MUSLIM COMMUNITY ECONOMIC DEVELOPMENT THROUGH WAQF AND COMMUNITY-BASED ENTREPRENEURSHIP
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Authors: Indra Fajar Alamsyah
Keywords: Community-Based Entrepreneurship, Economic Development, Muslim Community, Waqf
Abstract: This paper aims to build the existing body of literature in the field of economic development, especially Muslim community by advocating for how waqf and community-based entrepreneurship can work together to be used as a tool to develop Muslim community economic development. It is a conceptual paper in nature. In turn, this research is designed to utilize an exploratory approach to literature review related to this topic. This paper concludes by recommending waqf to be used to turn on dead (abandoned) assets of waqf in the midst of Muslim communities to be exchanged (istibdāl) into productive assets as a means to run community-based entrepreneurship in the framework of alternative socio-economic work for Muslim communities economic development in the Islamic world. Waqf is used because in the literature it is found that waqf is one of the instruments that bring glory in the days of successful Islamic civilization, and community-based entrepreneurship as a unique form of entrepreneurship that is able to understand the characteristics of each community that has unique values can be used to identify what forms of economic development desired by the Muslim communities, and they are directly involved in the development program. Further research is needed to validate the concept empirically through systematic investigation. This recommendation provides maps and alternative tools for community economic development for the Islamic world in developing Islamic society from the economic aspect. In addition, it also enables stakeholders and policy-makers to consider recommendations from this paper as one way that can tackles the economic constraints on Muslim communities, especially alleviating the issue of poverty. This paper can be considered as the first attempt to detail the aspects of waqf and community-based entrepreneurship as an alternative to economic development for Muslim communities.