WAKAF SEBAGAI INSTRUMEN INVESTASI PUBLIK

Abstract

Waqf, an endowment rooted in Islamic tradition, has historically played a pivotal role in promoting social welfare and economic development within Muslim societies. Traditionally established as perpetual charitable assets for religious, educational, and social purposes, waqf can be redefined in contemporary contexts as a strategic public investment instrument. This study examines the potential of waqf to serve as a sustainable financing mechanism for public goods and infrastructure, thus contributing to long-term socio-economic growth. Employing a qualitative descriptive method, the research synthesizes classical Islamic jurisprudence, modern economic theory, and case studies from countries such as Indonesia, Turkey, and Malaysia, where innovative waqf models have been implemented. Findings reveal that when managed professionally—through transparent governance, strategic asset utilization, and integration with modern investment tools—waqf funds can finance hospitals, schools, housing projects, renewable energy facilities, and other public services, generating continuous benefits for communities. Furthermore, the productive deployment of waqf aligns with the maqāṣid al-sharīʿah (objectives of Islamic law), particularly in achieving socio-economic justice, eradicating poverty, and ensuring equitable resource distribution. The study emphasizes that successful transformation of waqf into a public investment instrument requires legal reforms, institutional capacity building, public awareness, and digital financial systems to enhance efficiency and accountability. By bridging the historical role of waqf with contemporary public finance strategies, this research underscores its potential to become a catalytic tool for inclusive and sustainable development in Muslim-majority countries.