.
Maulina, Rindawati, Wawan Dhewanto, and Taufik Faturohman. “How to Attract Wealthy Muslims to Contribute to Cash Waqf (Islamic Endowment) Held by the Islamic Banks? Case in Indonesia.” Journal of Islamic Marketing, 2024. https://doi.org/10.1108/JIMA-11-2022-0312.
Mohd Thas Thaker, Mohamed Asmy, Md Fouad Amin, Hassanudin Mohd Thas Thaker, Ahmad Khaliq, and Anwar Allah Pitchay. “Cash Waqf Model for Micro Enterprises’ Human Capital Development.” ISRA International Journal of Islamic Finance 13, no. 1 (2021): 66–83.
Mubarrak, Husni, Iskandar Iskandar, Hamdiah Hamdiah, and Badrul Munir. “Pengembangan Waqaf Temporer Bagi Pembangunan Ekonomi Umat: Suatu Kajian Penerapannya Di Turki Dan Indonesia.” IHTIYATH : Jurnal Manajemen Keuangan Syariah 8, no. 1 (2024): 14–28. https://doi.org/10.32505/ihtiyath.v8i1.8165.
Mutaqin, Enjen Zaenal, and Dwi Guntoro. “Optimization and Realization of Productive Waqf Implementation Through Cash Waqf Linked Sukuk (CWLS) SW001 Scheme at Achmad Wardi Eye Hospital.” Al-Awqaf: Jurnal Wakaf Dan Ekonomi Islam 16, no. 1 (2023): 23–40.
Nurul Fadhilah, Lamya, and Abdurrahman Azmi. “The Urgency of Optimizing Productive Waqf in Pesantren to Foster the Halal Industry Development.” KnE Social Sciences 2024 (2024): 171–83. https://doi.org/10.18502/kss.v9i2.14975.
Robbani, Muhammad Nabil, and Nur Fatwa. “Islamic Management and Risk Management Applications in Pesantren Based on Waqf.” Santri: Journal of Pesantren and Fiqh Sosial 5, no. 1 (2024): 55–72. https://doi.org/10.35878/santri.v5i1.1203.
Rusydiana, A S, A K Ocktavia, and S Salmah. “Cash Waqf Linked Sukuk (CWLS) In Indonesia: A Sentiment Analysis.” Tamkin Journal 2, no. 1 (2023).
Salam, Annisa Nur, and Iskandar Iskandar. “Integration of Green Sukuk and Cash Waqf Linked Sukuk for Financing Agriculture Sustainable.” Asy-Syari’ah 23, no. 2 (2021): 345–64. https://doi.org/10.15575/as.v23i2.24059.
Sholihah, Fefi Diniyati, Wahidatun Nafiah Al-Farda, and Lala Tri Wulandari. “Study of the Role of Productive Waqf in Improving Community Welfare: A Qualitative Study at Rohmatul Ummah Islamic Boarding School Ringinrejo, Kediri, Indonesia.” Open Access Indonesia Journal of Social Sciences 7, no. 4 (2024): 1649–58.
Sofuoğlu, Hadi, and Iskandar Iskandar. “Evaluating the Efficiency of Islamic Financial Institutions in Managing Cash Waqf in Indonesia.” Journal of Islamic Economic and Finance 10, no. 2 (2024): 394–444. https://doi.org/https://doi.org.tr/10.54863/jief.1540049.
Suhaida, Noor, and Siti Fariha Adilah Ismail. “Social Enterprise and Waqf: An Alternative Sustainable Vehicle for Islamic Social Finance.” In Foundations of a Sustainable Economy, 288–307. Routledge, 2021.
Sukmana, Raditya, Ririn Tri Ratnasari, Rifaldi Majid, and Muhammad Hakimi Mohd Shafiai. “Designing Waqf-Based Financing Model for Livestock Project: Empirical Evidence from Indonesia.” International Journal of Islamic and Middle Eastern Finance and Management 17, no. 3 (2024): 599–617.
Sulistiani, Siska Lis, Rahmi Edriyanti, and Iskandar Ibrahim. “Model Investasi Dana Haji Dalam Pengembangan Aset Wakaf Di Indonesia Perspektif Maqashid Syariah.” QULUBANA: Jurnal Manajemen Dakwah 4, no. 1 (2023): 51–65.
Susamto, Akhmad Akbar, M. Bisri, Anang Rikza Masyhadi, and Burhanuddin Susamto. “Redefining Boundaries: The Case for Enterprise-Structured Waqf Over Corporate Waqf.” ISRA International Journal of Islamic Finance 16, no. 1 (2024): 118–35. https://doi.org/10.55188/ijif.v16iS1.759.
Susanto, H., & Syam, A. R. (2025). Internalization of Islamic Leadership Character Values in State Islamic Senior High School Students (MAN) through Madrasah Intra-Student Organizations. JIE (Journal of Islamic Education), 10(1), 410-429.
Ummah, Siti Chomsiatin Binti Ni’matul, Happy Susanto, and Miftah Hur Rahman Zh. “Internalization of Social Care Character among Female Santri through the Safari Dakwah Program.” International Journal of Learning and Education 1, no. 1 (2025): 47–54.
Wardy Putra, Trisno, Jumadil Saputra, Bayu Taufiq Possumah, and Moch. Yofaldy Ichsan Hasyim. “Productive Waqf Development Model: A Comparative Study between Indonesia and Malaysia.” Tazkia Islamic Finance and Business Review 17, no. 1 (2023): 13–35. https://doi.org/10.30993/tifbr.v17i1.314.
Winarsih, Ratih, Atika Rukminastiti Masrifah, and Khoirul Umam. “The Integration of Islamic Commercial and Social Economy Through Productive Waqf To Promote Pesantren Welfare.” Journal of Islamic Monetary Economics and Finance 5, no. 2 (2019): 321–40. https://doi.org/10.21098/jimf.v5i2.1065.
Yasin, Muhamad, and Muhammad Nabil Khasbulloh. “Constructing Ethical Critical Thinking at Pesantren.” Jurnal Pendidikan Islam 8, no. 2 (2022): 127–44.
Yasin, Rozaq Muhammad. “Cash Waqf Linked Sukuk: Issues, Challenges and Future Direction in Indonesia.” Jurnal Ekonomi Dan Bisnis Islam (Journal of Islamic Economics and Business) 7, no. 1 (2021): 100–112. https://doi.org/10.20473/jebis.v7i1.24818.
Yurista, Dina Yustisi. “Sosial Entrepreneurship Management of Islamic Boarding School in Indonesia.” Indonesian Journal of Business & Entrepreunership 11, no. 1 (2025): 82.
Zaki, Irham, M Bastomi Fahri Zusak, Denizar Abdurrahman Mi’raj, and Fatin Fadhilah Hasib. “Islamic Community-Based Business Cooperation and Sustainable Development Goals: A Case of Pesantren Community in Indonesia.” International Journal of Ethics and Systems 38, no. 4 (2022): 621–32.
Zh, Miftah Hur Rahman. “Implementation of the One Day Three Sentences Technique to Improve the Arabic Ability of Students at Modern Darussalam Gontor.” In International Conference on Islam and Global Civilization, 2021.
Zulfikri, Zulfikri, and Zuul Fitriani Umari. “Kontribusi Bank Wakaf Mikro Terhadap Umkm Dalam Mengembangkan Industri Halal.” Ekonomica Sharia: Jurnal Pemikiran Dan Pengembangan Ekonomi Syariah 10, no. 1 (2024): 185–200. https://doi.org/10.36908/esha.v10i1.1240.
11.gif)
