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ABSTRAKTujuan dari Penelitian ini adalah menguji pengaruh kepercayaan dan citra website yang diintegrasikan dengan persepsi kemudahan penggunaan dan persepsi kebermanfaatan pada niatan seorang mahasiswa dalam membayar wakaf secara online, yang menjadikan penelitian ini berbeda dengan penelitian sebelumnya adalah penggunaan citra website sebagai determinan niatan mahasiswa dalam menggunakan layanan wakaf online ini. Penelitian ini menggunakan pendekatan kuantitatif dengan metode SEM-PLS serta melibatkan responden sebesar 100 responden dengan menggunakan Purposive Sampling dengan kriteria seorang muslim usia 18-35 dan seorang mahasiswa. Software analisis untuk mengolah data dalam penelitian ini menggunakan Smartpls 3.3, untuk data diperoleh dengan menggunakan kuesioner online menggunakan skala likert 1 sampai 5, dengan keterangan sangat setuju hingga tidak setuju. Hasil dari penelitian ini menunjukkan bahwa kepercayaan, citra website, kebermanfaatan aplikasi, dan kemudahan penggunaan berhubungan signifikan terhadap niat penggunaan wakaf online. Implikasi hasil penelitian ini diharapkan dapat memberikan tambahan pengetahuan terutama dalam ilmu pemasaran Islam terkait penggunaan behavioral intention dalam penggunaan layanan wakaf online, serta diharapkan penelitian ini dapat memberikan masukan bagi manajemen lembaga donasi terutama nazir untuk lebih memperhatikan kemudahan penggunaan konsumen, manfaat yang dirasakan, kepercayaan lembaga, citra perusahaan serta niat dalam menggunakan layanan wakaf secara online.Kata kunci: Wakaf online, technology acceptance model, trust, image. ABSTRACTThe purpose of this study was to examine the effect of trust and website image, which is integrated with perceived ease of use and perceived usefulness, on a student's intention to pay waqf online. What makes this research different from previous research is using website images to determine student intention in using this online waqf service. This study uses a quantitative approach with the SEM-PLS method and involves 100 respondents using purposive sampling with the criteria of a Muslim aged 18-35 and a student. The analysis software to process data in this study used Smartpls 3.3 for data obtained using an online questionnaire using a Likert scale of 1 to 5, with statements strongly agreeing to disagree. This study indicates that trust, website image, application usefulness, and ease of use are significantly related to the intention to use online waqf. The implications of the results of this study are expected to provide additional knowledge, especially in Islamic marketing related to the use of behavioral intention in the use of online waqf services. It is hoped that this research can provide input for the management of donation institutions, especially Nazir, to pay more attention to consumers' ease of use, perceived benefits, and institutional trust., corporate image and intention to use online waqf services.Keywords: online waqf, technology acceptance model, trust, image. DAFTAR PUSTAKAAbdul Shukor, S., Johari, F., Abd Wahab, K., Kefeli Zulkefli, Z., Ahmad, N., Haji Alias, M., Abdul Rahman, A., Mohd Orip, N. M., Ibrahim, P., & Abu-Hussin, M. F. (2019). Trust on awqaf institutions: evidence from Malaysia. Journal of Islamic Marketing, 10(2), 511–524. https://doi.org/10.1108/JIMA-05-2017-0054Ahn, J. chang, Sura, S., & An, J. C. (2018). Intention to donate via social network sites (SNSs): A comparison study between Malaysian and South Korean users. Information Technology and People, 31(4), 910–926. https://doi.org/10.1108/ITP-12-2015-0307Aldeen, K. N., Ratih, I. S., & Herianingrum, S. (2020). Contemporary issues on cash waqf: A thematic literature review. International Journal of Islamic Economics and Finance (IJIEF), 3(3), 119–144. https://doi.org/10.18196/ijief.3236Alrubaiee, L. S., Aladwan, S., Abu Joma, M. H., Idris, W. M., & Khater, S. (2017). Relationship between corporate social responsibility and marketing performance: The mediating effect of customer value and corporate image. International Business Research, 10(2), 104. https://doi.org/10.5539/ibr.v10n2p104Bailey, A. A., Pentina, I., Mishra, A. S., & Ben Mimoun, M. S. (2017). Mobile payments adoption by US consumers: An extended TAM. International Journal of Retail and Distribution Management, 45(6), 626–640. https://doi.org/10.1108/IJRDM-08-2016-0144Berakon, I., Aji, H. M., & Hafizi, M. R. (2021). Impact of digital sharia banking systems on cash-waqf among Indonesian Muslim youth. Journal of Islamic Marketing. https://doi.org/10.1108/JIMA-11-2020-0337Blagoeva, K. T., & Mijoska, M. (2017). Applying TAM to study online shopping adoption among youth in the republic of Macedonia. Genetika, 46(3), 27–32.Eneizan, B., Alsaad, A., Alkhawaldeh, A., Rawash, H. N., & Enaizan, O. (2020). E-WOM, trust, usefulness, ease of use, and online shopping via websites: The moderating role of online shopping experience. Journal of Theoretical and Applied Information Technology, 98(13), 2554–2565.Faisal, M., Yusof, M., Alam, S., Faiz, M., Yusof, M., Alam, S., Hasarudin, M. H., Alam, S., Romli, N., Lumpur, K., Terms, G., & Statement, P. (2014). Cash waqf and infaq: A proposed e-philanthropy in Malaysia. Jurnal Kemanusiaan, 12(1), 1–10.Hair Jr., J. F., Gabriel, M. L. D. da S., & Patel, V. K. (2014). Modelagem de equações estruturais baseada em covariância (CB-SEM) com o AMOS: Orientações sobre a sua aplicação como uma Ferramenta de Pesquisa de Marketing. Revista Brasileira de Marketing, 13(2), 44–55. https://doi.org/10.5585/remark.v13i2.2718Indahsari, K., Burhan, M. U., Ashar, K., & Multifiah. (2014). Determinants of individual Muslim behaviour in accomplishing zakah, infaq, shadaqah and waqf through amil institution. International Journal of Economic Policy in Emerging Economies, 7(4), 346–365. https://doi.org/10.1504/IJEPEE.2014.066627Iskandar, M., Hartoyo, H., & Hermadi, I. (2020). Analysis of factors affecting behavioral intention and use of behavioral of mobile banking using unified theory of acceptance and use of technology 2 model approach. International Review of Management and Marketing, 10(2), 41–49. https://doi.org/10.32479/irmm.9292Joseph, S. (2014). Waqf in historical perspective: Online fatāwā and contemporary discourses by muslim scholars. Journal of Muslim Minority Affairs, 34(4), 425–437. https://doi.org/10.1080/13602004.2014.965974Kasri, R. A., & Chaerunnisa, S. R. (2021). The role of knowledge, trust, and religiosity in explaining the online cash waqf amongst Muslim millennials. Journal of Islamic Marketing. https://doi.org/10.1108/JIMA-04-2020-0101Klopping, I. M., & Mckinney, E. (2004). Extending the technology acceptance model and the task-technology fit model to consumer e-commerce. Information Technology, Learning, and Performance Journal, 22(1), 35–48.Lubis, H. (2020). Potensi dan strategi pengembangan wakaf uang di indonesia. IBF: Islamic Business and Finance, 1(1), 43–59.Masrikhan, M. (2019). Optimalisasi potensi wakaf di era digital melalui platform online wakafin.com dengan konsep crowdfunding sebagai penggerak ekonomi masyarakat. Jurnal Ekonomi Syariah, 1, 1–12.Mohd Thas Thaker, M. A. Bin. (2018). Factors influencing the adoption of the crowdfunding-waqf model (CWM) in the waqf land development. Journal of Islamic Marketing, 9(3), 578–597. https://doi.org/10.1108/JIMA-05-2016-0043Mohd Thas Thaker, M. A., Mohd Thas Thaker, H., A.Pitchay, A., & Khaliq, A. (2019). A proposed integrated zakat-crowdfunding model (IZCM) for effective collection and distribution of zakat fund in Malaysia. International Journal of Zakat and Islamic Philanthropy, 1(2), 1–12.Niswah, F. M., Mutmainah, L., & Legowati, D. A. (2019). Muslim millennial’s intention of donating for charity using fintech platform. Journal of Islamic Monetary Economics and Finance, 5(3), 623–644. https://doi.org/10.21098/jimf.v5i3.1080Nour Aldeen, K., Ratih, I. S., & Sari Pertiwi, R. (2021). Cash waqf from the millennials’ perspective: a case of Indonesia. ISRA International Journal of Islamic Finance, ahead-of-p(ahead-of-print). https://doi.org/10.1108/ijif-10-2020-0223Phatthana, W., & Mat, N. K. N. (2011). The application of technology acceptance model (TAM) on health tourism e-purchase intention predictors in Thailand. 2010 International Conference on Business and Economics Research, 1, 196–199. http://www.ipedr.com/vol1/43-B10046.pdfRaza, S. A., Shah, N., & Ali, M. (2019). Acceptance of mobile banking in Islamic banks: Evidence from modified UTAUT model. Journal of Islamic Marketing, 10(1), 357–376. https://doi.org/10.1108/JIMA-04-2017-0038Rybaczewska, M., Sparks, L., & Sułkowski, Ł. (2020). Consumers’ purchase decisions and employer image. Journal of Retailing and Consumer Services, 55(October 2019), 0–7. https://doi.org/10.1016/j.jretconser.2020.102123Sabri, F. A. (2014). Wakaf uang (Sebuah alternatif dalam upaya menyejahterakan masyarakat). AL-IHKAM: Jurnal Hukum & Pranata Sosial, 8(1), 40–54. https://doi.org/10.19105/al-lhkam.v8i1.339Shaikh, I. M., Qureshi, M. A., Noordin, K., Shaikh, J. M., Khan, A., & Shahbaz, M. S. (2020). Acceptance of Islamic financial technology (FinTech) banking services by Malaysian users: An extension of technology acceptance model. Foresight, 22(3), 367–383. https://doi.org/10.1108/FS-12-2019-0105Singh, S., Sahni, M. M., & Kovid, R. K. (2020). What drives fintech adoption? A multi-method evaluation using an adapted technology acceptance model. Management Decision, 58(8), 1675–1697. https://doi.org/10.1108/MD-09-2019-1318Sohn, S. (2017). A contextual perspective on consumers’ perceived usefulness: The case of mobile online shopping. Journal of Retailing and Consumer Services, 38(May), 22–33. https://doi.org/10.1016/j.jretconser.2017.05.002Usman, H., Mulia, D., Chairy, C., & Widowati, N. (2020). Integrating trust, religiosity and image into technology acceptance model: the case of the Islamic philanthropy in Indonesia. Journal of Islamic Marketing. https://doi.org/10.1108/JIMA-01-2020-0020Victoria, O. A., Pujirahayu, E. W., Khisni, A., & Ong, R. (2019). Law development of waqf al-nuqud (Cash waqf) towards electronic waqf (E-waqf) based on public welfare. LDJ: Law Development Journal, 1(1), 13–17.Wadi, D. A., & Nurzaman, M. S. (2020). Millennials behaviour towards digital waqf innovation. International Journal of Islamic Economics and Finance (IJIEF), 3(3), 1–30. https://doi.org/10.18196/ijief.3232Wong, K. K. K.-K. (2013). Partial least squares structural equation modeling (PLS-SEM) techniques using SmartPLS. Marketing Bulletin, 24(1), 1–32. Retrieved from http://marketing-bulletin.massey.ac.nz/v24/mb_v24_t1_wong.pdf%5Cnhttp://www.researchgate.net/profile/Ken_Wong10/publication/268449353_Partial_Least_Squares_Structural_Equation_Modeling_(PLS-SEM)_Techniques_Using_SmartPLS/links/54773b1b0cf293e2da25e3f3.pdfZhang, E. M. (2010). Understanding the acceptance of mobile SMS advertising among young chinese consumers. Psychology & Marketing, 30(6), 461–469. https://doi.org/10.1002/mar
ABSTRAKTujuan dari Penelitian ini adalah menguji pengaruh kepercayaan dan citra website yang diintegrasikan dengan persepsi kemudahan penggunaan dan persepsi kebermanfaatan pada niatan seorang mahasiswa dalam membayar wakaf secara online, yang menjadikan penelitian ini berbeda dengan penelitian sebelumnya adalah penggunaan citra website sebagai determinan niatan mahasiswa dalam menggunakan layanan wakaf online ini. Penelitian ini menggunakan pendekatan kuantitatif dengan metode SEM-PLS serta melibatkan responden sebesar 100 responden dengan menggunakan Purposive Sampling dengan kriteria seorang muslim usia 18-35 dan seorang mahasiswa. Software analisis untuk mengolah data dalam penelitian ini menggunakan Smartpls 3.3, untuk data diperoleh dengan menggunakan kuesioner online menggunakan skala likert 1 sampai 5, dengan keterangan sangat setuju hingga tidak setuju. Hasil dari penelitian ini menunjukkan bahwa kepercayaan, citra website, kebermanfaatan aplikasi, dan kemudahan penggunaan berhubungan signifikan terhadap niat penggunaan wakaf online. Implikasi hasil penelitian ini diharapkan dapat memberikan tambahan pengetahuan terutama dalam ilmu pemasaran Islam terkait penggunaan behavioral intention dalam penggunaan layanan wakaf online, serta diharapkan penelitian ini dapat memberikan masukan bagi manajemen lembaga donasi terutama nazir untuk lebih memperhatikan kemudahan penggunaan konsumen, manfaat yang dirasakan, kepercayaan lembaga, citra perusahaan serta niat dalam menggunakan layanan wakaf secara online.Kata kunci: Wakaf online, technology acceptance model, trust, image. ABSTRACTThe purpose of this study was to examine the effect of trust and website image, which is integrated with perceived ease of use and perceived usefulness, on a student's intention to pay waqf online. What makes this research different from previous research is using website images to determine student intention in using this online waqf service. This study uses a quantitative approach with the SEM-PLS method and involves 100 respondents using purposive sampling with the criteria of a Muslim aged 18-35 and a student. The analysis software to process data in this study used Smartpls 3.3 for data obtained using an online questionnaire using a Likert scale of 1 to 5, with statements strongly agreeing to disagree. This study indicates that trust, website image, application usefulness, and ease of use are significantly related to the intention to use online waqf. The implications of the results of this study are expected to provide additional knowledge, especially in Islamic marketing related to the use of behavioral intention in the use of online waqf services. It is hoped that this research can provide input for the management of donation institutions, especially Nazir, to pay more attention to consumers' ease of use, perceived benefits, and institutional trust., corporate image and intention to use online waqf services.Keywords: online waqf, technology acceptance model, trust, image. DAFTAR PUSTAKAAbdul Shukor, S., Johari, F., Abd Wahab, K., Kefeli Zulkefli, Z., Ahmad, N., Haji Alias, M., Abdul Rahman, A., Mohd Orip, N. M., Ibrahim, P., & Abu-Hussin, M. F. (2019). Trust on awqaf institutions: evidence from Malaysia. Journal of Islamic Marketing, 10(2), 511–524. https://doi.org/10.1108/JIMA-05-2017-0054Ahn, J. chang, Sura, S., & An, J. C. (2018). Intention to donate via social network sites (SNSs): A comparison study between Malaysian and South Korean users. Information Technology and People, 31(4), 910–926. https://doi.org/10.1108/ITP-12-2015-0307Aldeen, K. N., Ratih, I. S., & Herianingrum, S. (2020). Contemporary issues on cash waqf: A thematic literature review. International Journal of Islamic Economics and Finance (IJIEF), 3(3), 119–144. https://doi.org/10.18196/ijief.3236Alrubaiee, L. S., Aladwan, S., Abu Joma, M. H., Idris, W. M., & Khater, S. (2017). Relationship between corporate social responsibility and marketing performance: The mediating effect of customer value and corporate image. International Business Research, 10(2), 104. https://doi.org/10.5539/ibr.v10n2p104Bailey, A. A., Pentina, I., Mishra, A. S., & Ben Mimoun, M. S. (2017). Mobile payments adoption by US consumers: An extended TAM. International Journal of Retail and Distribution Management, 45(6), 626–640. https://doi.org/10.1108/IJRDM-08-2016-0144Berakon, I., Aji, H. M., & Hafizi, M. R. (2021). Impact of digital sharia banking systems on cash-waqf among Indonesian Muslim youth. Journal of Islamic Marketing. https://doi.org/10.1108/JIMA-11-2020-0337Blagoeva, K. T., & Mijoska, M. (2017). Applying TAM to study online shopping adoption among youth in the republic of Macedonia. Genetika, 46(3), 27–32.Eneizan, B., Alsaad, A., Alkhawaldeh, A., Rawash, H. N., & Enaizan, O. (2020). E-WOM, trust, usefulness, ease of use, and online shopping via websites: The moderating role of online shopping experience. Journal of Theoretical and Applied Information Technology, 98(13), 2554–2565.Faisal, M., Yusof, M., Alam, S., Faiz, M., Yusof, M., Alam, S., Hasarudin, M. H., Alam, S., Romli, N., Lumpur, K., Terms, G., & Statement, P. (2014). Cash waqf and infaq: A proposed e-philanthropy in Malaysia. Jurnal Kemanusiaan, 12(1), 1–10.Hair Jr., J. F., Gabriel, M. L. D. da S., & Patel, V. K. (2014). Modelagem de equações estruturais baseada em covariância (CB-SEM) com o AMOS: Orientações sobre a sua aplicação como uma Ferramenta de Pesquisa de Marketing. Revista Brasileira de Marketing, 13(2), 44–55. https://doi.org/10.5585/remark.v13i2.2718Indahsari, K., Burhan, M. U., Ashar, K., & Multifiah. (2014). Determinants of individual Muslim behaviour in accomplishing zakah, infaq, shadaqah and waqf through amil institution. International Journal of Economic Policy in Emerging Economies, 7(4), 346–365. https://doi.org/10.1504/IJEPEE.2014.066627Iskandar, M., Hartoyo, H., & Hermadi, I. (2020). Analysis of factors affecting behavioral intention and use of behavioral of mobile banking using unified theory of acceptance and use of technology 2 model approach. International Review of Management and Marketing, 10(2), 41–49. https://doi.org/10.32479/irmm.9292Joseph, S. (2014). Waqf in historical perspective: Online fatāwā and contemporary discourses by muslim scholars. Journal of Muslim Minority Affairs, 34(4), 425–437. https://doi.org/10.1080/13602004.2014.965974Kasri, R. A., & Chaerunnisa, S. R. (2021). The role of knowledge, trust, and religiosity in explaining the online cash waqf amongst Muslim millennials. Journal of Islamic Marketing. https://doi.org/10.1108/JIMA-04-2020-0101Klopping, I. M., & Mckinney, E. (2004). Extending the technology acceptance model and the task-technology fit model to consumer e-commerce. Information Technology, Learning, and Performance Journal, 22(1), 35–48.Lubis, H. (2020). Potensi dan strategi pengembangan wakaf uang di indonesia. IBF: Islamic Business and Finance, 1(1), 43–59.Masrikhan, M. (2019). Optimalisasi potensi wakaf di era digital melalui platform online wakafin.com dengan konsep crowdfunding sebagai penggerak ekonomi masyarakat. Jurnal Ekonomi Syariah, 1, 1–12.Mohd Thas Thaker, M. A. Bin. (2018). Factors influencing the adoption of the crowdfunding-waqf model (CWM) in the waqf land development. Journal of Islamic Marketing, 9(3), 578–597. https://doi.org/10.1108/JIMA-05-2016-0043Mohd Thas Thaker, M. A., Mohd Thas Thaker, H., A.Pitchay, A., & Khaliq, A. (2019). A proposed integrated zakat-crowdfunding model (IZCM) for effective collection and distribution of zakat fund in Malaysia. International Journal of Zakat and Islamic Philanthropy, 1(2), 1–12.Niswah, F. M., Mutmainah, L., & Legowati, D. A. (2019). Muslim millennial’s intention of donating for charity using fintech platform. Journal of Islamic Monetary Economics and Finance, 5(3), 623–644. https://doi.org/10.21098/jimf.v5i3.1080Nour Aldeen, K., Ratih, I. S., & Sari Pertiwi, R. (2021). Cash waqf from the millennials’ perspective: a case of Indonesia. ISRA International Journal of Islamic Finance, ahead-of-p(ahead-of-print). https://doi.org/10.1108/ijif-10-2020-0223Phatthana, W., & Mat, N. K. N. (2011). The application of technology acceptance model (TAM) on health tourism e-purchase intention predictors in Thailand. 2010 International Conference on Business and Economics Research, 1, 196–199. http://www.ipedr.com/vol1/43-B10046.pdfRaza, S. A., Shah, N., & Ali, M. (2019). Acceptance of mobile banking in Islamic banks: Evidence from modified UTAUT model. Journal of Islamic Marketing, 10(1), 357–376. https://doi.org/10.1108/JIMA-04-2017-0038Rybaczewska, M., Sparks, L., & Sułkowski, Ł. (2020). Consumers’ purchase decisions and employer image. Journal of Retailing and Consumer Services, 55(October 2019), 0–7. https://doi.org/10.1016/j.jretconser.2020.102123Sabri, F. A. (2014). Wakaf uang (Sebuah alternatif dalam upaya menyejahterakan masyarakat). AL-IHKAM: Jurnal Hukum & Pranata Sosial, 8(1), 40–54. https://doi.org/10.19105/al-lhkam.v8i1.339Shaikh, I. M., Qureshi, M. A., Noordin, K., Shaikh, J. M., Khan, A., & Shahbaz, M. S. (2020). Acceptance of Islamic financial technology (FinTech) banking services by Malaysian users: An extension of technology acceptance model. Foresight, 22(3), 367–383. https://doi.org/10.1108/FS-12-2019-0105Singh, S., Sahni, M. M., & Kovid, R. K. (2020). What drives fintech adoption? A multi-method evaluation using an adapted technology acceptance model. Management Decision, 58(8), 1675–1697. https://doi.org/10.1108/MD-09-2019-1318Sohn, S. (2017). A contextual perspective on consumers’ perceived usefulness: The case of mobile online shopping. Journal of Retailing and Consumer Services, 38(May), 22–33. https://doi.org/10.1016/j.jretconser.2017.05.002Usman, H., Mulia, D., Chairy, C., & Widowati, N. (2020). Integrating trust, religiosity and image into technology acceptance model: the case of the Islamic philanthropy in Indonesia. Journal of Islamic Marketing. https://doi.org/10.1108/JIMA-01-2020-0020Victoria, O. A., Pujirahayu, E. W., Khisni, A., & Ong, R. (2019). Law development of waqf al-nuqud (Cash waqf) towards electronic waqf (E-waqf) based on public welfare. LDJ: Law Development Journal, 1(1), 13–17.Wadi, D. A., & Nurzaman, M. S. (2020). Millennials behaviour towards digital waqf innovation. International Journal of Islamic Economics and Finance (IJIEF), 3(3), 1–30. https://doi.org/10.18196/ijief.3232Wong, K. K. K.-K. (2013). Partial least squares structural equation modeling (PLS-SEM) techniques using SmartPLS. Marketing Bulletin, 24(1), 1–32. Retrieved from http://marketing-bulletin.massey.ac.nz/v24/mb_v24_t1_wong.pdf%5Cnhttp://www.researchgate.net/profile/Ken_Wong10/publication/268449353_Partial_Least_Squares_Structural_Equation_Modeling_(PLS-SEM)_Techniques_Using_SmartPLS/links/54773b1b0cf293e2da25e3f3.pdfZhang, E. M. (2010). Understanding the acceptance of mobile SMS advertising among young chinese consumers. Psychology & Marketing, 30(6), 461–469. https://doi.org/10.1002/mar
This article is premised on the intercausal socioeconomic embedded model of ethical design of perpetual charity in Islam called waqf. Such a model is formalized according to the theory of unity of knowledge in the light of the Primal Ontology of Divine Oneness called Tawhid in the Qur'an. Tawhid is argued to be the only foundational Law of Islam respecting “everything.” The implications of such an epistemic treatment in respect of waqf as an example of the whole class of charities in Islam is shown to be unlike the dissociative and human opinionated nature of what has now come to be known as “shari'ah‐compliance.” The Islamic shortfall of “shari'ah‐compliance” and its segmentation as opposed to organically unified synergy between the socioeconomic and moral/ethical variables of the objective criterion called the Well‐being Function have deprived the entire study of the present days' Islamic economics, finance, and banking from its true epistemological core of Tawhid as Law. To restore this true foundation in Islamic thought, a theory of metascience of Tawhid is presented. Waqf in Malaysia is studied as an example from the perspective of Tawhidi unity of knowledge, contrary to its existing dissociative presence in the ethically exogenous socioeconomic treatment under “shari'ah‐compliance.”
This paper aims to analyse the evolutionary process in the jurisprudential structure of modern waqf (Islamic endowment) and underlines the scope of Islamic financial innovation through the mechanism of waqf. The paper proposes the innovative models of parallel waqf, waqf-based social and financial instruments, waqf-based ṣukūk, micro-takāful, and waqf-based commodity bank. The research adopts the qualitative approach and employs socio-legal research methodology for the analysis. The paper relies on desk-based research. Compared to the classical structure of waqf which was confined within the domain of a perpetual charitable institution, this paper finds that modern waqf has ushered in several new dimensions into its fold. Modern waqf is in the process of re-evolution. Waqf, in the current scenario, has evolved into a financial product, a property-conveyance tool, an instrument of contract, an investment tool, a risk mitigation mechanism and an incorporated entity. The scope of this paper is limited to analysing the jurisprudential evolution of waqf and its impact on the Islamic finance industry. It does not seek to discuss the overall role or impact of waqf on the society as a whole. This paper also does not endeavor to compare and contrast the mechanism and modalities of other philanthropic institutions vis-ā-vis waqf. This paper examines the jurisprudential underpinnings of waqf and their implications and applicability to the Islamic finance industry. The paper draws on the process of how the mechanism of waqf has already been employed to develop various innovative Islamic financial products and how this process can be a catalyst for further innovation in the Islamic finance industry. The main contribution of the paper is encapsulated in the analysis of how the jurisprudential structure of the modern waqf has been evolving in the last few decades to accommodate the modern needs of Islamic finance. It further enumerates a few innovative Islamic financial products which can be developed by exploiting the available flexibility in the evolved version of modern waqf.
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