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Determining the characteristics of waqf-based Islamic financial institution and proposing appropriate models for Indonesia

Determining the characteristics of waqf-based Islamic financial institution and proposing... This study aims to determine the characteristics of waqf-based Islamic financial institution (IFI) and subsequently propose some waqf-based IFIs.Design/methodology/approachThis study uses the Delphi method, combined with the Likert scale, to determine and validate the agreed characteristics of waqf-based IFI models. Subsequently, based on the agreed characteristics, the authors propose waqf-based IFI models.FindingsThe results show that there are 28 important characteristics of waqf-based IFI, which respondents agree on 24 characteristics with significant Kendall’s concordance or rater agreement (W). The type of waqf-based IFI could be a bank, venture capital or cooperative; the business orientation should be a combination of commercial-social, and it could be implemented in the national, community or micro level. Based on the agreed characteristics, the authors propose several waqf-based IFI, including integrated commercial-social waqf-based bank, integrated commercial-social waqf-based venture capital and integrated commercial-social waqf-based cooperative.Research limitations/implicationsRespondents of this study comprise experts and practitioners who reside in Indonesia so that the results of proposed waqf-based IFIs are most suitable to be implemented in Indonesia.Practical implicationsThe conceptual framework and method used in this study could be applied to determine the characteristics of waqf-based IFI and propose the most suitable waqf-based IFI models in other countries.Originality/valueThis study starts with determining the essential characteristics of waqf-based IFI, which then be used to propose waqf-based IFI models. http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png International Journal of Ethics and Systems Emerald Publishing

Determining the characteristics of waqf-based Islamic financial institution and proposing appropriate models for Indonesia

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References (36)

Publisher
Emerald Publishing
Copyright
© Emerald Publishing Limited
ISSN
2514-9369
eISSN
2514-9369
DOI
10.1108/ijoes-01-2022-0001
Publisher site
See Article on Publisher Site

Abstract

This study aims to determine the characteristics of waqf-based Islamic financial institution (IFI) and subsequently propose some waqf-based IFIs.Design/methodology/approachThis study uses the Delphi method, combined with the Likert scale, to determine and validate the agreed characteristics of waqf-based IFI models. Subsequently, based on the agreed characteristics, the authors propose waqf-based IFI models.FindingsThe results show that there are 28 important characteristics of waqf-based IFI, which respondents agree on 24 characteristics with significant Kendall’s concordance or rater agreement (W). The type of waqf-based IFI could be a bank, venture capital or cooperative; the business orientation should be a combination of commercial-social, and it could be implemented in the national, community or micro level. Based on the agreed characteristics, the authors propose several waqf-based IFI, including integrated commercial-social waqf-based bank, integrated commercial-social waqf-based venture capital and integrated commercial-social waqf-based cooperative.Research limitations/implicationsRespondents of this study comprise experts and practitioners who reside in Indonesia so that the results of proposed waqf-based IFIs are most suitable to be implemented in Indonesia.Practical implicationsThe conceptual framework and method used in this study could be applied to determine the characteristics of waqf-based IFI and propose the most suitable waqf-based IFI models in other countries.Originality/valueThis study starts with determining the essential characteristics of waqf-based IFI, which then be used to propose waqf-based IFI models.

Journal

International Journal of Ethics and SystemsEmerald Publishing

Published: Jan 5, 2023

Keywords: waqf; waqf-based bank; waqf-based cooperative; waqf-based IFI; waqf-based venture capital; D60; G210

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