Beyond Passive Protection: Operationalizing a Hifzh al-Mal Driven Waqf Management Model in Emerging Islamic Social Finance
DOI:
https://doi.org/10.15642/mzw.2026.8.2.240-269Keywords:
Cash Waqf; Hifzh al-Mal; Waqf Management; Economic EmpowermentAbstract
This study develops a conceptual model for managing cash waqf based on Hifzh al-Mal within the framework of Maqashid al-Shari’ah to support Muslim community economic empowerment. Although cash waqf offers an opportunity to mobilize resources for social and economic development, its effective management requires an integrated approach to asset protection, productive utilization, and benefit distribution. This qualitative library research draws on classical fiqh and usul al-fiqh literature, contemporary academic publications, institutional reports, and Indonesian waqf regulations. The sources were identified through manual searches, consultation of known references, and examination of relevant bibliographies. They were categorized into normative, academic and institutional, and regulatory sources, then critically interpreted according to their relevance to Hifzh al-Mal and cash waqf management. The analysis synthesized these materials into three analytical dimensions: asset protection (al-hifzh), productive development (al-tanmiyah), and equitable distribution (al-tawzi’). These dimensions inform a conceptual model comprising four interconnected components: value-based governance, an innovative fundraising ecosystem, productive Sharia-compliant investment, and impact-oriented distribution. The study’s theoretical contribution lies in translating Hifzh al-Mal from a general principle of wealth preservation into an integrated analytical framework for cash waqf management. Practically, the model identifies management priorities for nazhir, the Indonesian Waqf Board, and policymakers concerning accountability, principal protection, productive fund utilization, and beneficiary-oriented distribution. The model is conceptually examined against Maqashid al-Shari’ah principles and the Indonesian regulatory context; its institutional effectiveness and socioeconomic outcomes require further empirical validation.
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