Optimising Cash Waqf As An Instrument For Financial Technology Based Economic Empowerment In The Face Of Global Uncertainty

Abstract

Waqf is an instrument of Islamic philanthropy with enormous potential to support socio-economic development, poverty alleviation, and strengthening community resilience. However, amidst global uncertainty characterised by economic crises, climate change, geopolitical instability, and technological disruption, managing waqf requires a strategic approach to remain relevant and sustainable. This research aims to analyse adaptive, innovative, and long-term cash waqf management strategies so that their benefits align with a just, inclusive, and resilient future vision. The research method uses a qualitative approach with in-depth literature studies and comparative analysis of cash waqf management practices in various global contexts. The research findings indicate that the sustainability of cash waqf can be achieved through three main strategies: first, integrating good governance principles into waqf management to ensure efficiency and effectiveness, transparency, accountability, and public trust; second, utilising digital technology and social finance innovations, such as blockchain-based waqf and green waqf, to expand participation and improve efficiency; and third, strengthening multi-stakeholder collaboration between the government, Islamic financial institutions, civil society, and the private sector to broaden socio-economic impact. With this strategy, cash waqf becomes not only a ritual act of worship but also an instrument for sustainable development capable of bringing about social justice, economic inclusion, and community resilience in the face of global challenges. This research recommends the development of an adaptive policy framework that supports innovation while upholding Sharia principles so that cash waqf can become an important pillar in building a more just, inclusive, and sustainable future.