The Role of Micro Waqf Bank in Women’s Micro-Business Empowerment through Islamic Social Finance: Mixed-Method Evidence from Mawaridussalam Indonesia

The integration of Islamic social and commercial finance (IISCF): Systematic literature review, bibliometric analysis, conceptual framework, and future research opportunities

Islamic social finance has yet to match the rapid growth of the Islamic commercial finance sector. However, the two sectors' integration has been effective in addressing various economic and social issues confronting the Ummah (people). This study aims to survey and map the literature on the integration of Islamic social and commercial finance (IISCF) between 1979 and 2023 to better understand the implementation of this driving force in supporting the various needs of people and the economy. The originality of this research stems from its methodology of combining a systematic literature review and bibliographic mapping to investigate research trends, major topics of interest, critical lessons learned, and propose a conceptual framework to guide future research opportunities on the IISCF theme. The study found that the proposed model is the most discussed topic in the available research on IISCF (49.43 %), followed by integration practice and impact (24.14 %), issues and challenges (16.09 %), and behaviour (10.34 %), respectively. Waqf asset development and entrepreneurship are two dominant sub-topics discussed in the proposed model topic, thus indicating the critical purpose of integration: to achieve the sustainability and broader welfare of the Ummah. Further, the current research shows that IISCF is increasingly in demand, while the application of technology is simultaneously becoming more prominent in supporting integration. This study contributes to the enrichment of Islamic finance theory and the mapping of IISCF over the last 50 years. From a practical standpoint, the study results can be used to improve and determine the future strategies required for a more effective IISCF, which will be carried out globally by many stakeholders, particularly the government, related regulators, the Islamic finance industry, academics, and the Muslim community.

Toward developing a sustainability index for the Islamic Social Finance program: An empirical investigation

Several previous studies state that the Islamic Social Finance program has not fully succeeded in creating prosperity, and there are no definite measurements to show the sustainability impact of the program. Thus, a measurement is needed to analyze various aspects in achieving the success and sustainability of Islamic social finance programs. This study developed an index for performance evaluation with an emphasis on the success and sustainability of the Islamic Social Finance program. The study used the Analytical Network Process to determine and analyze priority components. Furthermore, the Multistage Weighted Index method was used to calculate the final index score. The index was built by taking into consideration various factors, stakeholders, aspects, and indicators. This study indicates that aspects of funding contribution from donors (0.22), involvement of donors in giving advice (0.99), and controlling of supervisor (0.08) are priority aspects in the success and sustainability of the program. An empirical investigation was performed on three different programs in Indonesia: A, B, and C. Program A (0.81) and C (0.80) have succeeded in improving the beneficiaries' quality of life to the level of economic resilience, although at a low level of sustainability (76-84.33). On the other hand, program B (0.73) is at the economic reinforcement and has not yet achieved sustainability. This index can be seen as a comprehensive tool for measuring the success and sustainability of the program at several levels.